Does anyone know if we can deduct things like online tutoring subscriptions? I pay for premium Zoom and some online whiteboard tools specifically for my tutoring.

Just wanted to add that you should also keep track of any professional development expenses related to your tutoring! I deduct things like online courses I take to improve my teaching methods, books I buy to stay current in my subject areas, and even conference fees when I attend education-related events. Also, don't forget about home office expenses if you're doing any tutoring from home. You can deduct a portion of your rent/mortgage, utilities, and other home expenses based on the percentage of your home used exclusively for tutoring. Even if it's just a corner of your bedroom where you do online sessions, as long as it's used regularly and exclusively for business, it may qualify. The key is keeping detailed records of everything. I use a simple spreadsheet to track all my tutoring-related expenses throughout the year - makes tax time so much easier!

I went through this last year. If the title company didn't give you a 1099-S, call them first! In my case, they had it but never sent it to me. They emailed me a copy the same day I called. Check your closing paperwork too - sometimes it's in there and you just missed it (like I did with my first home sale lol). If they didn't file one, it's probably because you meet the primary residence exclusion requirements. Don't panic about TurboTax showing you owe money - it's likely calculating things incorrectly without the proper inputs about your eligibility for the exclusion. Once you enter that you lived there for more than 2 years and your gain is under the threshold, it should recalculate.

Don't panic - you're likely in much better shape than TurboTax is showing! Since you lived in the house for 2.5 years before selling and your profit was $75k, you almost certainly qualify for the Section 121 primary residence exclusion, which lets you exclude up to $250,000 of gain from taxes. Here's what I'd do in order: 1. **Check your closing documents first** - sometimes the 1099-S is buried in there 2. **Call your title company** - ask if they filed a 1099-S or if they determined one wasn't required due to your exclusion eligibility 3. **Don't rely on TurboTax's initial calculation** - it's probably wrong because it doesn't know you qualify for the exclusion yet Even without a 1099-S, you still need to report the sale on Form 8949 and Schedule D, but you'll claim the Section 121 exclusion. Make sure to include any qualifying home improvements in your basis calculation - things like new roof, HVAC, kitchen remodel, etc. can reduce your taxable gain even further. The $13k tax bill you're seeing will likely disappear once you properly report the sale with the exclusion. Take a deep breath - this is a common situation and very fixable!

Don't forget to check if claiming her as a dependent might qualify you for Head of Household filing status too! That gives you better tax rates and a higher standard deduction than filing as Single. Could save you a lot more than just the dependent exemption amount. You'd need to pay more than half the cost of keeping up the home where both of you lived for the whole year. Totally worth looking into!!

Great point about Head of Household status! I hadn't even considered that possibility. Just to clarify though - the dependent exemption was actually eliminated starting in 2018 with the Tax Cuts and Jobs Act. What you can still claim is the Other Dependent Credit, which is worth $500 for qualifying relatives who don't meet the age requirements for the Child Tax Credit. So while you won't get a deduction for claiming her as a dependent, you could potentially get the $500 credit plus the much bigger savings from Head of Household filing status if you qualify. The HOH benefits are substantial - for 2024 you'd get a $21,900 standard deduction versus $14,600 for single filers, plus lower tax brackets. Just make sure you meet all the HOH requirements: you're unmarried, you paid more than half the cost of maintaining the home, and your qualifying dependent lived with you for more than half the year. Sounds like you'd check all those boxes!

Has anyone tried just asking their company to use a specific withholding method? Last year I got tired of getting huge chunks taken out of my quarterly bonuses so I talked to our payroll manager and asked if they could use the flat 22% method instead of lumping it with my regular pay. They said it was no problem and switched it right away!

This is such a common source of confusion! I went through the exact same thing last year with my bonuses. What really helped me understand it was realizing that the withholding method often depends on how your payroll system processes the bonus payment. If your bonus is processed as a separate payroll run (which sounds like what happened with your holiday bonus), they typically use the flat 22% supplemental rate. But if it's added to your regular paycheck or processed through their standard payroll cycle, the system treats the combined amount as if it's your normal salary and applies progressive tax rates - which can easily push you into higher withholding brackets temporarily. The good news is that all this evens out when you file your taxes. The withholding is just an estimate, and your actual tax liability will be calculated on your total income regardless of how much was withheld from each payment. So yes, if they over-withheld, you'll definitely get that money back as a refund. I'd recommend keeping detailed records of all your pay stubs so you can track the total withholding versus what you actually owe when tax season comes around. It really helped me see the bigger picture!

This is a really common situation that trips up a lot of people! The key thing to remember is that the IRS cares about who actually paid the mortgage interest, not whose name appears on the 1098 form. Since you're making 100% of the payments, you can absolutely claim 100% of the mortgage interest deduction on your tax return. When you file, you'll want to include a brief explanation with your return stating something like: "Mortgage interest paid by taxpayer although Form 1098 issued to other borrowers due to lender reporting limitations." Your brother and sister should NOT claim any of this mortgage interest on their returns since they didn't pay it. The fact that their names are on the 1098 doesn't give them the right to the deduction - it's all about who actually made the payments. Make sure to keep good records of all your mortgage payments (bank statements, canceled checks, etc.) in case the IRS has any questions later. This documentation will clearly show that you were the one making the payments throughout the year. If you're using tax software, look for an option that lets you indicate you paid mortgage interest reported under someone else's name/SSN. Most major tax programs have provisions for this exact situation.

I had a very similar situation with my mortgage at Bank of America last year! Three of us were on the original loan (me, my wife, and my brother-in-law), but only the first two names appeared on the 1098. I was doing most of the payments from my personal account. What really helped me was getting a formal letter from the bank confirming that all three of us were legally obligated borrowers, even though only two names appeared on the 1098 due to their system limitations. I called their mortgage customer service and specifically asked for a "borrower confirmation letter" for tax purposes. When I filed my taxes, I claimed the percentage of mortgage interest that corresponded to the payments I actually made (about 70% in my case). I attached a brief explanation to my return along with the bank letter. Everything went smoothly - no questions from the IRS. The key is having solid documentation of your actual payments and some confirmation from the lender about your borrower status. Keep all your bank statements showing the mortgage payments, and definitely get that confirmation letter from Citizens Bank if you can. It's worth the phone call!