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Credit for Taxes for Repaid Bonus

You get a great job – bonus is $120,000 but comes with a catch – if you leave the company in 2 years you have to pay it back. “Oh well – I better love this job,” you say. Well, a year later, prior to the expiration of this 2-year...

Taxation of ESPPs explained

The end of the year comes and it is time to do tax. You exercised some stock options and this exercise is appearing on from 1099-B. However, the cost basis does not seem sufficient, causing a tax liability in TurboTax when you try to do it on your own. “But I...

Taxation of RSUs explained

This type of income is commonly seen on W2s of our clients in San Francisco, and increasing in New York, Chicago, Los Angeles, Boston, Austin, and other cities where we have a large client base. Because of our extensive experience with these types of clients, we have...

Claiming expenses against K-1

Several times this year the following situation happened with clients either in the office or over email: “Here is my income – it is on a K-1. Now here are my deductions!” Not so fast: One would logically think that since you can deduct items against...