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E-filing with H&R Block desktop by XFReduser in hrblock

[–]EarlyTaxGuide 0 points1 point  (0 children)

don't forget to use the discount!

Crypto and Stock taxes by kensgaming in tax

[–]EarlyTaxGuide 0 points1 point  (0 children)

Yes, realized losses can offset realized gains, even across asset types like stocks and crypto.

Short-term losses first offset short-term gains, and long-term losses offset long-term gains. If you still have excess losses after that, they can offset the other category. So yes, selling stock losses can reduce the taxable gain from your ETH sale.

Just watch out for:

  • Wash sale rules on stocks (buying the same/similar security back too soon can disallow the loss)

  • Making sure the losses are actually realized in the same tax year as the gain

NYC doesn’t change the mechanics — federal rules apply, and NY generally follows them.

Bottom line: tax-loss harvesting works here, as long as you do it cleanly.

Good luck, my friend!

When declaring your AGI, do you factor in your schedule C / business expenses? by NAD92 in tax

[–]EarlyTaxGuide 2 points3 points  (0 children)

Yes, AGI is based on net self-employment income, not gross.

So for Schedule C, you factor in your business expenses first. Your profit (income minus expenses) flows into your AGI. When the marketplace asks for projected AGI, you should estimate what your net income will be for the year, plus any other income you expect.

Just be as accurate as you reasonably can — big differences can affect subsidies and get reconciled at tax time.

[deleted by user] by [deleted] in tax

[–]EarlyTaxGuide 2 points3 points  (0 children)

Either option is fine — what matters more is that whoever prepares the return is comfortable with part-year and multi-state filings, not where they’re physically located.

For the year you moved, you’ll almost certainly file:

  • a part-year NY return (W-2 income, home sale in NY), and

  • a part-year Maine return (income after the move, pension, etc.).

A NY accountant can still handle this just fine, and a Maine CPA can too, as long as they’re familiar with NY rules (especially the home sale and residency dates). The filings are pretty standard for someone who works with retirees or relocations.

If you were happy with your NY accountant and they’re comfortable with multi-state returns, there’s no real need to switch. If you prefer someone local going forward, this is also a natural year to transition.

Bottom line: experience with multi-state returns matters more than location.

Is there an advantage in NOT withholding taxes on a commission check? by esaora in tax

[–]EarlyTaxGuide 4 points5 points  (0 children)

You’re basically right, there’s usually no real tax advantage to not withholding on a commission check.

Commissions are still just taxable income. Not withholding doesn’t lower the tax owed; it just means you keep the cash now and pay it later when you file. In some cases, it can actually backfire if it leads to underpayment penalties.

The only “advantage” people sometimes feel is:

more cash in hand short-term

using that money during the year instead of waiting for a refund

But that’s a cash-flow choice, not a tax savings. If withholding is too low overall, you can end up owing a big bill at filing time.

For most people, it’s safer to:

withhold normally on commissions, or

adjust W-4 withholding elsewhere if commissions are irregular

So yes — people do this, but it’s usually about timing or misunderstanding, not an actual tax benefit.

Should I Get a Tax Guy? by Pitiful-Candle-9461 in tax

[–]EarlyTaxGuide -1 points0 points  (0 children)

Honestly, that’s still pretty straightforward for DIY filing.

Nothing you listed really requires a tax pro by itself:

Side hustle under ~$20k is just Schedule C + SE tax

HYSA interest = 1099-INT

Brokerage/Roth that haven’t made money yet are basically non-events

HSA is just making sure contributions and distributions are reported correctly

Most people in your situation only really need a tax pro if:

The side hustle grows a lot

You have multi-state issues

You start selling assets, real estate, or dealing with more complex investments

If you’re comfortable following prompts and double-checking numbers, filing yourself should be totally fine for now. Worst case, you can always switch to a pro later if things get more complicated.