This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

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1answer
42 views

Capital gains and flow through tax treatment

If I am in a limited liability partnership or in a limited liability company (which receives flow through tax treatment), how are the assets and income of the LLC taxed? I think the way it works is: ...
1
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1answer
103 views

Would it save money to have company pay for living expenses by taking it out of salary?

If one necessarily has to live in an apartment in order to be able to perform work for a company (e.g. relocation to a big city in Europe), would it one save money (in taxes, etc.) if the company ...
3
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1answer
35 views

Capital gains on sale of property taken using housing loan

We bought a house for Rs 40lakhs/- by taking housing loan for Rs 35lakhs/-, however the property was registered only for Rs 15lakhs/-(this is the amount in the sale deed).Now we are planning to sell ...
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0answers
36 views

how is income from surveys taxed in the UK?

I'm considering doing online surveys from companies such as YouGov, that pay you for each survey you complete, but I would like to know more about how taxes work, so I've got a few questions. 1) Are ...
0
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1answer
81 views

Can I deduct money I paid to a friend to help rent out my condo?

On this IRS page it says you can deduct management fees related to renting a property. Does this only apply to professional property managers or management companies? I paid a friend to show my place ...
2
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1answer
60 views

Where should taxes go when working in USA, but for a Norwegian company

I'm hired by Norwegian company and sent overseas for around 7 months. I am not Norwegian citizen, just have work permit in Norway. I know that there is an agreement between USA and Norway that ...
3
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1answer
40 views

Car expense deductions with multiple work locations

I'm trying to figure out the rules on deduction of car expenses as a business expense. I'm looking at IRS publication 463. Suppose that I work from home, but do not qualify for a business use of ...
3
votes
1answer
94 views

Will I get taxed on withdrawals from Real Cash Economy games?

I'm a Dutch (from the Netherlands) player of a game called Entropia Universe. Entropia Universe is a game owned by MindArk. MindArk is a company located in Sweden. Entropia Universe is a game that ...
2
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0answers
15 views

How does GST on PayPal payments work for Australian Taxation?

I am an Australian sole trader and I have recently started publishing eLearning videos to view online at a .com website that pays into my PayPal account. Purchases are in USD and my share is paid ...
2
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1answer
68 views

How is taxation for youtube/twitch etc monetization handled in the UK?

I am pondering putting video up on youtube with monetization (i.e. putting up adverts), or stream on twitch. However, I would like to know what the tax consequences are. I assume the income is ...
1
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0answers
42 views

Are the tax rates same for income from salary, rental, and odd jobs?

As per this link, the tax rates in Ontario are divided into Other Income, Canadian Dividends, and Capital Gains. Do all kinds of Income (rental, salary, odd jobs, etc.) come under Other Income? And ...
2
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1answer
56 views

233 days India/132 days US - entire US salary taxable in India?

I was living in India for about 7 and half months in FY2013-2014 working as an independent consultant for a US company. I moved to USA for employment on Nov 20 2013 to work as an employee for the same ...
1
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1answer
16 views

Can i avail rebate on Home loan interest without sale deed and registration

I have booked a flat in June 2011 and taken loan from bank. I am paying EMI since August 2013. Physical possession of flat given to me in November 2014 but sale deed not given to me by builder till ...
1
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1answer
33 views

Managing account other than salary account

I have a salary account in one bank and a separate saving account in other bank but i dont show my saving account details in ITR will it affect me in future.
2
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0answers
43 views

Student freelancer (sole proprietor) and taxes

(I have researched online for more than 12 hours now, and still have some questions. Please don't be hard on me if they are too basic.) I am starting my part-time freelance career now (too late for ...
2
votes
1answer
273 views

Will my wife's business losses offset my income on a joint tax return?

I'm filling for my taxes on a joint tax return. My wife is not working currently, but she is starting up a business. And with every business, starting is hard and will probably gonna take some time ...
0
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1answer
59 views

Do I need to pay income tax for money earned in the U.S. & transferred to my account in India?

I have a web site which generates around 10K every month. This amount is directly credited to my bank account from Google USA account. Do I need to pay tax in India? Please advise. I am very new to ...
0
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1answer
42 views

Tax on transfer of funds to USA

I m Indian citizen, living in a African country. How much tax liability will be there on transfer of funds to USA from this African country? Moving to USA is due to employment.
2
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1answer
91 views

What is a best way to take earned money from abroad to India?

I am a Indian citizen. I am going to work in UK for some years. I am looking a best way to send my earned money to india. the options are, 1) Saving the whole money in UK and get back all in a bulk, ...
1
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1answer
29 views

How to pay the due amount after fiing the IT returns in India

For the AY 2014-2015, my Tax Payable is INR 8500. Thinking that I would get an option to pay online while submitting, I submitted the IT returns. Obviously, I didn't get an option to pay the due ...
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2answers
211 views

Do I still need to pay capital gains taxes when I profit from a stock in a foreign currency?

Let's say I convert CAD 100 to USD 90. With the USD 90, I buy a stock that goes to USD 100, and then I sell it. If I don't convert the resulting USD 100 back to (say) the CAD 105 it might be worth at ...
0
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2answers
113 views

What are ways to increase my income after taxes?

I live in MA, USA. I recently got a job and feel like almost half of what I earn is going to taxes, and putting money in bank doesn't give enough interest. So what options do I have (like invest in ...
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2answers
47 views

What method can be used to estimate additional withholding so no taxes are owed on filing?

For higher income households, standard withholding is insufficient to pay the income taxes owed. For example, one family claimed 4 people last year and the two income earners each did M-0 yet still ...
2
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1answer
72 views

Selling property and transferring money

I purchased a property in India 3.5 years ago. Part of the payment is done from an NRE account and for financial year 2013-2014 paid using a local RS account because I was working in India. I've ...
1
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2answers
78 views

Do I need ITIN as Japanese citizen to get my deposited money back?

I am Japanese girl. I was a student in US and have deposited some money in bank account. I am back to Japan now. I am filing the W-8BEN. Do I need to submit the following to get my full money back ? ...
0
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1answer
59 views

Can an International student of F1 VISA accept money in her US bank account on behalf of someone else?

My friend is an international student from India, studying in the US (F1 student VISA). I work from India and U.S. client is about to pay me for some writing services. The U.S client agreed to pay ...
2
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1answer
413 views

If my rental property income and mortgage payment are equal, do I need to pay income tax on any rent revenue?

Let's say I have a monthly mortgage payment of $1600 on a condo I own, and the condo is rented out for $1600. Then, I'm breaking even. Hence, I would not need to pay any tax on my rental income. Would ...
1
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1answer
47 views

UK Citizen, Japanese Resident - where do I pay tax for royalties paid to UK bank?

I am self employed, work and reside in Japan. Most of my income gets paid vis PayPal or directly to my Japanese bank account. The exception is my Amazon royalties that can't be paid into a Japanese ...
2
votes
1answer
628 views

How are Canada Universal Child Care Benefit (UCCB) & related tax measures changing in 2015?

Significant changes to Canada's Universal Child Care Benefit (UCCB) and related income tax measures were announced on October 30, 2014 by the Prime Minister. What exactly is changing w.r.t. UCCB and ...
2
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1answer
72 views

End-of-year purchase deductions

I'm a sole proprietor / contract employee (developer) in Texas (United States) and am planning to make a new hardware purchase. I remember being told that purchases made in the last quarter of the ...
1
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2answers
37 views

What is RRSP Withholding Tax?

I am confused by the "Withholding tax" on an RRSP withdrawl. If I withdraw funds from my RRSP, am I subjected to a 10%-20% with-holding tax? Does this basically mean that my money will be reduced by ...
9
votes
3answers
4k views

How should my daughter give me money. Do I need to report it?

I am from TEXAS. My daughter wants to give me about $13,000. What is the legal way of getting that money and do I need to report it on my income tax? My state does not have state income tax, only ...
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2answers
53 views

Filing income tax for nonresident spouse?

If someone is married and his spouse is not a U.S. citizen, doesn't live in the U.S., and doesn't have Social Security number, how is he going to file a tax return? Should he file a tax return as ...
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2answers
137 views

How to reduce income tax in India?

My salary is 450000 per year and tax deduction as below. Gross amount- Rs 450000 Net Taxable amount- Rs 250000 Net Taxable Salary per month - Rs 20833.33 Monthly taxes deducted at 10.3 % - Rs ...
0
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1answer
48 views

If I roll over my retirement into an IRA, can I pay off my school loans at the same time without having that sum penalized?

I want to roll over a lump sum of retirement funds into some type of savings account, but want to designate a certain amount of it to pay off school loans. Can I do it without being taxed and/or ...
0
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0answers
83 views

What should I do if I have not received my income tax refund 7 months after I filed?

I am a non-resident alien, and I sent my 1040NR-EZ together with other supporting documents in March 2014, and I received a letter from IRS in April saying that they needed more time in processing my ...
1
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1answer
70 views

Income tax calculate on your per company or on my total income in year?

I don't know if this is right place of ask this question. But still need to ask. Now I start financial year with by company A. So company A only provide final settlement account ( including AVP ) in ...
3
votes
1answer
82 views

How can I calculate deductible percentage of business trip?

Here's my complicated situation. My wife is an author, and when her first book came out in January 2013, she, I and our two kids went on a 7 month book tour. This was an extreme but totally legitimate ...
0
votes
1answer
59 views

Do I live in a state for tax purposes if my permanent home is in another state?

I lived in New Jersey for 20 years, but relocated to New York on 9/1/2013. I still own my house in NJ, my car is registered there, and almost all of my business for 2013 (except health insurance) is ...
4
votes
1answer
170 views

I am the sole contributor to my long-term disability insurance. Will I owe income taxes on the amount I receive?

If I pay my own long term insurance, out of my check each week at my work, I read that I do not have to pay taxes on that income, that I would only owe taxes if my work paid for all or part of it is ...
1
vote
3answers
73 views

Do I need to pay Income Tax if i am running a escrow service in India

I am about to start a service which acts as a escrow service between two people (Keeping money for short amount time and paying once the deal is confirmed), Am getting about 10% the total amount. But ...
2
votes
2answers
237 views

Tax difference in working in New York City compared to NJ

Because of taxes, everyone says that you make less money if you work in New York City compared to New Jersey. Is there a way to estimate the difference? Edit: I should have specified that I am trying ...
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votes
2answers
83 views

Why must I send a Tax Return document to the IRS if they already have all the data? [closed]

The IRS obviously knows all my tax info or they could not check it. Why don't they just bill or refund to me? No one else asks me to do their job for them and penalizes me if I do it wrong. It is ...
2
votes
2answers
130 views

Pros and cons of opening joint portfolio

From a tax perspective, what are the pros and cons of opening a joint investment account? To be more specific, I have a portfolio made up of Vanguard index funds. My girlfriend would like to start ...
23
votes
6answers
3k views

How can I adjust tax withholding so that I don't get a large Tax Refund?

I'm a few years out of college now. I've filled out my W4 accurately and I still get a tax refund every year of a pretty sizable sum. The thing is, I have student loans and I would much rather have ...
1
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1answer
182 views

How would the following income be taxed?

Excuse the lack of terminology here. A general contractor who is also a friend is seeking money to purchase, redo and then sell an existing home. He has about 85% of the total amount to purchase the ...
2
votes
1answer
84 views

A couple questions about Social Security benefits and making extra money

What is the limit I can make when it comes to working while on Social Security? If I get a prepaid debit card for the money I make, do I have to report my earnings? How do I go about doing this?
2
votes
2answers
59 views

How To Record Income As An Affiliate ( UK )

I'm registered as self employed and I now want to start a blog where I can use adverts and amazon to make a little extra cash. Now I know that I have to record anything I earn as an income but I have ...
1
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1answer
102 views

Can I file a NULL return in India?

I currently reside in the United States and I have been working here for about a year. However, my accounts in India are non NRE accounts and I have transferred about $20k to India within the last one ...
1
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3answers
80 views

Does immigrating half-way the tax year give tax benefits?

If you would immigrate in October when the tax year starts in April in the UK, would that mean you would pay less taxes? E.g. a yearly gross salary of £60k would be only £30k income in that tax year, ...