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.
3
votes
1answer
32 views
How to report my revenue from Apple iAds and App Store sales, without an invoice?
For accounting purposes, we need an invoice for accounts receivables, but when you get a payment from Apple for iAd revenue and app sales, how do you issue an invoice ?
Are there any specific ...
2
votes
1answer
25 views
Federal 30% Solar panel rebate this year v.s. “business” expense (W9 the contractor?)
I operate my business out of the house. Can I claim my 30% federal solar rebate AND also get by with more business deductions and claim the 1099 contractor (making him fill out W9) as a business ...
1
vote
2answers
28 views
Tax withholding on ESPP discount
I recently enrolled in my company's employee stock purchase plan (ESPP) with the maximum-allowed 10% of my salary. I get the stock at a 15% discount relative to the purchase date (no look-back ...
4
votes
2answers
78 views
Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?
I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast.
If I'm going ...
4
votes
3answers
1k views
Can I receive “gifts” from my friend (who happens to be my employer)?
Take for example, I'm an employee and my employer is my good friend.
We are both US persons living in the US, and I'm working for my friend for a monthly wage of $5 USD which is subject to income ...
0
votes
1answer
23 views
Conflicting information about late recharacterizing of excess contributions
Say someone contributed more than they were allowed to for a Roth IRA in Year 1 (therefore, there was an excess contribution). Can they still re-characterize that contribution to a Traditional IRA ...
3
votes
1answer
45 views
Selling my house and have been taking home office deduction. What will I owe?
I'm in the process of selling my house. I took a home office deduction a couple times, and I am concerned about what I may be responsible for at tax time.
My profit from selling the house is nowhere ...
7
votes
1answer
40 views
How much penalty will I have to pay for paying my tax installment late?
I had a tax installment of $7956.00 due on March 15th which I missed and paid on April 30th. I can make an extra installment now to cover the penalty, but I don't know how much it should be.
The ...
3
votes
2answers
57 views
Tax questions - Working from India for US company
I am working from India for a US company and as per my knowledge I am not liable to pay any tax to US govt.
My first question is can I have them deposit my pay check in US account without any ...
1
vote
2answers
61 views
How can I estimate business taxes / filing fees for a business that has $0 income?
I'm looking for a good resource to understand the penalties I need to pay in order to get my business 'up to date' with the IRS. I called the NY state and I was able to determine the amount needed ...
0
votes
1answer
33 views
How can I have a 4549 from more than 3 years ago? Can I amend a return for which I've received one?
I recently (in 2013) received a From 4549-A from the IRS for tax year 2006? I had assumed that after 3 years, no review of or change to my taxes could occur, but clearly it is possible (for the IRS, ...
1
vote
1answer
39 views
Can a foreigner filing US taxes as resident claim Lifetime Learning credit?
Since I am married to a US citizen, I can make an election to file my taxes as a resident.
Both me and my wife are graduate students and have been paying tuitions for 2012.
If we file MFJ, can both ...
4
votes
2answers
61 views
Why is the 2013 Withholding Calculator giving me such incorrect recommendations?
I am trying to figure out what I should enter in my W4 and want to use the IRS Withholding Calculator as a guide.
To that end, my information is as follows:
We will file MFJ, with an income of ...
2
votes
1answer
74 views
As a Canadian citizen living as a legal resident in the United States, with no income: do I need to file in Canada?
I am a Canadian citizen but I married an American and live as a legal resident in the US. My husband supports us and I did not bring in any taxable income in 2012. Do I need to file a Canadian ...
3
votes
1answer
63 views
Traveling abroad for about four years and working as a freelance writer. Who do I pay taxes to?
I've currently been traveling around the world, just recently finished studying in Thailand and am going to be employed in Norway working in the service industry. I've worked there before, filed a ...
2
votes
1answer
19 views
Filing Form 7004 if an LLC's only members are husband and wife
I need to file tax extensions.
I already know I need to file Form 4868: Application for Automatic Extension of Time
To File U.S. Individual Income Tax Return. I expect a refund, so I'm sending no ...
3
votes
1answer
51 views
Significance of first name on joint tax return
I was recommended an EA to help me file my taxes and he recommended me to file jointly with my wife's name as the first name on the joint tax return.
I did some reading and it seems like it's best to ...
1
vote
1answer
61 views
Is it possible to not pay self employment taxes on income reported in box 7 of 1099-MISC
I was recommended an enrolled agent (EA) to help me file my taxes and he asked me to file an extension as he needs more time to read about my specific tax situation.
The EA did not go into details ...
0
votes
1answer
29 views
Filing an extension and its effect on ability to choose between married filing status
I was recommended an EA to help me file my taxes and he asked me to file an extension as he needs more time to read about my specific tax situation.
If I were to file an extension could I, later this ...
3
votes
1answer
60 views
How do I pay my estimated income tax?
I've recently made the move from salaried employee to small business owner. Now instead of my employer sending in my taxes incrementally with each paycheck I need to pay my expected taxes quarterly.
...
4
votes
1answer
72 views
Is it a good idea to increase W4 allowance claim in order to fully fund 401k?
My company matches my 401k contributions, up to a limit, 6%. I don't currently contribute the max, but I would like to start. I know when I increase the W4 allowances, my take-home pay goes up, and ...
2
votes
1answer
56 views
Is my reimbursement taxable?
I am an hourly employee. I receive a separate reimbursement check from my regular paycheck. My company does not tax the reimbursement and does not add it to my yearly gross amount. Is it taxable? Are ...
2
votes
1answer
31 views
In my US income tax return, is it okay to use my spouse bank account for direct deposit?
We file as "married, separately", and my name does not show in my spouse bank account. In my US income tax return, is it okay to use my spouse bank account for direct deposit? Any concerns?
3
votes
2answers
57 views
H&R Block tax preparation software made arithmetic mistakes. How should I proceed?
I used the free e-file software at hrblock.com for my federal return and paid for my state return. After paying but before finalizing and filing I checked the PDF version of my return and immediately ...
0
votes
1answer
48 views
Tax Code of D0 and 944L
I was employed with company A from May 2011 till December 2012. I started a new job in January 2013 and the last pay that I got from Company A was on January 15 2013. The payslip stated that my Tax ...
1
vote
1answer
55 views
What should I include on line 7 of US form 1040?
On U.S. Form 1040, Line 7 says:
Enter the total of your wages, salaries, tips, etc.
For this line, should I include the portion of my salary used to pay medical and dental premiums?
2
votes
2answers
87 views
Is it necessary to file taxes if you've made less than $15,000 for the year?
I'm asking on behalf of a friend, who, last year, worked 5 weeks through a temporary placement agency earning ~$400/week after taxes (~$550/week before taxes), and also worked 6 months at an ...
2
votes
1answer
62 views
For Tax Purposes, What Does “Provide at Least Half the Cost” Mean?
If I am separated (no legal decree) from my husband for just over two years and have been unable to work due to caring for children and illness.
I get ~$3700/month from him labeled as "Separation ...
4
votes
1answer
52 views
What is a better way for an American resident in a foreign country to file tax?
I usually file my taxes using turbo tax. Last year I moved to a foreign country and I tried to file my tax again using turbo tax, but I feel like it's confused about some parts:
Turbo tax doesn't ...
2
votes
1answer
30 views
As a contractor, TurboTax Business-and-Home or Basic?
At what point is it worth it to use TurboTax's Business and Home package ($99) over the Basic package($35)?
I worked as an independent contractor for a living last year, and I don't suspect there'll ...
1
vote
1answer
22 views
Does my wife need to sign IT-203 (NY state return) if I supply IT-203-C?
I was preparing NY state return for 2012 using H&R Block TaxCut and I noticed a new option (never noticed before) for a joint return where only one spouse has income from NY source. I selected ...
2
votes
0answers
50 views
Canada: Filing multiple years income tax (carry-forward)
I've been a bit irresponsible with my taxes as a student, and now it is time for me to make up for the years of neglect, and file my taxes for the 2007-2012 periods.
I've not filed taxes starting in ...
2
votes
3answers
65 views
Are paying tax vouchers required?
I am 23, so I am pretty new at paying taxes, so sorry for another dumb question I have been unable to answer.
With much distress I finished my taxes, but what are estimated payments on next years ...
5
votes
4answers
1k views
How do I opt-out of the Social Security system?
How do I opt-out of the Social Security system and give up my Social Security Number? If I do this, am I then exempt from paying Social Security income tax?
6
votes
1answer
91 views
Received a late 1099 MISC for income I reported already, do I have to amend?
I have already filed and received returns for federal and state. Part of the income reported was cash for a side business cleaning houses (wifey). Last week, the lady my wife cleans with/for handed ...
4
votes
2answers
98 views
What's the difference between gross pay and net pay? What do the withholdings mean?
I work as a course assistant for a college. On it, it says that my gross pay is $864, and my net pay is $714.70. Apparently, "fed withholding" and "NH state withholding" took away $108.38 and $40.92 ...
4
votes
1answer
51 views
What forms must I fill out to pay taxes?
I go to college in New Hampshire, but I am a resident of Missouri. Last summer, I earned $9,000 while working for a company in Colorado, and I get paid for being a course assistant ($800 so far since ...
9
votes
1answer
76 views
Points paid on purchase of principal residence - tax deductible?
I bought a house last year (in Colorado) and have now received a Form 1098 from the mortgage company showing the mortgage interest I've paid. Line item 2 on this form is Points paid on purchase of ...
0
votes
1answer
62 views
“Taxes” charged on car rental bill — are they sales taxes?
I'm doing my taxes + going over sales tax receipts I can deduct.
I rented a car here in Arizona last year and my receipt from Avis lists a number of items:
concession fee 9.42 USD
energy ...
3
votes
2answers
95 views
Remote work. Live in one state, company in another state. tax witholding
I don't currently know a tax lawyer/firm that is actually competent in all the issues here, so maybe you all can tell me something constructive about this state income tax question.
In this scenario, ...
4
votes
1answer
73 views
Effect of community state laws on nonresident aliens when Married Filing taxes separately?
We are a married couple from India working in CA and we are nonresident aliens for the purpose of taxes for 2012. From what I understand, married people living in a community state like California, ...
0
votes
2answers
63 views
Is Indo-US scholarship received in INR exempt from tax?
I am an Asst Professor working in a central university.
I was selected for an Indo-US fellowship of $3000/month for doing a research project in the U.S.
They have paid in INR to my university. In ...
2
votes
1answer
129 views
Why doesn't the government pay interest on tax withholding returned via a refund?
When the US government pays you your tax refund, it doesn't include any sort of interest payment for what is essentially a loan to the government. Why doesn't the government pay interest?
0
votes
1answer
88 views
Box 56 - PPIP insurable earnings (RL
Another question about Quebec tax return: I have field: Box 56 - PPIP insurable earnings (RL-1 Box I) in T4 Slip Income (RL-1) and in T4 box 56 is empty, but in RL-1 Box I has value equals to all ...
1
vote
1answer
112 views
T4 and RL-1 (Employment Income)
I'm filling my tax return using ufile. For T4 and Employment Income they have two options:
T4 and RL-1 (Relevé 1) income earned in Quebec
T4 and RL-1 (Relevé 1) with CPP contributions
What is ...
6
votes
1answer
52 views
How do I report using an IRA distribution to purchase a first home
The tax code allows up to $10,000 to be withdrawn from an IRA (Roth or regular) and put towards the purchase of a first home without having to pay the normal 10% penalty for an early distribution.
...
2
votes
1answer
76 views
How can I calculate the number of deductions I should use?
Recently I've been trying to adjust my W-4 so that I overpay the government less (get a smaller tax return). How can I calculate the number of my deductions based on my income and family status, ...
2
votes
1answer
43 views
OBRA, Social Security, and year end taxes
OK, So I am having a bit of an issue getting a response from our payroll department at work and Google is useless in regards to this question.
I work for the local county and we do not have Social ...
0
votes
1answer
57 views
PAYE Coding Notice in my name, but referencing a workplace I am not employed to
I have been sent a PAYE coding notice tax reference for April 2013-14 which mentions a place of work I have never been employed. How often does this mistake occur? I am on the waiting list for calling ...
0
votes
1answer
51 views
Can the foreign tax credit be more beneficial than the foreign income exclusion?
Let's say a U.S. citizen is residing and earning income in a foreign country that has higher income tax rates than the United States. Would it be possible for them to claim the foreign tax credit on ...
