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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4
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6answers
633 views

Does my net paycheck decrease as the year goes on due to Tax Brackets?

I am trying to budget my money for the next few months to save up money to move out. In a month, my taxable wages for the year will have crossed the bracket from 15% - sub $37450, into the 25% ...
1
vote
1answer
47 views

New business owner - How do taxes work for the business vs individual?

I have a business that is in it's 2nd year and has now made $400ish. I have the money just sitting in the business bank account. I do have a business partner. A couple of questions? If we leave ...
2
votes
1answer
44 views

FATCA - Streamlined Foreign Offshore Procedures

I’m German and my wife is American with US passport + SSN; she has lived in Germany nearly 30 years and after the kids left the house started work again with a part-time job 5 years ago. Our joint ...
0
votes
1answer
26 views

How to claim living / transport / visa expenditure in Income tax for working in abroad while being a Indian Resident working for that financial year

I was working in India till oct 2014, and have paid all my taxes from April 2014 till Nov 2014 as per my employment in India, after that I moved to abroad in Nov 2014 for my employment. I have spent ...
2
votes
2answers
106 views

Is it necessary that my employer deducts taxes even if I won't owe any tax?

I am an Indian citizen and resident. My ex-employer wants to pay tax on my behalf while I have only worked for them for two months. My two month's salary is by no means equal or more than the minimum ...
1
vote
2answers
67 views

Accumulating money in a company and withdrawing as dividends

Let's assume that I incorporated a company and started providing consulting services for a fee; payments are transferred to a company's bank account. Once a year I distribute accumulated money as ...
1
vote
1answer
100 views

At what point is money considered to be my income?

I'm working as a freelancer via an escrow company. So my customer transfers money to the said company and then it transfers accumulated money to my bank account. Does the money count as my income when ...
1
vote
1answer
34 views

How to calculate taxes (really cost basis) on the sale of software-as-a-service product

here's the scenario: started an online software subscription product in 2008, the only product of the business. business that owns the product is a single-member LLC (disregarded entity) paid ...
0
votes
0answers
35 views

FATCA: are capital gains “subject to reporting under Ch 3 of Subtitle A or Ch 61 of Subtitle F” of the IRC? [closed]

I am trying to make sense of an article in the FATCA agreement that regulates information sharing between the US and my home country. A passage refers to U.S. source income paid or credited to the ...
2
votes
1answer
68 views

H1b Visa - Any way to save taxes?

I am in the US on H1b visa for a period of 3 years. Are there any ways I can save the income-tax to be paid for the first year? If yes, then how?
16
votes
4answers
3k views

How can I lower my taxable income?

I recently got a new job with a salary that puts me in the 25% tax bracket (filing as single). I don't yet qualify for my employer's 401k plan so I can't use that to reduce my pretax income for the ...
3
votes
1answer
109 views

Do I have to pay New York City tax if I earn my salary Upstate New York?

I am an undergraduate, whose permanent address (parents' address) is in New York City, going to school in Upstate NY. I live out of NYC 10 months a year and do not work while I am in NYC. Since my ...
4
votes
2answers
84 views

Recently quit job to start a limited company, registering as self employed?

I recently quit my job to start a limited company. I don't expect to make any money or pay myself anything for probably at least 4-6 months, so do I need to register myself as self-employed and the ...
0
votes
0answers
47 views

How to be exempt from backup withholdings

I have dual citizenship -- US and other -- and I'm living abroad. What form do I fill out so the paying company will not take out backup withholdings?
4
votes
1answer
33 views

UK National Insurance deduction as income tax in NZ

I understand as a New Zealand tax resident I am required to declare my worldwide income and the tax I pay on this income back in NZ each year when I do my tax return. However I am wondering what the ...
0
votes
1answer
23 views

Taxation of income from working abroad within the EU

I'm a Finnish (FI) citizen working with a full-time contract in a company. I'm going to do a 3 months job abroad in Belgium (BE) in a different company. During this time my contract in FI is going to ...
0
votes
1answer
29 views

What IT form to use in India?

In Previous Year 14-15, Assessment year 15-16 I have income from salary income from two house properties income from Capital Gains Income from other sources income/profit from business What form ...
2
votes
0answers
31 views

What will happen if you filed your taxes with two different locations? How can it be solved?

I was living in Winnipeg, Manitoba and I had done my taxes online with H&R Canada Online. H&R Canada provided me with some papers to print out and then it was settled, I moved to Sudbury, ...
5
votes
1answer
457 views

Income tax withholding for single person vs. married person?

Page No: 45 of this IRS publication http://www.irs.gov/pub/irs-pdf/p15.pdf gives the Percentage Method Tables for Income Tax Withholding. I am married, but my spouse works as well. In my case, will ...
2
votes
1answer
70 views

Indian working in the US Tax filing as Resident in both countries

I moved to the US last October from India, I had spent more than 180 days in India during the Financial Year 2014-2015. I am also eligible to be treated as a Resident for tax purpose in the US as I ...
0
votes
1answer
48 views

If an Indian resident earns any income in the USA is he liable for double taxation?

I plan to work in the USA for 2-3 months then come back to India. In this case is there tax liability both in the USA and India?
3
votes
1answer
48 views

Is it ok to stop witholding if this year's witholding is greater than last year's tax owed, which was nothing?

My understanding of the underpayment penalties is that generally you are exempt from penalties as long you pay either 90% of this year's tax owed through witholding, or 100% of last year's tax owed, ...
0
votes
1answer
24 views

U.S. stock sales- tax on sale for NR Canadian

I am a Non-resident Canadian living in Thailand on a Retirement Visa and my non-residency status dates back to 2013. I have no income except for CPP,. OAS, and a company pension all of which total ...
6
votes
1answer
82 views

Federal Income Taxes For Year of Divorce

In March, my spouse and I happily divorced, coming to our own agreement and keeping the courts out everything (other than termination). Since we were legally married for three months of 2015, how ...
1
vote
1answer
91 views

Is there any tax in India for money from Saudi Arabia

I work in Saudi Arabia, I took a loan here, nearly 10 lakhs Indian Rupees (1,000,000 Indian Rupees) and already transferred to my NRE account in India. My questions are: Is this amount taxable in ...
1
vote
1answer
13 views

Should an employer file a tax withholding exemption form for non-resident workers?

I'm classified as a non-resident alien because I don't pass the Green Card Test or the Substantial Presence Test. My income is, according to this, not U.S. based, even though I get money from an U.S. ...
3
votes
1answer
41 views

Tax implications of receiving cash bonus from bank for a non-resident alien

Suppose that a non-resident alien, who occasionally visits the US as a tourist, but who also happens to have a social security number (issued while being on an academic visa many years ago), opens a ...
5
votes
1answer
80 views

Is there an IRS “use or lose” it rule on taking charitable deductions up to the 50% limit of AGI?

In 2014, I made a large cash contribution to my school. (As cash, this contribution is subject to the 50% rule on deductions, not the 30% rule.) At my expected AGI, and my expected level of other ...
2
votes
0answers
39 views

How do I take the state sales tax deduction if my spouse lives in another state?

My wife and I live in two different states, and I'm currently in the process of filing our 2014 income tax return. We are Married Filing Jointly. I have income from only the state that I live in, and ...
1
vote
1answer
32 views

In which infrastructure bonds should one invest to avoid capital gains tax after selling a property in India?

This is a follow-up question to Taxes on sale of property What are the available infrastructure bonds and can one withdraw that amount at any moment or some lock-in period is there? How capital ...
2
votes
1answer
79 views

Need suggestion regarding tax relief under DTAA

Need some suggestion on the tax relief under section 90 of Income Tax. I was deputed in USA during the period of Jan-2014 till Aug-2014. During this period my salary (Indian salary converted to $) ...
1
vote
1answer
120 views

Pay Outstanding demand

I got an outstanding demand for the AY 2009-10 under section1431a, i paid that now when I open the site it is showing another outstanding demand under section 220(2). I think this amount is the ...
1
vote
0answers
93 views

Salary vs Dividend: is this example wrong?

I saw a link to a great article in old (2012) question. http://vereecke.ca/index.php/articles/will-that-be-salary-or-dividends/ I've tried understanding the article well, but I think that the author ...
2
votes
1answer
42 views

Switching Accountants - who does the audit review for past years?

If I switch my accountants, and the later CRA audits my returns (that were done with the previous accountant), who will be responsible for helping me with the audit: the new accountant or the previous ...
3
votes
1answer
59 views

Estimating independent contracting taxes when I am ALSO separately a full-time employee

I currently have a full-time job where I make $80k/year. To supplement this I am going to do some independent contracting (evenings/weekends). I have seen advice for estimating taxes directed to ...
0
votes
0answers
34 views

Does the Section 1256 Rule (60/40 rule) pass through to Mutual Fund holders?

Section 1256 of the U.S. Tax Code applies, in many situations, to SPX options. If I own a mutual fund that makes use of SPX options, do the SPX gains get passed through to me on a 60/40 basis -- e.g. ...
0
votes
1answer
49 views

Late payment of estimated taxes

I live in the United States, this is my first year paying estimated income tax and I've missed the first two voucher deadlines. My question is should I mail them now (late) and send each one ...
0
votes
4answers
830 views

Tax me more: Can I pay extra to the government so I don't have to deal with all this paperwork? [closed]

Is there a way to tell the US government: Just take all the money you like and save me the effort of the yearly filing of taxes? Doing all this tax work is so annoying to me that I really would like ...
5
votes
1answer
50 views

Residency for Out of State Student Getting Married

I am a graduate student in Michigan but still consider my permanent residence to be in Ohio, as I plan to return there after graduation. I am able to just file income taxes with Ohio, as the two ...
2
votes
1answer
55 views

Will I pay US taxes on visiting family money that is deposited into my account

My family are coming to visit me in the US and spend their summer vacation here. They are planning to transfer the traveling and living expense to my US bank account. My question is: Am I going to ...
1
vote
1answer
37 views

Tax implication In India

My husband arrived in USA (California) in Oct 2014 for the first time . For Year 2014 we were considered as non resident alien (for tax purpose I guess). We have filed for the income tax in USA and ...
2
votes
1answer
75 views

Confused regarding allowances: No taxes being withheld at source

I claim Head of Household on my taxes. I have 4 children and my total allowances on my W4 add up to 14. I am confused because no taxes are being withheld from my pay. How will this affect me when I ...
0
votes
1answer
41 views

H1B First Time filing W4

I have traveled on H1B in early june with family. I need to file W4 for withholding taxes. Please help me if i have to file W4 as Resident Alien or Non Resident Alien. I have never stayed in USA ...
0
votes
0answers
65 views

Refinance one rental to invest in another?

researching all the implications: Smart to refi rental property? Want to reduce my income tax paid (possibly?) on positive cash flow and use $100k as down payment on my retirement home(7 years to ...
4
votes
1answer
43 views

UK Tax - can I claim expenses against a different tax year?

I have a day job but also a small freelance income from after-hours work. It's big enough that I have had to file a tax return for the last couple of years and pay tax on the profits left after my ...
1
vote
1answer
83 views

Q2 income and TDS on TRACES form 16 includes only July salary?

My current employer has deducted TDS in July by error. I am below tax bar, so on my TRACES form-16 "amount paid" or "TDS" for Q1,Q3,Q4 TDS details are not mentioned. But it mentions only July's ...
7
votes
1answer
342 views

If I'm the only one on the mortgage, do I have to count my significant other's payments as rent for tax purposes?

Lets say I take out a mortgage to buy a house, and I'm the only borrower on the loan. My girlfriend's dad gifts me $125k to pay the down payment. She and her parents go on the title, along with me. ...
3
votes
1answer
126 views

Income tax in India for NRIs in USA

I left India on 8th October 2014 and started working in USA from 13th Oct 2014. For my income in India, my employer deducted tax at source (Rs 30,000). In US too, my employer deducted tax at source ...
0
votes
2answers
157 views

Are client meal “gifts” considered income?

I was foolish and never considered that my client would possibly report my meals as my "income". I would like to consider it a gift, but my client personally dispises me and I now expect to have my ...
2
votes
1answer
77 views

How can I find if my accountant filled my tax report or not?

It was second year I filled my tax, for the first year I did that online by myself and It was perfect and I got my refund without any problem. One month later I tried to fill my FAFSA (Free ...