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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2answers
56 views

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

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
99 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 ...
21
votes
5answers
3k views

How do I prevent getting a 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
votes
0answers
15 views

I seek your advise on FB Ads and transaction of money from US based company [on hold]

I seek your advise on FB Ads and transaction of money from US based company. We are running a digital marketing company in Mumbai and we mostly serve overseas clients. We are running Facebook ads ...
1
vote
1answer
169 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
73 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?
-1
votes
0answers
27 views

I am filling out a W-8BEN from india

I am living india,I won a prize amount on a Software developer contest for building software. For getting the amount they have asked me to fill a W-8BEN form. in the form i have part I,II,III In ...
2
votes
2answers
39 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
vote
1answer
70 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
vote
3answers
70 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, ...
1
vote
1answer
119 views

What is the rationale for a separate “National Insurance” tax in the UK?

In the UK there's a type of income tax called "National Insurance", similar to regular income tax. http://www.hmrc.gov.uk/ni/ What is the rationale for having this separate income tax? How does it ...
14
votes
7answers
3k views

Can a company pay a net salary?

I have been approached by a start-up which said that the monthly salary I would earn is a net salary, with no taxes to report on my side, because all taxes are paid and reported by the company. A ...
0
votes
1answer
32 views

How can I find a report of dividend earned in a FY?

(My first post here, gently...) I have been in the stock market for over a year now. I have been trading via an account with Kotak Securities. I am now filing my taxes and need to know the total ...
1
vote
1answer
58 views

What should i do regarding taxes if I am working full time and have a self employed 'freelance' work?

I have a fulltime work in UK and have an old business which give me some money every few months, I have my national insurance number as a full time worker, but now any money will come from my ...
1
vote
1answer
46 views

Tax implication for Indian citizens working in US on L1 visa

I am a citizen of India, currently working as a software engineer in India. Thus I am paying income-tax to Indian-Govt. I am moving to US in November-2014 on L1-Visa. I had following questions in ...
1
vote
1answer
39 views

Can on earn money from Lifetime Learning Credit if one does not pay income tax?

I am an independent student with no taxable income. When I file taxes, I do not need to pay any income tax and get no refund. Some students told me that I can get up to 20% of my tuition fees refunded ...
3
votes
1answer
56 views

How are national insurance deductions calculated in the UK?

I understand that in the UK national insurance is a deduction made to your salary. I have seen this question/answer, that lists 2 very good websites that breakdown your take home pay for UK residents. ...
0
votes
2answers
99 views

Is income from ads in apps taxed?

If I make an app (free) that has ads inside of it, does that count as income and do I have to pay taxes on it?
1
vote
0answers
21 views

How can I invoice a US company being a foreign non resident in USA?

I'm a nonresident alien in US and I need to invoice a US company due to service. The company can provide W8 or W9 forms to proceed with the payments, but I need to provide an invoice confirming that ...
4
votes
2answers
143 views

Am I supposed to pay taxes when living outside of the states?

I am a greencard holder and beyond going there for 2 months every 6 months ( up until last year when I applied for an I-131 form ) so far I have never worked in the states nor have I made any money ...
2
votes
4answers
248 views

Why isn't money spent on necessities deductible from your taxes?

I'm semi-recently graduated from college. In my job(s) I've had a flex account that lets me pay for medical expenses tax free. Similarly for my commute I'm able to pay for my ticket with pre-tax ...
1
vote
2answers
39 views

How would IRS treat reimbursement in a later year of moving expenses?

In the U.S., if one claims a moving expense using Form 3903 in one year because one is unsure whether a startup business will be able to even reimburse you for those expenses, but in a subsequent ...
1
vote
1answer
47 views

Passing on non refundable tax credits

I'm planning on doing some volunteer work and during this work, I'm going to amass a decent amount of non-refundable tax credits via charitable donations. I can't claim those this year, though, ...
3
votes
2answers
101 views

UK Contractor with Limited Company

I recently set up a limited company and have an accountant taking care of much of the financial side. I wanted an opinion other than my accountants. For the entire income I recieve from clients I am ...
2
votes
1answer
52 views

Foreign currency in my uncle (no blood relation) account

I work in middle east and wanted to transfer money to my uncle's account, as a help to him. I will be depositing cash money through a money transfer agent. First question is "does my uncle have to ...
1
vote
1answer
48 views

IRS-4506T, Request for Tax Transcripts reporting delay

sometimes lending institutions ask for a request of tax transcript for the past two years. This is done by filing a IRS-4506T, and then the IRS sends the transcripts to the designated person. This ...
1
vote
2answers
105 views

buying a duplex: do i have to pay taxes quarterly?

I was thinking about getting a home loan, buying a duplex, leasing one side out and living in the other side myself. My question is... would I have to pay income tax on a quarterly basis for the side ...
0
votes
1answer
86 views

US: personal income tax calculations and other costs

If an individual has an annual salary of US$150K in Silicon Valley as a software engineer from his/her job, how much would this individual take home (cash)? If said individual has to also take into ...
1
vote
1answer
41 views

Income tax Rebate on more than one property

I have purchased one house property at Bhopal. which is constructed. For which I paid Rs. 280800/ pre EMI interest & Rs. 260000/ EMI interest. I purchase another house property in Gurgaon. It is ...
1
vote
2answers
81 views

How to pay taxes owed to IRS while in another country?

I got a notice from the IRS that I need to pay them for taxes owed in 2012. How shall I pay the taxes online? I am currently in a foreign country. I do not have Fedex close by. Is it accepted to ...
0
votes
1answer
41 views

What is my Tax position on short term (90 day) on-site contracts in the UK and will I owe taxes in both countries?

I am considering a short term project in the UK maybe a total of 90 days between now and the end of 2014. I live in the US. The recruiting firm that contacted me has a UK branch and a US branch both ...
0
votes
0answers
38 views

Will my new job use the tax code from my P45?

If I've given a copy of my P45 to my new employer will they use the tax code on it to calculate the tax I should pay for the first month. For instance: 1000L
0
votes
2answers
151 views

How is tax avoidance on home purchasing avoided with Fair Tax implementation?

Under the proposed Fair Tax, we would no longer have an income tax and instead move to a federal sales tax. On an ongoing basis this results in approximately the same tax revenue, in theory of ...
0
votes
0answers
83 views

How to make sense of results from the IRS W-4 withholding calculator?

After entering all my data into the calculator, attempting to get a handle on how much we are going to owe next year, I received this summary, which makes no sense at all: If $947 will be due when I ...
0
votes
2answers
74 views

Early Exercise and 83(b) Election

I am a long-term employee at a growing start up. I have a significant amount of non-qualified stock options, at very low strike price, fully vested and can be exercised at any time.(approx 1-2% ...
3
votes
2answers
138 views

How can I calculate my income for purposes of an IRA deduction when I have HSA/401k deductions?

This chart here has the income restrictions for IRA deduction income limits. It does not use your AGI but a modified AGI. I have been unable to find any resources detailing how this income ...
0
votes
1answer
72 views

How to save tax in India

Hi I'm a salaried person with an annual income of 4 L/annum. I don't know much about tax saving. What can I do save tax in India ? and Is PF/Pension and Gratuity in salary taxable in private company ...
1
vote
2answers
54 views

How to file income tax returns for profits from ESPP stock?

My company is listed on the NASDAQ. I sold stock under its Employee Stock Purchase Plan (ESPP). I want to know how to file income tax returns for the profit. Which form should I use? What values ...
0
votes
1answer
73 views

Tax Calculation Concept in India

Hi I'm a salaried person with an annual income of 4 L/annum. I don't know how do I calculate the income tax that I need to do. In the 4 L/annum what things are need to exclude like 2.5 lac exemption ...
1
vote
1answer
43 views

US immigrant working for foreign company

I'm going to move to the US next year (legally) as a permanent resident and I would like to continue my current job (for an Italian company) as a software engineer. The company told me they can ...
1
vote
0answers
38 views

Can a Canadian student with US resident alien status receive the tax treaty benefit after 5 years? If so, how much?

I am a Canadian citizen who has studied in the U.S. with a J-1 visa since 5 years ago, which means that I have now become a resident alien. I am still studying (for an advanced degree) in the U.S. ...
1
vote
2answers
62 views

Dual Citizen considering tax implications of working in second country of citizenship

I am a resident of Canada, and am also an Irish citizen. Recently, I've been considering moving to Ireland (for ~6 months, not forever). During this time, I would either try to get hired on by a local ...
2
votes
2answers
349 views

Employer is making a student loan payment on my behalf. Does this need to be claimed as personal income?

As an incentive to employment my company is making a large lump sum payment towards my student loan debt, lets for this example say $5,000 (the real amount is different). They have inquired about my ...
4
votes
2answers
125 views

Owing state tax Interest and a result of living in Maryland and working in Virginia

In 2013 I've worked in Virginia and lived in Maryland the entire year. My wife worked in Maryland. My employer withheld state taxes for Virginia (I asked my employer whether he could withhold my ...
2
votes
2answers
74 views

adjust tax allowances

I need to adjust my income tax allowances I'm classified as single and claim 0 allowances, this is the most debilitating outcome for near term cash flow and I've read I can claim 1 or 2, my dilemma ...
0
votes
0answers
25 views

Guaranteed Income Supplement (GIS) calculation involving Capital Gains and Unused Capital Losses?

Do I understand correctly that for calculating income tax payable, the use of unused capital losses of previous years will reduce the current year capital gains and also affect the calculation of the ...
1
vote
1answer
114 views

Filling Balance sheet in ITR4 for freelancers

I'm trying to fill ITR 4 for the first time. I'm a salaried professional with a side income from freelancing. I earned around 3 Lacs plus from freelancing. In ITR 4 there is a section - Part A ...
0
votes
1answer
108 views

Getting money from online websites I own to my UK bank account

I recently moved to UK for a full time job, and I get my salary transferred to UK bank account, and automatically tax calculated. At the same time I own few websites and I get some money from these ...
1
vote
1answer
68 views

Does a person who newly became Indian Citizen need to pay taxes for the asset he transfers to India from his ex-citizenship country?

Between 1992 and 2004 I was working in USA. I had also gained US Citizenship in 2003. In 2004 I returned to India and since then lived in India. I got (back) Indian citizenship in 2014. Now I want to ...
2
votes
2answers
79 views

How do I check if I have already filed my taxes [Unites States]

I don't know if I've filed my taxes or not! I am due a refund according to TaxACT Deluxe, but I have no idea how to check if I have already filed for my taxes? What happens if I e-file again and I ...