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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0answers
27 views

What is difference between direct and indirect income tax?

What is in-direct tax ? does it affect to tax calculation? What is direct tax? how it is calculated . please provide all details I mean criteria etc. Please provide useful links to understand. ? ...
1
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1answer
22 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
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0answers
25 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
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2answers
40 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
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2answers
128 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
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2answers
69 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
72 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
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0answers
16 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
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1answer
53 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
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1answer
69 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
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1answer
27 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
72 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 ...
1
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0answers
12 views

Does dividend payments to a holding company invoke tax in Australia

I've been doing some reading about holding company tax law, and from what I've read, most of the time when dividends are paid from a operations company to a holding company there is no tax. But I can ...
1
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2answers
61 views

For Non US resident is it better to invest in a start up as a individual or as a company?

What are the tax implications of investing as a company versus as an individual for foreigners (Non US resident)in the US? Which would be better for a foreigner (NON US Citizen) to invest as.
5
votes
1answer
50 views

Married filing separately - Can I take standard deduction if spouse has zero itemized deductions

I read on IRS website "Your standard deduction is zero and you should itemize any deductions you have if: Your filing status is married filing separately, and your spouse itemizes deductions on his or ...
4
votes
1answer
102 views

How a company in India can misuse my PAN number and its scanned copy that I provided as an interview candidate?

Two companies in Bangalore and Pune (India) asked me to send PAN number (government ID number used as ID for income tax return and transaction, like social security number in the US) and scanned soft ...
2
votes
1answer
39 views

Which CHALLAN to use for paying tax

I am individual and while filing ITR it is showing me tax is payable. Now I landed on this page https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp. But I am confused which challan to ...
2
votes
1answer
25 views

Can net income attributed to shareholders exceed firmwide net income?

I was looking at a publicly-traded company's annual report and I noticed that there was an instance where the income attributed to their common shareholders exceeded their actual firmwide net income ...
2
votes
1answer
42 views

Tax on NRE account

I am an UK citizen. I opened a recurring monthly fixed deposit Indian NRE account at 9% interest for 10 years. No tax in India and repatriable. My first question is do I have to pay tax in the UK ...
2
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2answers
47 views

Website for e-filing income tax india

Is there any recommended website for filing ITR in India except for government's website ?
1
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1answer
35 views

Can I claim spouse exemption for my dual status alien spouse?

For the 2014 tax year my alien spouse and I (US citizen living overseas) will file 'Married filing separately' because she is making a 1040NR expatriate return, which will include f8854. She is a ...
2
votes
1answer
33 views

Is Money earned outside India transferred in NRO a/c instead of NRE a/c taxable in India?

Money is transferred to NRO account but was to be transferred to NRE account is such income taxable in India
4
votes
1answer
333 views

Are search engine rewards taxable?

I have been using a search engine that gives you points that you can redeem for gift cards. As far as I can tell there is no way to get cash, without reselling the cards, but I can figure a monetary ...
1
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1answer
37 views

Calculate the optimum contribution to Provident Fund(PF) account

I am fresh out of college and started working and want to work out how much I should contribute to my Provident Fund account to maximize the benefit from tax deductions. I am from India, so for those ...
6
votes
1answer
423 views

Best way to transfer abroad loan amount to Indian parents Savings Account

Can you pls advise: I am working in Dubai, and applied for a loan of 25Lakhs, I would like to use this funds to repay my personal loan (to relatives) and want to buy a land with left out money. I have ...
4
votes
2answers
113 views

Does crossing tax bracket matter when choosing to repay loans early?

I am a recent college graduate with student loans and a job which puts me at the top of the 15% tax bracket. I'm not sure how my career will grow at this point, but I was thinking it's possible I'll ...
5
votes
1answer
99 views

Tax deduction for rental repairs after tenant moves out?

I purchased a home last July and began living there, while renting out a second bedroom in the property to a friend. I am now getting married in August, so the friend has moved out to his own place. ...
2
votes
1answer
37 views

Questions regarding mailing Notice CP22A

I received a notice (CP22A) similar to the image below: The only difference is that the Address in Red is written on my form. My Questions: I am confused where to I need to mail the form. PA ...
4
votes
2answers
158 views

Having a flat rented for me on expenses vs having a payrise

I've been offered a flat in London instead of a pay rise. I feel like I'm getting a great deal, but I just want to run this by people in case there's something I'm missing here. Quick background. I ...
1
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1answer
60 views

Why does the IRS only allow for the itemized deduction of one type of state tax?

I was thinking about this after reading this excellent answer to another question. Excluding the obvious cynical answer (to bring in more tax dollars), what is the logic behind the IRS allowing a ...
2
votes
1answer
100 views

What are the Long Term Capital Gains for this real estate sale in India?

I purchased a site for Rs85,000/- in 30/03/2001 and planning to sell it this year(2014-15) for Rs35,000,000/-. What will be the long term capital gains for this? If I invest in bonds for 3 years, will ...
-1
votes
1answer
150 views

$100k salary to the amount in pocket breakdown

Looking into the job market as an engineer with several years of experience (for example), it appears salaries are in the $70-110k range, so let's look at a "$100k/year" salary. Help me break down the ...
2
votes
1answer
101 views

How to change if we did mistake in E-Filing income tax in India

I have filed income tax for the financial year 2012-2013 using e-filing. While filing the same, I gave the assessment year as 2012-2013 instead of 2013-2014. How to rectify this problem ? Can ...
1
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3answers
63 views

How are part-year California resident income taxes calculated?

For the sake of simplicity, let's suppose that a person's total yearly income is $100,000, all as W2 wages from the same employer. That person lived in one state from January 1 - June 30, and then ...
3
votes
2answers
141 views

Which income tax return filing form to use in India

I'm a salaried employee who also earns some cash through freelance writing, however it is not regular. I already paid tax on the amount that I earned through freelance. My Question is should I ...
10
votes
3answers
1k views

Is there a way to live with and contribute to someone else's mortgage payments without the money being considered taxable rent income?

If my business partner purchases a home and I move in with him, presumably the money I'd give him to help out with his mortgage would be considered rent, and so he'd have to pay taxes on rent income. ...
2
votes
1answer
133 views

I am an Indian citizen residing in the US on H-1B. Can I send my earnings to India to my regular Savings Bank Account?

I am in the US on H-1 B. I understand NRE, NRO and FCNR accounts are available to the Non resident Indians. But can't I continue to use my regular Savings Bank Account for sending money to India? ...
2
votes
1answer
36 views

Extra revenue for retiree receiving a basic public pension

I have an online blog that I don't use. It generates some money through ads but not enough for me to spend time on it. My mother wants to take the blog and maintain/update it herself and receive the ...
0
votes
0answers
87 views

Most (corporate/income tax) friendly country in the world?

Have been enjoying the nomad lifestyle for a while now, moving around and doing consulting gigs around the world. Since business has been picking up, I'd like to kind of get my accounts in order and ...
1
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0answers
67 views

Settling small transactions between friends via cash vs bank transfer

Often when out for a movie,etc with friends, we end up with having to pay each other Rs 200-300 (usually < 500) to settle out the differences. Most people are fine with others transferring the ...
1
vote
1answer
55 views

Tax rebate on home loan

I am govt. employee & got a home loan from SBI to construct new building on my mother's property and map also passed in name of my mother . I am borrower and she is co-borrower on the the loan. ...
2
votes
1answer
56 views

For Sole Trader is Income Tax better paid from Business or Personal Bank Accounts?

I am a Sole Trader in Australia and maintain two sets of Bank Accounts. One set is for Business and the other is for Personal. I normally draw money from my Business Accounts into my Personal ...
2
votes
1answer
40 views

Dual Citizen British/US and online business taxes

I am a dual British/US citizen living in the EU. I file taxes in the US with my husband. I want to open an account with an online gallery to sell my artwork and as we intend to retire to UK I will ...
5
votes
1answer
129 views

Is a non-cash prize form a work event in California taxable compensation?

I won a non-cash prize as part of my company's wellness competition. The nominal value is maybe $300-$400 (T-shirts, misc sports clothing). Now they told me after the fact that this is taxable ...
0
votes
2answers
148 views

Is using an offshore bank account for my company and spending that money in my country of residence considered illegal tax evasion?

Perhaps someone here can help explain at what point does cleverness turn into illegal tax evasion. Suppose John, a freelancer, makes $100K a year. John lives in Germany, where he must pay an income ...
0
votes
1answer
24 views

Does hitting one type of deduction cap exhaust deductions for other types of donations?

For appreciated securities the IRS allows certain caps on how much of AGI can be deducted. Here is a chart: http://www.nptrust.org/donor-advised-funds/daf-vs-foundation/ The short version is 20% (of ...
2
votes
1answer
56 views

Some U.S. Tax Questions (CPA Concerns)

I tried to do my personal taxes myself with TurboTax this year, but decided my situation was more complicated than I could handle, so filed an extension and decided to engage a CPA. He missed a few ...
3
votes
2answers
77 views

Can I contribute to an IRA from investment income?

Can one contribute to IRA if the income for the year is received from stock sale only (no W2)? What I have been reading is that in order to contribute $X to IRA I need to have earned $X of income, ...
1
vote
2answers
115 views

Is amount transferred by third party to savings account considered as income?

If my friend transfers (using Third Party Transfer or NEFT) some money to my savings account, does that amount count as my transfer income and do I have to pay tax on it?
0
votes
3answers
194 views

Large paychecks (RSUs) and taxes

A third of my yearly income comes in two paychecks in the second and fourth quarters of the year. The federal tax on these two paychecks more than adequately covers my total tax. Even if I don't pay ...