For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, etc. Whenever asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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25 views

Planning to invest in stock, age 16

I've been planning to invest in stock to get started for the future, however, I'm concerned about taxes... if I was to get capital gains, and in a short time period reinvest it in another security, do ...
0
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2answers
58 views

Is paid time off (PTO) considered taxable income?

I am a salaried full-time employee at my company in California, USA. I noticed on both my final 2014 paystub and on my W-2 form that the paid time off (PTO) I took for vacation last year was listed ...
0
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1answer
9 views

Does NIC Class 4 contributions counts to your retirement pension?

When I pay more of 9% Class 4 NI, does it mean I will get more pension to my retirement pension as it accumulates? Or it doesn't make any difference to my future pension?
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2answers
31 views

Calculation, timing, and taxes related to profit distribution of an S-corp?

My life partner and I opened an S corporation at the start of 2015. My life partner will be employed by the S-corp and we've established a reasonable salary for him. I won't be employed by the S-corp, ...
2
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1answer
67 views

Claiming car as a business expense in the UK

I am filing my tax return as a self-employed in the UK and would like to claim my car as a business expense. I have read the "Rates for cars" section of this website: ...
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1answer
30 views

What tax filings are required for real estate transactions?

I intend to purchase real estate with cash from a family member via quitclaim. What tax forms are we required to file reporting the sale?
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1answer
38 views

Tax consequences when foreign currency changes in value

As a US taxpayer, if I hold some foreign currency that gains or loses value, what are the tax consequences when I exchange the currency for US dollars or other goods or services? Let's take a ...
1
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1answer
70 views

Can I file taxes on a home based business and deduct expenses even if I don't generate income?

If I had a Home Based Business and generated no income but had many expenses, can I file taxes? My expenses consisted of travel, dinner meetings with potential clients, etc. Can I file these ...
0
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1answer
11 views

Reporting ESPP ordinary income on shares purchased living in Europe

I have shares acquired through an American company I was working for. They were purchased through the company ESPP plan. I was living and being paid in Europe at the time ( I am not a US citizen). 10 ...
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0answers
44 views

Sitting in India, can I buy goods from China on internet using a credit card, deliver it to USA and receive payments through western union from USA? [on hold]

I reside in India. I would like to buy goods in China through e-commerce (dhgate or alibaba) using my Indian credit card, and have it delivered to the USA for final sale. Further, I need to receive ...
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0answers
79 views

Can I avoid tax on sale of home after only 1 year of residence? [duplicate]

I'm selling my home just one year after purchasing it (to move into a home with my husband). I might make as much as $6,000 profit. I intend to use this money for improvements on the new home. Will ...
1
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1answer
13 views

Regarding NRI Tax returns

My earnings for the below period as April 2014 till June 2014 in India, July 2014 till Jan 2015 in Singapore ( More than 200 Days ), Feb 2014 till March 2015 in India I'll be paying tax in ...
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1answer
20 views

Permanent resident filing taxes from a UK employer

I am a US permanent resident with a UK employer. My employer tells me they do not issue W2 forms to staff outside UK. What do I do? Is there some other form I should be filling for my taxes?
1
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1answer
55 views

Student on F1 VISA; trouble filing taxes | Unique case

I am an international student in USA on F-1 VISA. My fiance works as an independent contractor from India and received his income in my US bank account which I sent to him in India. We did this for ...
2
votes
1answer
33 views

From India, and also worked in Kuwait in 2014. Do I owe income tax in India?

I got a job in Kuwait and I joined on 03-09-2014. Earlier I was working in India and was paying my Income Tax regularly. Now I am sending Kuwaiti Dinars sometimes to my and sometimes to my wife's ...
3
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0answers
29 views

Indian resident owning dividend-paying shares in company based in France: Can I save on withholding tax?

I am Indian and staying in India. I am holding stocks/shares of a French company which is listed on the Paris stock exchange. Every year, the French company declares dividend on the shares, and on ...
0
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1answer
19 views

Tax liability in US for LLC's owned by an Indian Citzen

I am located in Pune, India and looking forward to form an LLC (Service Industry) in FL only as a face for my Indian Company in the US market. My clients would be making the payments in my Indian Bank ...
2
votes
2answers
146 views

Filed as W2 employee but paid erroneously as 1099 employee for 2014

I completed a W4 form when I started my full-time job and received direct deposit payment for 6 months in 2014. Due to a payroll error, I was paid as a 1099 employee (no taxes withheld) even though ...
6
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2answers
2k views

Arguments on the “unconstitutionality” of income tax: What acts, etc. of Congress require payment of income tax?

I've heard that while the 16th Amendment gave the U.S. Congress the authority to enact laws for the application of an income tax on US citizens, but I've also heard that there is currently no law on ...
1
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1answer
58 views

What quarter does a payment on the first of the month belong to? [closed]

We pay employees on the first of the month for a pay period from the 26th of two months ago to the 25th of the previous month. That means the period worked and the paydate often occur during ...
1
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1answer
91 views

Non US-resident, need to file 83b election TODAY with the IRS - I have an SSN but it says “valid for work only with DHS auth” - is this OK?

I am Canadian and are back in Canada. Last year I had a J1 visa to work in the US and I obtained an SSN while there, it says "valid for work only with DHS authorization" on the SSN. My J1 visa has ...
0
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0answers
29 views

Working from India in a US company

I'm a new grad, working on a contract position in US for some time now and my contract has almost ended. I got an offer from another company (X), which is quite small (an LLC) but with better ...
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1answer
43 views

USA: Foreign currency savings, trades and tax implications

I have a question on the tax implications on my foreign currency savings and currency trades. I moved to the USA in 2014 on an 3-year visa and am tax resident for part of the year. Following my move I ...
3
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0answers
31 views

How to get reimbursement of the wrong taxes collected by IRS? [duplicate]

I was working as an intern with F1 visa status at a company but that company's HR didn't know that I shouldn't be charged for medicare & SSN tax, so they put me in that tax status and now I have ...
0
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2answers
62 views

Form as LLC or S Corp to reduce tax liability

Drafting a business plan, trying to determine whether an LLC or S Corp would produce a lower tax liability (in the scenario below I am "Partner A"). Three Partners: Partner A, Partner B, Partner C ...
0
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1answer
30 views

NY state and federal taxes for tuition and no income.?

I paid tuition and had no raw income (not just net income) in 2014. Do I need to report both New York state tax and Federal tax for 2014? If yes, how shall I report it, and can I leave all amount ...
1
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1answer
85 views

Should I write off my time invested in developing a business [duplicate]

Last year was my first year in business. I spent a good chuck of time developing my business plan, designing the company website, and developing policies and procedures for my employees. I'm about ...
2
votes
1answer
49 views

What are the tax consequences if my S corporation earns money in a foreign country?

I work as an independent contractor developing software for various organizations in the USA. I usually bill a client an agreed upon amount and provide some specific service in return. For what it's ...
3
votes
1answer
46 views

If you share expenses, can someone else claim student loan interest deduction?

I live with my fiancee and we share all of our expenses, car, bank accounts, etc. I'm at the max I can deduct in student loan interest, can she claim the rest of it under her taxes? Its paid out of ...
0
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0answers
23 views

Can I get tax withheld on 1042-S as a resident alien (Canadian) with income code 15?

I'm trying to figure out my 2013 taxes. I came to the U.S. from Canada in August 2008 to study. After 5 years, I'm still in the U.S. as an F1 student to pursue a graduate degree and I have only gone ...
0
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0answers
57 views

Tax on 401k withdrawal for non US resident

What is the tax rate for 401k withdrawal? A Thai citizen inherited a 401k plan from her US husband who died at age 62 years. Which tax forms must be filed after withdrawal?
0
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1answer
60 views

Do I pay my quarterly estimated tax if I've only made a small amount?

I have had no income for the past year until the 4th quarter in which I made approx $2500 as a private contractor. Do I need to pay an estimated tax for that quarter? I've heard that if you're income ...
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1answer
32 views

aproximate witholding tax in N carolina per $100 [closed]

approximate tax both state North carolina and fed
0
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1answer
26 views

Capital improvement and depreciation in restaurant LLC

I opened a restaurant and I used a sizable capital to get it up and running including upgrades to the place like plumbing, electricity, hood, etc. I bought equipment for cooking and operating the ...
5
votes
2answers
131 views

Withdrawing from regular vs Roth 401K

I work at a company that allows me to put my 401K into either a regular or Roth 401K. My understanding is that: For the regular 401K, I pay taxes when I withdraw money from the 401k. For the Roth, I ...
0
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1answer
33 views

Investing in U.S. stock exchanges from Europe. Taxes

What should i know about taxation when investing in U.S. stock exchanges from abroad? Do i need to file any documents? Are there any treaties for double taxation? (Europe). As an amateur i am ...
0
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1answer
42 views

filing taxes in Canada from another country

Canada.Hi I have not been filing me taxes and it wasn't a real concern to me until now. I now know how serious it is and I messed up. I have never filed before and I do not know where to begin... I ...
4
votes
1answer
291 views

Why a federal tax withholding of 25% when previous federal withholding tax was 8.9%?

I did some contract coaching work for a university and received a one-time payment for the services rendered over 3 months. The amount taxed for Federal Withholding was a staggering 25%. For someone ...
2
votes
1answer
90 views

Investing in your own LLC - equity or debt

I am putting initial investments in my own LLC, and as I started accounting I want to know how to treat it better - make it a loan to LLC or make it equity investment? It might take about half a year ...
-1
votes
1answer
45 views

Tax residency options for Australian overseas with no fixed residence?

I am an Australian citizen and work remotely for an Australian company. My pay goes into an Australian bank account and I also have a mortgage (actually a line of credit) on an Australian property. ...
0
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1answer
42 views

Opening Company in US as non US resident and living in native country. Tax questions!

I'm planing to open company (C Corporation) with my friend in US, specifically Delaware. But I am not US resident nor is he. Him and I live in Croatia, Europe. We will be owners of company and only ...
0
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1answer
49 views

NRE account in indian bank have to pay Income Tax in India

Please help me, i am working in Dubai base company and my work place is any other country Like Oman, Myanmar, etc. Only for work, i am going out side of India say 3-5 month/year. Company is depositing ...
0
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2answers
42 views

Can I deduct expenses incurred to earn side-income, while full-time employed - in Canada?

I've just been hired full time at a firm I used to independently consult at. As a sole proprietor, I'm used to writing off my home office space, various software subscriptions, equipment, web ...
2
votes
1answer
60 views

Taxes on cash gift from relatives in the Philippines?

My parents informed me they want to give me 1 million Philippine pesos. I am in the U.S. and the money will come from the Philippines. It is roughly $22k. Can they just wire the money directly to my ...
6
votes
1answer
125 views

Student loan debt and business owner: What's the best loan-payoff strategy?

I graduated from my doctoral pharmacy program 1.5 years ago with ~215k of student loan debt. So far, the balance has been paid down to 170k. The weighted-average of the interest rates is 7%. ...
1
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2answers
66 views

Fill Up USA TAX

I checked initially my status as married but fill out the tax forms as a single (W4 by the company). Is it possible to change it to married and get tax return from IRS? ( married but fill out as ...
0
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0answers
22 views

Taxes on offshore funds held in UK investment account

I am an italian citizen but UK resident and have an investment account with Fidelity in UK. I would like to invest in the Fidelity Euro Cash fund to gain exposure to EUR without adding other risks ...
1
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1answer
35 views

Indian Citizen Getting Paid for Working as Writer for US News Organization

I'm an Indian citizen. I'm doing a consulting role for a news organization in U.S. and getting paid on an hourly basis. The income would not exceed $1600 per month. The organization has asked me to ...
0
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3answers
92 views

How to gift money anonymously to an individual after collection thru a donation site?

I am receiving some excellent feedback, so please bear with me while I give more details on the entire concept - as I am starting to think it may not be feasible without cooperation from the family? ...
1
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1answer
39 views

Relocation payment from company and tax deductions

Good day everyone, I accepted a position with a company and the company has provided a fixed amount of funds for a relocation that is going to be paid as a lump sum amount. The relocation agent told ...