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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42 views

Taxes on a rented desk?

My husband and I are going to rent a small office and would like to rent 1-2 desk spaces out. Would these spaces be taxed as rental properties? The office would be rented under his business name, ...
5
votes
8answers
625 views

Why is a Roth 401(k) good if there is a long time before retirement?

This article from Fidelity mentions that the longer you have before retirement, the more likely it is that you should choose a Roth 401(k) over a traditional 401(k). This point is mentioned ...
2
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1answer
32 views

What are the tax implications of selling inherited shares now jointly owned with my sister?

My father passed away recently leaving behind 65 lakhs in shares and 25 lakhs in FDs (Fixed Deposits). I am the joint holder in both the shares as well as the FDs. This amount has to be shared by me ...
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0answers
19 views

Early Tender Premium

We received a Early Tender Premium per share on a tendered bond. Should this be reported at as income, or part of the gain/loss on the disposition of the bond?
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0answers
21 views

What is the connection between an investment tax credit and taxable income?

I'm having difficulty understanding two things: (1) what exactly is an investment tax credit ("ITC")? There's some reference (via Google) to Federal Energy Tax Credits, but I think that those are ...
1
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2answers
34 views

Filing income tax for nonresident spouse?

If someone is married and his spouse is not a U.S. citizen, doesn't live in the U.S., and doesn't have Social Security number, how is he going to file a tax return? Should he file a tax return as ...
0
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3answers
49 views

What is “Local Earned Income Township Tax” and do I have to pay it?

I live in Pennsylvania and am a freelancer/self employed. Every year I get something in the mail from the tax administrator Berkheimer telling me that I owe them money. I do my taxes through ...
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1answer
33 views

How to reduce income tax in India?

My salary is 450000 per year and tax deduction as below. Gross amount- Rs 450000 Net Taxable amount- Rs 250000 Net Taxable Salary per month - Rs 20833.33 Monthly taxes deducted at 10.3 % - Rs ...
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votes
1answer
50 views

What are tax implications of short vs long term capital losses?

I have read in multiple places that you can use investment losses of up to $3,000/year against your taxes. Is this as a deduction or credit? Does it count as an addition to itemized deductions or is ...
2
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2answers
143 views

Live in Florida & work remote for a New York company. Do I owe NY state income tax?

I have been down in Florida for the past 3 1/2 years and continue to pay New York state taxes out of the money I earn for a company I work remote for that is in New York. Should I be paying New York ...
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0answers
40 views

Bringing money to UK for investment purposes

What are the tax implications on bringing money from abroad to UK for investment purposes on starting a private Ltd company (Rental business) and also for giving it is a loan to a actively running ...
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0answers
43 views

Do I need to pay taxes on a large transfer of money from an American to my Indian Bank account? [closed]

An American friend wants to send a large amount of money to my Indian bank account, how is the conversion from dollars to Rupees accomplished and will one of us have to pay taxes on the transfer?
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3answers
711 views

How does tax work with donations?

My understanding of the gift tax is that the donor has to pay the tax, but up to a limit they don't have to pay tax. I'm a developer. Suppose I offer my software/libraries/blog for free on my site ...
0
votes
1answer
24 views

Independent Contractor to an US law firm

please advise me on the concerns of income tax i have. I'm an Indian citizen residing in India. I'm working for an Law frim in US as an independent contractor. i'm not sure if i'm liable for paying US ...
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votes
2answers
36 views

LLC and tax filing with spouse

In florida my husband and I are the only managing members on an LLC. Are we able to file our taxes with one of us claiming 100% of profits and losses and the other as 0% if we are filing jointly.
2
votes
1answer
56 views

How can I calculate deductible percentage of business trip?

Here's my complicated situation. My wife is an author, and when her first book came out in January 2013, she, I and our two kids went on a 7 month book tour. This was an extreme but totally legitimate ...
0
votes
1answer
56 views

Do I live in a state for tax purposes if my permanent home is in another state?

I lived in New Jersey for 20 years, but relocated to New York on 9/1/2013. I still own my house in NJ, my car is registered there, and almost all of my business for 2013 (except health insurance) is ...
0
votes
1answer
28 views

Can I resubmit W8-BEN with W9 form?

I am a dual citizen, both US and another country. Early this year I was requested by my stock broker (out side the US) to file either W8-BEN or W9 forms. As I was born outside the US and have never ...
0
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1answer
64 views

Elect corporation S status for my LLC

I'm the sole proprietor of an LLC in the state of Michigan. I'm not looking to do anything fraudulent or alike. I simply want to know if I elect to have my LLC to be treated as an S type corporation, ...
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2answers
49 views

Independent IT Consultant with annual fees less than 10lacs

I have started as an independent IT consultant recently. Since I will be way below the 10 lacs exemption bracket, do I need to have Service Tax Number? Also is it mandatory to get this number and ...
2
votes
2answers
74 views

LLC v. W-2 Taxes when filing in Florida

I'm considering working as a contractor in Florida. Currently I'm a W-2 contractor, but considering a Corp-to-Corp contract since it's a higher rate. Just now I read Florida's Tax Page - ...
0
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0answers
12 views

What are the tax implications to transfer more than 10K from a foreign account, to my US bank account? [duplicate]

I have a questions regarding a large sum of money transferred to a US bank account from Azerbaijan: 2) If a friend from Azerbaijan transfers a large sum of money (more than 10K) into my US bank ...
0
votes
1answer
43 views

Does an employer pay payroll taxes on non-taxable wages like 401K matches? [duplicate]

In addition to what the employee would pay in income tax on taxable wages an employer also pays their own payroll taxes on all taxable wages like: FICA FUTA SDI SUI ETT Are these taxes due from ...
0
votes
1answer
35 views

income tax for purchased/sold short term & long term shares

I have purchased above 600,000 rupees stocks from different company through NSE/BSE exchange.I have a trading account with canara bank(sb), i deposited rupees 6 Lacks this year & purchased ...
2
votes
1answer
86 views

Uk citizen working freelance for companies worldwide. Who do I pay tax to?

I'm a designer from the uk who works from home in the uk for companies here & overseas, namely the US. I've worked for a few years to these companies never with any problems, but have now been ...
2
votes
2answers
78 views

Tax difference in working in New York City compared to NJ

Because of taxes, everyone says that you make less money if you work in New York City compared to New Jersey. Is there a way to estimate the difference? Edit: I should have specified that I am trying ...
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0answers
23 views

Interest on FD in ICICI [duplicate]

I live in USA and I have no income in INR. But I keep transferring some amount in my indian accounts (like SBI/ICICI). I earn interest on that amount. I think that is quarterly however I am not sure. ...
2
votes
2answers
123 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 ...
24
votes
6answers
3k views

How can I adjust tax withholding so that I don't get a large 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
vote
1answer
177 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
36 views

VAT & Tax implications of selling software

I'm having a major problem trying to find out how tax and VAT works when it comes to selling software. I believe new legislation has come in regarding how it all works. I am based in the UK and want ...
1
vote
1answer
50 views

How is Massachusetts state tax on unrealized capital gains calculated?

My state (Massachusetts) imposes a 5.2% tax on unrealized capital gains. [1] I'm trying to understand how this tax is calculated. Here's an example: John Doe makes $50,000 in a given year. Meanwhile, ...
2
votes
1answer
51 views

Are distributions from an S corp taxable as long term capital gains?

We have several shareholders. As needed, we will do a distribution for taxes. We are being told that these distributions are taxable as long term capital gains. Is that right? Should shareholder ...
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votes
0answers
51 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 ...
6
votes
2answers
246 views

How is a relocation fee of more than 40k taxed?

I'm vacating a rent control apartment in California. The owner of the property is paying me more than 40k in early termination of the rent. How is this money going to be taxed? Will I end up paying ...
2
votes
1answer
73 views

Will it be taxable if I transfer money from UK account to India account?

I am a resident of India and currently in UK for 1 year on a work permit where I am getting salary in Pounds. My Indian salary has stopped till the time I am back in India. Now, I have a Home Loan ...
2
votes
0answers
41 views

What are some pre-tax programs similar to FSA that I can take advantage of?

I recently found out about Flexible Spending Accounts and was surprised to learn they could be used for Lasik, essentially saving me a good portion of the cost by making that income not be taxed. Are ...
1
vote
1answer
50 views

Why are some moving expense reimbursements taxable while normal employee expense reimbursements are not taxable?

I will be moving for a job shortly, and my new employer is reimbursing the costs. If I understand correctly the reimbursement is taxable, but most of it is deductible. If all of it were deductible ...
1
vote
1answer
45 views

Deciding between Pre-Tax 401(k) and Roth 401(k) [duplicate]

Suppose I want to put 10% of my income in a 401(k). There are two options: (i) put it in a pre-tax 401(k) of a a Roth 401(k). If I expect the tax rates to be higher in the future, would this be a good ...
7
votes
2answers
687 views

Does a U.S. citizen working in Mexico have to pay taxes to the United States?

I'm a U.S. citizen who lives in the U.S., but I'm going to be working in Mexico for a Mexican company. Do I still have to pay taxes in the U.S.?
1
vote
1answer
81 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
73 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, ...
0
votes
1answer
38 views

New York State - NY Tax on Foreign Sourced Income for NY Non-Resident

I live in Connecticut (file as CT Resident) .. Work in NYC ((file as NY Non-Resident) Question: Can NY State tax any income that I earn while in Germany ? I understand that the United States taxes ...
3
votes
1answer
62 views

Company owners gift to employee UK

The Boss of the company I work for has just sold his company. He has now retired, but he has decided to award monetry gifts to all employees. A formula has been developed to determine a fair ...
2
votes
2answers
145 views

After my father's death, how can I transfer 50% of an account to my sister in the most tax efficient way?

My father has some shares in his demat account with me as a joint holder. He expired recently. Now I will have to transfer 50 percent of the total value to my sister. Will it attract short term ...
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votes
1answer
67 views

If I receive 150000$ in my Indian savings account how much tax i shall pay?

My friend is planning to invest in India. So if he transfers around 150000$ to my account.. How much tax do I have to pay? Is there any way to show it as foreign investment? Can I include my ...
5
votes
1answer
271 views

Can I deduct IRA contributions and take the standard deduction?

If I have the standard deduction on my taxes (that is, I don't itemize), can I deduct IRA contributions? If so, would that be for Traditional or Roth IRAs?
5
votes
2answers
642 views

Tax consequences of partially selling a stock

I bought a company for $71 5 months ago. It is now over $100 but I am afraid it might fall. I plan to sell only enough to get back the money I put into the stock and own the gained amount until it is ...
2
votes
0answers
55 views

How do I loan money as a non-resident Indian (NRI)?

I am a Non-Resident Indian (NRI) and want to send approx $10,000 as a loan to my father's account in India as a contribution for a new home purchase. How do I set this up as a loan so if he wants to ...
3
votes
2answers
75 views

Tax benefit to paying off student loan interest while in school

I have a substantial amount of loans from my bachelor's degree. I worked for a few years, saved money, and then returned to school full time. While working, my Modified Adjusted Gross Income (MAGI) ...