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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2
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4answers
117 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
vote
1answer
161 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
22 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
34 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
28 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 ...
-1
votes
0answers
26 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
223 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
34 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
33 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
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1answer
46 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
38 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 ...
6
votes
2answers
658 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
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
68 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
24 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
57 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
132 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 ...
-1
votes
1answer
51 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 ...
4
votes
1answer
263 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
628 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
40 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
65 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) ...
1
vote
1answer
68 views

Leaving US (I was working with a L1 visa, not coming back), better cash my 401K or leave it until 59 1/2? Thanks

I moved back to my country, I was working in US with a L1 Visa for a couple years, I have 6K in my 401k, what is your best advice, leave the money until I can cash out with out paying taxes or ...
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 ...
2
votes
1answer
29 views

line 1a on form 1040 es: for what time period should i be estimating taxes for?

Line 1a on IRS Form 1040ES says "Enter your expected income and profits subject to self-employment tax". My question is... for what date range? Do I do "expected income for the quarter" or expected ...
1
vote
1answer
45 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 ...
4
votes
1answer
91 views

Exempt from US Social Security, too few credits for benefits

I am an employee of a US state government which does not participate in Social Security, so neither I nor my employer pay Social Security taxes. (My employer offers a defined-contribution plan ...
-1
votes
0answers
47 views

How does the taxation system for day-traders work?

I would like to know how much taxes I've to pay if I trade stocks in the US market from another country and for comparison from the US. I would use online brokerage companies from the US and I would ...
2
votes
1answer
41 views

Can Health-Releated Services be a Business Expense?

I own a small S-Corp. I am considering subscribing to a monthly meditation service ($5/month) to help me with my focus, creativity, etc. 1 - Can I charge this on my business account? 2 - Is this tax ...
2
votes
1answer
114 views

Paying tax for non- us citizen

I am a non US resident and not a US citizen. I live outside US. I don't have any relation with United States. I just visit US often for pleasure only. I sell items on eBay and my items are NOT in US. ...
2
votes
1answer
72 views

Improper withholding of FICA from student: Getting a refund

A friend of mine in the U.S.A. works for an employer who, we believe, improperly withheld FICA (should have been exempt: they are a student at the same university that they work) due to an ...
2
votes
2answers
140 views

Parking money for a few months or a year

We are planning to get our kitchen remodeled, so we've allowed a big balance to accumulate in our bank account. We're not making very rapid progress on soliciting quotes on the remodel, due to our own ...
1
vote
2answers
86 views

How can I bring loaned money back to US from India

I am a US permanent resident and I loaned some money to my father in law in India early last year. I transferred US dollars from my US bank account to my NRI (Non resident Indian) account (Indian ...
-1
votes
0answers
31 views

How to calculate quarterly tax?

A body-shop (cars) owner purchases his wares and does not pay taxes on them at the time of the purchase, instead taxes are paid quarterly. Can someone provide me with tips on how to calculate these ...
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?
0
votes
1answer
29 views

FATCA compliance for small Foreign Company. What do I need to do?

Regarding, FATCA compliance for a new small business in Japan owned by a US citizen, I read parts of the related IRS website but still have basic questions. ...
4
votes
1answer
72 views

Proving sale of stock is not short-term

Here is the scenario I am faced. I've transferred DSPP stock from my former employer's stock transfer company (Computershare) to Etrade a few weeks ago. These stocks are from 2010 and 2011. I ...
2
votes
1answer
29 views

California S Corp Net Income and Employee Compensation

I was looking into S-Corp structures. In California, S-Corps are taxed at a 1.5% rate on their net income. What I couldn't figure out is if this 1.5% rate applies to the income of the S-Corp after ...
3
votes
3answers
98 views

UK :: Do I need to pay council tax as a student, during the summer break?

I am a full time uni student in UK. My Course ran from 2013 Sept to 2014 June and starts again in this year September. During the summer holidays, I lived in a private accommodation style property ...
1
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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 ...
1
vote
2answers
97 views

Is there an investment account where I can owe taxes only if the net of capital gain and dividend payment is positive?

I am planning to open an account to trade or a fund, and I am looking for a very specific legal structure. Basically, I am looking for a legal structure that allows me to receive the gross dividend ...
9
votes
4answers
1k views

Who pays the property tax on a home for the year of sale?

I sold a condo on the 2nd of January this year, and I was a bit taken aback when I got a property tax assessment for that property from the county for this year (this was not a bill just an assessment ...
1
vote
1answer
35 views

What are the tax implications of selling an investment property in india?

I am living in UK for last 10 years. I have an NRE and NRO account in Bank of Baroda. I want to sell my flat in India and will deposit the cheque of 50 lakh in my NRO account. I have bought this ...
0
votes
1answer
107 views

How to fill out form W4 when I'm earning $1600 extra income per month?

August 22 was my last day at a job that paid $76,000 / yr. Afterward, that job is supposed to pay me $400 / wk for consulting for $1,600 / month. At the new job (which I started on Aug 26) I'm making ...
0
votes
0answers
31 views

how to fill out W4 when i'm getting $1600 extra income a month [duplicate]

Aug 22 was my last day at a job that paid $76,000 / yr. After that that job is supposed to pay me $400 / wk for consulting for $1,600 / month. At the new job (which I started on Aug 26) I'm making ...
8
votes
1answer
411 views

Wash Sales and Day Trading

Let's say a Day Trader buys and sells a stock on the same day and makes a loss of $1,000. Then she buys and sells the same stock the next day and makes a profit of $500. On the third day she files her ...
2
votes
2answers
55 views

Working for recruiter on W-2 vs. working for client on 1099?

My husband has been offered a job at a large company on the other side of the country. He told them he would commit to a long-term contract of up to two years, but that we did not want to move ...
2
votes
3answers
95 views

About to start being an Independent Contractor - Any advice on estimating taxes?

I am a grad student that is about to pick up 10-15 hours of independent contracting work per week. I work and live in Syracuse. I make $19,000 per year (pre-tax) as a grad student, and will make ...
0
votes
1answer
61 views

183 day rule in conjunction with expatriate

I am a US citizen but have lived and worked n Germany for 4 years. From Jan. 2013 - March 2014, I was working on a Project in the US as an expatriate. I have taken some Business trips back to the US ...
0
votes
1answer
116 views

“No taxes to be paid with owning Berkshire”

Take a look at the last couple of minutes of this video of Mohnish Pabrai speaking. http://vimeo.com/89140080 He seems to say that owning Berkshire is a great choice because there are no taxes to be ...