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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3
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1answer
247 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
21 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 ...
2
votes
0answers
24 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
53 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
50 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
28 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
86 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
46 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
40 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
103 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
70 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
137 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
57 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
93 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
27 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
71 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
25 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
83 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
vote
0answers
19 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
92 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
32 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
95 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
52 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
90 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
60 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 ...
2
votes
4answers
243 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 ...
4
votes
1answer
66 views

US citizen transferring money to Indian fiance to buy property

I am a US citizen wanting to transfer money to my Indian fiance to buy property. Is the best way to bring in cash, and declare the amount with customs at the airport? How much tax am I liable for ...
5
votes
3answers
139 views

I started some small businesses but need help figuring out taxes. Should I hire a CPA?

I've got a couple of small businesses I run. I started them in the last couple of months. I feel lost when it comes to my taxes. I know I should be paying something, but I'm not real sure where to ...
5
votes
2answers
187 views

Issues with unfiled tax returns

My husband and I have 2010-2013 taxes to file. He refuses to give me his income information because he believes the federal govt taxing us is unconstitutional. So I just had 4 years of taxes filed ...
1
vote
4answers
153 views

Why invest in IRA while a low-cost index fund is much simpler?

I'm currently investing in a low-cost index fund and wonder what's the point of opening an IRA (either Roth or traditional). The big con of IRA is that you can't withdraw before retirement age ...
3
votes
2answers
97 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 ...
1
vote
1answer
35 views

Do I have to pay taxes on PPF in USA?

I am going to work on H-1B in US for next 3 years. I am sure that I will return to India after 3 years and do not want to permanently settle in US. In order to invest money in India I am planning to ...
3
votes
1answer
67 views

How do donation tax receipts work when I have no taxable income?

I currently refurbish computers as a side volunteering thing, and all refurbished computers go to charity. I will receive tax receipts for these donations. The thing is though, I am still <18 and ...
1
vote
1answer
44 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 ...
1
vote
1answer
29 views

Better to have a non-registered (taxable) investment account in one/both names and/or based on income?

This question is for those familiar with Canada's income tax laws. My wife and I have maxed out our TFSAs. We also max contribute to our kid's RESPs. We also contribute a healthy amount to our RRSPs ...
1
vote
2answers
276 views

What options exist to make money in the US on a work-restricted visa?

So someone I know started selling on eBay, we live in the US. Her visa does not allow her to work, so instead, she decided to try making money online. She has made about $1000 in 3 months. With A ...
1
vote
1answer
38 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 ...
0
votes
1answer
72 views

How many allowances on my W4?

According to the IRS's online calculator, I should write "EXEMPT". According to the W4 worksheet, I should write in 11. I want to pay the least taxes without owing at the end of the year. Here is my ...
1
vote
2answers
79 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
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 ...
-1
votes
2answers
86 views

How does a tax exemption for an action = penalty for inaction?

This business of framing an event as a gain or loss has applications beyond settlement negotiations, of course. And sometimes the framing is simply a matter of words—the “cash discount” that is ...
1
vote
2answers
210 views

Can I pay too much into an IRA?

Is it possible to accidentally put too much into a Roth IRA? Suppose I have setup direct deposit to contribute $5500 annually to a Vanguard fund, but my math was off and I contributed $6000. What ...
0
votes
2answers
122 views

Short Term Capital Gains tax vs. IRA Withdrawal Tax w/o Quarterly Est. Taxes

So I had to pull funds from my IRA account earlier this year. I had taxes withheld and realize there is a penalty, however, my question is two part: with penalties and taxes for early withdrawal, I am ...