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.

learn more… | top users | synonyms (2)

0
votes
1answer
32 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
27 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
381 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
51 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
80 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
0answers
42 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
110 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
231 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
58 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 ...
4
votes
2answers
89 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 ...
6
votes
1answer
129 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
147 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
77 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
30 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
60 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
0answers
18 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
102 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 ...
0
votes
0answers
32 views

Receiving money from overseas for a business

My friend is sending me a large sum of money from Germany to open a business in USA. Am I supposed to pay taxes for on that money? Should I open the business account first?
1
vote
2answers
262 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
29 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
66 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 ...
0
votes
0answers
23 views

Tax Payment Filed vs Tax Adjustment Filed Ratio in USA

How often/frequent tax adjustment is made against tax payment in USA. Can anyone give me, tax adjustment vs tax payment filed ratio in USA.. I want to know tax adjustment is frequently used or rarely ...
1
vote
2answers
78 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 ...
-2
votes
0answers
50 views

How to calculate tax liability for consultant in India working for a foreign company?

Suppose a foreign company is paying complete 9 lakhs per year to a consultant, without withholding any taxes i.e. 75k per month. Suppose following information - Savings 1,50,000 Rs per year ...
0
votes
2answers
146 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
83 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
188 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
117 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 ...
0
votes
1answer
122 views

Financial implications of purchasing a first home?

My girlfriend and I bought our first home and I'm wondering what finance topics this touches on? Some relevant info might be: We're in Vermont We aren't married We bought the house in late June ...
0
votes
1answer
29 views

Is income earned in the Carribbean considered taxable for a Canadian resident?

If in winter time, I go to Caribbean and make some money as a sailboat instructor, is that money tax free? I am Canadian resident. I am asking this because I hear that a lot of these Caribbean ...
0
votes
1answer
47 views

How to save tax in India

Hi I'm a salaried person with an annual income of 4 L/annum. I don't know much about tax saving. What can I do save tax in India ? and Is PF/Pension and Gratuity in salary taxable in private company ...
0
votes
1answer
21 views

Will I be taxed in India

I am on a project (1 year duration) in Qatar. I am remitting money thru TT to my HDFC Bank savings account in India. All family maintenance/expenses and Home Loan EMI is deducted from this Saving ...
1
vote
2answers
77 views

Side work and managing finances?

I recently started taking on some side work which is making a decent amount of money for me on the side. I am operating it under my own SS# currently and not an LLC. I was hoping someone could provide ...
1
vote
1answer
39 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
vote
2answers
70 views

Tax considerations for outsourcing freelance work to foreign country

I've seen this asked a few different ways (closest was here), but I am looking to find out from the business's perspective, how to report (if necessary) the amount paid to a foreign contractor. My ...
1
vote
0answers
31 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
vote
2answers
57 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 ...
1
vote
0answers
56 views

401k strategy for NRI planning to return to india

Scenario is for L/H visa holder who is earning salary in USD. The person also has employee sponsored 401k plan. The visa expires in 5 years and person would like to return at that time to India ...
1
vote
1answer
96 views

Early withdrawal from retirement appears to have been penalized at 35% (on top of regular income taxes), rather than 25%?

I had to withdraw from my Simple IRA retirement fund last year for emergency reasons. When I withdrew, the IRA company withheld 10% for federal taxes. When I did my taxes at the end of the year ...
0
votes
0answers
21 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 ...
0
votes
1answer
103 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 ...
0
votes
1answer
49 views

Employee stock : US tax for non-US citizen

To give a brief history, I am Indian citizen based in India and I worked for a technology start-up in India, it was a US based company which had its branch office in Hyderabad, India. Company was not ...
1
vote
0answers
20 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 ...
0
votes
0answers
27 views

Can I transfer my RSU/ESPP shares money to a friend working in US?

I am an Indian citizen. I need to sell the ESPP and RSU shares granted for US company. I want to transfer the money to my friend's account, who is working in US but is an Indian citizen. He will in ...
1
vote
2answers
92 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.
0
votes
2answers
82 views

Taxes on someone else paying my mortgage

I have to repay my house loan. Can I take money from my son for repaying the loan? The bank is saying that my son cannot pay directly from his account; it means I have to receive money in my account ...
5
votes
1answer
43 views

Small business tax dates, what is “the date” of a job?

I work to a tax year that starts on the 6th of April. I have a number of jobs which before this date are: "in the pipeline" i.e. in my order book work in progress finished not invoiced finished and ...
1
vote
1answer
18 views

US-NYC Tax question about self-employment work online for a Europe based company

I've been doing contract work online for a company based in Germany. So far I've made about 2,880 from Jan-June $500 a month then $480 after paypal. I don't get a 1099 from them. But I was wondering ...
4
votes
2answers
636 views

Any downsides to having both 401k AND Roth 401k

So currently I have a 401k, I went ahead and added a Roth 401k while I'm eligible, beyond the fact I'll have to pay tax on the contributions now without the tax on withdrawal later in life you'd see ...