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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Does the IRS penalize for overpaying and underpaying state income tax?

I used TurboTax for filing my taxes this year (for 2014) and came across an oddity that either means TurboTax is buggy or the IRS penalizes for overpaying state income tax. When using turbotax (and ...
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1answer
17 views

Reporting Canadian T4 slip on a US tax return

I am a US citizen resident in Canada. Does anyone know how to report the various items on a Canadian T4 (a rough equivalent of a W-2) on a US tax return? I am not sure about the following items: ...
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1answer
9 views

When filing a US 1065 as a General Partnership, do we combine our expenditures for a home office?

I am in a General Partnership with 1 other person. We both work out of our respective homes. When filing expenses on a 1065, do we line item each of our home office expenses? For example, if I use my ...
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3answers
72 views

Wouldn't it be better if reinvested dividends were simply treatable as capital gains for tax purposes?

Suppose I own 100 shares in XYZ corp purchased for 25c in year 2000. If XYZ corp pays me 5c in dividends in year 2001, I will owe tax on the 5c dividends, hopefully as qualified dividends(?). If on ...
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2answers
59 views

Are there any tax advantages to having a company car over a car allowance?

I've just got a new job. Part of the deal is a car allowence or a company car. I'm planning on taking the money (I've recently bought a new car so I'm not really that interested in a company car). ...
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1answer
15 views

Do contractors need to attach 1099-MISC to their return?

Is there a source stating that US contractors who received 1099-MISC forms do or do not have to attach them to their federal or state return? My impression after a bunch of searches, is that I don't ...
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1answer
22 views

General Partnership, 1065 an K1

I've just formed a general partnership in the US and I'm completely unclear about the tax requirements. Do we file only once a year, or are we required to file quarterly? When am I required to fill ...
2
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0answers
27 views

Received check and 1099-MISC in different years

When reporting on a cash basis for Schedule C: what if a check arrives late in a year, but the matching 1099-MISC was issued for the prior year? In other words, what if a client issues the 1099-MISC ...
2
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1answer
22 views

How to correctly adjust cost basis 8949 for Employer stock starting from 2014

Since 2014 brokers don't include "compensation element" in cost basis on the 1099-B form for RSUs, ESPP and NQSO stock. This means that I have to adjust cost basis myself to avoid being double taxed. ...
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1answer
48 views

Deal with stock PSEC

I bought PSEC 3000 shares one month ago. Recently I found some rumor about it. Today's the deadline - if you owned PSEC as of 11:59 yesterday then you have to send the IRS 10% of the value of ...
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1answer
23 views

merging transactions in 8949

This year I received NQ Stock Options, RSUs and ESPP shares from my employer (I work as a full-time engineer in a tech company). In my 1099-B form all of them show up as separate transactions ...
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2answers
50 views

Which IRS address to choose for federal tax return?

Do you choose the IRS address for submitting your federal taxes based on where you currently live (the return address on the envelope) or where your current resident was in that tax year?
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2answers
179 views

Deferring mortgage interest expense to next year when filing taxes?

I paid around $25,000 in mortgage interest payment last year, however, I had no income. I was wondering if I could defer this expense to next year and omit it this year. Since it will not benefit me ...
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3answers
538 views

Can capital expenses for volunteer purposes be deducted from income?

My wife volunteers for a charitable organization and her role involves a lot of printing and copying. I want to buy her a new laser printer as she wastes a lot of time fighting with our crappy ...
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2answers
45 views

Is it possible for state and federal taxes to already have been removed on a 1099-MISC?

I am a PhD student and receive a stipend from the university. I get a 1099-MISC for that money. On the 1099-MISC this year, there's an amount listed in box 4 and box 16 for federal and state, ...
2
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1answer
44 views

How does my higher rate tax on savings interest get paid. **UK, pre-2016**

I earn over £42k, the limit for higher rate tax. See here. This means I have to pay higher tax on my savings accounts. See Here. Higher or additional rate taxpayers You must pay extra tax on ...
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0answers
16 views

Investing through a corporation to defer taxation of capital gains and dividends [on hold]

Consider the following scheme: I create a corporation and capitalize it with some of my money. The corporation buys some stocks. Whenever the corporation receives a dividend or realizes a capital ...
0
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1answer
35 views

Can I deduct state and local taxes on a 1040A form?

I just finished filing my 1040A tax form when I read that I may be able to deduct state and local taxes from my federal filing. I can't tell though if there is a way to deduct this on a 1040A form or ...
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1answer
51 views

What portion of my salary will be taxed during my internship in Washington state?

If my salary is $6500 a month, and I intern for three months, how much can I expect to lose to taxes?
3
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1answer
76 views

How can someone claim themselves as a dependent?

I'm filing my taxes on a 1040A form and I noticed this line No one is claiming me as a dependent, so does that mean I should count myself as an exemption? What would that even mean?
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0answers
21 views

Risks associated to obtaining a TIN [on hold]

Organizations based outside the U.S. are allowed to apply for some forms of U.S. government grants, which requires they obtain a Taxpayer Identification Number (TIN). What risks does a foreign ...
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0answers
30 views

Tax deduction of advisor fees?

Is there a tax advantage to paying advisor fees from a regular IRA vs paying from a cash account?
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0answers
77 views

Should I claim my rental property was not rented at fair rental value?

So for all of last year my ex-girlfriend rented out my upstairs apartment. When we first broke up she talked me into giving her a discounted rent since she was only going to stay "for a couple ...
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3answers
71 views

Can you recharacterize an original Roth IRA to a traditional IRA?

This question is not about recharacterizing a traditional to a Roth, nor is it about undoing a recharacterized Roth back to a traditional IRA. If I opened an original Roth IRA account, can I ...
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2answers
24 views

Is it possible to be considered a dual status alien even with if you meet substantial presence test?

I moved to the US on January 3rd 2014, and stayed there for most of the year (~273 days). I'm still living in the US. I seem to meet the substantial presence test (right?), but for some reason after ...
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2answers
39 views

H1B first time file tax

I am h1b and came on 25th of Sep 2014 with wife and child as H4. I will use the "first year choice" and file when meet the substantial presence requirement. I had income from Greece for all 2014. ...
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2answers
52 views

Can stock market gains be better protected under an LLC arrangement?

As I understand it, if one has a business, profits can be reinvested to show zero net profits, so as to avoid tax. (I could be wrong about this, feel free to correct me.) I'm wondering if one can do ...
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1answer
44 views

How to adjust additional cost from wash sale transaction on form 8949

I have a few wash sale transactions in 2014. At the year end, I hold no position and I'm in the US. Question is when can I add loss from wash sale back to cost (box e)? Jan 2015: No short sale nor ...
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1answer
29 views

What are the tax implications on selling my second home?

I purchased a second home for 85K and invested about 50K to rehab it 3 years ago. It appraised for 165K but I have an offer for 157,500 with 7,500 towards their closing costs. What are my tax ...
0
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1answer
10 views

Freelancer - taxes in India for working for Spainish company

I would be starting as freelancer for one of the European company where the products will be promoted in Indian market , hence would be traded from Europe to India . The same company has plans to ...
3
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2answers
196 views

Tax brackets in the US

If I make $80k/yr and my take home pay each month is $4400, that means in a years time I make $52800 take home. That number is just 66% of $80k which means that I am paying 33% tax? How on earth is ...
0
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1answer
27 views

How to fill out W4 correctly when I have two jobs?

I have two jobs and after completing my taxes I checked my W4s. I used the IRS withholding calculator and it recommended 1 allowance for each job, since I am Single. Each W4 for the jobs has an ...
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2answers
30 views

How to calculate S corporation distribution from past K-1s?

Let's say a friend of a friend has been the sole owner and employee of an S Corp for five years. Some of the past K-1s have reported a loss, and some years have reported a profit. The business owner ...
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2answers
158 views

Does Form 4868 (for a tax extension) need to be postmarked or received by April 15?

I thought that Form 4868 (to get a 6-month extension on my tax return) had the same deadline as tax returns, meaning that it needs to be postmarked by April 15th. But on page 4 of Form 4868, it says ...
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0answers
38 views

How do I get good tax advice? [closed]

I have a complex question about an inheritance issue. My mom died 5 years ago. She won the lottery, two million dollars, in Washington State several years ago before her death. She received $60,000 a ...
0
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1answer
37 views

Capital Gains Tax for State of Iowa: No distinction between short-term vs long-term gains?

I'm trying to figure out how much (if at all) do I have to pay for some long-term (and short-term) capital gains made in 2014, to the State of Iowa (where I reside). This is the instruction given: ...
4
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1answer
50 views

How to amend an amended return?

I made a real mess of my taxes this year. I filed an amended return with the IRS that turned out to be incorrect. The amended return included a sale of restricted stock units. Unfortunately, I got ...
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2answers
43 views

What are the benefits of post-tax transit payroll deductions?

I enrolled in pre-tax transit deductions because I understand that I save on taxes (by doing this). What I don't understand is how post-tax savings works for transit and parking. For something like ...
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3answers
91 views

UK - Borrowing house deposit from parents

We are thinking to buy a house and our parents would like to help us with the deposit (as we don't own that sum). The idea is to give the money back someday. Now the questions: How do my parents ...
0
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1answer
49 views

Does the CRA charge any penalty if you file a wrong tax return?

If you misreport a number on your tax return, will the CRA just charge you the extra money that you owe them? Or will they actually 'punish' you by charging hefty fines and penalty , and slap charges ...
0
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1answer
62 views

Am I calculating depreciation correctly?

I'm confused with a number that H&R Block online is giving me with regard to depreciation. I put a dishwasher, which cost $629, in service in June 2010. On my 2010 taxes I took a 50% bonus ...
3
votes
2answers
613 views

Opinions on Retirement Planning

Assume a 40 year old couple have a combined income of 200K, have saved 100,000 for retirement to date, each have a match of 75% of the first 6%, and can both save 18K per year into their 401Ks. ...
0
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1answer
42 views

Resident Alien after substantial presence test, and employer did not deduct FICA for that year. What to do?

My F1 visa started in Aug 2009, so 5 years ended in 2013 inclusive. 2014 counting 183 days, I would be considered a resident, but my employers exempt me from FICA on the pretext that I was on F1 visa, ...
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0answers
14 views

83b election - did not submit tax return for the taxable year of the election [duplicate]

I am a holder of vested shares in an USA company. I've bought my shares in 2013 for the FMV (thus I should pay no income on them for 2013) and filed my 83b election with the IRS (and they confirmed) ...
0
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1answer
31 views

Am I qualified for a moving expenses tax return

I am a person from US, worked for a company in 2014. In a late 2014 I was laid off and found a job in another state (distance is way more then 50 miles). I started the job in the early beginning of ...
2
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1answer
29 views

Spousal RRSP account

I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). Both me and my wife are currently employed and have RRSP accounts in financial institutions through our ...
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1answer
40 views

Should I file an amended return as I wrongly filed Form 1040 instead of Form 1040 NR?

I filed my taxes through an agent for the year 2014 but the agent filed using Form 1040 and I found out from other sources that I had to file Form 1040 NR, as in 2014, I was in the U.S. for only last ...
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0answers
53 views

Employer Matching Contributions

I get paid bi-weekly and my pay check is ALWAYS the same dollar amount with the same taxes taken out. My employer does my Matching Contribution on a quarterly basis, every time I get my paycheck that ...
1
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1answer
52 views

How do I get my Loaned money back to US

I am a US citizen. I lend some money to my dad back in 2009 and 2011 as he had no source of income so I send my savings to him so he could use the annual interst as his income. I have a loan agreement ...
5
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1answer
1k views

Can I put what I earn from the sale of my house in the bank?

I bought my house for $247K in 2000 but refinanced and now owe $300K. I've also put in at least $12K in upgrades. I can probably sell the house for $450K, for a profit of $150K. Should I quickly ...