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.
3
votes
1answer
87 views
Does buying/selling a stock for a loss count as income?
In 2011 I accidentally bought $1000 worth of stock in a brokerage account and immediately sold it the same day for $985 (a $15 loss). The IRS is now claiming I owe $280 in taxes on $985 of income. Is ...
1
vote
2answers
27 views
Paying taxes on income earned in the US, but from a company based in Norway
I've recently begun work for a company based in Norway. Right now, I'm an "independent contractor" but in a few months I'll be made full time. I invoice them my hours on the 1st of each month, and I ...
3
votes
1answer
127 views
How to start a business when you owe the IRS and Everyone else?
My history:
In 2006 I was doing pretty well, my online ventures were doing around $30k profit a month however I am a programmer and did not run the business side of it well at all. (taxes, forming a ...
6
votes
3answers
60 views
Is there anything I can do to prepare myself for the tax consequences of selling investments to buy a house?
I have about $500k in Vanguard funds, in a regular (i.e. taxable, non-retirement) account. I've been building these positions over the past 12 years or so.
There's a chance that I'll want to buy an ...
1
vote
2answers
28 views
Tax withholding on ESPP discount
I recently enrolled in my company's employee stock purchase plan (ESPP) with the maximum-allowed 10% of my salary. I get the stock at a 15% discount relative to the purchase date (no look-back ...
7
votes
1answer
83 views
How to fill the IRS Offer In Compromise with an underwater asset?
I owe about $6k in back taxes, and simply don't have the money--it's hard for me to find even minimum wage jobs in the current economy, and I am burdened with consumer debt. After speaking with the ...
4
votes
2answers
77 views
Will I have to pay taxes in India when I transfer money from a US bank to an Indian savings account?
I am currently in US, and would like to transfer some amount from my US Bank account to a savings account based in India on a monthly basis through a third party like Xoom or Transfast.
If I'm going ...
3
votes
1answer
63 views
Selling stocks - capital gains
Say I have 500 shares in company XYZ. 250 were purchased on 5/1/2012 and 250 were purchased on 9/1/2012. Is it possible to sell only the stocks that were held for 1 year (5/1/2012)? Avoiding the ...
4
votes
3answers
1k views
Can I receive “gifts” from my friend (who happens to be my employer)?
Take for example, I'm an employee and my employer is my good friend.
We are both US persons living in the US, and I'm working for my friend for a monthly wage of $5 USD which is subject to income ...
-2
votes
0answers
31 views
non-tax-resident of Canada pay taxes for investment account earnings? [duplicate]
I am a Canadian citizen working overseas permanently with no ties to Canada (no family, no house, no jobs, no licenses). This makes me a non-tax-resident (meaning I report the taxes to my current ...
4
votes
1answer
55 views
Non-tax-resident of Canada needs to pay taxes for investment account earnings?
if a person were to be a non-resident of Canada without jobs, a spouse, kids, asset (houses, cars etc.) in Canada, then that person would not be obliged to file a tax report. However, if that person ...
3
votes
1answer
57 views
Full Time Job and Self Employment and a 1040ES
Currently I am full time employed with a company, and am in the 25% tax bracket and claim no exemptions. I also have a website that I get ad revenue from.
Last year I had a few hundred dollars I owed ...
6
votes
1answer
54 views
Can my wife claim a deduction for her personal superannuation contribution if she got the Parental Leave Pay?
My wife is self-employed and had a baby last year for which she claimed the Parental Leave Pay from the Federal Government (a bit over $10K over 18 weeks). She had to enter the amount in Item 1 - ...
3
votes
1answer
59 views
What capital gains taxes do I owe on stock sales in India?
I would like to know about the tax details on selling stocks if I follow this procedure:
Sold stock ABC after holding it for more than a year for INR 1000 for a profit of INR 100
Bought stock BCD ...
6
votes
1answer
117 views
What is a rule of thumb for accruing debt on a rental property?
My sister and I were fortunate enough to inherit 2 properties from my father, one a suite of apartments and cottages worth about ~$3M and also his home.
We currently have about $200K in mortgage ...
1
vote
2answers
61 views
How can I estimate business taxes / filing fees for a business that has $0 income?
I'm looking for a good resource to understand the penalties I need to pay in order to get my business 'up to date' with the IRS. I called the NY state and I was able to determine the amount needed ...
3
votes
2answers
68 views
How to get the lowest mortgage rate on a new purchase?
Looking for a home loan in the mid $400,000, with 20% down on the value price, a first home purchase and in the U.S.
What strategies can be applied to ensure the best interest rate possible?
What ...
2
votes
2answers
97 views
Filing form 8606 for non deductible IRA contributions
Background:
I recently realized that I need to file IRS form 8606 for a previous tax year(2011), to track my basis for non-deductible contributions to a traditional IRA.
I hold a bond fund in the ...
3
votes
2answers
175 views
Buy US ETF as foreigner — a bad idea?
I'm considering to buy index ETFs from US through TD Ameritrade, but as a non-resident alien (foreigner), my main concern is the 30% withholding tax on:
all dividend (especially the bond ETFs)
...
1
vote
0answers
29 views
ITIN-Issue-IRS requesting for original passport/Certified copies
I have submitted my wife's ITIN application (W7) along with 2012 federal tax return copy at the local tax office on 14th March 2013 in NJ.
The person at the tax office did verified my wife's Passport, ...
3
votes
1answer
76 views
Do I have to pay the Internal Revenue Service in West Africa in order to transfer a government check from West Africa to a US bank account?
If you have a government check from West Africa and want to transfer the money to a United States bank, do you have to pay the Internal Revenue Service in West Africa before you can transfer you money ...
1
vote
1answer
23 views
Indian working in Canada has income in US (Sold shares) - How to file taxes/file for extension?
I am an indian citizen working in Canada on work permit. For year 2012 I was never in the US. The only income I had in US is when I sold shares + some small interest in savings account. I am neither a ...
4
votes
1answer
68 views
Does a total due tax of over $1000 automatically get placed in a quarterly payment plan?
I work as a contractor and I'm filing through TurboTax this year in the US.
I owe just over $1100 this year. I've always been in the green before this year - always received a refund.
The report ...
3
votes
1answer
44 views
What are the tax implications of a normal sale of a house?
What are the tax implications of a normal sale of a house, where the owner would make a "profit"? Does it make any difference if the house is owner occupied and for how long they have owned the ...
1
vote
1answer
68 views
W2 and 1099 (self employed) income in same year: social security taxable income limit?
For 2013, the maximum taxable social security income for employees on wages is $113,700, and for self employed individuals it is also $113,700 (though obviously at a higher rate).
Suppose a person is ...
3
votes
1answer
62 views
Traveling abroad for about four years and working as a freelance writer. Who do I pay taxes to?
I've currently been traveling around the world, just recently finished studying in Thailand and am going to be employed in Norway working in the service industry. I've worked there before, filed a ...
3
votes
2answers
38 views
Is it possible to calculate/estimate W2 based last paycheck?
My wife and I just realized we are missing her W2. Her work will not be able to get it to us on time before tax day, so we'll most likely file an extension. Having said that, we still need to pay any ...
3
votes
1answer
51 views
Significance of first name on joint tax return
I was recommended an EA to help me file my taxes and he recommended me to file jointly with my wife's name as the first name on the joint tax return.
I did some reading and it seems like it's best to ...
1
vote
1answer
61 views
Is it possible to not pay self employment taxes on income reported in box 7 of 1099-MISC
I was recommended an enrolled agent (EA) to help me file my taxes and he asked me to file an extension as he needs more time to read about my specific tax situation.
The EA did not go into details ...
0
votes
1answer
29 views
Filing an extension and its effect on ability to choose between married filing status
I was recommended an EA to help me file my taxes and he asked me to file an extension as he needs more time to read about my specific tax situation.
If I were to file an extension could I, later this ...
2
votes
1answer
62 views
Can I open an IRA to reduce my tax bill?
Being the procrastinator that I am, I just did a preliminary entry into Turbotax and found that for the first time ever, I owe a considerable amount (about $3000) on my taxes. I think this is because ...
3
votes
2answers
37 views
Does business income generated while physically present in NY count as New York Source income?
Question
Is some or all of any business income generated from my Wyoming business qualify as New York source income while I'm physically present in NY?
Background
I run an IT consulting firm (LLC ...
3
votes
1answer
58 views
Roth or Traditional IRA if getting a dramatic increase in income this year?
So I just learned that it's not too late to fund an IRA for 2012. With a week left and never having done this before, I now get to decide which type I want to open.
Based on my (really vague) ...
1
vote
1answer
42 views
Do I owe state taxes for a temporary (4 month) residence in California?
During 2012, I spent the first 4 months living in California while in a startup accelerator program. I had a California apartment lease with my name on it during that time. I earned income during ...
4
votes
1answer
44 views
Mileage Deduction as Independent Contractor?
I will be starting a new independent contract in a few weeks. The contract requires that I work at the client's office.
Can I deduct mileage for the drive to and from the office?
I may require ...
4
votes
1answer
50 views
Reporting sign-on bonus in case I need to return
Is there a special way to report sign-on bonus (a.k.a. joining bonus)?
Background: I joined a company in 2012 and accepted a sign-on bonus. If I leave the company within one year of joining, then I ...
2
votes
1answer
56 views
Is my reimbursement taxable?
I am an hourly employee. I receive a separate reimbursement check from my regular paycheck. My company does not tax the reimbursement and does not add it to my yearly gross amount. Is it taxable? Are ...
3
votes
1answer
338 views
ITIN Application - IRS requesting original passport
I have filed joint tax return for 2012 tax year. My wife is not eligible for SSN (she's on H4 visa) so we included the W7 form (application for ITIN) into the package.
This year the rules became more ...
0
votes
1answer
48 views
Tax Code of D0 and 944L
I was employed with company A from May 2011 till December 2012. I started a new job in January 2013 and the last pay that I got from Company A was on January 15 2013. The payslip stated that my Tax ...
4
votes
3answers
67 views
Is my wash sale being calculated incorrectly?
This question is about wash sales of stocks in the United States.
First transaction: On 06/27/2012 I purchase shares of a company for $1,000 and sell all of them for $2,000 at a profit of $1,000.
...
1
vote
2answers
135 views
Are there taxes for exchanging goods in a barter transaction?
For example, if I trade someone 10 apples for 10 strawberries, do I or my trading partner need to pay taxes? Do I need to pay taxes if I do business without using officially issued currencies?
If ...
4
votes
1answer
104 views
Do performers pay taxes on comped meals and hotels?
Here is the situation.
I am a US-based performer just beginning to build a following and I have secured some bookings.
The places that have booked me have offered free meals, travel, and lodging. ...
1
vote
2answers
53 views
Does getting a 1099 from another state count as working in another state if I was physically in my home state?
I live in California and worked on a freelance software programming gig for a company in New York.
I'm filing my tax returns. I got a 1099 from the New York client. I was physically in California ...
1
vote
1answer
62 views
Where do I owe taxes while I am contracting overseas to Germany?
I am currently a student in the US, but I am originally from Japan.
An IT company from Germany contacted me for a web application project and they told me they are going to send me the money to my ...
4
votes
1answer
52 views
What is a better way for an American resident in a foreign country to file tax?
I usually file my taxes using turbo tax. Last year I moved to a foreign country and I tried to file my tax again using turbo tax, but I feel like it's confused about some parts:
Turbo tax doesn't ...
0
votes
0answers
30 views
Question about F1 student filing California State Tax Return
I am currently holding F1 student (OPT status) visa and worked several months last year in a company, the salary on my W2 is somewhat around $30k. I am married and my wife has been in US since March ...
3
votes
1answer
70 views
Moving money from my savings account to an IRA - why am I paying taxes on it?
I'm planning to move money from my savings account to a new IRA account, but I don't understand why I'll be charged penalties for withdrawing the money.
Why do I have to pay extra taxes to take my ...
2
votes
1answer
30 views
As a contractor, TurboTax Business-and-Home or Basic?
At what point is it worth it to use TurboTax's Business and Home package ($99) over the Basic package($35)?
I worked as an independent contractor for a living last year, and I don't suspect there'll ...
2
votes
0answers
50 views
Canada: Filing multiple years income tax (carry-forward)
I've been a bit irresponsible with my taxes as a student, and now it is time for me to make up for the years of neglect, and file my taxes for the 2007-2012 periods.
I've not filed taxes starting in ...
2
votes
3answers
65 views
Are paying tax vouchers required?
I am 23, so I am pretty new at paying taxes, so sorry for another dumb question I have been unable to answer.
With much distress I finished my taxes, but what are estimated payments on next years ...
