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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0answers
35 views

Do I have to file California tax return for worldwide income?

I'm a new immigrant (green card) to US, and not live in California yet. I use my friend's home in CA as the mailing address for receiving my letters, packages, and California ID. I plan to move to ...
0
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1answer
30 views

1040 or 1040NR this time?

I am a international student, came to USA on F-1 visa from India and graduated last year. this year (2014) my company filed H1-B and got approval. Now I am on my H1-B from this October. When I file my ...
2
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0answers
38 views

Can I claim a parent receiving Medi-Cal benefits as a dependent on my tax return?

My mother got her green card this year. She won't work here. All her expenses will be paid by me. Since she is 67 years old, I am planning to apply for Medi-Cal health coverage for her. My question ...
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1answer
33 views

Where I am I liable for taxes?

I have a business which offers paid subscription-based access to a piece of software hosted in the cloud (i.e. the user doesn't install the software on their PC but accesses it via their web browser). ...
4
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1answer
37 views

What are the tax consequences of selling a condo in Florida?

My wife and I own outright a condo in So Daytona Beach, FL. Our primary residence is in Wyoming. We would like to sell the condo in Fl and should realize about $50,000 above purchase the price. I ...
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2answers
63 views

What should I know about paying taxes for working from home as a new resident in the UK?

I am soon moving to the UK. (I have been a freelance web designer and developer.) What would I need to be sound in the UK and to be fit to work online as a freelancer? Will it include paying any ...
1
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1answer
100 views

Would it save money to have company pay for living expenses by taking it out of salary?

If one necessarily has to live in an apartment in order to be able to perform work for a company (e.g. relocation to a big city in Europe), would it one save money (in taxes, etc.) if the company ...
3
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1answer
35 views

Capital gains on sale of property taken using housing loan

We bought a house for Rs 40lakhs/- by taking housing loan for Rs 35lakhs/-, however the property was registered only for Rs 15lakhs/-(this is the amount in the sale deed).Now we are planning to sell ...
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1answer
81 views

Can I deduct money I paid to a friend to help rent out my condo?

On this IRS page it says you can deduct management fees related to renting a property. Does this only apply to professional property managers or management companies? I paid a friend to show my place ...
2
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2answers
97 views

Selling stocks at loss (short term) .. should I sell my long term gain stocks in 2014 or 2015?

I started investing in the stock market in Dec of 2013 (last year). I bought 5 stocks - 3 of which are in the red (and which I want to sell) and 2 of them are in profit. My understanding is that in ...
2
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2answers
49 views

Can/should a foreign person working overseas for a US company contribute to a 401k?

Our company (US-based) is considering hiring a foreign citizen (UK) to work for us in the UK. I believe that they CAN contribute to a 401k, but should they? Do they receive the same benefits from the ...
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1answer
82 views

From a tax perspective, how can a business allow a large portion (80%+) of payments to be given to charity (like Humble Bundle)

To anyone who is unfamiliar with Humble Bundle, they let you purchase games (or other media) and you pay whatever you want. They also let you divide this money up between Humble Bundle, the content ...
2
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1answer
41 views

Certified receipt from IRS

We need to send a certified letter (return receipt) to the IRS for a insolvent estate. What is the address?
5
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1answer
332 views

Tax: can back pay be counted for previous years?

My wife recently completed her PhD. At her school, when grad students advance to candidacy, they get a raise. This should have kicked in three years ago (before we were married), but due to a series ...
1
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1answer
28 views

Right way to get paid from US company to India Company

I am a US Citizen and have moved recently to India and started my own company. My Client is in US has asked me to Fill W8-BEN form. I want to check will W8-BEN be applicable to my Indian company and ...
0
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0answers
17 views

UK Business Purchase from UAE

If I'm running a VAT registered business in the UK buying video game codes (non-physical products) from a company in the United Arab Emirates and selling them to customers in the UK and abroad, what ...
0
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0answers
31 views

Live/Work in Illinois but do some work for NY company in Illinois

I reside and pay taxes in Illinois. I have a client that is based in NY. I do work for this client in Chicago, where I live. Employer deducts NY State Income tax. (I am a freelance actor, but this ...
3
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1answer
94 views

Will I get taxed on withdrawals from Real Cash Economy games?

I'm a Dutch (from the Netherlands) player of a game called Entropia Universe. Entropia Universe is a game owned by MindArk. MindArk is a company located in Sweden. Entropia Universe is a game that ...
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2answers
61 views

1040 Annotations for IRA to Roth trick

If I contribute to an IRA that is non-deductible, I can then roll that over to a ROTH and pay no additional tax, assuming that there is no gain. I am assuming that I can do this until April 15 for ...
3
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1answer
148 views

What are the consequences of IRS “reclassification”?

To begin, let me clarify that this question is not about how to avoid IRS reclassification. I want a better understanding of the consequences when it happens. Here, I am referring to when the IRS ...
0
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1answer
43 views

College 529 plan and state taxes

I live in PA, do you know if I enroll in 529 plan before the end of the year and contribute some amount, will I get State tax refund in 2014? I usually owe 0$ on state taxes. I understand if I owed ...
1
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1answer
53 views

US citizen living and working in US for a Canadian company.

I will be working for a Canadian software company remotely from my home in the US. The company doesn't have a US branch or presence. How will the company pay me without a US division? And will I ...
2
votes
1answer
36 views

Legal requirements to sell design content, artwork and also freelance in India?

I want to start a website where I can sell my digital artwork, 3D models etc at the same time use the site to get freelance graphic design work.I know how to go about it technically but what are the ...
1
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1answer
65 views

Having more tax deductables than tax paid

my income for 3/4 of the year is tax exempt, being in the form a scholarship living allowance. I expect to have many more deductible expenses, than the amount of tax I will pay. Particularly since I ...
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0answers
42 views

Are the tax rates same for income from salary, rental, and odd jobs?

As per this link, the tax rates in Ontario are divided into Other Income, Canadian Dividends, and Capital Gains. Do all kinds of Income (rental, salary, odd jobs, etc.) come under Other Income? And ...
2
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0answers
40 views

Mathematics behind deciding to do a lump sum mortgage payment vs. RRSP contribution?

If I have 10,000 extra dollars, how could I decide between doing either: A lump sum mortgage prepayment (2.1% variable closed interest rate, 250k remaining balance), or, An RRSP contribution ...
0
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1answer
27 views

How to do charitable donation from RRSP? Can there be a tax benefit?

Is there a way to donate to a charity straight out of an RRSP? That way I get the RRSP tax deduction benefit and at same time can also contribute to a charity.
2
votes
1answer
122 views

How do I split my income with my wife?

I want to split my income with my wife in order to save on taxes. I have a corporation, however, my wife does not currently work for my company. What is the best way for us to split our incomes while ...
0
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1answer
54 views

How to know more about my tax situation in the States

I've been part of an LLC that actually never started to operate. My management opened it, and then closed it after 2 years. No income, no business bank account, no EIN. Basically it was just ...
9
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2answers
2k views

Save on taxes by paying oneself dividends instead of salary from a Canadian company

Shareholders of Canadian companies enjoy a so called dividend tax credit. Basically, this means a reduced rate of tax on the dividends paid by the company to the shareholder. That makes me ...
0
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0answers
34 views

Is my salary in UK taxable in India?

I have been moved to UK temporarily from India for 2 years. In whole 2013-2014 financial year, I am in UK and getting my salary in UK itself which is being credited in UK based bank. Will my income ...
2
votes
1answer
56 views

233 days India/132 days US - entire US salary taxable in India?

I was living in India for about 7 and half months in FY2013-2014 working as an independent consultant for a US company. I moved to USA for employment on Nov 20 2013 to work as an employee for the same ...
2
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0answers
42 views

Student freelancer (sole proprietor) and taxes

(I have researched online for more than 12 hours now, and still have some questions. Please don't be hard on me if they are too basic.) I am starting my part-time freelance career now (too late for ...
1
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1answer
36 views

Can amended tax return filed before tax return cause errors?

I'd like to ask about a notice I received from the IRS today. The notice requests more information about a certain line and correction of figures on a certain column on my 2013 amended tax return. I ...
2
votes
1answer
273 views

Will my wife's business losses offset my income on a joint tax return?

I'm filling for my taxes on a joint tax return. My wife is not working currently, but she is starting up a business. And with every business, starting is hard and will probably gonna take some time ...
2
votes
1answer
123 views

How can I reduce my tax liability on proceeds from the sale of a company?

My (Canadian) company is about to be sold and as one of the first employees I'm expecting a significant payout from options (e.g. $2M !). That sounds like an incredible amount of money, but this is ...
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0answers
29 views

How do I report income that is paying back incurred expenses?

I have a loose partnership on a project. I paid $3,000 to create a product we are selling. He is paying me back for the $3,000. Is that considered revenue? Or something else? Thanks!
0
votes
1answer
59 views

Do I need to pay income tax for money earned in the U.S. & transferred to my account in India?

I have a web site which generates around 10K every month. This amount is directly credited to my bank account from Google USA account. Do I need to pay tax in India? Please advise. I am very new to ...
5
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1answer
113 views

Shares Canceled after Merger

I bought shares from a private company before leaving it. They send me certificate for what they call "Common Stock". Now the company was bought by another public company. I received a binder (more ...
4
votes
2answers
330 views

In-laws moving in (financial/tax implications)?

We are contemplating moving into a house with an in-law suite in Mississippi and our inlaws selling their house and moving into it. We would pool the sales from both houses as downpayment on the new ...
1
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1answer
39 views

Any minimum 1% tax on taxable-income for low bracket and large capital gains?

Is there any 1% minimum tax on taxable-income [similar to AMT for high-income] when you are in low 15% bracket and have substantial long term capital-gains? e.g. US, single, std-deduction, 2014. ...
0
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1answer
49 views

Is there a reciprocal agreement between US and UK for credit on social security taxes?

I am a UK citizen living and working in the US. When I return to the UK can I get a credit for the social security taxes I paid over many years in the US - in other words does reciprocity exist on ...
0
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1answer
41 views

What is tax form SA2002, in the UK

I am trying to rent a place in London. After providing so many forms the realtor is now asking for SA2002. I have tried searching for this but cannot find out what it is. The realtor has the attitude ...
1
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1answer
45 views

Should I file FBAR for the 1st year of permanent residency

I was not US resident (or B1/B2) and not in the U.S in preceding days before Nov. 2014. I get permanent residency and stay few weeks, and leave US due to the job in foreign country. I do have foreign ...
2
votes
2answers
80 views

Brokerage's calculation of my profits or losses on stock trades

I've noticed that my brokerage (Wells Fargo) uses a different system to calculate my profits and losses, instead of the mental accounting I follow. E.g., I buy 100 shares of stock A in July 2014 at ...
0
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0answers
30 views

Account closed, exemption order

I have closed all my accounts at bank A earlier this year. I provided bank A with an exemption order of EUR 200 yearly. The gains this year were significantly less, about EUR 4.50. (The rest of my ...
0
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1answer
49 views

send money from US to India in parent's saving a/c

If I send money from US to India in my parent's saving account will I have to pay tax in India?
10
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1answer
289 views

Defer bonus pay to next year

My employer offers the option of deferring my bonus payment to 2015 i.e instead of taking it in December, I have the option of taking it in 2015. Now, I understand if I was planning to retire/quit in ...
1
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1answer
49 views

Condo Loss Carryover to offset IRA Distribution

I recently sold my condo with carryover loss exceeding $100,000. Can I use that loss to offset the distribution from an IRA account(regular income) during the same year? I am 66 years old. The ...
1
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1answer
52 views

Selling Property In India

Bought a under construction property on H1B (USA), got permanent residency in 2010, got house possession in 2011, paid the house now through a NRE/NRO account, if I sell the house now, what taxes I ...