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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1answer
29 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
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1answer
257 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
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1answer
108 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
21 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!
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1answer
36 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 ...
0
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0answers
46 views

What do you call a registered taxpayer with no tax obligations? [on hold]

What do you call a registered taxpayer with no outstanding tax-liability? I'll explain my hesitation with the term taxpayer: I take that payer means someone who pays money, so a taxpayer is someone ...
5
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1answer
86 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
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2answers
308 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
36 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
43 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 ...
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1answer
35 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 ...
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1answer
43 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
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2answers
72 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 ...
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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
39 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?
9
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1answer
227 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
44 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
39 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 ...
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1answer
34 views

Do I pay taxes on my SSI benefits

I receive $705 per month on SSI and LTD $456 per month total for the year is $13800 do I have to file tax returns?
0
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2answers
104 views

What are ways to increase my income after taxes?

I live in MA, USA. I recently got a job and feel like almost half of what I earn is going to taxes, and putting money in bank doesn't give enough interest. So what options do I have (like invest in ...
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2answers
77 views

Employer 1099 Pointing to the Old Address Instead of New Address [closed]

Maybe I did not explain the situation correctly. My wife was in TEXAS but the company used her old address (California) address in the 1099 forms. What can I do to remedy the situation?
0
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1answer
37 views

For my self assessment do I need to fill out both the Capital Gains Summary and Tax Return?

I received a documents through the post from the HMRC, a Capital Gains Summary and a Tax Return. The thing is I just want to tell them my gains/losses in shares using the Capital Gains Summary ...
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2answers
31 views

Question about being a Resident Alien for Tax purposes

I've been in the United States since January 2009 under an F1 student visa. Since that time I have left the united states only once in December 2009. For the past few years I've been filing taxes as a ...
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2answers
66 views

If I move money from my home country to the United States, what taxes need paid?

I am a permanent resident of the United States; I have not yet obtained the citizenship; If I move money to the United States which taxes do I need to pay? Income Tax? Interest Taxes?
0
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1answer
53 views

What taxes does a US citizen doing freelance work (self-employed) in the UK have to pay to the US government?

Currently I'm a US citizen living in the UK on a Maltese (EU) passport. While I have worked full-time for companies here in the UK, I've recently had an offer to do some freelance work for a company ...
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1answer
40 views

Risks in investing savings into retail superannuation in Australia?

What risks are there if I invest all my savings into retail superannuation? I'm still working part time, in my 60s, but would like to get a regular (pension type) income tax free, from investing in a ...
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1answer
56 views

Is per diem taxable?

Earlier this year, my employer reimbursed $500 that I paid out of my own pocket for travel expenses as per diem. I was not charged any tax on that, so I was wondering whether it would be taxable at ...
2
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1answer
120 views

Is it legal to sell my stock at any specified price to a specified person in US Market?

Say I have 100 of apple (AAPL) shares and it's worth above 100 US Dollars now. I want to literally give them to my friend at a very cheap price because he helped me in some other stuff. So I want to ...
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1answer
38 views

How does AMT/state taxes work for stock options in California?

I'd like to know how to roughly calculate tax for stock options, for the following fictitious scenario: Suppose Little Susie joined a rare private company in California as a normal employee, and ...
2
votes
1answer
40 views

Do US mutual funds and ETFs pay taxes on dividends?

If I am a US citizen and want to invest in a US fund (e.g. a mutual fund or an index fund), which also invest in a number of US stocks, what happens when the fund I invest in receives dividends? Is ...
0
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1answer
31 views

Which are the countries which have zero withholding tax on dividends for foreigners? [closed]

I know Singapore is one of them. What are the other countries? I would prefer to invest in these countries.
0
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2answers
60 views

Do I need ITIN as Japanese citizen to get my deposited money back?

I am Japanese girl. I was a student in US and have deposited some money in bank account. I am back to Japan now. I am filing the W-8BEN. Do I need to submit the following to get my full money back ? ...
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1answer
75 views

Do I have to pay tax on cash my brother is paying me for my half interest in a shared house?

My father recently passed away. His house was paid off and it was willed to me and my brother 50/50. However, prior to him passing, he quit claimed the house to me and my brother, so it wouldn't go to ...
0
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1answer
36 views

Can an International student of F1 VISA accept money in her US bank account on behalf of someone else?

My friend is an international student from India, studying in the US (F1 student VISA). I work from India and U.S. client is about to pay me for some writing services. The U.S client agreed to pay ...
0
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1answer
71 views

Income Tax Refund

I used to work in Maryland, United States from 1999 to 2002. During this I paid all taxes: Federal Income Tax Social Security Tax Medicare Tax MD State Income Tax I returned back to India during ...
1
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1answer
42 views

IRS Rules for Canadian with US Bank Account

I am Canadian and live in Canada. I have an online business and customers pay me through PayPal in USD. My sales are transferred from PayPal to a USD account I hold with a US Bank in the U.S.From ...
3
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2answers
210 views

Square reported girlfriend's business income under her SSN, triggering IRS issues (2012). Square support is awful, what recourse does she have?

My girlfriend received a certified letter from the IRS telling her she owed almost $20,000 to the IRS for the 2012 tax year. She called the IRS and learned that the reason for the charge was that ...
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0answers
43 views

Why there is a difference between liquor taxes in Chicago

I got two places nearby to get alcohol. One is Binny's, other is Target. However, it seems they apply different taxes. How is it even possible? They are both in same county and city. When I bought a ...
0
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1answer
140 views

Why does the IRS only return half of your money when you overpay on taxes?

I was using the IRS tax caclulator and came across this oddity. If I'm overpaying on my taxes, i.e. paying money I don't owe, then why is the expected amount I will be given back less than half by the ...
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1answer
24 views

A deferred capital gains tax similar to the real estate 1031 Exchange but for securities reinvestment?

I am looking for a way to transfer a stock that has done well into a safer investment (like an index fund). I assume the only way I can do this is sell the stock, pay the tax owing, and buy new stock. ...
6
votes
3answers
221 views

How high should I set my KickStarter funding goal in order to have $35,000 left over?

I'm creating a KickStarter to raise enough funds to take 3 months off from my full-time job and finish an iOS game that I've been working on for about 3 years now. Put simply, all I need is about ...
2
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2answers
102 views

W4 --Additional amount withheld from my paycheck

I earn around 85k and my husband around 100k. Last year we paid around 5000$ in tax. Now my husband says to include 2500 as my additional withheld money from my each pay check. What does this mean? ...
1
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1answer
63 views

Live in Florida, but work 100% remotely for a Virginia company. Do I owe VA state income tax?

I am moving to Florida in a couple weeks. I will be working 100% remotely for a company that is based in Virginia. Will I still have to pay state income tax to Virginia? Do I have to notify my ...
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0answers
63 views

Taxes on a rented desk?

My husband and I are going to rent a small office and would like to rent 1-2 desk spaces out. Would these spaces be taxed as rental properties? The office would be rented under his business name, ...
10
votes
8answers
1k views

Why is a Roth 401(k) good if there is a long time before retirement?

This article from Fidelity mentions that the longer you have before retirement, the more likely it is that you should choose a Roth 401(k) over a traditional 401(k). This point is mentioned ...
2
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2answers
110 views

What are the tax implications of selling shares inherited by me from my father and sharing the proceeds with my sister?

My father passed away recently leaving behind 65 lakhs in shares and 25 lakhs in FDs (Fixed Deposits). I am the joint holder in both the shares as well as the FDs. This amount has to be shared by me ...
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0answers
25 views

Early Tender Premium

We received a Early Tender Premium per share on a tendered bond. Should this be reported at as income, or part of the gain/loss on the disposition of the bond?
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2answers
45 views

Filing income tax for nonresident spouse?

If someone is married and his spouse is not a U.S. citizen, doesn't live in the U.S., and doesn't have Social Security number, how is he going to file a tax return? Should he file a tax return as ...
0
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3answers
55 views

What is “Local Earned Income Township Tax” and do I have to pay it?

I live in Pennsylvania and am a freelancer/self employed. Every year I get something in the mail from the tax administrator Berkheimer telling me that I owe them money. I do my taxes through ...
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2answers
100 views

How to reduce income tax in India?

My salary is 450000 per year and tax deduction as below. Gross amount- Rs 450000 Net Taxable amount- Rs 250000 Net Taxable Salary per month - Rs 20833.33 Monthly taxes deducted at 10.3 % - Rs ...