0
votes
1answer
21 views

UK Expat with BVI company, can my company bank in the UK

I am about to leave the UK and travel constantly. I am a UK citizen but will become non resident when I leave. My business is run online and I need a business bank account within the EU to receive ...
1
vote
1answer
43 views

So far, expect to only make (1099) income in Q1 of 2014… What's my estimated liability?

I've earned a significant amount of 1099 income (self-employed) in the first quarter of 2014 (through 3/31/2014), but as of now, I have no idea what (if anything) I will earn for the rest of the year. ...
2
votes
2answers
50 views

Is a Canadian student in the U.S. tax exempt for both W-2 and 1042-S?

I am a Canadian student at a U.S. university as a nonresident alien. I have about 4k of wages for my W-2 and about 5k of wages for my 1042-S income code 15 scholarship grant. So the total is less than ...
1
vote
0answers
18 views

Where is income sourced if I work for an agency in one state that provides my services in another?

I'm a self-employed contractor. I live in NY, "work" for a NY agency that provides my services to a company in CT. Do i have to claim that income as CT sourced, or NY sourced?
1
vote
1answer
36 views

Startup Convertible note write-off debt?

I invested time in a tech start-up during 2013 that has since closed its doors. I received payment in the form of convertible notes... $30,000 in total, which of course have no value now. Is there ...
4
votes
3answers
195 views

Specifics of filing dual-status return for family

My wife, our daughter, and I are in California since September 2013. Only I had income in US. I am planning to file extension form 4868 to be able to make first year choice and be treated as ...
1
vote
1answer
170 views

Can Form 1040a, Line 10 be left blank if the broker's 1099-Div shows 0?

Form 1040A, Line 10 is Capital Gain Distribution. According to the instructions, that field should be populated with box 2a of Form 1099-DIV. When I look at Form 1099-DIV, box 2a provided by my ...
2
votes
1answer
49 views

Does non-taxable income apply before or after (not at all) taxable income for purposes of tax brackets?

The context of this question is looking at retirement and 401k/Roth. I am currently contributing to both. I was wondering when I start withdrawals of the traditional if these withdrawals are taxed at ...
1
vote
1answer
44 views

How do we handle taxes a lump sum payments from a SSA-1099 backdated to 2011?

In 2011, I went on short term disability provided by my employer. In December 2012, I transitioned to Long Term Disability. I remained on Long Term Disability until November of 2012. The wages I ...
3
votes
1answer
363 views

How to Store Funds Generated through Gambling

I am developing an sophisticated automated betting application. Initial tests show that it is likely to operate well and at a profit. I am in full-time employment and pay full tax on my earnings. This ...
0
votes
1answer
109 views

Do I need to pay tax on my unregistered online 'business'?

Let's say I have an online store. I sell things and receive revenue. It is profitable. Its server is somewhere in USA. I am currently in Germany. My customers are mostly in, say, Thailand. I have not ...
1
vote
1answer
117 views

Do I pay taxes where I live, or where I work?

Why we need to pay taxes? Because society needs money for social service, police, education, roads, medicine and so on. Therefore we need to pay taxes where we live. For example we live in one ...
1
vote
1answer
55 views

Tax Self Assessment for (UK) Employees

I have a job with a company but rather than paying me through the PAYE system they want me to provide them invoices for my hours and then I am paid directly. I have a couple of questions about this. ...
3
votes
1answer
111 views

How to determine withholding so at end of the year I neither owe more, nor get a refund?

A while back I was on a W2 job and I would get a large sum on my tax return. At one point I found a calculator that helped me figure out how to configure my W4 so that I would neither owe nor be owed ...
4
votes
1answer
136 views

Do I have to pay estimated taxes if my income will be much lower this year?

If I know my taxes will be much lower this year (retiring in April) compared to last year's, do I still have to pay the Estimated taxes? Say I have to pay $3000/quarter on Estimated because of last ...
1
vote
0answers
33 views

1099 MISC for elder care? She isn't required to file a return

If I received income from an elderly relative for elder care yet she does not file a tax return is it possible to obtain a 1099-MISC for that income I earned?
1
vote
1answer
40 views

Tax Deduction under section 80C for Indian with foreign family Paying International Premium

I am Ronit, indian holding indian passport. My family, my wife and kids are foreign nationals and holding foreign passport. I have purchased insurance from AIA and I am paying insurance premium for ...
1
vote
1answer
47 views

Does the filing fee for an LLC count as a business expense when paying taxes in the US?

I formed an LLC this past year. Does the filing fee to form the LLC count as a business expense for tax purposes? What about for each reoccurring year?
1
vote
1answer
40 views

In an LLC formed in the US, if the partner puts in money, does this show up as income on my personal taxes?

I formed an LLC this past year where the ownership of the LLC is split 50/50 between me and my partner. When we created a bank account, my partner put in $400 and I put in $0. Besides the interest ...
2
votes
1answer
58 views

I lost my form W-2. How can I recover it so I can file my claim for an income tax refund?

I received my W-2 form a couple of weeks ago in order to acquire my tax refund for the year 2013. My problem started when notice I could not find my W-2 form anywhere. How can I recover it or ask for ...
5
votes
1answer
80 views

What happens when a non-U.S. citizen who's been making money from the U.S. moves to the U.S.?

So I've been making money from the US over the Internet, money that has been wiring from affiliate companies, PayPal, and Google to my home country. I never reported any taxes because of my non-US ...
2
votes
1answer
45 views

Taxes: How to account for income from fellowship

I am a graduate student. I am trying to fill out my taxes. My fellowship covers both my tuition and provides me with a monthly stipend. On my 1098-T (document that says how much I paid for schooling) ...
0
votes
0answers
31 views

Financial aid and tax returns in Canada

I'm applying for financial aid for American universities and I'm confused by the concept of tax returns. I live in Canada and we usually file our tax returns in April. However, American universities ...
1
vote
2answers
52 views

Filing tax return as dependant or independant

I filed as independant last year believing that I was an independant student. This year I talked to my school financial aid director and they told me that under New Jersey State Law, I am still ...
2
votes
2answers
65 views

Pre-Tax Plan Election - Employers Benefit Plan

Looking for advice on whether it makes sense to accept participation in the Pre-Tax Plan where your employer is authorized to reduce your income as necessary to pay your share of the cost of the ...
1
vote
1answer
170 views

How exactly does France's “rich tax” / “millionaire tax” of 75% above 1 million euros salary work?

Can someone explain how the French "rich tax" works? If I had salary of 1.000.000€ per annum, would I pay 750.000€ tax? And thus I would realize only 250.000€ net income?
3
votes
1answer
94 views

How can I claim tax back from whilst I was working in Austria?

I've been very very confused by this for a while. How on earth can I file for claiming my working tax back in Austria? The only way I've seen to be able to do it is via online unofficial websites. ...
0
votes
2answers
62 views

U.S. permanent resident and tax reporting?

I became a permanent resident in July of 2013. But, in 2013, I stayed in the U.S. for only 48 days. Do I still need to file 1040 for 2013? Also Do I need to report foreign bank and financial accounts? ...
4
votes
1answer
399 views

If I owe unpaid taxes for last year, but am due a refund this year, will the IRS keep the difference?

Last year, when I filed my taxes, I owed the IRS some money. I didn't pay it – I couldn't at the time. It was only a couple hundred dollars. I guess I have two questions, if you will: If I ...
1
vote
2answers
105 views

American taxes if living outside the US and get paid by US company on a US bank account

I live outside the States, I'm not American and I'm going to be paid by an American company on my personal American bank account: it's headed to me, as a physical person. I'm obviously going to pay ...
4
votes
2answers
141 views

Usage of non refundable tax credits

I have spent 5 years in Canada. The first four were as an international student whereby even though I did not have any significant or no income, I filed my taxes so that I could accumulate ...
1
vote
1answer
74 views

UK self assessment : Declare kiddicare vouchers?

I'm trying to fill in my self assessment form for UK Tax. Now my P60 declares the figures of.. "Pay in this period" of "50k" "Tax in this period" of "12k" (Note figures have been changed) ...
2
votes
1answer
115 views

Tax benefits to buying stocks on Dec 31 vs. one day later?

For an individual in the US (California), are there tax benefits to buying stocks on Dec 31 vs. one day later?
2
votes
2answers
212 views

What is my take home salary in Chicago for 110K annual?

What will be my take home salary in Chicago if I file as married jointly and I have no children. I am the only income earner. What is the effective tax rate and how much federal/state allowances do I ...
2
votes
1answer
23 views

How can I correct my address when filing federal and state income taxes with H&R Block Online?

If I filed taxes using H&R Block Online with my current address and it put me filing taxes from a previous residence, how do I go about filing taxes for my new residence?
4
votes
1answer
96 views

Why are estimated taxes due “early” for the 2nd and 3rd quarters only?

According to the United States internal revenue service, federal estimated tax payments are due on this schedule: April 15 June 15 September 15 January 15 (of the next year) June is only two ...
6
votes
2answers
211 views

Do I need to report income to the US if working from home from Canada for a US company?

If I worked for an American company at home from Canada (I'm a Canadian citizen), do I need to report income / pay taxes to the US, because the company is from the US? I'm specifically asking about an ...
-3
votes
1answer
115 views

Money transfer from Australia to India - avoid receiving ends service tax

How to avoid service tax at receiving bank in India
3
votes
2answers
967 views

Why should I report extra income from a side-job to the IRS?

Say an individual earns extra money on the side by tutoring through craigslist. Moral obligations aside, why should that person report those earnings when doing taxes? What I'm asking is how the IRS ...
3
votes
1answer
108 views

Is it worth the trouble to enter a contest with a non-cash prize?

Currently Nikon is holding a digital film-making contest. The top prize is $17k worth of professional Nikon photo equipment. The problem is I assume the tax on this stuff will be approximately 5.5k. ...
3
votes
1answer
116 views

Question about large capital gain

For recent years my income has been about $20k. I'm hopeful that this year I can sell vacant that I bought in 2001. I paid $600k and hope to sell it for about $3,000,000. I live outside the US but the ...
4
votes
1answer
122 views

It is ok if I under-report my cost basis for certain securities?

Yes, I would like to say that my cost basis is lower than it actually was (and thus pay more taxes). Quick story, which I think is mostly correct (but I can't remember all details): I own shares ...
6
votes
2answers
4k views

What is the difference between pre-tax and post-tax paycheck deductions?

I am getting insurance for about 4 months, the length of my contract with a company. I am given the option of having the cost deducted from my paycheck pre-tax or post-tax. What is the difference? ...
2
votes
1answer
129 views

Does the Canada Revenue Agency (CRA) tax other income at the marginal tax rate?

I am employed full time as a software developer. If I wish to earn money on the side doing Wordpress websites through Odesk, Elance, etc., I will report that to the CRA under other income. Is this ...
1
vote
1answer
94 views

How to report “Business Interest Expense” in California Tax Form 540NR Schedule CA

I am reporting interest on a loan used to purchase shares in an S-Corporation as 'business interest expense' on federal form Schedule E (2012) as a Non-Passive loss, as described by the IRS here: ...
1
vote
2answers
96 views

Condo Purchase - Tax Strategies [US]

I'm looking to purchase a condo. Without getting into the details, it is likely that the wife and I will lose money on it for a portion of time. Can we treat the condo as a business, and can we ...
5
votes
2answers
138 views

Does the Foreign Tax Credit cancel out all US tax liability?

Say a US citizen is residing and earning income in a foreign country, and say that the foreign country imposes income tax that is unquestionably higher than what the US would impose on the same ...
0
votes
1answer
414 views

How do I pay taxes on earnings from the sale of my Android app?

I'm under 18, so right now I don't pay any taxes. I had a paid app and I also just started advertising, so eventually I may be making income. I don't want to be evading taxes, so I want to know how to ...
3
votes
2answers
127 views

Should withheld income tax be included as income?

Situation: Company C buys a flight ticket for employee E, for him to relocate. Ticket costs $X, so C increases the income of E by $X, and reports it as income on Form W2 form, Box 1 (Wages). C also ...
2
votes
1answer
112 views

How do I account for money paid to colleagues out of my professional income?

I am resident of India and I work as a freelancer, developing software for Indian companies. Sometimes, I do the work along with a few other professionals like me. I receive the payments into my bank ...