Tagged Questions
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 ...
4
votes
2answers
80 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 ...
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 ...
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
1answer
63 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
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
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 ...
0
votes
1answer
49 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
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 ...
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 ...
6
votes
1answer
91 views
Received a late 1099 MISC for income I reported already, do I have to amend?
I have already filed and received returns for federal and state. Part of the income reported was cash for a side business cleaning houses (wifey). Last week, the lady my wife cleans with/for handed ...
3
votes
2answers
95 views
Remote work. Live in one state, company in another state. tax witholding
I don't currently know a tax lawyer/firm that is actually competent in all the issues here, so maybe you all can tell me something constructive about this state income tax question.
In this scenario, ...
2
votes
1answer
129 views
Why doesn't the government pay interest on tax withholding returned via a refund?
When the US government pays you your tax refund, it doesn't include any sort of interest payment for what is essentially a loan to the government. Why doesn't the government pay interest?
1
vote
2answers
1k views
How can I correct a Free Fillable Forms reported error?
I attempted to file my U.S. Federal taxes via Free Fillable Forms, and got a rejection for the following reasons:
Field/Xpath: ...
0
votes
1answer
58 views
Paid by an American company but working from France: where should I pay taxes?
Here's the situation: I'm French and I was legally employed by a US company but working remotely from France until Dec 30th, 2012. I arrived in the US on Dec 30.
I was on the company's payroll for ...
0
votes
1answer
43 views
J1-Intern Tax Filing Help
I'm a Canadian citizen and I did two internships in the states last term. What forms do I need to fill out for the US Tax Return 2012? Is there a guide for people like me? Any help would be ...
-1
votes
0answers
47 views
Database(s) of U.S. State AND Local Income Tax Rates? [closed]
I'm building a web app that will allow users to enter in their salaries, budgets, and savings plans to have a nice overview of what their financial future looks like. It'll be really pretty, but ...
5
votes
2answers
127 views
Paid part of my state refund back last year; now must declare the initial amount as income?
Sorry for the terse title, here is a more fleshed out explanation:
When I filed my 2011 taxes last year, I received a refund from my state of residence (Arkansas). Later last year I had to amend my ...
0
votes
1answer
66 views
Include all W-2 forms on a Part-Year-Resident State return?
I lived in State1 for the first 10 months of 2012, and then State2 for the remainder of the year. I've already e-filed my federal return and my state return for State1. However, my tax software ...
9
votes
1answer
261 views
I'm in the US on F1 visa, received a W2. Not sure what to do now
I came to the US a few months ago to pursue my higher education. So I worked as an RA in my university last year, and just today received a W2 form in mail. It doesn't say anything about what I need ...
0
votes
0answers
38 views
Canada: No taxes filed since 2003 while living in another country
My sister has been living in Central America since late 2002. She worked at small jobs to stay afloat, but didn't file taxes from 2003 onward. Now she is starting to pull in some proper writing jobs ...
1
vote
2answers
137 views
Is an incorrect address on a W2 a problem?
I worked at a company in 2011, with address A, and in 2012, came back to the Company with Address B. There were no overlaps with the addresses from 2011 to 2012. However, payroll didn't update my ...
2
votes
1answer
79 views
Foreign national moving from US to Canada, how to file tax return (340 days in US)
I recently started a new job in Canada in mid-December, which means I am only on Canadian payroll for 3 weeks, and for most of the year I was on US payroll with my previous employer. I am a citizen of ...
-1
votes
2answers
198 views
I'm living abroad, can I choose to not pay state taxes for that time?
I have a single US employer. I believe they are already withholding my state taxes at this point as I submitted a w-9 with my address being in the US. I would prefer that not to be the case because my ...
2
votes
1answer
57 views
US taxes and refunding/returning payment
My friend is in an interesting situation. He paid in advance to a worker in December, but it doesn't look like the worker will finish the job. The worker is willing to refund the money, but in ...
2
votes
1answer
38 views
Deducting last years (undocumented) side business loss
Last year (January 2011-August 2011) I hired a company in Europe to build me a software product, which I intended to resell as a for profit business. I am a us citizen and have lived and worked here ...
1
vote
2answers
60 views
Properly calculating personal taxes
When taking into account how much Federal/State income taxes, FICA and MED have to be removed from your income, do you calculate that based off of your Gross or AGI?
1
vote
1answer
74 views
What's the minimum revenue an LLC must make in Florida or NY states?
Here in Italy, if you open a small company (sort of LLC) you must have a minimum revenue, and therefore you must pay a minimum amount of taxes every year. Too bad for you if you are not making money; ...
2
votes
1answer
98 views
How converted stock is taxed due to an acquisition
Private company A was bough by a public company B. All unvested A's common stock (result of early exercise) will be rolled into B's restricted stock (with the same vest schedule).
Is this taxable ...
2
votes
1answer
124 views
Filing federal taxes for C-corp with no income
I started a startup in November, established as a C corporation. We made a single payment to a lawyer to have him file the papers and write the bylaws (payment was from my personal account). We didn't ...
10
votes
3answers
355 views
What is the best way to calculate the optimal tax withholding from my paycheck?
My tax refund for this past year (United States) was much higher than I would have liked it to have been.
I'm single and have no dependents.
My tax refund was about 4% of my salary. Is that normal?
...
3
votes
6answers
639 views
why is the money withdrawn from traditional IRA taxed at the ordinary income tax rate?
When money is withdrawn from a traditional IRA account, why is the money taxed at the rate same as for ordinary income, instead of capital gain tax rate? In other words, what is the rationale for it?
...
4
votes
2answers
191 views
Dependent SSN and previous years US tax returns
I live abroad and my child was born 5 years ago, but I did not get him a SSN until this year, now I haven't filed tax returns for the past 5 years, my question is can I claim him as a dependent for ...
3
votes
2answers
117 views
J-1 tax refund or debt?
I have a question regarding my tax return. Last year I worked in the US with a J-1 visa. Besides my wage I received rental reimbursement for bringing my own laptop and a housing allowance. My employer ...
5
votes
2answers
109 views
W-4: Is the “Estimate of State and Local Taxes” just for myself, or for me and my spouse?
I am married, filing jointly. I am about to re-file my W-4 because I have been overwithholding.
I'm working on Field 1 of the "Deductions and Adjustments Worksheet". A big part of this field is ...
-3
votes
1answer
126 views
Free online U.S. tax filing service that supports stock trade capital gain/loss data import?
Is anyone aware of any services (websites or programs) that allow completely free electronic filing for US form 1040 Tax returns for 2011, that include imports of many 1099-B / Capital Gains & ...
12
votes
2answers
3k views
Canada: Girlfriend did not file tax return since 2006. What to do?
I was just starting my girlfriend's tax return when I realized I didn't have her notice of assessment from 2009. I wanted her tuition carry forward so I decided to call revenue Canada to see what the ...
6
votes
1answer
235 views
Can I find out what the IRS knows about me?
Is there a way to get your 'history' or 'profile' form the IRS. By this I mean, can I find out what has been reported to them about me by third parties over the years in terms of W-4 forms, 1099 ...
0
votes
1answer
159 views
Restricted Stock Grants - How to prepare tax return when you sell to cover taxes
Whenever a stock grant through my employer vests, I always opt to sell to cover my tax obligation. So, for example, if 500 shares vest, I leave with 250 shares and the other 250 are sold to cover my ...
4
votes
4answers
403 views
If I'm audited, will the accountant who prepared my taxes charge me an additional fee to handle the audit?
If I pay an accountant to prepare my taxes, and then I'm audited, is it typical for the accountant to handle the audit as part of the original filing fee, or will he/she charge me by the hour to deal ...
3
votes
1answer
154 views
How to report worldwide income while filing US income taxes
My spouse is a non resident alien for 2011. I am treating her as resident and trying to enter her worldwide income on form 1040. I could not find any instructions which indicate how to convert her ...
3
votes
2answers
180 views
How can I reduce my taxes for 2011
I am looking for options/steps I can take right now to reduce my tax bill for 2011. I am married filing separately ( cannot file jointly, as non resident spouse was working abroad in 2011 and ...
2
votes
1answer
839 views
Can CA SDI be added to state and local income taxes on 1040 NR Schedule A?
Can I add CA SDI to State and Local Income taxes on 1040 NR Schedule A? I understand a NRA has to file 1040 NR and has to itemize the deductions.
I know that CA SDI can be added to State and local ...
3
votes
1answer
441 views
What is the correct way to report incentive stock options (ISO) on federal taxes?
In 2011, I exercised incentive stock options and received a 3921 Form (I did not receive a 1099-B). However, judging by my W2, it looks like my exercised stock option income was included in Box 1 of ...
4
votes
4answers
1k views
Do property taxes get deducted 100% from the Annual Tax Return or only a fraction of them?
Hi Personal Finance and Money,
My question comes from hearing people say that you should buy a house rather than rent because you can deduct all of your property taxes on you tax return.
Question
...
3
votes
1answer
156 views
Can I claim mileage for traveling to a contract position?
I am employed by a tech. contracting company(A) and travel to another business(B), where I work as a contractor (employed by A).
I commute everyday to B. Can I claim my travel to B as an expense?
