-2
votes
1answer
27 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 ...
-1
votes
0answers
43 views

Do I need to pay taxes on a large transfer of money from an American to my Indian Bank account? [closed]

An American friend wants to send a large amount of money to my Indian bank account, how is the conversion from dollars to Rupees accomplished and will one of us have to pay taxes on the transfer?
2
votes
1answer
55 views

How can I calculate deductible percentage of business trip?

Here's my complicated situation. My wife is an author, and when her first book came out in January 2013, she, I and our two kids went on a 7 month book tour. This was an extreme but totally legitimate ...
0
votes
1answer
53 views

Do I live in a state for tax purposes if my permanent home is in another state?

I lived in New Jersey for 20 years, but relocated to New York on 9/1/2013. I still own my house in NJ, my car is registered there, and almost all of my business for 2013 (except health insurance) is ...
2
votes
2answers
77 views

Tax difference in working in New York City compared to NJ

Because of taxes, everyone says that you make less money if you work in New York City compared to New Jersey. Is there a way to estimate the difference? Edit: I should have specified that I am trying ...
2
votes
2answers
122 views

Pros and cons of opening joint portfolio

From a tax perspective, what are the pros and cons of opening a joint investment account? To be more specific, I have a portfolio made up of Vanguard index funds. My girlfriend would like to start ...
24
votes
6answers
3k views

How can I adjust tax withholding so that I don't get a large Tax Refund?

I'm a few years out of college now. I've filled out my W4 accurately and I still get a tax refund every year of a pretty sizable sum. The thing is, I have student loans and I would much rather have ...
1
vote
1answer
177 views

How would the following income be taxed?

Excuse the lack of terminology here. A general contractor who is also a friend is seeking money to purchase, redo and then sell an existing home. He has about 85% of the total amount to purchase the ...
-1
votes
0answers
51 views

I am filling out a W-8BEN from india

I am living india,I won a prize amount on a Software developer contest for building software. For getting the amount they have asked me to fill a W-8BEN form. in the form i have part I,II,III In ...
1
vote
1answer
81 views

Can I file a NULL return in India?

I currently reside in the United States and I have been working here for about a year. However, my accounts in India are non NRE accounts and I have transferred about $20k to India within the last one ...
1
vote
3answers
73 views

Does immigrating half-way the tax year give tax benefits?

If you would immigrate in October when the tax year starts in April in the UK, would that mean you would pay less taxes? E.g. a yearly gross salary of £60k would be only £30k income in that tax year, ...
1
vote
1answer
66 views

What should i do regarding taxes if I am working full time and have a self employed 'freelance' work?

I have a fulltime work in UK and have an old business which give me some money every few months, I have my national insurance number as a full time worker, but now any money will come from my ...
1
vote
1answer
88 views

Tax implication for Indian citizens working in US on L1 visa

I am a citizen of India, currently working as a software engineer in India. Thus I am paying income-tax to Indian-Govt. I am moving to US in November-2014 on L1-Visa. I had following questions in ...
0
votes
2answers
103 views

Is income from ads in apps taxed?

If I make an app (free) that has ads inside of it, does that count as income and do I have to pay taxes on it?
1
vote
0answers
28 views

How can I invoice a US company being a foreign non resident in USA?

I'm a nonresident alien in US and I need to invoice a US company due to service. The company can provide W8 or W9 forms to proceed with the payments, but I need to provide an invoice confirming that ...
2
votes
4answers
253 views

Why isn't money spent on necessities deductible from your taxes?

I'm semi-recently graduated from college. In my job(s) I've had a flex account that lets me pay for medical expenses tax free. Similarly for my commute I'm able to pay for my ticket with pre-tax ...
4
votes
2answers
110 views

UK Contractor with Limited Company

I recently set up a limited company and have an accountant taking care of much of the financial side. I wanted an opinion other than my accountants. For the entire income I recieve from clients I am ...
1
vote
1answer
52 views

IRS-4506T, Request for Tax Transcripts reporting delay

sometimes lending institutions ask for a request of tax transcript for the past two years. This is done by filing a IRS-4506T, and then the IRS sends the transcripts to the designated person. This ...
1
vote
2answers
105 views

buying a duplex: do i have to pay taxes quarterly?

I was thinking about getting a home loan, buying a duplex, leasing one side out and living in the other side myself. My question is... would I have to pay income tax on a quarterly basis for the side ...
1
vote
2answers
48 views

Income tax Rebate on more than one property

I have purchased one house property at Bhopal. which is constructed. For which I paid Rs. 280800/ pre EMI interest & Rs. 260000/ EMI interest. I purchase another house property in Gurgaon. It is ...
1
vote
2answers
82 views

How to pay taxes owed to IRS while in another country?

I got a notice from the IRS that I need to pay them for taxes owed in 2012. How shall I pay the taxes online? I am currently in a foreign country. I do not have Fedex close by. Is it accepted to ...
0
votes
2answers
153 views

How is tax avoidance on home purchasing avoided with Fair Tax implementation?

Under the proposed Fair Tax, we would no longer have an income tax and instead move to a federal sales tax. On an ongoing basis this results in approximately the same tax revenue, in theory of ...
0
votes
1answer
106 views

How to save tax in India

Hi I'm a salaried person with an annual income of 4 L/annum. I don't know much about tax saving. What can I do save tax in India ? and Is PF/Pension and Gratuity in salary taxable in private company ...
1
vote
1answer
49 views

US immigrant working for foreign company

I'm going to move to the US next year (legally) as a permanent resident and I would like to continue my current job (for an Italian company) as a software engineer. The company told me they can ...
1
vote
0answers
39 views

Can a Canadian student with US resident alien status receive the tax treaty benefit after 5 years? If so, how much?

I am a Canadian citizen who has studied in the U.S. with a J-1 visa since 5 years ago, which means that I have now become a resident alien. I am still studying (for an advanced degree) in the U.S. ...
1
vote
2answers
69 views

Dual Citizen considering tax implications of working in second country of citizenship

I am a resident of Canada, and am also an Irish citizen. Recently, I've been considering moving to Ireland (for ~6 months, not forever). During this time, I would either try to get hired on by a local ...
0
votes
0answers
27 views

Guaranteed Income Supplement (GIS) calculation involving Capital Gains and Unused Capital Losses?

Do I understand correctly that for calculating income tax payable, the use of unused capital losses of previous years will reduce the current year capital gains and also affect the calculation of the ...
0
votes
1answer
112 views

Getting money from online websites I own to my UK bank account

I recently moved to UK for a full time job, and I get my salary transferred to UK bank account, and automatically tax calculated. At the same time I own few websites and I get some money from these ...
1
vote
0answers
23 views

Does dividend payments to a holding company invoke tax in Australia

I've been doing some reading about holding company tax law, and from what I've read, most of the time when dividends are paid from a operations company to a holding company there is no tax. But I can ...
1
vote
2answers
105 views

For Non US resident is it better to invest in a start up as a individual or as a company?

What are the tax implications of investing as a company versus as an individual for foreigners (Non US resident)in the US? Which would be better for a foreigner (NON US Citizen) to invest as.
2
votes
1answer
92 views

Is Money earned outside India transferred in NRO a/c instead of NRE a/c taxable in India?

Money is transferred to NRO account but was to be transferred to NRE account is such income taxable in India
4
votes
1answer
346 views

Are search engine rewards taxable?

I have been using a search engine that gives you points that you can redeem for gift cards. As far as I can tell there is no way to get cash, without reselling the cards, but I can figure a monetary ...
5
votes
1answer
142 views

Tax deduction for rental repairs after tenant moves out?

I purchased a home last July and began living there, while renting out a second bedroom in the property to a friend. I am now getting married in August, so the friend has moved out to his own place. ...
2
votes
1answer
159 views

What are the Long Term Capital Gains for this real estate sale in India?

I purchased a site for Rs85,000/- in 30/03/2001 and planning to sell it this year(2014-15) for Rs35,000,000/-. What will be the long term capital gains for this? If I invest in bonds for 3 years, will ...
2
votes
1answer
254 views

I am an Indian citizen residing in the US on H-1B. Can I send my earnings to India to my regular Savings Bank Account?

I am in the US on H-1 B. I understand NRE, NRO and FCNR accounts are available to the Non resident Indians. But can't I continue to use my regular Savings Bank Account for sending money to India? ...
0
votes
0answers
172 views

Most (corporate/income tax) friendly country in the world?

Have been enjoying the nomad lifestyle for a while now, moving around and doing consulting gigs around the world. Since business has been picking up, I'd like to kind of get my accounts in order and ...
5
votes
1answer
147 views

Is a non-cash prize form a work event in California taxable compensation?

I won a non-cash prize as part of my company's wellness competition. The nominal value is maybe $300-$400 (T-shirts, misc sports clothing). Now they told me after the fact that this is taxable ...
0
votes
2answers
174 views

Is using an offshore bank account for my company and spending that money in my country of residence considered illegal tax evasion?

Perhaps someone here can help explain at what point does cleverness turn into illegal tax evasion. Suppose John, a freelancer, makes $100K a year. John lives in Germany, where he must pay an income ...
2
votes
1answer
59 views

Some U.S. Tax Questions (CPA Concerns)

I tried to do my personal taxes myself with TurboTax this year, but decided my situation was more complicated than I could handle, so filed an extension and decided to engage a CPA. He missed a few ...
8
votes
4answers
431 views

Should I negotiate a lower salary to be placed in a lower tax bracket?

I'm about to start the negotiation process for a new position. I expect the offer to be in the area of $72,000 - 76,000 / year. If the offer is higher than $73,800 should I negotiate to have my ...
3
votes
3answers
351 views

What to do when my accountant still hasn't filed my year-old personal taxes

I made the mistake of hiring my cousin (a CPA) to do my personal taxes for 2012. He's done mine before, and others in the family, without a problem, but for some reason he has become extremely ...
2
votes
3answers
526 views

Would there be tax implications if I used AirBnB as opposed to just renting out a unit normally?

Basically in the topic. I bought a duplex last October and the upstairs unit is going to become available soon. I live in the downstairs, which already makes the taxes a little more fun. Basically I'm ...
2
votes
3answers
98 views

Do I need to file tax form 1099 misc for my royalties?

I've self-published a book and have sold a few hundred dollars worth of books from the back of my car. (I know I need to pay sales tax on these books.) I have a simple sole proprietorship business in ...
0
votes
1answer
122 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
47 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
94 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
19 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?
5
votes
1answer
75 views

US tax returns for a resident - No US income and indian shares

I just moved to the US and was working in India till some months back. I am a US resident now. I don't work here currently but I had salaries and taxes paid in India. Apart from that I have shares I ...
1
vote
1answer
83 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
342 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 ...