0
votes
0answers
28 views

401k strategy for NRI planning to return to india

Scenario is for L/H visa holder who is earning salary in USD. The person also has employee sponsored 401k plan. The visa expires in 5 years and person would like to return at that time to India ...
1
vote
1answer
88 views

Early withdrawal from retirement appears to have been penalized at 35% (on top of regular income taxes), rather than 25%?

I had to withdraw from my Simple IRA retirement fund last year for emergency reasons. When I withdrew, the IRA company withheld 10% for federal taxes. When I did my taxes at the end of the year ...
0
votes
1answer
39 views

Employee stock : US tax for non-US citizen

To give a brief history, I am Indian citizen based in India and I worked for a technology start-up in India, it was a US based company which had its branch office in Hyderabad, India. Company was not ...
0
votes
0answers
12 views

Can I transfer my RSU/ESPP shares money to a friend working in US?

I am an Indian citizen. I need to sell the ESPP and RSU shares granted for US company. I want to transfer the money to my friend's account, who is working in US but is an Indian citizen. He will in ...
1
vote
2answers
56 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.
1
vote
1answer
17 views

US-NYC Tax question about self-employment work online for a Europe based company

I've been doing contract work online for a company based in Germany. So far I've made about 2,880 from Jan-June $500 a month then $480 after paypal. I don't get a 1099 from them. But I was wondering ...
4
votes
3answers
620 views

Any downsides to having both 401k AND Roth 401k

So currently I have a 401k, I went ahead and added a Roth 401k while I'm eligible, beyond the fact I'll have to pay tax on the contributions now without the tax on withdrawal later in life you'd see ...
3
votes
1answer
58 views

US dividends double taxation for foreigners (UK)

I have read that the US government exercise a 15% (or even 30%, where the foreign country is not in the double-taxation treaty with the US) withholding tax on US dividends, if the shareholder is ...
1
vote
1answer
42 views

1031 Exchange and Taxes?

We were given a property by my father in 2001 who was doing a 1031 Exchange on an investment property. Once we were given the deed and title of the property a year later, we started using it as a ...
2
votes
1answer
29 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
333 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 ...
4
votes
1answer
37 views

Can you point me to the correct US tax forms if I have a Canadian TFSA mutual fund?

I am a Canadian citizen and American permanent resident who invested in a TFSA mutual fund with a Canadian bank. Im looking to be pointed in the right direction for filing American taxes on these ...
4
votes
1answer
44 views

Am I eligible for a refund of Social Security and Medicare taxes for when I was on an F-1 visa?

This question is for a friend. They came to the United States as a student in 2009 on OPT/F-1 visa. In November of 2011 they started to work for the Department of Defense as a teacher. They had Social ...
2
votes
2answers
80 views

Live in California but work for Illinois-based company

At my office job (in Illinois), we've recently been offered the option of working from home. Many people have jumped at the chance, and the company has reported a great success rate in those who are ...
0
votes
0answers
20 views

Why does the Lessee pay Additional Registration Tax / Fee on Leased Vehicle as “For Hire?”

Vehicle Registration Renewal has (in Florida, USA - rates differ by state): (6) MOTOR VEHICLES FOR HIRE.— (a) Under nine passengers: $17 flat, of which $4.50 shall be deposited into the General ...
1
vote
3answers
105 views

Using matching on 401k and then cashing out

I realize that if I "cashed out" on a 401K early, I end up having to pay taxes on the cashed out 401K savings. But, I would have had to pay taxes on that 401K amount if I had not put into savings ...
7
votes
1answer
72 views

Joint Account for Common Earnings

I've started a tutoring group with two of my peers; the three of us are minors in the state of Ohio. We charge a modest fee and generate approximately $2,000 in revenue per month. We plan on charging ...
4
votes
2answers
280 views

Should I pay off my house note before selling it? How does this affect my tax liability on the sale?

When selling a house, what would be better as far as getting the money back that was originally put down? A) Pay the house off completely from the mortgage company (95K remaining), then sell B) Sell ...
5
votes
1answer
96 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. ...
3
votes
1answer
39 views

What is the deadline to file FBAR for a foreigner recently arrived in the US?

Apparently the deadline is June 30, what is the deadline for a foreigner arrived and working under visa such as H1B? Is it the first June 30 after I arrive? Or first June 30 after I file my taxes? Or ...
5
votes
1answer
66 views

Return a Roth IRA distribution [duplicate]

I withdrew money from my Roth IRA (let's say $5K in contributions and $6K in earnings) to buy a house, and then I didn't buy a house. Oops. How can I return or undo this withdrawal to avoid paying ...
2
votes
2answers
78 views

First Year Choice (H1b visa) and Child Tax Credit?

This question is related to Tax filing in USA. Hello, I am an Indian Citizen. We(me, my wife and our son) came to USA on Oct 2013.I have filed a request for extension.I want to exercise the First ...
34
votes
5answers
6k views

Why are businesses allowed to deduct expenses from their income, while individuals generally cannot?

In general, it's an accepted principle that businesses should be allowed to deduct expenses. How did this principle come about? And why doesn't it appear to apply to individuals to the same extent? ...
5
votes
1answer
105 views

Strategy to minimize taxes due to unpaid wages?

I did some work for a company in 2012. They paid me about $4,000 in wages, but owe me about $56,000 in unpaid wages. I recently (March 2014) got my W-2 from the company. In the same 2012 tax year, I ...
2
votes
1answer
42 views

How does tax withholding work for capital gains of selling stock?

I am new in the United States, and before I moved here I did not deal with the concept of tax withholding and capital gains tax. I understand my employer withholds part of my salary to pay taxes, and ...
3
votes
2answers
57 views

Can academics write-off research-related expenses? (United States)

This post is currently active on Academia, but it was suggested that I also post it on PF&M. Here is the question: I am wondering if any research-related expenses can be applied toward a ...
3
votes
1answer
166 views

Do I need to get a business license if I charge users to play on my Minecraft server?

Mojang (the developer of Minecraft) has recently stated that server owners may charge users access to their server, so I know they allow it (source). My only question is whether I need a business ...
1
vote
1answer
74 views

Is it legal to pay for online advice? How would it be taxed?

Here on stack exchange we getting known about intresting topic and can pay back with vote. Is it legal to pay with money in general (not in Stack exchange)? How it would be accounted by IRS in a ...
2
votes
3answers
84 views

How to distinguish gift from payment for the service?

If somebody gives me reasonable advise or share important to me information. Being attentive I would like to make a little gift or give some little (<100$) amount of money (cash/wire/online) for ...
1
vote
0answers
101 views

Sample of first-year choice statement to be treated as dual-status alien

I am going to make a first-year choice to be treated as dual-status alien for year 2013. Publication 519 says that to make the choice: You must attach a statement to Form 1040 to make the ...
15
votes
1answer
2k views

Will I owe any taxes if I can write off every cent?

Does anyone know if I will owe any taxes for my small business if I can write off every cent? My business is based in the United States. I started a small web design business this year and anticipate ...
2
votes
2answers
62 views

Pay taxes through employer payroll withholding for 1099 work?

I have a regular, salaried position where my employer withholds my taxes as per normal. I also do some 1099 contract work on the side for folks, where no taxes are withheld. Can I just adjust my ...
0
votes
0answers
44 views

Tuition related repayment deduction [duplicate]

My issue is similar to Tax treatment of repaid tuition after employment termination but I have not enough reputation to comment there. Megacorp paid my tuition. They made the payment directly to ...
0
votes
1answer
110 views

Is it taxable if someone return me money?

I lent a friend around $10K to help him start a own small business. Now he has started earning money and wishes to return my money plus some extra (~500) to acknowledge my help. Is the money ...
0
votes
1answer
44 views

When investing a settlement, what tax ramifications should be considered?

Let us suppose that someone receives a lump sum settlement from a car accident (personal injury) case and would like to invest it for maximum long-term returns. We will say that the settlement amount ...
2
votes
1answer
118 views

What standards should I expect of my CPA when an error was made?

I was storing some product at a fulfillment company in California in 2011 & 2012. I live in Florida where I do business from my home. I have been doing my taxes with a CPA so it would get done ...
12
votes
2answers
1k views

If I donate depreciated stock to charity, can I deduct both the market value and the capital loss?

I have stock that's depreciated in value since I bought it. Just to make up some numbers, I paid $8000 for it, and it's worth $1000 now. If I donate the stock to charity, can I take the charitable ...
4
votes
2answers
142 views

Born in the U.S.A., but I have no SSN & I live in Canada. Must I file a U.S. income tax return each year?

I was told when I applied for my U.S. passport years ago that as long as I had never worked in the United States and did not have a SSN, then I did not have to file taxes. This is what the U.S. ...
1
vote
1answer
34 views

Late to file S-Corp taxes in US

I have a small one person s-corp in USA. It's now almost first day of summer; however, I still haven't filed my corp taxes due to some personal issues. What do I do at this point? Should I just fill ...
1
vote
2answers
85 views

Roth IRA Limits for Dual-Income Family

My wife and I are newly married and are lucky to be making enough to have a small amount left to make in investments on a monthly basis. We're both employed full time and in our early twenties. I ...
1
vote
2answers
80 views

How are long term capital gains taxes calculated?

I currently am in the 15% tax bracket for 2014 as I am a college student employed as a summer intern. However, if I am hired as a full time employee by next year, I would move into the 25% tax ...
0
votes
2answers
62 views

Legal and tax implications of former H1B holder trading in IRA account from India?

I am a former H1B holder. I am now in India. While on H1B in the U.S., I established an IRA account. My questions: Can I use the IRA account to trade options and stocks legally? If so, how can I ...
0
votes
1answer
103 views

How to get money transferred from the United States to India?

My brother has a registered company in the USA and has a payment gateway. Now here in India I need to use his gateway for payment as I am into online technical services and have a registered company. ...
5
votes
1answer
129 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 ...
1
vote
1answer
78 views

Why aren't muni bond yields driven to the point of indifference?

Why is there any point to munis? By that I mean, why aren't yields driven down to be equal to the after-tax yields of taxable bonds of similar maturities and credit quality? Obviously they are ...
4
votes
1answer
299 views

Tax Question for US Citizen moving abroad

I am an American Citizen moving to Argentina and will continue to work for my US based company. Should I be paid offshore to establish the foreign earned income exclusion or it does not matter?
2
votes
2answers
132 views

How can I cash out a check internationally?

I have a prize check in my name at my old university based in the US. I have now shifted to another country and was wondering, what would be the best way to cash out the check? I know someone ...
1
vote
1answer
23 views

Does a 1045 exchange require any filing prior to that years tax return?

Assume I am taking the proceeds from the sale of QSBS (1202) and investing that within 60 days in another company that qualifies as QSBS. According to this document, all I have to do is claim the ...
2
votes
1answer
56 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 ...
1
vote
2answers
84 views

Tax on insurance payment due to car deemed as total loss?

What is the the IRS's view on insurance payment for a car that was deemed a total loss? Is the state tax for each state in this scenario the same? Or, do different states have different approaches? ...