For questions that relate to the laws, practices, and products of the United States.

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2answers
29 views

Does this Budget Make Sense for a New Condo?

I’ve been obsessively reading for the past week or two about how much of your gross/net income to be spending on Mortgage/Insurance/Taxes/HOA. More conservative estimates were at 25% of your gross ...
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2answers
290 views

Sales tax trick while buying used car

I am selling my car and have also found a potential buyer. After I transfer the vehicle ownership the buyer will have to transfer the title to himself and will also need to pay some sales tax on the ...
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1answer
22 views

What tax filings are required for real estate transactions?

I intend to purchase real estate with cash from a family member via quitclaim. What tax forms are we required to file reporting the sale?
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1answer
27 views

Tax consequences when foreign currency changes in value

As a US taxpayer, if I hold some foreign currency that gains or loses value, what are the tax consequences when I exchange the currency for US dollars or other goods or services? Let's take a ...
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0answers
22 views

Opening US Bank account for US citizen while abroad

I am an American citizen with a social security number, but I'm currently living abroad and am not planning on visiting any time soon, and I don't have any state-issued ID. Is there a bank that will ...
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1answer
11 views

Reporting ESPP ordinary income on shares purchased living in Europe

I have shares acquired through an American company I was working for. They were purchased through the company ESPP plan. I was living and being paid in Europe at the time ( I am not a US citizen). 10 ...
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0answers
42 views

Sitting in India, can I buy goods from China on internet using a credit card, deliver it to USA and receive payments through western union from USA? [on hold]

I reside in India. I would like to buy goods in China through e-commerce (dhgate or alibaba) using my Indian credit card, and have it delivered to the USA for final sale. Further, I need to receive ...
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2answers
98 views

Which 2014 TurboTax Edition Do I Need?

I'm having trouble understanding which version of TurboTax I need to do my personal taxes. I don't know if the online and CD editions are equivalent, but I'm planning on getting the CD edition since ...
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3answers
132 views

Question about being a resident

I moved to Oregon in July 2014 from Nevada. I have OR DMV and Voter's registration. Am I considered a resident of Oregon now?
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0answers
77 views

Can I avoid tax on sale of home after only 1 year of residence? [duplicate]

I'm selling my home just one year after purchasing it (to move into a home with my husband). I might make as much as $6,000 profit. I intend to use this money for improvements on the new home. Will ...
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1answer
68 views

Can a store/company deposit a refund into a bank account, then take it back out again?

Refund amount is already in bank account and has been cleared and posted for a few days, but I'm surprised by the amount; is it possible for the company that issued the refund to go back and change ...
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1answer
54 views

When is credit card utilization calculated?

I'm confused on how and when credit card utilization is calculated for one's credit score. Is the credit card utilization percentage calculated based on the maximum balance you had in a given month? ...
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1answer
24 views

Getting money paid to a US based bank account for Indian company based invoice

I work for an american company and I used to get paid before directly by check. But now, I am raising invoices (for the work I do) from my Indian company. Is it ok if the USA company pays the Indian ...
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1answer
54 views

Student on F1 VISA; trouble filing taxes | Unique case

I am an international student in USA on F-1 VISA. My fiance works as an independent contractor from India and received his income in my US bank account which I sent to him in India. We did this for ...
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2answers
532 views

Investment strategy for 401k when rolling over soon

I'm a contractor at a company interesting in investing in their 401k. If I know I'll be leaving this company in a year or so what sort of time horizon and risk exposure is applicable? I'm not sure how ...
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2answers
120 views

Need something more basic than a financial advisor or planner

Is there a professional that one can go to in order to assess one's current financial situation and get advice and follow-through on what one can do in order to correct financial errors one has made, ...
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1answer
17 views

Tax liability in US for LLC's owned by an Indian Citzen

I am located in Pune, India and looking forward to form an LLC (Service Industry) in FL only as a face for my Indian Company in the US market. My clients would be making the payments in my Indian Bank ...
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1answer
28 views

Common Stock Options Value

Definitely related to this: Job Offer - Explain Stock Options [US] This is the language of the employment contract: At the outset of your employment you will be provided with an initial grant of ...
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1answer
30 views

What is the best way to increase the earned money staying in US for an NRI?

Im living in US from last 1 year due to work assignment and will be here for another 3-4 years. What is the best way to earn interest on earned money? Shall I send all earned money to India ...
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1answer
60 views

Collecting pay while on leave of absence?

Can you still get paid if you are on leave of absence from work? I was told when I run out of sick time to go for leave of absence, what does that mean and can I still get paid?
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2answers
2k views

Arguments on the “unconstitutionality” of income tax: What acts, etc. of Congress require payment of income tax?

I've heard that while the 16th Amendment gave the U.S. Congress the authority to enact laws for the application of an income tax on US citizens, but I've also heard that there is currently no law on ...
4
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1answer
150 views

Starting late for retirement

I am 68 years old and am a minister. Hope to keep working indefinitely. Wife and I have no debts and have just begun to put our SSA money into savings and a Roth IRA. What other investments would ...
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0answers
28 views

Teacher moving to another state: transfer retirement savings from previous TRS?

I am a teacher who moved from GA to CA. I have money in the Teachers Retirement System (TRS) there and I am wondering if I should move it to a CA-based fund. What are the pros and cons?
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1answer
57 views

What quarter does a payment on the first of the month belong to? [closed]

We pay employees on the first of the month for a pay period from the 26th of two months ago to the 25th of the previous month. That means the period worked and the paydate often occur during ...
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1answer
45 views

question about early exercise of a NQSO

Hypothetical scenario: 10k option grant size the grant price (and FMV/409a valuation at grant time) is $1.00 assume $2.00 FMV at time of exercise/purchase If these options are early exercised (and ...
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0answers
58 views

Tangible alternative to paper U.S. savings bonds?

When I was little, it was fairly common to get US Savings Bonds from relatives. It introduced me to savings, financial instruments, and the idea of delayed gratification. I know there are 529 plans, a ...
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0answers
73 views

insuring my car under girlfriends policy

I live in Indiana in an apartment with my girlfriend, just bought a car with her as a cosigner but her name is not on registration. Can she insure the car under her policy with me as a driver.
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1answer
104 views

How much can I deduct as far as tax preparation costs?

Last year I paid a tax preparer to prepare some back filings as well as the filing for the year prior. How much of that is deductible? US, by the way.
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1answer
89 views

Non US-resident, need to file 83b election TODAY with the IRS - I have an SSN but it says “valid for work only with DHS auth” - is this OK?

I am Canadian and are back in Canada. Last year I had a J1 visa to work in the US and I obtained an SSN while there, it says "valid for work only with DHS authorization" on the SSN. My J1 visa has ...
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2answers
68 views

How to make use of EUR/USD fluctuations in my specific case?

I live in the Euro zone, and my main bank account is here. However, I also have a USD bank account located in the USA. I don't usually pay attention to the currency exchange market, but looking at ...
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3answers
68 views

Should I open an IRA, or will it be redundant once I get a 401k?

I'm 28 years old and currently a 1099 self-employed contractor at my job, and have been for 2+ years now. I make about $70k a year before taxes. I'm hoping to eventually get hired on full-time and ...
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2answers
67 views
+50

Multi member member-driven LLC Bank Account without the personal presence of one the memebers

We have an LLC which has two members (we both are foreigners), this LLC is member-driven. We need to open a business bank account, but the problem is, that one of the members can't come to USA, is ...
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2answers
168 views

How to treat miles driven to the mechanic, gas station, etc when calculating business use of car?

I have a home-based business. If during the 2014 tax year I drove a car: C miles for car-maintenance errands, B miles for business errands, and P miles for personal errands, if the total miles ...
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0answers
29 views

Working from India in a US company

I'm a new grad, working on a contract position in US for some time now and my contract has almost ended. I got an offer from another company (X), which is quite small (an LLC) but with better ...
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1answer
43 views

USA: Foreign currency savings, trades and tax implications

I have a question on the tax implications on my foreign currency savings and currency trades. I moved to the USA in 2014 on an 3-year visa and am tax resident for part of the year. Following my move I ...
3
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0answers
31 views

How to get reimbursement of the wrong taxes collected by IRS? [duplicate]

I was working as an intern with F1 visa status at a company but that company's HR didn't know that I shouldn't be charged for medicare & SSN tax, so they put me in that tax status and now I have ...
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2answers
62 views

Form as LLC or S Corp to reduce tax liability

Drafting a business plan, trying to determine whether an LLC or S Corp would produce a lower tax liability (in the scenario below I am "Partner A"). Three Partners: Partner A, Partner B, Partner C ...
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1answer
30 views

NY state and federal taxes for tuition and no income.?

I paid tuition and had no raw income (not just net income) in 2014. Do I need to report both New York state tax and Federal tax for 2014? If yes, how shall I report it, and can I leave all amount ...
2
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1answer
59 views

Capital gains on foreign investment?

An American "tax person" living solely in Canada must report any interest income earned in Canada on his/her US tax return. But, does this income include any gains or losses caused purely by currency ...
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1answer
28 views

Premium Processing Service by benificiary or employer?

Here is an excerpt from the USCIS website which answeres the following in response to the following question: Can the beneficiary of a visa petition seek Premium Processing Service? No, except in ...
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1answer
134 views

If I earn 40 credits and stop working, would I get full Social Security benefits at age 67?

If I met my 40 credit requirement in my 30s, and then left the States permanently and work at another country, and pay taxes there, not to the US, would I receive the full benefits when I become ...
2
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1answer
49 views

What are the tax consequences if my S corporation earns money in a foreign country?

I work as an independent contractor developing software for various organizations in the USA. I usually bill a client an agreed upon amount and provide some specific service in return. For what it's ...
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0answers
52 views

Does FL based consulting LLC have to pay NY state income tax?

An LLC is registered and based in Florida. It conducts consultations in FL for New York-based companies, wherein an employee of the NY company travels to FL for the consultation. At no point does an ...
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9answers
12k views

15 year mortgage vs 30 year paid off in 15

I've found similar questions, but they all seem to focus on a preexisting 30 year mortgage and whether or not it makes sense to refinance to a 15. My question is a bit different. I have not yet ...
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0answers
22 views

Can I get tax withheld on 1042-S as a resident alien (Canadian) with income code 15?

I'm trying to figure out my 2013 taxes. I came to the U.S. from Canada in August 2008 to study. After 5 years, I'm still in the U.S. as an F1 student to pursue a graduate degree and I have only gone ...
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0answers
55 views

Tax on 401k withdrawal for non US resident

What is the tax rate for 401k withdrawal? A Thai citizen inherited a 401k plan from her US husband who died at age 62 years. Which tax forms must be filed after withdrawal?
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1answer
60 views

Do I pay my quarterly estimated tax if I've only made a small amount?

I have had no income for the past year until the 4th quarter in which I made approx $2500 as a private contractor. Do I need to pay an estimated tax for that quarter? I've heard that if you're income ...
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1answer
73 views

privacy concerns when receiving money from paypal from strangers?

I am doing a few small scale (< $200) freelancing jobs and I've found a couple of interested individuals off the net. I need to receive payment, and I have decided to use paypal. However, as these ...
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1answer
26 views

Capital improvement and depreciation in restaurant LLC

I opened a restaurant and I used a sizable capital to get it up and running including upgrades to the place like plumbing, electricity, hood, etc. I bought equipment for cooking and operating the ...
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2answers
130 views

Withdrawing from regular vs Roth 401K

I work at a company that allows me to put my 401K into either a regular or Roth 401K. My understanding is that: For the regular 401K, I pay taxes when I withdraw money from the 401k. For the Roth, I ...