2
votes
0answers
25 views

Tax benefit to paying off student loan interest while in school

I have a substantial amount of loans from my bachelor's degree. I worked for a few years, saved money, and then returned to school full time. While working, my Modified Adjusted Gross Income (MAGI) ...
1
vote
1answer
54 views

Leaving US (I was working with a L1 visa, not coming back), better cash my 401K or leave it until 59 1/2? Thanks

I moved back to my country, I was working in US with a L1 Visa for a couple years, I have 6K in my 401k, what is your best advice, leave the money until I can cash out with out paying taxes or ...
2
votes
1answer
29 views

line 1a on form 1040 es: for what time period should i be estimating taxes for?

Line 1a on IRS Form 1040ES says "Enter your expected income and profits subject to self-employment tax". My question is... for what date range? Do I do "expected income for the quarter" or expected ...
1
vote
1answer
28 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 ...
4
votes
1answer
86 views

Exempt from US Social Security, too few credits for benefits

I am an employee of a US state government which does not participate in Social Security, so neither I nor my employer pay Social Security taxes. (My employer offers a defined-contribution plan ...
-1
votes
0answers
46 views

How does the taxation system for day-traders work?

I would like to know how much taxes I've to pay if I trade stocks in the US market from another country and for comparison from the US. I would use online brokerage companies from the US and I would ...
2
votes
1answer
40 views

Can Health-Releated Services be a Business Expense?

I own a small S-Corp. I am considering subscribing to a monthly meditation service ($5/month) to help me with my focus, creativity, etc. 1 - Can I charge this on my business account? 2 - Is this tax ...
2
votes
1answer
103 views

Paying tax for non- us citizen

I am a non US resident and not a US citizen. I live outside US. I don't have any relation with United States. I just visit US often for pleasure only. I sell items on eBay and my items are NOT in US. ...
2
votes
1answer
70 views

Improper withholding of FICA from student: Getting a refund

A friend of mine in the U.S.A. works for an employer who, we believe, improperly withheld FICA (should have been exempt: they are a student at the same university that they work) due to an ...
2
votes
2answers
138 views

Parking money for a few months or a year

We are planning to get our kitchen remodeled, so we've allowed a big balance to accumulate in our bank account. We're not making very rapid progress on soliciting quotes on the remodel, due to our own ...
1
vote
2answers
57 views

How can I bring loaned money back to US from India

I am a US permanent resident and I loaned some money to my father in law in India early last year. I transferred US dollars from my US bank account to my NRI (Non resident Indian) account (Indian ...
0
votes
1answer
27 views

FATCA compliance for small Foreign Company. What do I need to do?

Regarding, FATCA compliance for a new small business in Japan owned by a US citizen, I read parts of the related IRS website but still have basic questions. ...
4
votes
1answer
71 views

Proving sale of stock is not short-term

Here is the scenario I am faced. I've transferred DSPP stock from my former employer's stock transfer company (Computershare) to Etrade a few weeks ago. These stocks are from 2010 and 2011. I ...
2
votes
1answer
25 views

California S Corp Net Income and Employee Compensation

I was looking into S-Corp structures. In California, S-Corps are taxed at a 1.5% rate on their net income. What I couldn't figure out is if this 1.5% rate applies to the income of the S-Corp after ...
1
vote
0answers
19 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 ...
9
votes
4answers
1k views

Who pays the property tax on a home for the year of sale?

I sold a condo on the 2nd of January this year, and I was a bit taken aback when I got a property tax assessment for that property from the county for this year (this was not a bill just an assessment ...
0
votes
1answer
96 views

How to fill out form W4 when I'm earning $1600 extra income per month?

August 22 was my last day at a job that paid $76,000 / yr. Afterward, that job is supposed to pay me $400 / wk for consulting for $1,600 / month. At the new job (which I started on Aug 26) I'm making ...
0
votes
0answers
31 views

how to fill out W4 when i'm getting $1600 extra income a month [duplicate]

Aug 22 was my last day at a job that paid $76,000 / yr. After that that job is supposed to pay me $400 / wk for consulting for $1,600 / month. At the new job (which I started on Aug 26) I'm making ...
8
votes
1answer
411 views

Wash Sales and Day Trading

Let's say a Day Trader buys and sells a stock on the same day and makes a loss of $1,000. Then she buys and sells the same stock the next day and makes a profit of $500. On the third day she files her ...
2
votes
2answers
52 views

Working for recruiter on W-2 vs. working for client on 1099?

My husband has been offered a job at a large company on the other side of the country. He told them he would commit to a long-term contract of up to two years, but that we did not want to move ...
2
votes
3answers
90 views

About to start being an Independent Contractor - Any advice on estimating taxes?

I am a grad student that is about to pick up 10-15 hours of independent contracting work per week. I work and live in Syracuse. I make $19,000 per year (pre-tax) as a grad student, and will make ...
0
votes
1answer
60 views

183 day rule in conjunction with expatriate

I am a US citizen but have lived and worked n Germany for 4 years. From Jan. 2013 - March 2014, I was working on a Project in the US as an expatriate. I have taken some Business trips back to the US ...
2
votes
4answers
243 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 ...
5
votes
3answers
139 views

I started some small businesses but need help figuring out taxes. Should I hire a CPA?

I've got a couple of small businesses I run. I started them in the last couple of months. I feel lost when it comes to my taxes. I know I should be paying something, but I'm not real sure where to ...
5
votes
2answers
187 views

Issues with unfiled tax returns

My husband and I have 2010-2013 taxes to file. He refuses to give me his income information because he believes the federal govt taxing us is unconstitutional. So I just had 4 years of taxes filed ...
1
vote
4answers
153 views

Why invest in IRA while a low-cost index fund is much simpler?

I'm currently investing in a low-cost index fund and wonder what's the point of opening an IRA (either Roth or traditional). The big con of IRA is that you can't withdraw before retirement age ...
1
vote
1answer
35 views

Do I have to pay taxes on PPF in USA?

I am going to work on H-1B in US for next 3 years. I am sure that I will return to India after 3 years and do not want to permanently settle in US. In order to invest money in India I am planning to ...
1
vote
1answer
44 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
276 views

What options exist to make money in the US on a work-restricted visa?

So someone I know started selling on eBay, we live in the US. Her visa does not allow her to work, so instead, she decided to try making money online. She has made about $1000 in 3 months. With A ...
0
votes
1answer
72 views

How many allowances on my W4?

According to the IRS's online calculator, I should write "EXEMPT". According to the W4 worksheet, I should write in 11. I want to pay the least taxes without owing at the end of the year. Here is my ...
1
vote
2answers
79 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
151 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 ...
1
vote
2answers
210 views

Can I pay too much into an IRA?

Is it possible to accidentally put too much into a Roth IRA? Suppose I have setup direct deposit to contribute $5500 annually to a Vanguard fund, but my math was off and I contributed $6000. What ...
0
votes
2answers
122 views

Short Term Capital Gains tax vs. IRA Withdrawal Tax w/o Quarterly Est. Taxes

So I had to pull funds from my IRA account earlier this year. I had taxes withheld and realize there is a penalty, however, my question is two part: with penalties and taxes for early withdrawal, I am ...
0
votes
1answer
129 views

Financial implications of purchasing a first home?

My girlfriend and I bought our first home and I'm wondering what finance topics this touches on? Some relevant info might be: We're in Vermont We aren't married We bought the house in late June ...
1
vote
2answers
77 views

Side work and managing finances?

I recently started taking on some side work which is making a decent amount of money for me on the side. I am operating it under my own SS# currently and not an LLC. I was hoping someone could provide ...
1
vote
1answer
42 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
2answers
85 views

Tax considerations for outsourcing freelance work to foreign country

I've seen this asked a few different ways (closest was here), but I am looking to find out from the business's perspective, how to report (if necessary) the amount paid to a foreign contractor. My ...
1
vote
0answers
35 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
0answers
71 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
98 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
54 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
33 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
101 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
19 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
2answers
636 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
124 views

US dividends double taxation for foreigners (UK)

I have read that the US government exercises 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
56 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
60 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