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

learn more… | top users | synonyms (2)

2
votes
1answer
62 views

Do i need to pay taxes if i stayed more than 183 days in financial year?

Date of entry - 17 Nov 2013 No. of days in India - 231 No. of days in USA - 134 For duration of US stay, I got regular pay with all tax deduction. I did file US tax returns for 2013. By Indian tax ...
2
votes
1answer
63 views

How do I get into contact with the IRS to ask some tax questions?

Way back in March I filed my taxes, and applied for a payment plan. My request actually never went through, and I ended up having to re-apply on April 20th. The representative I talked to said that my ...
1
vote
0answers
9 views

What's the tl;dr investing rules for married Canadian citizens when one partner happens to have US citizenship?

Canadians with US citizenship have several things to consider regarding investments: Canada's Tax-Free Savings Account (TFSA) is not considered tax free by IRS, and filing taxes may significantly ...
0
votes
0answers
8 views

What phased out tax benefits should I be aware of (aka how much stock should I sell)?

I am married filing jointly in CA. I own a chunk of stock (~300k on a basis of 7k) in a company I formerly worked for that has recently IPOd. I'd like to diversify my holdings in a tax-smart manner. ...
4
votes
1answer
132 views

Can expenses for attending stockholders meetings be deducted in U.S. income taxes?

I have a few different common stocks holdings from which I receive quarterly dividends. In addition I receive an annual notice of a stockholders meeting and of course the voting proxy. I have often ...
3
votes
2answers
82 views

Form 1040 - where to place my stipend?

I'm hoping for a second opinion because this is the first year that I will be filing a Form 1040 with my new travel job. I am a traveling occupational therapist with an income of $70,000 per year. Of ...
2
votes
0answers
13 views

Will it be financially advantageous to rent out my condo on AirBnb?

I'm considering renting out my furnished 2BR/2BA condo as a daily rental. It is close to hospitals and is in Little Rock, the capital of Arkansas. I don't expect to make enough money to pay all the ...
1
vote
1answer
56 views

Which is more meaningful for individuals - inflation or cost of living adjustment?

I'm helping provide a neutral review of payscale changes at my office (as a non-financial person) and I'm not sure which metric to use when comparing pay raises to financial change. I understand the ...
10
votes
3answers
961 views

First time home buyer - Need suggestions and views on few things

We are a family of 3. Couple with one kid (2nd grade). We have been in states for 13 years. All these years we have been renting. So far I preferred to rent. But the rents are going up. Currently, ...
27
votes
10answers
5k views

Is it ever a good idea to close credit cards?

I have a bunch of credit cards with no balance, while others have fairly high balances. I'd like to close the 0 balance cards, but I know that will reduce my overall balance and hurt my credit rating, ...
4
votes
1answer
120 views

Social Security contribution of a J1 visa holder leaving U.S. permanently?

I was a J1 visa holder (post-doc) in the US for 18 months and contributed to Social Security. Since I am not going back to the U.S. again, am I eligible to get the money back? Thanks and regards JMV
-1
votes
1answer
8 views

USA Income tax for foreign worker

I live in South America and I'm working for a company in the USA. I'm planning on opening a US Bank Account from abroad (with the help of my local bank). In this case, I would receive my payment in my ...
1
vote
0answers
15 views

Are Kentucky vehicle property taxes paid in arrears or advance?

(Note: This question is not about sales tax.) We paid the Registration on our van last November, which includes property/usage tax. This month we turned over the vehicle to the dealer from whom we ...
0
votes
2answers
178 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 ...
0
votes
0answers
102 views

How to find small vacant lots to buy?

I would like to buy a small vacant lot so I can erect a small warehouse and store stuff there. However, the problem is that people don't generally advertise the sale of small, empty lots with no ...
3
votes
1answer
55 views

Is cash (from sale of equities, other property or savings) taken into account for mortgage affordability?

Imagine the following scenario: Gross annual income - $100k Cash (from property equity, shares, saving etc) - $100k No debt. Down payment - 20% (e.g. $20k) to be taken from cash pot. Mortgage - ...
1
vote
1answer
37 views

Questions Regarding Part II form W-9S

I am on F-1 Visa and my school told me that I can get 1098 T for tuition waiver if I submit form W-9S. I have a question regarding Part II of form W-9S My Question : Since I haven't taken any ...
4
votes
1answer
75 views

How much money to put aside for taxes on earnings from side work?

I am planning to work for a fireworks distributor for 2 weeks this summer. I am going to make 15% of all sales and estimate to make $9k. How much do I need to put aside so that I don’t get KILLED in ...
1
vote
1answer
19 views

Which tab in FBAR form?

I am about to file FBAR. I see 3 tabs in FBAR form where account information is to be entered - separate/joint account, no financial interest, consolidated report. I have some mutual fund units ...
0
votes
0answers
28 views

Employment in USA. Deputation in India

Is it possible to be employed in USA on W2 but deputed in India ? Any pros and con related to this type of arrangement ( insurance/benefits ). Anything special needed for tax filings.
-2
votes
1answer
48 views

What is the US tax owed when gifting India Shares to my brother?

I am planning to gift my India Shares in Stock Market to my brother, which has an overall value of 400,000 USD. According to Form 709 I can do a 14,000$ per year gift tax and file. My question is, can ...
4
votes
0answers
87 views

Are Dodd Frank rules applicable to all loan types?

My student loan was transferred to a new servicer several months ago, and I never received notice, neither from the previous or the new servicer, of the assignment of my loan. I thought that Dodd ...
1
vote
1answer
63 views

Can a F-1 student visa holder loan a car from bmw?

Here is a little bit background: I am currently an opt(F-1) student working at a company as a software developer. My company is actively working with a law firm to get me a work visa. A couple weeks ...
0
votes
1answer
37 views

Using bank wire transfers

Will any bank reports have to be filed if I send more than $10,000 in my bank account by a wire transaction to another bank account in my name in the USA?
10
votes
5answers
2k views

Any financial institution that offers free or low fee international money transfer? [on hold]

I would like my younger brother to start studying in a school here, and this requires frequent international money transfers: The primary source (sponsor) would be family funds that would be wired ...
3
votes
1answer
1k views

How can I determine the exchange rate and fees that were applied to an international wire transfer?

I received a wire transfer from Europe a while ago. The money was sent as EUR and converted into USD by HSBC. Since the incoming transaction showed an amount that was around 3% less than expected, I ...
4
votes
3answers
157 views

Giving kids annual tax free gift of $28,000

We are planning to pay for kids' education using the annual $28,000 limit of tax free gift. Do we have to send money from each parent's single bank account? If, for instance, I send $28,000 from my ...
3
votes
1answer
63 views

Do I need to do anything to avoid penalties or interest if the IRS expects quarterly payments but all my tax is already withheld?

In 2015, for the first time, most of my income was untaxed, so I paid all my taxes for the year when I filed. In 2016, I have been and will continue to be employed full-time with taxes already ...
5
votes
3answers
114 views

Do I have to pay taxes on a Roth IRA that is opened with Wedding Gifts?

I am a 29 year old teacher that will be getting married in July. I was hoping to use some of the remaining money from the wedding to open up a Roth IRA. I am not a financial professional and have ...
1
vote
1answer
3k views

How do you report S-corporation Shareholder loans / capital contributions?

How do you handle S-corporation Shareholder loans / capital contributions? Question- I loaned funds into my s-corp. in 2006, 2007, 2008, 2010 and 2011 formally documenting each payment into the ...
40
votes
6answers
7k 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? ...
1
vote
1answer
81 views

Is there an expiration date on Bank of America's Cashiers checks?

Upon my advice, my daughter requested a cashiers check in a BOA office in NJ today rather than carry a sum of cash out of the bank. She asked how long the check was valid. The Bank Manager told her ...
4
votes
1answer
786 views

Ambulance Fees and Insurance

I recently had a medical scare that sent me to the hospital by ambulance in New York City. When the bill came due my insurer covered the emergency room visit but did not cover any of the costs of the ...
0
votes
1answer
121 views

When to register for a bank account for a C-Corp with no official money

In Feb this year, I registered a C-Corp for administrative purposes only (for things that require a DUNS number, e.g., to get an Apple Enterprise Dev account, etc) and have thus far not passed any ...
1
vote
1answer
31 views

Can I pay money in USA to buy property in India?

I currently reside in the US (on H1B Visa) and I plan to buy property in India. The current owner of the property also resides in the US. I was wondering if I could make part of the payment here in ...
0
votes
1answer
97 views

College funds - is it too late to open a 529?

We are immigrated parents and our daughter will be going to college in 3 years. What's the best option if we want to start saving for her college education? I would like to have an account with high ...
11
votes
8answers
8k views

What is the incentive for a bank to refinance a mortgage at a lower rate?

I can't figure out why banks would actively try to get their customers to refinance their mortgage at a lower interest rate. And to be absolutely clear, I am talking about a bank refinancing a loan at ...
6
votes
1answer
46 views

What are the rules for a Roth IRA when you become a nonresident?

What are the rules for Roth IRAs when someone leaves the USA and becomes a resident of another country before the age of 59 1/2? Does the Roth IRA account need to be closed and the funds withdrawn ...
0
votes
0answers
13 views

Provide service to US company from India? [on hold]

I have a US prospect who is looking to outsource some business( software development) to my Indian company. This company has never done any business in united stated nor have any EIN/ITIN number. Off ...
0
votes
3answers
69 views

Foreign Earned Income Exclusion - Service vs. Product?

I am traveling out of the country (US citizen) for a year and was made aware of the IRS's Foreign Earned Income Exclusion. I own an online business that sells digital publications and makes around ...
3
votes
1answer
135 views

Is it OK that my bank's routing number is nowhere near me?

I have an HSBC account. The checks on said account have a routing number of 021001088. From what I found, this number has a location of Buffalo, Ny. That is a little weird since I live in NYC and the ...
7
votes
3answers
143 views

How to maximize small business 401k contribution?

We own small business (C-Corp without S-election) that currently does not have employees outside the owners (three of us). The business is producing a nice amount of revenue and as of yet none of us ...
0
votes
0answers
50 views

Car lease payment, after moving from WA to CA

I have a car leased from Infiniti financial services, and right now I am planning to move from WA to CA. Once I get my car registered at CA, will it stop my monthly tax payment on car that WA state ...
6
votes
2answers
113 views

US Filing Status when married to non-resident foreigner in the US

I am US citizen living in the US getting married to a non US citizen who is studying here on a non-immigrant J visa. While she is the in the US, she has and will have no income. In a year or two, we ...
6
votes
1answer
121 views

Income tax on money transferred in one year, but received in the next year

I am a citizen of Israel, where I currently reside, work and pay taxes. I am about to terminate my employment in Israel in December 2015 and move to the US to work for a US-based company, starting ...
1
vote
2answers
51 views

Does a SIM only cell phone contract help credit rating?

I have been told that cell phone contracts are sometimes a way to improve one's credit score. This makes sense to me as a phone contract involves a commitment to pay monies at a regular interval, ...
0
votes
2answers
38 views

Do I need to pay quarterly 1040 ES and 941 (payroll)?

I am self employed with an LLC that I elect to pay S-corp taxes on. I am the only employee. When you're self employed, if your taxes are greater than $1000, you have to pay quarterly taxes estimated ...
1
vote
1answer
18 views

Can a Canadian citizen claim tax-exemption on a U.S. scholarship intended for travel costs?

I am a Canadian citizen, and have received a scholarship of $750 from a U.S. institution to pay for lodging and travel costs. I am required to fill out a W-8BEN form, and I was wondering if I can ...
1
vote
1answer
53 views

How to set California DE4 allowances based on federal W4 allowances?

I need to set my federal and Calif payroll allowances to what they were 1/1/2015. My federal was 29 allowances. But I don't have record of Calif. Can I deduce my Calif allowances based on federal ...
1
vote
0answers
34 views

Selling employee stock options now and waiting for Long Term Capital Gains or selling later

I've got some options that I'm looking to exercise and am trying to figure the best way to go about it. I always thought that exercising options and then waiting for long-term capital gains was the ...