Questions tagged [income]
Questions related to the earning of money (or other capital) within a specified time frame. Topics such as methods to increase income, account for it, track it, analyze it, or disclose it are all appropriate, but discussions of *income tax* should use that tag instead.
347
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Tax: When filling out a Schedule C for a partnership, do I report the total sales or just my share as a partner?
Say I'm part of a 2 person partnership in which I own 50% of the business. When filing my personal Schedule C income related to this business I'm asked to report the "total receipts and sales&...
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16
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1
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3k
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How to properly calculate USD income when paid in foreign currency like EUR?
Say I live and work in the United States, but mostly do contract work for European organizations. This would mean that I very often invoice and get paid in EUR, which initially might go into a EUR ...
- 167
4
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0
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72
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What counts as different sources of income?
I'm a freelance writer (in US), but I also do some freelance video editing, programming, and virtual assistance along the side. I'm wondering if each of this counts as a "separate source of ...
0
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25
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Question on ratio of median renumeration in balance sheet/Question on median salary of a company/ratio of median renumeration in annual report
Consider below Annual report of an company for the year 2021-22 https://on.tcs.com/Annual-Report-2022
In this report on page 89 we have data on "Ratio to median remuneration for all board members&...
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1
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96
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Are there any reporting requirements for large tips when self-employed?
I am technically self-employed and report my income as such on my tax return, along with paying quarterly estimated taxes as required.
My income is entirely composed of voluntary tips, and almost ...
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2
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1
answer
219
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Received more net pay than it states on my payslips, no visible deductions sent to HMRC on the extra income I received - what to do?
I started a new job on the 26th of September, 2022 for an annual salary of £55,000.
Working 09:00 - 17:30, 5 days a week.
My monthly gross salary is: £4,583.33
I have a student loan, repayment plan 2.
...
- 79
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3
answers
142
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If a person direct deposits their income into their relative's account, would the IRS or their relative's bank say anything?
If a person asks their employer to direct deposit their income into their relative's account, would the IRS or their relative's bank say anything?
Assume they still leave enough money in their own ...
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1
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1
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137
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I've been doing work for a side business all year, but I only opened my LLC last month. Can I declare all the prior income as business income?
In January I started work with another company that paid me as a consultant without a contract. In September I created an LLC to formalize things & get tax advantages. When I pay my taxes can I ...
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1
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2
answers
381
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How do people live in 0% or negative interest rate countries?
I am from Sri Lanka and our banks give high interest rate for fixed terms (About 10% to 15%) and saving accounts. Therefore most of the people are invest money to bank and get interest for living.
I ...
- 19
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1
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219
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How to resolve my unearned income issue with the IRS?
On Friday Sept 16, someone in the building gave us mailing from the IRS. They were holding it for us and claim that they have been holding it for about 2-3 weeks. The paperwork informs us that the IRS ...
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1
answer
237
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Warren Buffett about the long term debt
In the book Warren Buffett and the interpretation of the financial statements, Mary Buffett explained companies that have enough earning power to be able to pay off their long-term debt in three or ...
- 103
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1
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105
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will I be taxed on money wired into my savings account [closed]
a friend is paying me back a 200,000 loan by wiring the 200,000 into my savings account. Will I be charged tax. I live in NYC . All this money was originally given to me by relatives and sitting ...
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18
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4
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5k
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How to Convert UK Income Levels to USA Income Levels
I'm graduating with a PhD soon in the UK and now I'm trying to figure out how much I am worth in the workforce & see higher wages in the USA. I don't know if the numbers are adjusted for things ...
- 283
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1
answer
4k
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Can I see how a company is using its debt?
How can I understand the way that way a company is using its borrowed funds?
From the balance sheet I can see how much debt the company issued, and how much is paid back. But how can I see if the debt ...
- 73
1
vote
1
answer
125
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Why didn't including a 1099-INT figure change the bottom line in my tax return?
I prepared a tax return with Turbo and saved as pdf. Later, I discovered a 1099-INT I had neglected to include, so I edited the return to include it. But it did not change the amount of the refund. ...
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1
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74
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Why do why many companies show Trailing Twelve Months (TTM) rather than a YTD or Quarter to Quarter?
I would like to ask you why many companies show them Revenue TTM as an indicator of performance during the year rather than to see the YTD or Quarter to Quarter comparison?
What information can give ...
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1
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153
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Should ex-spouse be paying tax on her portion of my private pension?
My ex wife has been receiving a portion of my private company pension for about 5 years now. I have just realized recently I have been taxed on the full amount of both our monthly pension amounts. ...
1
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0
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54
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How do I report profits from selling stocks on 1040NR?
I sold stocks in 2021 and made a profit. However, my brokerage did not report this to IRS as my account is identified as nontaxable. Therefore they didn't withhold any tax and they did not issue any ...
- 21
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1
answer
44
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Reporting return of capital on 1040NR
How can I report return of capital on my 1040NR? This was reported on my 1042s form under income code 37 in box 1 and 0% tax rate. This income is not effectively connected to US business or trade. On ...
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1
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122
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Statistically, which occupation will earn $1 million first [closed]
I feel like most people have heard some version of the story where there are two people who take different career paths-- one leaves highschool to become a doctor, goes through 10 years of intense ...
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1
answer
81
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Is it more tax efficient to use a website that does the logistics, manufacturing and selling for you? [closed]
Is it more tax efficient to use a website that does the logistics, manufacturing and selling for you like Merch By Amazon, or is it more tax efficient to create your own store with Shopify, do your ...
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3
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92
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Understanding diminishing returns for write-offs
Do write-offs become "useless" at a certain point?
I assume that if a person's taxable income is at $0 for the year then there's no benefit to keep searching for write offs. Is this the case?...
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1
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66
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Can you get a tax advantage for hiring a freelancer?
Can you get a tax advantage for hiring a freelancer without setting up a LLC? The issue is the following. Let's say I crowdfund 100k for a project, I have to declare this amount in my tax earnings, ...
- 193
0
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1
answer
115
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Best way to pay taxes (German citizen living in US to work internationally)?
I am a German citizen living in the US on a J1 visa. I got an offer to work part-time remotely for a company in the UK. This company could hire me or I could work for them as a freelancer. Germany has ...
- 103
0
votes
1
answer
104
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Renting a basement suite out for income, that has a lower ceiling - Data on percentage of renters to consider this a deal breaker [closed]
I'm in the market to move out, and I'm eyeing bungalows, mostly those that are built in the 1950's and 1960's in Winnipeg, Canada. I'm wanting to live on the main floor and have a tenant occupy the ...
36
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9
answers
13k
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What does it mean for Bill Gates to have an income of $0 dollars? What word would have been more appropriate than "income" is?
What does it mean for Bill Gates to have an income of $0?
I recently engaged in a friendly Twitter debate about limiting personal income. Someone told me that Bill Gates has an income of $0.
You ...
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2
answers
109
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What kind of work/income is doable for one with social ineptitude but not qualifying for disability benefits?
Say someone has like autism or just social issues, but their specific case is not enough to qualify them for benefits.
What is the alternative? If no one gives you money but you can't steadily make it ...
3
votes
1
answer
259
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Roth IRA conversion and income limit
If I convert some amount to Roth IRA from traditional IRA, I understand that this will get added to MAGI and I will have to pay taxes on this amount. My husband and I file tax jointly. Will this ...
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13
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12k
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Is there a price point beyond which it no longer makes sense to buy an apartment or house?
I am in a very frustrating situation right now. I have accumulated a decent amount of value in cash and stocks. My wife and I however are still living in a rented small flat in our town in Austria ...
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1
vote
2
answers
379
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Is it possible to get food stamp or financial assistance for early retirement
Say if you retire early with 500k in saving but you lose all your income, do you count as low income and can get some sort of financial assistance e.g. food stamps or having that 500k disqualifies you ...
- 2,003
4
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0
answers
62
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Does the distribution of a dynasty trust count as income for purposes of chapter 7 bankruptcy?
Assume a person is one of the beneficiaries of a dynasty trust fund. The dynasty trust is irrevocable and perpetual, set in a US state that allows perpetual trusts. Annual distribution of the trust to ...
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2
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1
answer
150
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How to calculate the realized and unrealized PnL of my portfolio
I am having trouble calculating the Realized profit of my stock portfolio stock.
Here are the transactions:
I have 50$ to invest
I buy 2 Stocks A at 10$ each
I later buy 2 Stocks A at 15$ each, I ...
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21
votes
3
answers
6k
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Is money from the sale of an asset considered income?
Is money from the sale of an asset, like a pickup truck, considered income? For example, let's say I am a carpenter and I buy a new pickup truck for $40,000. I deduct $18,000 in depreciation for the ...
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3
votes
1
answer
117
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Rough estimate of salary as freelancer equivalent to permanent [closed]
I have always worked as a permanent employee, but with so many companies working fully remote I am considering switching jobs. The thing is that most of the companies I am looking at are based in ...
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1
vote
1
answer
121
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When budgeting how do you take into account that some income is bi-weekly yet some expenses are on a specific day of the month?
I'm tackling a problem with budgeting in that I'm unsure if I should be making a budget from my weekly/monthly/yearly expenses and income. My income is paid bi-weekly on Friday but I have rent and ...
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11
votes
1
answer
1k
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What is CGT rate if you have no taxable income?
gov.uk lists 4 tax bands:
personal allowance
basic rate
higher rate
additional rate
On its capital gains tax rate page, it explains the rates for:
"higher or additional rate taxpayer"; ...
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2
votes
1
answer
48
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Is tax liability from a trust distribution, made in payment on behalf of the beneficiary instead of to them, defered to the beneficiary?
For trusts that can distribute income to the beneficiary's tax bracket...
When filling out a 1041 for a trust, instructions are a little ambiguous on income distribution deductions. No mention of if ...
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2
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73
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Is there an upper limit to amount of money a person can contribute to a traditional IRA if he is okay making a non tax deductible contribution?
Consider a person who wants to contribute $50,000 to his traditional IRA account per year. Now I know there is a limit of $6000 for tax deductible amount you can contribute to an IRA every year. But ...
- 159
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0
answers
55
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Can a 501c7 have a fundraiser by selling handmade crafts?
We are a 501c7 mutual benefit social club of knitters. We all pay dues to cover rent, etc for our leased space. Can we contribute handmade crafts to sell to the public as a fundraising activity?
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3
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180
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Strategies For Generating 25-Year Revenue Stream (Instead of Mortgage Down payment)
I'm about to buy a house. Interest rates are low and I think it might make sense to invest the money I have, instead of buying cash/making a large down payment.
I expect to live in this house for 25 ...
0
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1
answer
134
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Freelance income from different currencies (UK)
I have a UK day work and also do some freelance stuff. I will start to work as a freelance for a Swiss university and for a Canadian organisation. I will invoice them in CHF and USD respectively as ...
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2
votes
1
answer
37
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How to Correctly Split Federal Loss From Stock/Options (1099B) Investments Between Two States?
I have been actively investing in the stock market, and received my 1099B.
Mid-year, I moved states.
For the sake of simplicity, Jan-Jun in State A, and Jul-Dec in State B.
I have more than enough ...
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2
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181
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Do I have to file taxes if I make under 1000 USD?
I'm 18, I have a part-time job as a student helper at my university. I get paid 10 dollars an hour, but I work like 2-3 hours a week. So overall in the semester it's gonna come to a total of 500 USD ...
- 294
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2
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134
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Buying same stock at same price and time from 2 different brokerage firms
A stock is bought simultaneously, at same price from 2 different brokerage firms. Is it legal to sell for a loss in one account and continue to hold and buy in the other? Able to sell without time ...
3
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2
answers
224
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What personal finance tips should a graduate (PhD) student know or take advantage of?
Are there any special tax provisions or incentives that PhD students should be aware of in order to grow their wealth or limit taxes during the duration of their PhD? Assume the student is a US ...
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2
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1
answer
563
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Accredited investors when W-2 Box 12 reduces Box 1 income
My understanding is that to be an "accredited investor" as defined by the SEC, an individual must have $200,000 of earned income two years in a row. If a person has pre-tax deductions from ...
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2
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190
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Is this "theoretical Bitcoin income" a meaningful number in any way?
I have made a little calculation in my computer which does this:
$total_theoretical_profits_in_USD = $my_current_Bitcoin_fortune_in_USD - total_amount_in_USD_that_I_have_ever_spent_on_buying_Bitcoin;
$...
- 9
33
votes
12
answers
9k
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Excess income after fully funding all retirement accounts. Now what?
Long-time lurker, first time asker...
I have a positive problem. We are a family of four with two small kids with one working parent (me). We have very little debt: our only debt is our mortgage, ...
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33
votes
11
answers
9k
views
Case against home ownership? High income, no home, don't necessarily want one
All numbers are in USD and my tax situation pertains to US taxes.
I am at a crossroads and am seeking help. I am a single man who has always made a good living and generally enjoy my life as I please. ...
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16
votes
4
answers
4k
views
Building a source of passive income: How can I start? [closed]
For the past couple of months I have been researching, specifically on how to generate or build up a second source of passive income, I am obsessed with the fact of making another source of income at ...
- 161