Questions tagged [income-tax]

This tag is to be used for any question pertaining to an individual's income taxes. If this tag is used, ideally a country-specific tag should also be specified, to indicate which region a question belongs to, as the answer may differ based on the country.

Filter by
Sorted by
Tagged with
9
votes
2answers
10k views

Does the sale of personal items need to be declared as income on my income taxes?

I have been selling some books that I own. I am selling them at a loss (less than I bought them for and less than market rate). However, I have gotten about $1,400 in income minus $400 for shipping ...
6
votes
1answer
403 views

Historical US federal income tax rates

Is there any good online source for historical federal income tax rates in US comparison? I'll explain the problem: there are may good sources for marginal rates and income brackets, what I am ...
4
votes
2answers
641 views

What is exactly is considered taxable income when you retire?

I'm in my 30's and trying to figure out whether I should convert some of my traditional IRA funds into a Roth. The funds would be taxed at 15% based on my current taxable income. So, I need to best ...
4
votes
1answer
406 views

What is the Canadian Income Tax Day?

In the US, Tax day is April 15th meaning income tax for 2010 must be filed by April 15 2011. Is there an equivalent date for Canadian taxes?
4
votes
2answers
27k views

How long do you have to live somewhere to be a resident for tax purposes?

My company is paying me with large amounts of equity pay. Theoretically*, I could delay realizing some of the gains on this equity and move to a place which, unlike California, does not charge 9.3% on ...
5
votes
2answers
138 views

Blog income taxes?

I am a blogger and I routinely negotiate advertisements for my fellow bloggers. Sometimes I do it and don't get any payment and other times I get a finder's fee or something. Most of the time, the ...
3
votes
3answers
333 views

Under IRS rules, After what tax bracket or income range student loan interests are not effective?

Student loans generally have very low interest rates. Those interests paid work in your favor at tax time, for certain income and tax bracket group. In the US, if you make more than what amount, ...
5
votes
3answers
3k views

If I go to a seminar held overseas, may I claim my flights on my tax return?

i am an IT contractor and I would like to go to a seminar overseas. I'm paying for this by myself, however, I believe it is related to what I do and could be classed as an educational expense. The ...
3
votes
1answer
248 views

What's the Bermudian equivalent of USA's W-2 form or Canada's T4?

What can be used as a proof of income, for someone who was born, lives and works in Bermuda? I'm looking for the most official, widely-accepted, and least-manipulatable document.
4
votes
1answer
993 views

Is the penalty for an early withdrawl from an IRA applied to the gross or net amount?

Does anyone know if the 10% early withdrawal penalty on traditional IRA is on the pre-tax or post-tax amount? Let's say I withdraw $5k from my IRA, and I pay 20% (example) in taxes, is the additional ...
5
votes
2answers
211 views

Will anything happen to me if the AMT is not re-established before 2011?

Who will be effected if congress does not renew the limit raise on the AMT by the end of the year? Will this change how much will be owed for 2010, and due in April 2011?
8
votes
1answer
526 views

How to share income when married filing separately?

For a couple filing "married filing separately" are there any tax implications in moving money from one spouse's bank account to the other's? Would the IRS see this as "income"? I spent a while ...
7
votes
2answers
116 views

What are some good resources for yearly US tax law changes?

Every year, in the US, we have new tax rules, deductions, limit increases/decreases, exceptions, benefits, etc. Are there some good resources out there for self education on what to expect with the ...
4
votes
1answer
239 views

How do I minimize Federal, State, and Municipal tax due from money market funds or bond mutual funds?

I was looking into money market funds and bond mutual funds for some relatively stable investments. Before I make decisions, though, can someone explain under what circumstances would I need to pay ...
8
votes
3answers
431 views

If I volunteer to give back to my community, is there a monetary amount assigned to my time, to act as an Income Tax Deduction?

Is there a value that can be assigned to my time, i.e. an hourly rate, so that I can be given a receipt to remit to CRA come Income Tax Filing time? I live in Canada.
7
votes
2answers
357 views

Options for giving an amount greater than the annual gift tax exclusion

Gifting up to $13,000/year (as of 2009) to someone is not subject to gift tax. http://en.wikipedia.org/wiki/Gift_tax_in_the_United_States Assuming that the individual receiving the money is older ...
3
votes
1answer
1k views

What would be the impact of a fourth child on taxes?

Should I expect the tax effect of a fourth child to be similar to that of the third, or is there a point of diminishing financial benefit?
4
votes
2answers
324 views

Why are we not getting a rebate when we declare zero allowances?

Both my wife and I file zero allowances for both Federal (W-4) and State (CA). For Federal we checkbox married and for State we checkbox single/married with two or more incomes. To the best of my ...
7
votes
4answers
752 views

How can I estimate my income tax bill for the current year?

I am so tired of being surprised by how much I owe in taxes come Jan-April. How can I predict what I'll owe next year for this year's earnings?
16
votes
3answers
6k views

What is the proper way to report additional income for taxes (specifically, Android development)?

Let's say I have a day job that contributes to the majority of my income. Now if I do some Android development (or similarly iPhone, Blackberry, or any other hobby that produces an additional income) ...
4
votes
2answers
114 views

“Back Paying” Income Taxes [U.S.]?

When I was young and stupid a few years ago, I took a job that I thought was salary originally with properly handled taxes (W-2) and whatnot and it ended up being a 1099 contracting gig that wasn't ...
1
vote
2answers
3k views

Can I retroactively contribute to an RRSP for a previous tax year?

I missed the RRSP contribution deadline (March 2010) for the 2009 tax year. Consequently, my tax owing was much higher than it could have been. Is it possible to contribute to an RRSP and apply that ...
6
votes
1answer
112 views

How long should I retain my income tax information?

How long should I retain my income tax information in the US? Should I retain all my deduction evidences as long as I keep my W-2 and return paperwork?
7
votes
3answers
527 views

Freelancers in the US: pay estimated quarterly taxes or pay when you file?

My wife is currently freelancing, and the IRS would want us to file and pay estimated taxes every quarter, which is a pain. I could take extra deductions out of my paycheck, but figuring out the ...
5
votes
1answer
1k views

Is mortgage interest tax deductible for not only federal but state income taxes?

Does anyone know if mortgage interest, mortgage insurance and property taxes are deductible for not only federal but state income taxes? This may be a state-by-state issue, but if anyone has ...
6
votes
1answer
309 views

If you owe tax, how does the IRS failure-to-file penalty work?

If you owe tax, how does the IRS failure-to-file penalty work?
4
votes
1answer
293 views

Can you claim child care expenses on your tax return in the UK?

Can you claim child care expenses on your tax return in the UK?
7
votes
1answer
203 views

How can I fix a mistake I made on my income tax filing? [US]

How can I fix a mistake I made on my income tax filing?
12
votes
1answer
886 views

How to claim a minor's income?

When a child earns money babysitting or doing yardwork for neighbors, it's common to ignore claiming the income, as income earned by the minor has its own deduction, and would likely not generate any ...
11
votes
1answer
542 views

What are the consequences of filing personal income tax return past the deadline of April 15th (i.e. filing late)? [US]

Today – April 15th – is the income tax filing deadline in the U.S. Here in Canada, we still have until the end of the month. Perhaps we get a little longer to figure things out because ...
2
votes
1answer
411 views

Which investment option provides the best income tax benefit? [Canada]

If I have $100 to invest and I have the ability to choose from the following: GIC at 3% interest Shares that I might later sell at $105 Shares that pay a dividend of $3 Assuming that the period is ...
7
votes
1answer
9k views

My daughter got married last year in late August, can I still claim her part year?

If my 21-yr-old daughter lived at home (and I provided more than half of her support) until her wedding in late August of last year, can't I still claim her as a dependent of some sort?
5
votes
2answers
3k views

UK income tax & charitable donations: How much is income tax reduced by donations?

To continue the theme... In the UK, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
8
votes
2answers
17k views

How do you calculate pretax deduction savings?

I am trying to determine how much money I will save by participating in the TransitChek program. The way the program works is I can set aside a certain amount of money from my pay check before taxes ...
3
votes
2answers
7k views

What's the maximum income one can have and not have to file a tax return? [Canada]

I'm starting a home-based business and make very little. Do I have to worry about income tax?
7
votes
2answers
1k views

I rent out a room in my house, do I have to report the rent as income?

Title says it all. Let me know if you need more details! Thanks!
5
votes
1answer
239 views

Home Renovation Tax Credit (HRTC) - Can I still claim it even if I pay cash?

Can I still claim the Home Renovation Tax Credit even if I pay cash?
4
votes
1answer
2k views

Canadian income tax & charitable donations: How much is income tax reduced by donations?

In Canada, how much is income tax reduced by charitable donations? When filing, are there any special requirements to qualify for the deduction or credit?
3
votes
2answers
389 views

How is the Home Renovation Tax Credit (HRTC) supposed to be claimed? How does the credit work?

We built a new deck this year and we're expecting to take advantage of the Home Renovation Tax Credit (HRTC). How is it supposed to be claimed? How does the credit work? Would it be claimed on the ...
5
votes
1answer
1k views

How long do I have to make an adjustment to my income tax filing?

For instance, if one were to find receipts between 2-3 years old, are they still useable? Is there a fee for a re-assessment?
5
votes
1answer
470 views

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed?

We get receipts from our child care provider. Can we still claim a tax benefit even though they're not licensed? [Note: This is my paraphrased version of a similar question I answered at moms4mom.com....