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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.

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0 votes
2 answers
120 views

What's the capital needed in order to achiev $500 monthly with Options Trading

I'm looking for some advice on to achieve a monthly income equal to my monthly expenses which is 500$ - I already have a portfolio of monthly dividend stocks valued at around $1,200, which provides me ...
0 votes
2 answers
135 views

How to keep an upfront payment to cover a year of living costs, with additional savings

My (romantic) partner received a scholarship of roughly $12,000. We live somewhere (in Europe) where this is just about enough to cover a year of living expenses for one person. They will receive the ...
1 vote
1 answer
69 views

What is the reasoning behind high income requirements for 457b plan enrollment

If 457b plans are designed primarily for state and local government employees whose mean compensation is typically lower than 100K in the U.S., why would some institutions that employ state/local ...
2 votes
1 answer
632 views

Tax filing requirements for OPT period (F-1 VISA) in Pennsylvania

This past year I worked under the Optional Practical Training (OPT) program after I graduated. I started my employment period March 15th and worked until September 28th. During this time I got paid ...
5 votes
0 answers
139 views

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 votes
1 answer
77 views

transferring amount between saving and NRO

I want to transfer some amount from my mom saving account to my NRO account to pay my utility bills. I am managing my mother's account as she lives with me overseas. Will this amount will be taxable?
1 vote
1 answer
132 views

Lotto ticket gift to tax free charitable trust

I would like to establish a tax free charitable trust to which I would donate a winning lottery ticket. I would control which charities get the proceeds but receive NO money myself. Would I (Or ...
1 vote
1 answer
74 views

Question about claiming help with mortgage payment as income

I recently bought a house and moved in with my girlfriend. I am 25 year old male in a relationship for less than 3 years. I purchased the house by myself. My girlfriend is not on the loan or the title....
0 votes
2 answers
740 views

Can owning a static website without advertisements be a source of income in India? [closed]

Suppose I create a static website (just contains some information to read), and assume 1000 visits daily. The website does not contain any advertisements. Can it be a source of (even small) income?
2 votes
1 answer
440 views

Warren Buffett about a company's 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 ...
1 vote
1 answer
373 views

Can you deduct hobby expenses up to hobby income in Canada?

In the US you're allowed to deduct hobby expenses up to (but not exceeding) income from that hobby as part of your miscellaneous deductions. But I can't find a definitive source on the corresponding ...
6 votes
8 answers
993 views

Methods of generating additional income on top of full-time job

I am a resident of Europe. I currently work a full time job, which pays around 1.5k euro monthly. I have under 1k in savings. I just finished my 1st year of Computer Science in college. I am aiming ...
27 votes
6 answers
9k views

What does "not touching the principal" actually mean?

When talking about "trust fund children" or large savings it's common to hear the phrase "not touching the principal", which means that only the "earnings" from the money ...
0 votes
1 answer
59 views

India Income Tax Deduction questions AY 2019-20

I am a Resident Indian Sr. Citizen, I paid Mediclaim Insurance Premium of Rs.53808/- last FY (March 2019), by cheque, for my wife and myself (both senior Citizens) I was hospitalised in December ...
-4 votes
3 answers
338 views

How to calculate someone's true net worth?

Is there a way I can look up or calculate another person's net worth through math? Is a person who is making credit card, car, house, etc payments owe more that what they have equal they are worth ...
0 votes
1 answer
198 views

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&...
17 votes
1 answer
4k views

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 ...
3 votes
1 answer
154 views

Do I have to file a tax return in the United States?

I've moved to the United States in November 2016. I am getting widows pension from UK, do I have to file a US tax return for 2016?
1 vote
1 answer
136 views

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. ...
1 vote
0 answers
39 views

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&...
2 votes
1 answer
136 views

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 ...
40 votes
13 answers
12k views

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 ...
23 votes
1 answer
12k views

Is income from a check taxed according to the date written or the date deposited?

Scenario Let's say I was given a check from an LLC on December 15 that was written to my LLC on that same day, and I cash it on January 15 the following year. Question Will I have to claim the ...
3 votes
1 answer
787 views

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. ...
18 votes
4 answers
6k views

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 ...
1 vote
3 answers
4k views

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 ...
1 vote
1 answer
172 views

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 ...
1 vote
2 answers
131 views

Is the Operating Income or Loss equivalent to Total Revenues for wealthier companies?

I have noticed on yahoo finance that some companies like this one don't have total revenues in their financial table but rather an Operating Income or Loss and a Net Income. Is it the same ? Can I use ...
2 votes
2 answers
409 views

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 ...
0 votes
1 answer
259 views

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 ...
0 votes
1 answer
105 views

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 ...
0 votes
2 answers
2k views

Using Square to transfer money to my personal checking account

I'm considering using Square to essentially allow me to use my own credit card to pay my mortgage. If I swipe my own credit card every month will that transaction be counted as income? I'm trying to ...
5 votes
1 answer
4k views

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 ...
0 votes
1 answer
244 views

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. ...
0 votes
1 answer
126 views

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 ...
1 vote
0 answers
82 views

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 ...
2 votes
1 answer
95 views

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 ...
-4 votes
1 answer
136 views

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 ...
-4 votes
1 answer
86 views

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 ...
1 vote
3 answers
109 views

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?...
0 votes
1 answer
68 views

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, ...
0 votes
1 answer
171 views

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 ...
0 votes
1 answer
140 views

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 ...
1 vote
1 answer
141 views

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 votes
9 answers
13k views

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 ...
0 votes
2 answers
111 views

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 ...
5 votes
1 answer
51k views

Difference between Fortnightly and Monthly pay

I used to get paid monthly at base salary of 48k. I have recently changed my job and getting paid fortnightly with a base salary of 50k I did some calculation and found out that if I get paid monthly ...
3 votes
1 answer
259 views

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 ...
1 vote
2 answers
519 views

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 ...
0 votes
2 answers
288 views

How to calculate Month-to-date unrealized and Realized P&L

how do you calculate Month-to-date unrealized and realized P&L/performance? What is the cost basis for both? Should the cost be reset based on the end-of-previous month mark to market or the ...

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