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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1answer
26 views

Income Statement Question — Confusing Operating Expense Calculation?

I'm completely new to looking at company financial statements for analysis, so please correct any misconceptions I have here. I'm having trouble with reading an Income Statement. I am looking at the ...
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1answer
147 views

Is it possible to create an income stream with $50,000? [closed]

Thank you in advance for your ideas and suggestions! I do not have retirement. I am 60 years old and have $50,000 + to somehow create a positive recuring income stream for myself and future. I am open ...
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1answer
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Tax treatment in India on a Resident Indian on money he earned in UAE as NRI earlier

I worked in UAE from Sept'2006 to Mar'2014 and came back to India permanently on April'2014. Before returning to India, I invested some amount in USD dominated bonds through a local bank in UAE on Mar'...
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110 views

Consistently underemployed and poor, but putting everything possible in the stocks? [closed]

What is the general attitude behind this? Say one is poor; they have some income, but very little; and do not consistently work a "normal job" but wants something to look forward to. Since ...
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2answers
123 views

Can I use my investment savings as a source of income to be considered for a loan?

I'm currently receiving public benefits from the Social Security Administration and my state's Supplemental Nutrition Assistance Programme (SNAP). I've been on these programmes for many years. I've ...
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1answer
9 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?
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2answers
89 views

Is there a way to reduce “gross total income” in ITR? (India)

I'm an Indian student trying to decide my college. There's a really good college I'd like to join (can't mention its name for privacy reasons) but its annual fees is absymally high (close to triple of ...
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1answer
63 views

Why technology companies don't report high net income from the use of GAAP?

The article GAAP vs. Non-GAAP: What's the Difference? says: Technology companies have been large users of non-GAAP adjustments as these companies typically don't report high net income from the use ...
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1answer
584 views

How is second income (full-time + freelance) taxed in Germany?

Hello ☀️ I am looking for some advice with some tax/finances questions. I am a software engineer, employed full time in Germany. I’m from the UK (EU citizen with no visa concerns, for now…). I earn &...
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17 views

Recently I was studying financial statements of Refex industries 2011-2012

Recently I was studying financial statements of Refex industries 2011-2012, in cash flow statements in investing section purchase of fixed assets is written as postive cash flow how can this become ...
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2answers
229 views

First semi monthly paycheck not adding up to Gross salary

I received my first pay-check, and I dont think the details are adding up. Yearly salary: $85000 Semi-monthly salary expectation, before tax: $3541.67 Actual salary received before tax: $2897.73 After ...
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2answers
109 views

Statistically who gets higher **average** income, an employed engineer or IT startup founder? [closed]

Founding a startup is a great idea, you may become as rich as Jeff Bezos, Elon Musk, Bill Gates or Mark Zuckerberg. Wait... or may not. It of course depends on your skills and perspiration they say. ...
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2answers
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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 ...
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2answers
135 views

If I intend to earn on the side doing different category of things should I do it as an individual or as a small business?

If I have a few areas of expertise (that can't fit a classification of services/products) and I'd like to make use of those and provide products or services based on those, should I do it as an ...
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1answer
40 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 ...
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0answers
43 views

Game Server Taxes and Requirements [Canada]

Currently I am in a scenario where I want to start selling in-game perks using a web store to earn some money. However, I don't want to do it improperly and get into trouble with taxes and other rules ...
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1answer
92 views

Does 'Taxable Income' from a Roth conversion count as income source for IRA contribution?

Let's assume Jane is retired, and has no income from employment. She still would like to contribute to her IRA [or Roth IRA], but this is not allowed from capital gains or dividend income. Now Jane ...
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2answers
49 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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1answer
552 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 ...
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7answers
394 views

Why is proof of income requested for certain loans but not others?

I have over 100K in credit available, and have NEVER been asked for proof of income. In fact, my income is far below 1/8th of my credit line. I can probably buy a Rolls Royce with credit, which is the ...
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1answer
26 views

What does it mean for income bonds to have deductibility of interest paid from the company's taxable income?

What does it mean for income bonds to have deductibility of interest paid from the company's taxable income? And why does this deductibility cut the cost of that form of capital in half?
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8answers
23k views

How much money should I save in order to generate $1000/month for the rest of my life?

How much money do I need to make in order to generate 1k/month for the rest of my life? Is that even possible? If yes, in what way? Edit: I am 30 years old.
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20answers
14k views

Are there any financial disadvantages to living significantly “below your means”?

By living "below" your means I'm asking about spending significantly less than you could, rather than living "within" your means which of course is sensible if you are able to do it! So for example: ...
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5answers
4k views

Is the money that you get back from deposits or rebates taxable?

Please help me understand if the following two items are taxable or if they should be included at all on the tax report: Rent deposit. A few years ago, when I moved in my previous apartment I put a ...
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0answers
73 views

How can I get the best income from letting out a Large Garage in Hertfordshire, England [closed]

I have a large garage space in Hertfordshire, England (13.6 metres long by 4.7 metres wide) with its own drive and entrance. Any ideas how I can maximise income from this by letting it out. I will ...
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1answer
84 views

Can public scholarship holders in Germany invest in stock market without losing their scholarship?

In Germany, if a person (a German national or not) receives a public scholarship (i.e funded by the government), they cannot earn more than 400Euros addition to the money they are getting from the ...
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0answers
25 views

What assets/earnings are included as “income” when determining capital-gains tax rates? [duplicate]

According to Investopedia, people pay varying long-term capital gains tax based on an income-based rate schedule. It appears that a person with single tax-filing status who earns less than $39,375 (...
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1answer
94 views

Pay off Home Buyers Plan - or not

I am single and retired and owe a balance of $4800 on my HBP with 4 years to go repaying at $1207 per year which I have to declare as income. I live on the Gov. CPP and OAS with supplements and with ...
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0answers
77 views

Client is offering to withhold tax from my payment

I recently started working in an arrangement neither me nor the person who hired me has done before. Someone who works as a contractor for a company got a budget to hire me as a (sub)contractor. He ...
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1answer
229 views

Why do people still do traditional jobs to earn money? [closed]

If PweDiePie earns $500000 per month, why do people still in 2020 do demanding/draining/volatile corporate jobs, life-threatening military/spy/mercenary jobs, horrible teaching jobs, and so on to earn ...
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1answer
81 views

Contributing to medical insurance

We are hiring a nanny and we would like to contribute to her medical insurance, as our understanding is it would be not be taxable (we are in California). Do we need to purchase the whole insurance or ...
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1answer
55 views

What is the CRA definition of income? Why not any payment counts as income?

Official acts and guides shed light on what kinds of income there can be and distinguish between taxable and non-taxable income. However, I could not find any definition or even a hint of what is ...
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1answer
115 views

What are some things you can own that generate income? [closed]

If you rent a four bedroom apartment, you can earn income renting out each of the rooms. What are some other things that you can buy for a relatively low cost from which one can earn income?
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0answers
34 views

Unemployment claim

I worked in Virginia until 12/30/19 and was transferred by my company to Louisville, Ky. Now with the Coronavirus, I am being layed off or have my hours reduced to 15 hours. I want to file for ...
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0answers
46 views

IRS Income Tax not taking payment from my bank account

I filed my Income tax through TurboTax on or about March 28. My return was accepted on March 28 with a payment made through my bank on March 31. As of today, April 8, the money has not been taken from ...
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1answer
75 views

What are the tax implications of receiving part of one's salary in stock?

In the California tech scene, it's fairly common to have anywhere around 10-60% of a software engineer's income come from shares of stock in one's company. How much of the salary is in stock is also ...
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0answers
31 views

Are IRS § 1032 and 118 redundant to each other?

118: In the case of a corporation, gross income does not include any contribution to the capital of the taxpayer. This is a bit cryptic, but based on the definition of "capital contribution", I ...
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1answer
135 views

Triplex - Joint Property with my brother - 50/50 Investment - I am moving out

I have an unusual case I was hoping someone could shed some light on. I bought a triplex with my brother a few years ago. Up to date we've both put in a substantial amount of money including mortgage ...
3
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1answer
179 views

Is a potential landlord allowed to require a higher income because I rent a second property?

I applied for an apartment in the same town I live with no issues. I exceed the three-times-income requirement and my credit check was cleared. Then my landlord said we couldn't move forward until I ...
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2answers
551 views

Deducting gifts to parents?

I give my mother (a senior citizen) USD$200 amount per month. Can that be deducted from my Federal income tax return? We're both US citizens and my mother receives Social Security.
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4answers
1k views

Organizing Expenses/Income/Personal Finance Documents (Paperless Office)

I've been trying to organize my personal finances for awhile by moving to a "Paperless Office" (PO from here on out), but I haven't been able to reach anything that satisfies my need for intuitive ...
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1answer
5k views

Salary account in gnucash: charge vs. income // example transactions

It might not be the usual thing to have on opening balance in a "Salary" account, but if one did, this is what I tried in gnucash: description: payday again :-) transfer: Equity:Opening Balances ...
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4answers
278 views

Monthly budget - deferred expenses from savings vs Income? How to manage?

Background: My wife and I have put a monthly budget together using the Google Drive Budget Template. Pretty standard - Income section and Expenses section with rows allocated in each. It makes most ...
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3answers
138 views

How to accurately evaluate the financial potential of a startup with little understanding of business finance?

TL;DR I have been tasked to reevalute the possible financial potential (and by financial potential I mean possible cash-flow, profit, return of investment) of the startup I work in as an R&D ...
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2answers
246 views

Shared Income System

I would like to share my salary with a small group of family or friends. Is there a way to do this without the income being taxed twice (once for me and once for each friend?
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3answers
228 views

Will I owe income tax when my son pays me back for house I bought him?

My husband and I bought a foreclosed home for my son. We own a construction company, so we did all the repairs and renovations ourselves. We have kept a running total of expenses. Under the rules ...
75
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11answers
18k views

Parent asking for money after I moved out

My parents are divorced and my dad has to pay to my mom financial support for everyone in the family. Because I moved out, my dad removed part of this financial support that he gives my mom. She is ...
4
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2answers
260 views

Selling a fossil

If I sell a fossil that I found on my property, do I owe tax on the proceeds? How would I figure my basis? I “bought” the fossil with the land, so is my basis the cost of the land?
36
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8answers
11k views

What can I do to passively generate income?

I work 3 jobs totaling at 52 hours weekly. I don't have anything of value that I can sell for money. I put $10 into penny stocks a few weeks ago, but they don't gain much. I'm 25, and my savings is ...
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0answers
91 views

Maximize negative tax rate

I've been reading articles about people getting negative taxes, and am curious about how much someone can actually earn and still pay 0 or negative taxes. Suppose I have an LLC, and my wife and I are ...

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