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Questions tagged [taxes]

For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, etc. Whenever asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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1answer
37 views

Will I have to pay taxes if there are more than 10 lakhs worth of transactions?

I am a CSE student in a college Andhra Pradesh, India. My friend and I have created a web application to automate hostel payments with which students can pay their bills monthly. We use the PayTM web ...
2
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0answers
50 views

how does paying back a sign on bonus affect your income taxes?

It's not uncommon for sign on bonuses to have a provision wherein if you leave the company before a certain period of time (let's say 2 years) that you have to pay back the sign on bonus in full. My ...
2
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0answers
22 views

RSU taxation: am I being over-taxed?

I'll preface the details here by saying that I'm guessing the answer to the question is no, but I'm trying to understand what piece of information I'm missing here with regards to the following ...
5
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1answer
74 views

HSA and Medicare: what if I get laid off?

I'm approaching 65; will continue working for a large company; will not be taking Social Security; have a high deductible insurance plan through my company which I will continue using (so will not ...
0
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1answer
72 views

Switching from W-4 to W-9. What should I be aware of?

I'm a welder in California. I recently talked with my employer and mentioned that since you can't deduct expenses as a W-4, I wondered what he thought of hiring me as a W-9 so that I could write ...
2
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0answers
66 views
+50

Are LLC membership interest purchases taxable?

My job has offered me an associate position which means I will become a member in the LLC. The cost for 250 units (membership interest 2.25%) is $25,000. I will get profit sharing of 2.25%. The LLC ...
1
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1answer
82 views

What should/can I do, now that I’ve closed the single-member LLC I used for freelancing?

I freelanced full-time for 6+ years through a single-member LLC, which I closed at the end of last year after I moved to a new full-time job. I was a user experience designer/researcher and designed ...
1
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1answer
43 views

Shouldn't the rebalancing of an ETF result in profit/loss

My understanding is that an ETF is a basket of a variety of stocks. When that basket is rebalanced and some stocks are sold and others are bought, won't that result in a profit/loss in the same way ...
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3answers
2k views

Understanding my company's liabilities

I am seeking to close a UK business I own but I am worried about being hit with a huge tax bill. I have been provided a balance sheet which states the following: TOTAL ASSETS LESS CURRENT ...
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0answers
97 views

I have been asked what financial services you're offering? [on hold]

I'm selling digital currency and wanted to pay tax so I filled out the form and sent it to the tax agency. In response they asked me this question and I don't know what they really mean: What ...
0
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0answers
46 views

Taxes and Minecraft servers [duplicate]

I am a teenager who plans to start a Minecraft server. I live in the United States and I assume that I will need to pay taxes. My parents want to find out more about the taxes. I've read a couple of ...
8
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1answer
243 views

If I claim my parent on taxes does that make me responsible for their past debts?

I have supported my parent for most of the year and paid for everything. Housing/food/transportation and other things. So I want to claim them on my taxes. My concern is this: They have a large ...
2
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0answers
53 views

Would there be tax due on an inheritance received from a U.S. citizen that lived in the U.K.?

My mother passed away in August. She was a US citizen living in UK for 40+ years. Do my brother and I have to pay tax to bring the cash into the US? No tax had to be paid in UK. Not a big ...
2
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2answers
35 views

Correcting a post-tax HSA deposit?

Due to a payroll error at work, my HSA contribution got put in twice for the first pay week. Once pre-tax and once post-tax. The extra total amount being in there is fine as it won't cause any limit ...
1
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0answers
56 views

Bonus which will have to be paid back [duplicate]

I received a retention bonus during the tax year 18, with the clause that if I leave within the year I have to pay back the full amount. I will hand in my resignation and will have to pay back bonus ...
0
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1answer
54 views

Does a gain in one brokerage account and a loss in another brokerage balance each other out for tax purposes?

I have different investments in two different brokerage accounts A and B. Investments in A are up 500 and in B are down 500. If I were to sell both of these in the same year (without any other losses ...
1
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1answer
43 views

Where are additional dependent children listed on the 2018 1040 tax form?

I was getting a head start on my taxes and wondering what form there is for listing out additional children. On the old form, I attached another form (probably something just autogenerated by my ...
2
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1answer
53 views

Does SE income for taxes have to be paid in the year or just earned?

If I earn self-employment income for, e.g, taking someone's photo in late December but don't receive payment for that service until January and my tax year matched the calendar year, does that income ...
4
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1answer
52 views

Is compensation for European flight cancellation taxable in India?

Here is the situation: Indian resident receives compensation (under EC Regulation 261/2004) for cancelled flights while on business travel within EU. Is it taxable in India?
1
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1answer
40 views

Calculating the basis for shares of international stock mutual fund

I'm calculating the basis in connection with redeeming shares of an international stock mutual fund. The fund has paid dividends quarterly, which I reinvested. I'm reviewing the Federal 1099-DIV ...
1
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0answers
35 views

What are the US tax implications of owning a controlling stake in a UK private limited company?

I'm currently a US resident alien. What are the tax implications of owning a controlling stake in a UK private limited company? It is unclear how complex filing is and what financial implications ...
2
votes
0answers
43 views

Canadian gifting a biological parent living in and citizen of the US

As a Canadian Citizen I have given (gifted) in excess of 100K US to my adult child (US Citizen) living in the US with no tax implications other than him filling out the proper form to acknowledge it. ...
2
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2answers
35 views

Does date of sending or receiving money count for tax?

I am to receive a sign on bonus. In 2018 I earned not much money but in 2019 I will, because of the new job. My employer agreed to send the money on signing in 2018 as this makes quite a difference in ...
3
votes
1answer
26 views

Clarification regarding disqualified income for Earned Income Credit (EITC or EIC)

I'm a graduate student with several kids. Right now I'm trying to leverage my temporarily diminished income by "backdoor" rolling-over my 401k account to a Roth IRA account, without inadvertently ...
0
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1answer
24 views

Tax system on savings account in India

I would like to know if the money in the bank is taxable. Let's say I have deposited some x amount in my savings account and the yearly interest is y amount. I know that this y amount is taxable, but ...
2
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0answers
15 views

Do I need to Re-file my taxes (1040x) once I receive healthcare marketplace exemption certificate?

This pertains to tax year 2017. My girlfriend filed her taxes and filled out form 8965 (healthcare coverage exemptions form). She checked the box indicating that she had a "pending" hardship exemption ...
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0answers
29 views

Can I Expense Reimbursements To An Employee Who Received Medical Treatment In A Foreign Country?

I have an employee who was sent to a foreign country on a business trip. He got in an accident while he was there and had to be treated at a hospital. Since he was there on a company trip, we ...
0
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1answer
37 views

Wash Sale between RSU and ESPP

I sold some RSUs at a loss of about ~5K on 12/27/2018 but am scheduled to receive the same stock via ESPP on 12/29. Will this ESPP transaction disqualify the ~5k capital loss on RSUs as Wash sale? If ...
2
votes
1answer
45 views

Paying tax in the UK for Fixed Deposit (Term Deposit) interest earned in India on NRE Account?

I am an Indian citizen (Indian domiciled via father's citizenship) currently residing in the UK. I intend to take up permanent residency in the UK when applicable but also continue to use my Indian ...
7
votes
1answer
89 views

Medical expenses tax deductions - billed vs. paid

In the USA, total medical expenses above a threshold may be deducted from taxes. If a medical expense occurs in December and the bill is paid in January, for tax purposes, does this expense occur in ...
1
vote
1answer
39 views

How to transfer money from india to usa [duplicate]

My son is a US Citizen and he will be entering into College on coming September 2019. We (parents)are green card holder & lives in US. We have a house here in India. We want to sell it and bring ...
0
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2answers
165 views

Lottery Winnings in United States

I noticed everyone is saying get a Lawyer, Financial Planner, and Tax Professional if you hit the big lottery. Why would I need a Lawyer to collect what I won? Is winning in some way Illegal? I don't ...
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0answers
22 views

Corporate structure for dual U.S. / Canadian citizen?

Current scenario: $150,000 CAD/yr taxable sole-proprietor income (Canadian sourced) dual U.S. / Canadian citizen Canadian resident Wishful scenario: Canadian corporation qualifying for small-...
0
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0answers
32 views

Is it possible to appeal a notice of intent to assess after the appeal deadline stated on the notice has passed?

Is it possible to appeal a notice of intent to assess from Massachusetts (mirror) after the appeal deadline stated on the notice has passed? I saw the notice of intent to assess too late as I was ...
1
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1answer
60 views

Wrong tax class

A few weeks ago I moved from Brazil to Germany to work for a IT company. I went to the Bürgerbüro to register my residence. The employee who did my paperwork asked if I was married. I am married to a ...
4
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1answer
767 views

Benefits/disadvantages of filing as married?

I was hoping to get some help as to what I should file on my taxes (single, married or head of household). I recently got married in August. I honestly and not sure the benefits of filing single/...
2
votes
1answer
79 views

Financial benefits of installing EV charger for landlords and employers

This question is based on the location: Vermont, USA. A lot of information regarding federal tax benefits are available online for Electric or Hybrid car owners. However, I am interested to know if ...
-1
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0answers
8 views

1040NR needed for LLC Partner USA alien Living/Working outside the USA?

Situation: I live in Nepal and am a USA citizen. Partner lives in Romania and is a Romanian citizen. We want to start a LLC where we will share equity and get paid by this LLC. The LLC will be ...
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0answers
22 views

Financial Planning/Investment Advice (Singapore-US related)

Hope you guys can offer some advice! I'm a Singaporean (26) just out of university and trying to think about my finances in a more structured way. I currently have Income (yearly): 7.2k mandatory ...
2
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2answers
102 views

Taxes on stock sales?

My father purchased stocks for my kids at a young age. He was custodian for many years and upon his death I was made custodian. My children are now adults and I recently removed myself as custodian ...
2
votes
1answer
25 views

MA 2015 Schedule Z line 12: “Income tax paid to another state or jurisdiction (from worksheet)” -> what worksheet are they talking about?

I am filling out a 2015 Schedule Z (mirror) in Massachusetts, USA, which I plan to attach to a 2015 Form 1 (mirror). Line 12 says: "Income tax paid to another state or jurisdiction (from worksheet)". ...
2
votes
1answer
63 views

NYC - Does New York City tax scale similar to Federal taxes?

As far as I understand it: If I make 5k yearly versus making 50k yearly I fall into a different federal tax bracket and the amount I'm taxed becomes modified (this is the simple explanation). ...
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votes
2answers
393 views

Can I purchase gift cards this year and deduct as a business expense, and spend the cards next year?

If my friend was to buy 5k in Amazon gift cards for himself before the year end knowing that he was going to spend those during the 2019 fiscal year, with the idea that he would be writing this off as ...
0
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1answer
48 views

On what amount am I supposed to pay VAT for sales?

My question comes after reading this article about Amazon paying just £15 million in tax for European revenues of over £9 billion. Here, I am confused about when businesses pay VAT (VALUE ADDED TAX). ...
1
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1answer
93 views

Tax Loss Harvesting and RSUs

I routinely sell my RSUs as soon as they vest, but this previous vesting period -- I did not. Sadly, the stock declined ~25 percent since that time. Some key notes. This would be a short-term sale ...
1
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0answers
45 views

State tax refund different from what's indicated on Turbotax form

I am digging into a past year's Utah tax return (due to an audit) and I see that 42 TOTAL DUE - PAY THIS AMOUNT is over $500; I used Turbotax and I'm seeing that on my downloaded, filed tax form. ...
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2answers
105 views

How to pass on personal debt for R&D to a startup?

I just realized that I've lived frugally for the past year and most of what I make goes into paying off some hasty decisions in 6 digits worth of (now) high APR credit card debt. I've spent quite a ...
0
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0answers
39 views

Estate net income NEXT year less than $600. File final tax return for THIS year?

This is what happened and will happen: 2016: Person is still alive with self-employed income reported on a Schedule C. 2017: Person died. Estate account opened. Personal and estate returns filed as ...
0
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1answer
121 views

Taxes - Extra money at the end of the year

Background I run a small business and we have a fortune 500 company as one of our clients. This is great and all except that they push us around as far as finances are concerned. They always pay, but ...
1
vote
1answer
59 views

Lawful Permanent Resident of USA and cryptocurrency tax?

So I have the chance to purchase cryptocurrency from another country through a trusted friend, my questions are: Is this legal activity of any sort, will i be committing fraud? How would this be ...