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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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8 views

Sweden: Base salary with taxable benefits

I am discussing a job offer in Sweden and has been offered a base salary with taxable benefits added on top of that. I am happy with the take-home amount but I have the following concerns: What sort ...
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1answer
46 views

Relocation confusion

In the UK the government has rules on relocation. https://www.gov.uk/expenses-and-benefits-relocation/what-to-report-and-pay It states that I do not have to report qualifying costs up to 8k. I have ...
2
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4answers
260 views

What is the meaning of the Mega-Million's Cash Option - Avoiding lottery's winning taxes

The current Mega Millions jackpot is standing on $868 Million USD, while the Cash Option for the same Jackpot is $494 Million USD. The winner of any of Mega Million's jackpot has two options to ...
2
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2answers
130 views

Tax implication when receiving Bitcoin gift from foreign relative?

Does the recipient has to pay tax, or report receiving the Bitcoin? receiving: US, sending: China. Edit: receiving gift.
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0answers
12 views

How to enter correct amount in Non-US tax return in CSS Profile?

My question is regarding the vagueness of the point underlined in red in the picture below. How can I differentiate what amounts to put in "wages, salaries, commissions and tips" and the amounts from "...
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1answer
57 views

What would be my Indian Income Tax if my salary is 15 lacs per annum

This is one topic which has always puzzled me to no end. No matter how hard I try to understand it, I always do not seem to grasp the concept. I'm currently considering an offer and would like to ...
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0answers
14 views

Dividend tax for Non Resident Alien owning US domiciled international stocks ETF

What is the US dividend tax rate for a non-resident alien owning a US domiciled ETF holding non-US companies? Assume no tax treaty so the tax rate for the SPY ETF would be 30%. An example would be a ...
5
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1answer
213 views

Does a dependent 19 year old have to file taxes?

I'm a 19 yr old, and my parents file me as a dependent under their married-filing-jointly tax return. Lately, I've done a couple small mystery shopper task from 3 different companies. The total adds ...
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2answers
124 views

Making a 1 time payment to IRS

When making a 1-time tax payment to the IRS, because of a 1-time cash windfall, how does that factor into my taxes during tax time? Do I get a form or receipt of the 1-time payment that I enter ...
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0answers
25 views

Fixed amount discount when invoice has multiple line items and multiple tax rates? [closed]

How do I work out the tax for an invoice, when a set amount discount needs to be applied to invoice that has multiple line items with multiple tax rates? See my example invoice below: SomeItemOne(...
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1answer
111 views

Paying taxes on a side gig

I work a regular salaried job. I did a side job and earned $825.00 on 5-23-18. I figured this was going to be my only side gig for the year, so I thought I would pay taxes at tax time (April 2019), ...
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1answer
598 views

How to deal with discount when invoice has multiple line items and multiple tax rates?

I am stumped at how to work out the tax for an invoice, when discounts are applied to invoices that have multiple line items with multiple tax rates? See my example invoice below: SomeItemOne(Tax: 20%...
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2answers
7k views

Job offer in Sweden: Confused about the salary breakdown

I have received a job offer in Stockholm for a Software Engineering position and have had a verbal discussion about the same. What I have been informed is that I will receive 31000 krona (after tax) ...
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3answers
292 views

Does IRS charge interest for underpaid taxes?

There is a rule that if no taxes are owed on last year's tax return, the IRS will not impose a penalty, but will interest be charged? Example: assume no federal taxes have been withheld during 2018. ...
2
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1answer
43 views

Retired resident alien with investment in India

We are husband and wife, now retiring in Jan 2019 and getting the PR Card for US. We have our investments in Indian Mutual Funds and Fixed Deposits in Indian Bank. When we shift to US, what are the ...
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1answer
179 views

Haven’t been able to work since Oct 2017. Is there tax due for a 401k withdrawal while totally disabled?

I have had 14 hand surgeries, one each on my elbow, shoulder and hip. I had 2 knee surgeries and my right knee needs replacement. If the temperature is below 40 degrees, my hands go numb and I can’...
4
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1answer
61 views

Can I contribute money to a Roth IRA in this non resident alien situation?

Here I have an interesting situation. I am a former American citizen, expatriated (non-covered). I still have my Roth IRA account. I earn money working for a UK company with a US parent, listed on the ...
2
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1answer
49 views

Is my 83(b) election still valid?

In 2016 I filed an 83(b) election for some ISOs I received as part of my employee compensation. I did not completely understand the 83(b) election when I made it, I still don't to be honest. There are ...
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1answer
75 views

How to include money spent on business as losses

For the last year or so I have been helping as a financial partner to a small business. The person has used the money for business as well as personal expenses and I'm wondering what I need to do to ...
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0answers
74 views

Can I create a business for finding contracts, and hiring other contractors to complete them? [duplicate]

I'm a freelance web developer who routinely finds and completes contracts. However, I've found it even more profitable to accept contracts given to me, and hire other contractors to complete the work, ...
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0answers
78 views

Can I create a business for finding contracts, and hiring other contractors to complete them?

I'm a freelance web developer who routinely finds and completes contracts. However, I've found it even more profitable to accept contracts given to me, and hire other contractors to complete the work, ...
1
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1answer
29 views

Calculating the decrease in effective yield from turnover rate of ETF

I want to invest in a high dividend ETF. Two ETF's that I'm comparing are: SCHD Distribution Yield TTM: 2.57% SEC Yield (30 day): 2.92% Portfolio Turnover: 15% Net Expense Ratio: 0.07% 1 Year tax ...
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0answers
26 views

For US GAAP principles, when is the dividend date, when the company sends a check or when the receiver cashes it? [closed]

My question is about US GAAP priniciples. If a company sends a check for that dividend, is the date of the dividend when a) the check was signed/sent, or b) when the receiver cashes it and that ...
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1answer
37 views

Calculating 2018 AMT from taxable income

US Alternative Minimum Tax: What would be the TMT on $500,000 of taxable income for "married filed jointly" ? Here is what I tried: This is still below the exemption phase-out threshold, so we can ...
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1answer
25 views

AMT 2018 Calculation when taking the standard deduction (Alternative Minimum Tax, US)

So in 2018, the US has new tax laws with much higher standard deduction. How does this work with AMT income calculation. That's typically done by using the regular income and adding in certain ...
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2answers
77 views

Does it make sense to take dividends for a director paying higher rate tax to invest in ISA?

Assuming: I am an LTD director I reach the higher tax band (32.5%) for dividends to cover my living expenses Does it make financial sense to declare higher dividends (taxed in my hands at 32.5%) to ...
5
votes
1answer
90 views

Can requesting an IRS transcript result in more problems?

I have some unfiled tax returns with the IRS. I met with a lawyer that specializes in help with IRS issues and he told me that the first step in their process is to get an IRS power-of-attorney from ...
2
votes
1answer
60 views

What should I look for in a lawyer for help with the IRS? [closed]

I need to hire a lawyer to help me file unfiled tax returns in prior years. What are some special considerations/qualifications I should look for? I have interviewed a couple of them and most the ...
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0answers
40 views

When should non-resident alien investors file IRS taxes?

I am a non-resident alien with a tax residency in my country of origin. I have opened an investment account with a broker in the United States. What (if at all) do I have to file with the IRS?
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1answer
187 views

USA, tax, business travel overseas, lodging / M&IE allowance system?

Say you are in the US. You are self-employed. During the year you have to travel to country X (say, Japan) for 20 days to see one of your clients. It is pure 100% business travel. For travel within ...
1
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1answer
108 views

Am I a 'disregarded entity'?

The US IRS classifies certain business entities as "disregarded" for tax purposes: business income is considered personal to the owner. The IRS says this term applies only to single-owner LLCs (not ...
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1answer
70 views

Close a limited company in UK

I would like to close my limited company but I do not know exactly how much money should I leave in the account to pay taxes. Can I get all the money from the account and then move the necessary ...
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0answers
34 views

When having an LLC taxed as an S Corp, what difference does it make to retain a profit since it is a pass-through entity? [duplicate]

Suppose I have an LLC and for simplicity's sake I'm the only member and I choose to be taxed as an S Corp. I fill out a W2, becoming an employee-owner of the LLC and I pay myself 50% of the LLC's ...
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2answers
47 views

How to understand wash sale loss and disallowed loss

I am new to trading and I do not understand this. I bought 31 stocks of ABC for $7,658.85 and then sold 31 for $6,346.56. On the same day I bought 35 stocks of ABC for $7,160.00 and then sold for $...
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1answer
121 views

Is “I bought something as a tax writeoff” plausible if you are willing to use illegal means? [closed]

Like buying a cheap painting, getting someone to appraise it as very valuable, then donating it?
97
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13answers
22k views

Isn't “I bought [blank] as a tax writeoff” complete nonsense?

There's a trope in movies where people do something to keep from being bumped into a higher tax bracket (For example, in The Big Lebowski: "I'll have to check with my accountant, but it might bump me ...
25
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2answers
6k views

Why not speculate at EOY and write the loss off on taxes?

At the end of the year I will owe some money in taxes. Rather than simply pay it, I am considering making a wild bet (with options, for example), in a controlled way such that I can't lose more than ...
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5answers
224 views

Very basic question regarding taxes [duplicate]

Why can't I just be paid less instead of having TAX deducted from my salary? I do not understand the idea of the existence of taxes. Why can't I just be paid the amount that has taxes deducted away ...
4
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0answers
58 views

Accrual accounting: how to implement prepaid tax

I am trying to put my personal finances in order and I figured that accrual accounting fits my needs for keeping a better track of my records. I am new to accrual accounting and while I think that I ...
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0answers
40 views

Gifting/Borrowing 70k from EU to US

I have a friend that is willing to let me borrow 70k. I have a few questions that I hope everyone can assist me with. What would be the ideal way to have the funds transferred from EU to the US? Is ...
3
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3answers
77 views

How is a non-resident Sole Trader in Australia taxed on freelance work?

I am considering doing remote freelance work for an Australian business as a Sole Trader with an Australia Business Number (ABN). I am a non-resident in Australia. My question is: do I pay taxes on ...
1
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1answer
72 views

Tax write-off of side business expenses from primary income

If I have a side business that has more expenses than income, can I deduct the expenses from the taxes paid on my primary income? Example: Let's say that in a year I have $1,000 in income with $5,...
2
votes
1answer
138 views

Working remotely in U.K for a Japanese company - want to get mortgage

I have been living in Japan with my husband for the past 3 years. We are both British. I work for an IT consulting firm with only a handful of staff where I am the only foreigner. I'll be turning 30 ...
1
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1answer
28 views

Tax treatment for India (stay over 182 days)/Hong Kong salary income in a single year

What is the tax treatment for salary earned in India (stayed over 182 days) and Hong Kong? Hong Kong tax rules provide for some standard deduction before computing net chargeable income. What is the ...
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0answers
24 views

RSU tax seems incorrect

I always get lost with the RSU, what I'm getting never seems right. For example, when I have 4 shares vested, I only end up with one. (E*trade will sell some of them to cover the tax) but the ratio ...
2
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0answers
88 views

If my ISOs are converted to NSOs, do I still have 90 days to exercise my vested options as ISOs?

Let's say I have a bunch of incentive stock options (ISOs) in a company that have vested but I have not exercised yet. If I were to leave the company, I have 90 days to exercise them with ISO tax ...
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0answers
28 views

How are U.S retirement accounts (401k, IRA) withdrawals taxed in Colombia if I become a resident for tax purposes?

I'm currently a U.S resident (not citizen) and I have money invested in a 401k account. I'm planning to move to Colombia at some point in the future. How are 401k withdrawals taxed there? I cannot ...
2
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1answer
48 views

Will I have to file Massachusetts tax forms if I have almost no income?

I am moving out of Massachusetts in October, but it unclear to me whether I will need to fill out a Massachusetts tax form. I expect to have less than $10 in income in 2018, which is interest on a ...
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1answer
55 views

Where do I pay taxes when payed by Finnish company as German citizen?

If I am paid by a company that is based in Finland while I am a German citizen, where do I pay taxes and to which government? If to only one, do I need to tell about it? I am a citizen of Germany. ...
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2answers
57 views

Help calculating quarterly estimates for September

I was looking to get some help with my federal quarterly estimates this September. My W2 income is 36k/year My 1099 income (started 2 months ago) is around $1000/month How do I calculate my ...