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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(Hypothetical) Write off Loss of Cash due to bankruptcy of financial institution

Recently, there have been a lot of talk about $15 trillion worth of negative-yielding bonds being traded worldwide--and how this number is increasing. Some internet users suggest: why not hold cash (...
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1answer
42 views

Starting an LLC before it is needed

Have business plans for over a year or two out, however, would like to establish the LLC now and have it sit idle until needed. What characteristics should be selected for creating the LLC at this ...
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Do foreign entities earning money via US marketplace platform have to pay US taxes?

I registered a one-person LLC in my country of stay (Taiwan) that I use to receive income from a US-resident online marketplace platform that connects me (offering services) to international customers ...
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60 views

Can I legally file zero tax return as non-resident to get ITIN?

I want to obtain an ITIN number to get a credit card / open bank account in the US. I know, IRS does not issue this number unless for tax reporting purposes. I visit the US from time to time on a ...
4
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1answer
64 views

Is the capital gains tax rate bracket calculated after deductions?

For example, if someone (single filer) makes 45k in regular income and wants to sell stock which would realize 5k of long-term capital gains: Do they pay 15% on the capital gains because, with 50k ...
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2answers
102 views

Where to pay taxes?

I am a Croatian citizen residing in Spain. I got a job offer in Germany where I would be working from Mon - Thu, and rest of the days I would be back in Spain. I would be working with a company as a ...
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68 views

How to treat a bonus for tax purposes if moving states

I moved from NY to a tax-free state in December of 2018. In January of 2019, I received a cash bonus from my employer. Despite not living in NY anymore, the company withheld NY state income taxes for ...
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1answer
55 views

Indian Resident gift from India to me who is US citizen

I'm an US citizen. My friend and relative who are Indian citizens want to transfer USD 50,000. They will send in two transactions of 25,000 each. Transfer is from their Indian bank account directly to ...
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1answer
61 views

Optional vs Mandatory State and Federal Paycheck Taxes for NYS

I live in New York state (upstate; not NY City) and am wondering which of the following taxes I must pay out of my weekly paycheck: Income Tax Federal State Local FICA & State Taxes ...
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1answer
72 views

As a trustee and executor of a trust, can I “settle” the financial portion of a trust on my own?

regarding settling the trust as an executor: I have gone through the legal aspects of informing heirs regarding the trust, and assuming that there are only liquid assets, can I just make out checks to ...
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41 views

Why does strategy with borrowing 35,000 and using Home Buyer's Plan apply to just Canadians in 40% marginal tax bracket?

Why do these Reddit users focus on the "40% marginal tax bracket"? How did they calculate it? Assume that we're in Ontario so that we can work with Ontario's provincial tax rates. 35K at 5% for 90 ...
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0answers
51 views

NRI gifting funds from UAE to USA [on hold]

I am an NRI (Non-Resident Indian) and I wish to transfer funds, from UAE to USA, as gift to my daughter. She is an Indian passport holder staying in USA on OTP visa. What are the limits and taxes, if ...
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50 views

Lowest tax implication for selling an inherited house

Context: A homeowner passed away in 1999 and the house ownership was moved into a trust. At that time the house was worth ~120k. It is now worth ~400k. The beneficiaries are divided equally among 3 ...
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126 views

Can side startup cost to build an app offset my income for tax purpose?

I have a full-time job and am interested in forming an LLC paying a foreign company in China to build a website or app prototype for my side startup. Can I deduct this cost against my income from my ...
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1answer
159 views

Am I a “Material Participant”?

I am a limited partner in the company where I work full time in a middle management role. (Or more specifically, I am a limited partner in the holding company that exists for the sole purpose of ...
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1answer
25 views

IRS CP2000 for Company Retention Stock Options

I was granted company restricted stock with a vesting period of 4 years. I was under the impression that upon vesting, the stock is taxed and that's all I owe. I could then sell the stock and that ...
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1answer
241 views

Run Facebook fundraiser on behalf of Mexican citizen

Background I am a natural-born US citizen and lifelong US resident. My friend, who I will call V, is a Mexican citizen living in Mexico. She is trying to improve her financial situation. She has ...
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1answer
94 views

Does the stock dividend tax depend on the exchange it is listed on?

Total is a french oil company listed on both Euronext Paris and NYSE. How does the location of the exchange affect de dividend tax? If I buy my shares on the NYSE, does the dividend tax depend on the ...
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126 views

Options for Protecting Inheritance Before Death?

My mother is starting the process of selling her house and downsizing to an affordable apartment. The house sale will leave her a fair amount of cash that she will use to close the gap between her ...
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1answer
30 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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2answers
43 views

Requirements for VAT registration in Europe as an Australian Entity

I am going to be doing some consulting for a company based in Germany and I don't have a European business entity, only an Australian one (sole trader). They're asking me for a VAT ID, however ...
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1answer
99 views

Corporation Tax Help?

I’m hoping some of you may be able to help, as I am not very well versed in the tax department. Here’s my situation: Last year, I started doing work for a company that required us to be self ...
4
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1answer
149 views

Am I required to issue tax forms for the users of my website (on which they can earn money)? [closed]

The website in question is a peer-to-peer platform. Users can contact each other and agree a fixed cost for a particular service. I take a percentage of the cost and the rest goes to the user who ...
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2answers
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If you inherit a Roth 401(k), is it taxed?

My understanding is that a Roth IRA can be inherited and the U.S. government doesn't put an inheritance tax on it. Does that also apply to a Roth 401(k)? In other words, if I died, would my children ...
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60 views

Yang's Impact on Algorithmic Trading [closed]

Presidential candidate Andrew Yang has published the following policy proposals on his website: 1. FINANCIAL TRANSACTION TAX Financial markets have grown dramatically over the past decades. ...
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1answer
142 views

How much taxes should I be saving living in Chicago, IL?

I work under the 1099 Taxes. So I basically work as a contractor for a company in the Chicago IL area. Currently I am setting aside 20% of my bi-weekly check and saving it to pay for taxes come ...
2
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1answer
81 views

Foreign inheritance subject to U.S. taxes for permanent resident?

My wife is a permanent legal resident (I am a U.S. Citizen), is the money brought into the United States in the form of an inheritance subject to taxes? Her mother recently passed away in Taiwan and ...
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2answers
174 views

Is this a wash sale violation?

The following lots of stock A have been purchased: Lot 1: 5/28/18 100 shares for $1,000 Lot 2: 6/04/18 100 shares for $1,500 Lot 3: 9/10/18 100 shares for $1,100 Transaction in question: 9/...
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0answers
55 views

Joint checking account with renter who is a close relative

I am the owner of a property. I am currently renting out that property to my close relative. I trust this family member to use my money to pay a contractor to make small fixes to the property. For ...
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3answers
128 views

Netherlands taxes and net income

I'm considering a job in the Netherlands. The annual gross income is 70,000. Checking online it says it falls on a tax bracket of 51.75%. I deducted that to the gross then divided by 12 months, I ...
2
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1answer
41 views

Medicare Part A and a Health Savings Account (HSA)

I'm over 65, have a part-time job with a high-deductable health plan and a Health Savings Account (HSA). I want to take Social Security, which includes Medicare Part A automatically (retroactive for ...
2
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1answer
135 views

How Much Am I Losing On Dividend Tax?

I bought a Vanguard S&P 500 ETF that is issued in Ireland, yet my country of residence is the Netherlands (I'm doing this since from what I see there is no current Dutch ETF that follows the S&...
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3answers
62 views

Why is it necessary to differentiate between adjustments, deductions, and credits when doing taxes? [closed]

What is the purpose in differentiating between adjustments, deductions, and credits when doing taxes? Why not just clump it all together? Whether or you reduce your taxs before or after you ...
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0answers
37 views

Obtaining Figures For Australian GST Business Activity Statement From GNUCash

I have been entering all my financial records into GNUCash, and now I need to find the most efficient way to extract all the needed figures for the BAS. The Income & GST Statement looks like the ...
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1answer
63 views

Receiving income as W-2 employee vs. 1099 contractor

My wife and I (both in the United States) file taxes jointly and make about $110,000 annually from our W-2 jobs. I was offered a side gig that would pay an additional $48,000 per year. The company is ...
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0answers
23 views

Transferred to UK in Nov 2018 from India, How Tax needs to be declared

I have been moved to UK due to company transfer from India in Nov 2018 and will be staying coupe of years here. Nov 2018 onward, I am getting my salary in UK itself which is being credited in UK ...
2
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1answer
63 views

Does the day when you pay quarterly taxes matter? (United States)

When paying quarterly taxes in the United States, is paying on the last day of the quarter (i.e., the day when that quarter's taxes are due) any different from paying on another day of the quarter? ...
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0answers
27 views

do you have to pay taxes in Canada if you only stay 5 1/2 months and go back to the U.S.?

Coming up to Canada from Oregon, We Want to spend the spring thru early Fall travel all over British Columbia and Alberta exploring and more, do I have to pay any taxes other than Sales Taxes?
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1answer
51 views

Is it required to mention money returned by friend in ITR filing in India?

I live in India. For a long time I was giving money to my friend as he lost his job; there was no other option for income. But later he got job so he returned all my money recently into my bank ...
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1answer
54 views

How to transfer money directly from US to home loan account?

Can we transfer money from US directly to the home loan account? Do we have any tax implications in US or in India? I don't have an NRE/NRO account and want to transfer directly to Home loan account. ...
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3answers
191 views

Overseas corp acting like a 401k

I run a one man consulting company as an S Corp here in the USA. I was wondering if an alternative arrangement would put me in a better situation for taxes (my goal is legally reducing my taxes, not ...
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2answers
71 views

Wash Sale on Options trading

Does the Wash Sale rule apply to options trading? If I buy and sell the stocks in a loss, can I still trade the call options for the stock within 31 days of selling?
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24 views

US citizen living in Singapore [duplicate]

I am a US citizen who will be living and working in Singapore and paid by a Singapore company. If I do not reside in the US, and do not visit the US for more than the annual limit of the residency ...
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1answer
91 views

Gift cards and possible hidden import taxes

I live in Canada and want to order something from USA. The total in CAD is $45 (including shipping, but I don't think tax is), and I have a $50 prepaid MasterCard gift card. How do I know if there ...
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1answer
29 views

Tax benefit on home loan of under construction as well as ready possession property

I am from Pune, India and working in Ratnagiri. I have purchased a under constructed flat as a Co-Owner in FY 18-19 in Pune. Possession will be after four years i.e. 2022. First Owner is my wife. We ...
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2answers
57 views

Gift of Equity Tax when selling to family member

I am buying a house from my brother, the house is worth $220,000. and my brother willing to sell it to me for whatever the house is owe the bank, which is $170,000. He is willing to give me all of the ...
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2answers
4k views

CPA filed late returns, stating I would get money; IRS says they were filed too late

I had a Certified Public Accountant file late returns for 2012, 2013 and 2014, stating I would get money. But IRS says they were filed too late. The CPA charged me $580 to file late returns. He said I ...
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2answers
107 views

Tax on IRA and 401K to Roth conversion

I have a 403b account with my employer, a simple IRA account, a SEP IRA account, and a Roth IRA account. My wife has a simple IRA account, a Roth IRA account and a rollover IRA account from a previous ...
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1answer
69 views

1031 exchange mortgage and principal

Let’s say I Sell a 500k property, of which 300k is profit, and 100k was principal and 100k a loan payoff. At sale closing, I send 300k to 1031 intermediary, 100k to bank (loan payoff), and 100k ...
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1answer
50 views

How do companies use the extra money from corporate tax cuts [closed]

From CNBC: The National Association of Business Economics’ (NABE) quarterly business conditions poll published in January 2019, a year after Trump's tax cuts, found that while some companies ...