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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
75 views

What is the income limit for a qualifying relative dependent? [duplicate]

My younger sister is 28 years old. She lives in my house and I pay for more than 50% of her expenses (food, clothing... everything). Her income in 2018 was $7,000 for the year. She is a waitress. ...
2
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2answers
79 views

How does the US wash sale rule work in this specific case?

I have a question about wash sales. Here's the scenario: let's say I'm trading XYZ with the following transactions: December 10, 2019, Buy 100 shares of XYZ [Lot 1] @ $100 each December 17, 2019, ...
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1answer
82 views

Do digital payments count as cash wages?

According to Publication 926 (2019), Household Employer's Tax Guide, "Cash wages include wages you pay by check, money order, etc." Do cash wages also include wages I pay electronically, ie, without ...
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0answers
46 views

What to file as a non-resident alien single owner of a U.S. LLC in Wyoming?

I'm an Russian citizen, living in Russia and I own a LLC in Wyoming. I am the only owner of this LLC (single member managed LLC). I use this company to accept international payments through 2checkout....
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0answers
38 views

Is the principal on student loans tax deductible in Canada?

A friend was suggesting to me that it would be wiser for me not to spend money that I am currently earning, since as a student, I am in a very low tax bracket / below the lowest tax bracket. Their ...
5
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2answers
98 views

Do employer contributions to an HSA count towards contribution limits?

They 2019 HSA contribution limit for a single person is $3,500. If my employer contributes $500, does that mean I can only contribute $3,000, or can I still contribute the full $3,500?
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1answer
26 views

Business taxes to an Italian citizen with an online business outside Italy

As an Italian citizen, if I open a company outside Italy (for example, a LLC in US) and operate strictly online, will I still have to pay business taxes on the income of this foreign company to the ...
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4answers
109 views

Investment vs Income Tax

For a private employee in India, with an income of INR 6.5 lacs per annum, to minimize IT under 80C, which investment is most beneficial?
2
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0answers
71 views

Tax on apartment purchased abroad

I live in the US and purchased an apartment abroad. I transferred 200,000 dollars directly to the seller, so I never opened a bank account abroad. My understanding is that, if no income is generated (...
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7answers
11k views

Someone stated that my uncle died in Canada and there is money for me [duplicate]

Someone contacted me and said that someone with a similar last name died and left me a large amount of money. He gave me information and forms from a bank, and other pertinent information. I then ...
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1answer
173 views

Taxi fares - business expense?

In order to minimise the time I'm away from the office for a medical appointment, it makes sense to take a taxi rather than using the bus (driving is not an option because there's no parking at the ...
3
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0answers
78 views

Is my contribution to corporate housing tax deductible?

My residence is in NY but my company moved me to CA for a temporary assignment (one year). They are providing corporate housing but I still have to contribute approximately $900/month. Is the $900/...
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0answers
26 views

Canadian citizen, working for a US-based company in Toronto. How will exercising my stock options work in terms of the IRS and the CRA?

I work for a US-based company, but in their Toronto, Canada offices. On a monthly basis, I receive some amount of stock options in the Private corporation, which is based in the USA. I can exercise ...
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0answers
20 views

is it possible to account TDS in Microsoft Money Plus?

Is it possible to account Tax deducted at source like Fixed deposit interest in microsoft money plus?
0
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1answer
69 views

Travel expenses reimbursement taxation?

I own a small (one person) "Ltd" company in Hungary. (They are called Kft. here) I work as a consultant for a U.S. company located in San Francisco. I emit regular invoices to them and then I pay ...
41
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6answers
12k views

What do I need to watch out for when receiving a large sum of money as a gift in Germany?

I live in Germany. If my father would want to give me a large sum of money - let's say 10,000€ - what would be the safest, least bureaucratic way to do this? I'm an apprentice and I still receive ...
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0answers
39 views

Taxation of prize money given by US to Indian citizen

Can I claim 0% withholding of tax by US on the prize money given to me by a US based organisation? I am an Indian citizen holding a PAN card and filing returns every year.
1
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1answer
38 views

Tax on Irish ETF as US tax resident

I am moving to the U.S on a H1B visa. I have a portfolio of accumulating ETFs domiciled in Ireland. What will be the tax implications of this in the U.S if I plan to rebalance this portfolio every ...
7
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1answer
77 views

U.S. citizen with (U.S./U.K.) dual nationality living and working abroad: How does one use their P60 to declare to the IRS?

For a given tax year, how does one use the information provided in their P60 to calculate how income should be declare to the IRS? As I understand in the U.K. a tax year is between 6 April to 5 April....
4
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2answers
127 views

1099-INT shows '0' even though I received some interest

Throughout the year I see little additions to my checking account for interest. These are pretty small. When I received my 1099-INT, all values were $0.00. Is this a mistake, or did I just receive ...
1
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2answers
72 views

Are there any limits for sending money from UK to Egypt

How much money can I send abroad each year to Egypt without being taxed? (Note: the money to be sent has already been taxed by income tax.) For example, when searching online I found for NRI -> ...
3
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0answers
37 views

Are assistance benefits reported as W-2 box 1 income considered earned income?

First off, I recognize that I am not paying any of you to act as a licensed tax professional for me, so I will take your tax advice as just that, advice. The university I attend has financial-need-...
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2answers
46 views

Filing taxes in Canada but only worked in the United States

My boyfriends has native status and lives in Canada, however works in the United States. He's up to date on all US taxes but he's never done Canadian taxes. If he were to do his Canadian taxes, would ...
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3answers
264 views

$10,000 was accidentally transferred to me instead of my company

As a result of a business competition we won for school, $10,000USD was transferred from my University's Accounts Payable department, to me. It should have been transferred to my business, a C-...
1
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1answer
60 views

Are relocation expenses that are expensed by employers taxed at the same rate as normal income?

Since the beginning of 2018, employer paid relocation expenses are now taxed as income for the employee (me). How is this taxed, though? Is it at my normal income rate, or is it considered a bonus ...
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2answers
76 views

minimum suggested qualifications for tax preparer

Are there some minimum formal certifications / qualifications that one should be looking for when hiring a tax preparer (to handle federal and state tax return for an individual)? As a salaried ...
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2answers
69 views

Taxable State Refund (1099G) combining two returns

I just got married last year. When I fill out my 1099G (filing jointly), after I take my state tax refund from 2017 am I allowed to subtract my wife's state tax payment from 2017? Or do I simply have ...
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5answers
177 views

Is it worth to pay for TurboTax when filing one W2?

Is it worth to pay for TurboTax when filing one W2? Or just use its FREE version?
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1answer
77 views

Can you file only a federal tax return (and not state) if you're not required to in the first place?

This is connected to my last question which you can find here. To restate, I made $5,040 in "Wages, tips, and other compensation". Normally, I'm not required to file taxes, but I have decided to in ...
24
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6answers
10k views

Is it worth filing taxes if I only worked an internship?

This past summer I interned at a company and just got my W-2 Form. I am a 17 year old high school student which qualified for 2 Federal exemptions, 0 State exemptions, and 0 Local exemptions. I made $...
5
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2answers
130 views

Employer did not withhold taxes on last 3 pay periods (W2 employee)

I was a W2 employee at a startup. For the first several months of my employment my employer withheld taxes normally. Later, the company experienced financial problems and was unable to make payroll ...
7
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1answer
184 views

How does “marriage allowance” work in UK self assessment?

My wife and I have just been doing our 2017-2018 UK tax self-assessments online (yes I know... leaving it to the last minute... they are all done now though). As during that tax year my income was ...
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2answers
346 views

Why do we pay taxes on something that we can later deduct from taxes?

I live in Germany and have been asking myself this for quite some time. When I hire and pay a craftsman in Germany, I pay taxes. These taxes are paid by the craftsman to the state. At the end of the ...
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1answer
30 views

Both Schedule C and Schedule C-EZ form for freelance taxes?

Do I submit both or... which one? (If it is just one) I have been searching for solid information about this for a couple of days... Decided to just throw this question on the stack. Maybe the answer ...
0
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1answer
112 views

Do I report outstanding credit in another currency as income?

I've done some work via Upwork the freelance agency. Essentially there is an outstanding "balance" (credit?) that has not been sent to my bank account yet (money to be paid to myself). Do I need to ...
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2answers
120 views

Does it matter if my 1099-INT lists an out-of-date home address?

My 1099-INT lists an older address. I checked my bank account, and my address is up to date, but since I moved last year, I guess they kept the old address on the form. My tax filing software lists ...
2
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0answers
50 views

Minimize taxes when transferring investments from one account to another

Located in Ontario, Canada I have three investment accounts with managed by a TD-bank financial planning account: TFSA (currently maxed out) RRSP Non-Registered All three accounts have their funds ...
1
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1answer
42 views

For a single member LLC, if I have no employees can I apply for an EIN from the IRS?

This for an LLC formed in Oregon. If I cannot apply for an EIN being a single member LLC, would I have to use my Social Security Number to represent tax on the LLC, and subsequently assume all ...
1
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1answer
63 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
61 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 ...
5
votes
1answer
96 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
votes
1answer
78 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
97 views

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
107 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 ...
2
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2answers
113 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 ...
3
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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
47 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
votes
1answer
262 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
60 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
41 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 ...