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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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0answers
78 views

Will the IRS go after foreign countries' pension if you owe taxes?

I am a 70 year old retired Irish citizen living in Ireland. I did live in the USA. Unfortunately, I recently learned that I owe the IRS $15k in taxes from a 401k withdrawal. I own nothing in the USA ...
2
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1answer
80 views

Self-Employed vs. LLC vs. “Something Else” for an at home business with two employees?

Though my circumstances are not that difficult, I want to be sure that I pursue the correct legal path for my family since our business administrative needs may be changing. I am a self employed ...
1
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2answers
58 views

Moving money into US

I am relocating to US from Dubai and would like to move my earnings into US for my expenses (around $50k). Does this attract any taxes? I am hearing quite a bit on FATCA and taxation but unclear on ...
4
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0answers
101 views

IRA rolled over mistakenly to 401k

In a previous tax year I rolled over some money from a former employer's traditional IRA (TD Ameritrade) to a non-Roth 401k plan (Milliman). I didn't report this on my federal tax return at all ...
2
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1answer
38 views

As an LLC owner who hires foreign, independent contractors, what forms should be used for taxes?

I hired a foreign, independent contractor. All I've heard is to have them fill out a w8-BEN for personal use, and a 1099-MISC to present to the IRS. Are there any other neccessary forms?
0
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1answer
30 views

How to contribute to my super account while a non-resident for tax purposes?

I'm an Australian who's residing overseas and I'm a non-resident for tax purposes who's sole source of income in Australian is interest on a savings account. I want to contribute to my super account ...
4
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2answers
422 views

How do I calculate the benefit of contributing to 401K vs paying off consumer debt?

I have a ~$15,000 loan with a 6% interest rate. My company matches half of my 401K contributions up to 6%, and I am in a 25% tax bracket. I currently contribute 15% of my income to my 401K. How do ...
-1
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1answer
38 views

HSA Distribution Reversal Challenges

I had been paying out of network dental providers the full amount on day of service with my Cigna HSA debit card. Then I received checks for the part insurance covers and deposited those in my bank ...
3
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1answer
153 views

It is worth running a limited company with low income?

I'm selfemployed but the company I work for is not allowing me anymore to be self-employed. My agency suggested me to go limited company rather then getting paid PAYE. I'm earning £20000-24000/year ...
0
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3answers
76 views

Tax loss harvesting with ETFs

With the big market drops, I'm thinking of doing some tax loss harvesting. I've never done this before, so want to make sure I do it right... I'm on Fidelity if it matters. I have a self managed ...
1
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1answer
83 views

Do I need to pay tax if I use my own bank account for collected money for a booked hotel in the UK?

We are organizing an event in the UK and we need to book a hotel for about 200 attendees. The booking fee of about 4,000 pounds is to be shared by all the people. Since we have no company bank ...
1
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0answers
36 views

Can I claim standard business expenses incurred earlier than the date my LLC was formed?

I want to form an LLC for my web development business. However, I incurred a bunch of expenses during the year that I'd like to be able to deduct. I know you can claim startup costs, but these are ...
1
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0answers
52 views

Where is my principal place of business UK based?

I am in the process of setting up a company and trying to research everything before making the first step. Though I do not live there, I intend to register the company at my parent's address so that ...
12
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2answers
3k views

If I won the lottery but gave it all away, would I still have to pay taxes? [closed]

Suppose a hypothetical somebody won the lottery, but being such a magnanimous fellow, they decided to give away every penny. Would my hypothetical do-gooder still have to distribute money from post-...
0
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1answer
58 views

How to determine how much is paid to OASDI?

Same state. Same status. I recently switched jobs ($130k to $200k) and I noticed a huge amount goes to OASDI but before I didn't pay any. My overall tax deduction went from 24% to 36%. I am not-...
1
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0answers
25 views

How does a typical bond ETF provide tax information to the investor in Canada?

Before deciding whether to use registered or unregistered (taxable in Canada) account, I'd like to understand the complexity of tax reporting as a result of holding bond ETF, for example BMO ZFL (long ...
0
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1answer
55 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 ...
1
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1answer
141 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
511 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
votes
2answers
156 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.
1
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1answer
169 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 "...
0
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2answers
115 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 ...
1
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0answers
34 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
228 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 ...
4
votes
2answers
129 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 ...
0
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1answer
118 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), ...
4
votes
1answer
625 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%...
19
votes
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) ...
1
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3answers
310 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
votes
1answer
49 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 ...
1
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1answer
182 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
votes
1answer
77 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
76 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 ...
1
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1answer
108 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 ...
1
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1answer
34 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 ...
0
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1answer
316 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 ...
1
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1answer
40 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 ...
1
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2answers
84 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
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1answer
94 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
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1answer
65 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 ...
1
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0answers
43 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?
-1
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1answer
197 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
114 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 ...
-1
votes
1answer
94 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 ...
1
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0answers
35 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
58 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
124 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?
98
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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
votes
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 ...
1
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5answers
233 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 ...