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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.

4
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0answers
80 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 ...
3
votes
3answers
192 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
vote
1answer
78 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
157 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
vote
1answer
43 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 ...
2
votes
0answers
102 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 ...
1
vote
0answers
38 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
votes
1answer
49 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 ...
-1
votes
1answer
65 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. ...
0
votes
2answers
61 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 ...
4
votes
1answer
284 views

Vanguard UK lets you invest in the S&P 500 index fund. What about my taxes?

Vanguard UK lets you invest in the S&P 500 index fund via an ISA (Independent Savings Fund). I understand that an ISA in the UK shields you from any tax on your profits from investments (up to a ...
4
votes
2answers
199 views

Is it possible to work in a country and pay taxes in another within the EU?

As an EU citizen and within the EU, is it possible to remotely work in one country and pay taxes in another? My particular case would be: Employed, registered and paying taxes in Ireland Living in ...
0
votes
1answer
50 views

Can I qualify for the foreign earned income exclusion if I am employed by a US based company?

I am a US citizen considering living abroad for a full year, staying in 12 different countries for a month each (Remote year). I am planning to remain employed by the US based company I currently work ...
0
votes
2answers
59 views

Australia tax on different investment asset classes

Within a single financial year, if I make $500,000 from the stock market and I purchase a rental property with that profit, am I taxed when the property is sold (in a future financial year) or is the ...
2
votes
1answer
65 views

Financing a company and not getting taxed on your initial budget?

If I understand correctly, in most countries (but let's assume USA in particular). Let's say I'm a normal employee. I make money, pay my taxes, and save some. After a few years I have $200k saved. I ...
1
vote
2answers
130 views

Am I required to pay taxes on my U.S. freelancing income in France?

Similar to this question (and the question that OP linked to), I will be living abroad (in France) and working there, but I also do freelancing for U.S.-based companies. There are other questions ...
2
votes
1answer
231 views

The tax consequence of replacing a wall of a house

An investor who lives in the US has a single family home which has been fully depreciated. It is on the beach and has only been rented. It has never been used by the owner. One of the outside walls ...
1
vote
3answers
163 views

Can I claim a tax deduction for my occupational physical therapy if I'm an independent contractor?

I'm an independent contractor doing web development consulting. Due to the nature of my work, I am constantly sitting still - many times with bad posture. This has caused me to have back soreness and ...
1
vote
0answers
56 views

US taxes if worked 3 months in US

I have stayed in the US (NY) from Feb 25 2016 to April 1 2017. I have fully paid the taxes for 2016 and filed the paperwork. For 2017, the taxes have been deducted from my salary. I need to file the ...
1
vote
2answers
81 views

HSA contributions - Tax-deductible vs pre-tax

I read the following on opm.gov: Your own HSA contributions are tax–deductible. Your own HSA contributions are either tax–deductible or pre–tax (if made by payroll deduction). I'm confused by ...
0
votes
0answers
63 views

What are the tax implications of a joint account before legal union?

I'm getting married next year and we're buying a house soon (closure is in two weeks.) We're thinking of opening a joint checking account to make it simpler to pay for mortgage, property taxes, ...
0
votes
1answer
99 views

If I (freelance uk resident) get paid for remote work from the US into my US account, will I pay taxes in both countries?

I'm a British freelancer. I recently returned to the UK from working in the US for 3 years on a Visa. Upon returning, I have continued to work for one of my clients. We are working out how to get me ...
1
vote
0answers
72 views

How to Respond to CP2000?

I got a CP2000 from the IRS for 2016. It concerns three retirement account transactions. A direct rollover from an existing IRA to a Solo 401K (a qualified plan; 1099-R Code G in box 7) In 2016, I ...
12
votes
1answer
325 views

Is reward money taxable?

Police in the UK have offered a reward for information leading to the arrest of a suspect in a double murder: Police hunting a man suspected of murdering his ex-partner and her mother believe he is ...
2
votes
2answers
190 views

I sold my earned incentive stock options back to my employer - how is the money taxed?

I recently sold my vested incentive stock-options back to my employer (i.e. so rather than having to spend $20,000 of my own money to exercise my options and make very little paper gain initially, I ...
1
vote
2answers
196 views

Is this a wash sale?

I bought 100 shares of XYZ(January 2017) at $1. The stock then dropped to .50c over the next 12 months. I decided to average down and buy 50 more shares a year later on (January 2018) at .50c, ...
2
votes
3answers
462 views

2015 standard deduction

HI I'm a student and work part time. My Mom claims me as a dependent. I earned $5998 on my W2 and they withheld $528 in 2015 and the standard deduction is $6300. How does that work if the standard ...
1
vote
1answer
87 views

Working options for a UK company from India?

I'm a Indian citizen. A UK based company has approached me to work for them. I have never worked for a company outside India and I do not have a work permit or VISA to work in UK. Since they are ...
3
votes
1answer
76 views

Paying tax on private tuition (in addition to working) - UK specific

During my time at university, I've tutored several students to give me a small amount of income. I have in the past notified HMRC about this, however the amounts of money involved have been ...
1
vote
0answers
58 views

general expense vs capital expense

If the water main outside of my business has ruptured and I paid the entire $10,000 to have it repaired can I write that off as a general expense on the business or do I have to depreciate it?
2
votes
1answer
102 views

Wealth Transfer Tax in UK

I am citizen of Turkey. If I transfer my savings to UK, do I need to pay taxes to UK over this wealth transfer? I am not a resident of UK and will not live there. Just want to transfer it to a safer ...
48
votes
3answers
13k views

If a kid makes money, do the parents take on the tax liability?

Suppose your kid (8 years old) decided to set up a neighborhood lemonade stand and by some freak occurrence managed to somehow make about $3,000. How does one manage the tax liability on that income? ...
1
vote
1answer
82 views

Is it legal if I transfer money to my retired pensioner father who will create FD (fixed deposit) out of it?

Details: I am based out of India. I have already paid TDS on my salary and have also filed by tax-return for the same. Now, I will transfer some part of this money to my dad's account. I will also ...
2
votes
0answers
45 views

Will I need to pay tax on my foreign income on my return to the UK if I have spent a total of15 months out of the country? (August 2017-October2018)

I am looking to return to the UK from the UAE October this year. I will have been away from the UK for 15months in total and whilst I have been away I have been counted as a non uk resident as I am ...
-2
votes
6answers
355 views

What's the best way to be a legal tax resister in the US?

I have serious ethical issues with paying taxes to the US government, given the number of civilian death raised by the US gov military activities and destructive political interference abroad. This ...
1
vote
0answers
67 views

How to pay taxes on earning from an inheritance without commingling it

I am about to receive an inheritance that I would like to keep separate from my marital assets. The plan is to put it into a separate investment account in my name only. From my understanding, that ...
2
votes
1answer
117 views

DRIP Vs. Cash Dividend in a taxable account - Which one is beneficial from the tax perspective?

I believe dividends are considered as an income and if you reinvest using DRIP it won't be income but capital gain later when you sell the stock? What are some advantages and disadvantages of doing ...
0
votes
1answer
33 views

Interest on community shares - tax return

I invested in a community project under the Seed Enterprise Investment Scheme. In the year I invested I claimed SEIS tax relief on the investment. In return for my investment I received shares in the ...
1
vote
1answer
166 views

Do I need to pay tax of my stock earning in the US if my income is low?

Assume I do not have income and I have 1 million dollars worth of stock. 99.9% earned from market. Do I need pay tax if I sell $1000 per month at USA?
1
vote
1answer
134 views

How do I protect myself when signing over an aircraft after an insurance claim? [closed]

After an aircraft accident happened: Global Aerospace Inc Insurance company, asked us to sign over the FAA aircraft title to them and told us we "MUST leave the buyer and dollar amount blank. We ...
4
votes
1answer
57 views

How do I account for federal and state (NE) taxes to cash out a UTMA for a minor for college?

My son has lived with my mom for about 15 years as a guardian. She setup an UTMA account in Nebraska. She and her husband owned a farm and have done their taxes every year. My step dad passed away in ...
3
votes
1answer
104 views

Tax category in germany when paying for girlfriend rent/education (not married)

I am going to care of my partner during the time she does her master. She's persian and will do her master in Germany. I'll basically be responsible to pay for life costs, universities etc. I know ...
2
votes
1answer
100 views

Will I be able to be claimed or not?

I currently graduated from college in May and have been working since January. My father believe he will be able to claim me, but after reading what people said in the post in this link I dont believe ...
3
votes
1answer
157 views

Selling Land investment (Current Home) for 900k profit. Tax Effective Strategy?

Selling Land investment (Current Home) for 900k profit. Can I enjoy the 500k personal residence tax deduction and invest the other 400k into my next investment without getting taxed this year? This ...
3
votes
1answer
67 views

UK Tax Return: how to compile it if I have restricted equity granted by my employer

This year I will have to compile my first tax return. I have received the equivalent of 5,000 GBP in restricted stock of the Company I work for. I have already sold these shares and I know that I ...
0
votes
1answer
82 views

UK Contractor (Limited company) - EPS or FPS, late submission

To introduce my case briefly, I have been a contractor for two years within a company. For that, two years ago I hired an accountant who dealt with the creation of a Limited Company which was ...
1
vote
0answers
20 views

UK tax on dividends and sale of Shares for Non-residents

For a Non-UK Resident Individual (& Non-domiciled,) holding UK listed shares 1.) Is there any UK income tax due on dividends paid form a UK listed company? 2.) Is there any UK capital gains tax ...
0
votes
1answer
155 views

Cost/benefit of maxing out 401k using mega backdoor

Forgive me if I get the details wrong and if this needs to be split up into multiple posts, but I'm very new to all of this. I'm 22, have ~60k non-emergency money saved up, and got a new job with ~...
1
vote
0answers
40 views

Do residents through golden visa programs pay income taxes if they don't stay in the country for more than 183 days?

For example, Latvia offers a residency by investment program, and I was wondering whether it matters if you stay in the country for more than 183 days in order to pay the taxes? Or are you already ...
1
vote
4answers
83 views

Can you fully deduct an investment property owned by an LLC?

I operated a business that generates substantial income. I would like to invest some of this money by buying various, undervalued properties in my area, doing slight improvements to them, and ...