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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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23 views

Clarification on line 12 of US tax form 1120S for S Corporations

Background For the 2018 tax year I paid a total of $765 in Quarterly Estimated Payments; US tax form 941. This is the first year I've done taxes as an S Corp with myself being the sole shareholder ...
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2answers
230 views

Reporting crypto currency transactions to IRS

I have made 300+ crypto currency transactions in 2018. Do I need to report all these 300+ transactions to IRS? If yes, what is the procedure? My tax consultant is saying we need to report only ...
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1answer
147 views

Relocation to US

I am relocating to Texas from India along with my family in the month of July 2019 to pursue a Phd. In order to effect a smooth transition, would like some advice on how to setup things to manage my ...
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0answers
54 views

US Taxes Free Fillable Forms Error [duplicate]

I'm getting an obscure error using FreeFillableForms. The error does not appear to be on the standard table of X000-005 errors. Issue : Business Rule X0000-005 - The XML data has failed ...
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1answer
146 views

Schedule C vs. Schedule E for rental income

I own a few residential rental properties in the United States. I actively manage all of them, although this is not my full-time job. The properties are owned by an LLC of which I am the sole member. ...
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0answers
17 views

California depreciation options for Rental house landscape

I can use Bonus depreciation (100% for 2018) on my federal taxes for my rental house landscape project, or depreciate it over 15 years. What are my options for California taxes, since they don't do ...
2
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1answer
239 views

What state do I pay taxes to, if I'm nomadic?

Let's say I live in an RV and move camps every week or month, moving between states frequently. When tax time comes, which state do I pay?
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0answers
31 views

How do Rent Concessions affect the DC Renter Tax Credit?

I live in a rent-controlled apartment in Washington DC, and my landlord engages in a scheme to get around Washington DC’s rent control laws. How it works is that my nominal rent is $2000, but I get a ...
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1answer
55 views

Do scholarships and PhD stipends count as taxable compensation for Roth IRA limits?

The maximum amount you are allowed to contribute to a Roth IRA in a given year is either a certain dollar amount or your “taxable compensation”, whichever is lower. Now I am a PhD student who gets ...
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1answer
95 views

What is the earliest I can file a self-assessment tax return in the UK after the tax year ends

I have overpaid tax in the UK this tax year, and for cash flow reasons, it would be best to get this back as soon as I can by filing a tax return as soon as possible after the year ends. How quickly ...
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0answers
43 views

How can I notify the CRA of intent to contribute to an RRSP?

I currently have an RRSP through work that I contribute to. However, the amount is significantly smaller than my annual limit. I have a self-managed RRSP separately and contribute sizable amounts. ...
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3answers
123 views

Sequential Wash Sales

Consider these transactions all with the same stock: Buy 100 shares for $1000 on Jan 20, 2016 Sell 100 shares for $ 200 on Feb 20, 2018 Buy 100 shares for $ 100 on Feb 21, 2018 Sell 100 shares ...
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3answers
143 views

Why Wash-sale rule makes a difference?

I have been reading the wash-sale rule. I get the concept, but I do not get why this rule exist or needed. To me, in the end, a person would pay the same amount of taxes with or without create ...
28
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3answers
8k views

Accountant/ lawyer will not return my call

I have an accountant who is also a lawyer who did my taxes for about 7 years. I received a notice from the IRS for the years that he filed the taxes saying that I owed $5,000. I sent him the notice ...
3
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1answer
81 views

How/when to take loss in private company that re-orgs post-Chapter 11 and converts to new/fewer shares?

My wife's company is private. We bought 60 shares x $1k/share 5+ years ago. This past year they (OldCo) went Chapter 11 bankrupt re-emerged from bankruptcy as a new LLC (NewLlc) "There were assets ...
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0answers
45 views

Can I deduct mileage if I'm a contractor who works at home and at an office?

I am a contractor and get a 1099. I perform some work at home, but much of my work is done at the office of the company I contracted with, and I drive to and from this office several times a week. ...
4
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1answer
514 views

My girlfriend has lived with me the entire year of 2018, with no job. Does she need to file a State tax return?

I work in a contracting company, so I sometimes have to move and work every few months. I have been in NC, then IL, and now in AZ. My girlfriend lives with me, and she is a full-time student (since ...
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2answers
234 views

What is the purpose of an RSU Tax Offset?

I'm reviewing the year to date figures on my last paycheck stub for 2018. There's this entry for RSU Tax Offset I'm trying to discern here. I can trace it back as a line item of a check stub 6 months ...
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2answers
194 views

Is my sister entitled to a refund for IRS over-withholding? If so, how does she get the refund?

My sister has a taxable brokerage account with Interactive Brokers and invested in GE stocks (which collapsed, resulting in a massive capital loss written off on Line 132 of Schedule 3 on her T1 ...
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4answers
3k views

Should I file my taxes? No income, unemployed, but paid 2k in student loan interest

This question is hypothetical. I was unemployed for the entire year of 2018 and had no income. I lived with a parent and had enough savings from a previous job to pay for myself and make all of my ...
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2answers
86 views

How are FSAs handled when you change jobs?

For my 2019 benefits from my company I enrolled for $1000 in an FSA account. So as of Jan 1 I have $1000 available to spend, but in late Feb. I changed jobs and I have one more check being issued to ...
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1answer
61 views

UK tax residency - how is it checked?

I am just reading RDR3 Statutory Residence Test document from HM Revenue & Customs. It says that you have to be in the UK at midnight in order for the day to be counted as the UK taxing day. I ...
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1answer
51 views

In the US, is cancer medication (for a parent living in South America), tax-deductible?

The cancer medication of my parent costs 10,000 USD a month. I would like to pay for this, but I wouldn't have enough money to live off of myself. I was wondering, would the expense would be tax ...
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2answers
68 views

Employee’s Withholding Allowance Married

I'm filed with payroll as married with three allowances (I have no kids). I make $80,000/yr, and file as "Married filing jointly". Wife doesn't work. What is the optimal Employee’s Withholding ...
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0answers
18 views

filing inactive (no business activity) s-corp return 1120s

In 2017 my s-corp had activity and I used an accountant to file the return. In 2018 I did all the business under my own SSN, and the s-corp had no business activity. I understand that I still have ...
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0answers
36 views

Capital gain tax on stocks for nonresident alien under USA-German tax treaty

I am trying to understand the tax treaty between USA and Germany but this is a pain. I am in the USA on a student visa and considered to be a nonresident alien for tax purposes. I had some gain from ...
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1answer
49 views

Mismatched cost basis on 1099-B form for ESPP shares

I have a question about my 1099-B form regarding ESPP sales. My company allows me to buy shares at a 15% discount through an ESPP program. I buy-and-hold for 1 year 1 day so my sales are taxed at ...
4
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0answers
54 views

Does a French citizen living in the US owning stocks in a brokerage account in France have to pay taxes on dividends to the French tax authorities?

Does a French citizen living in the United States and owning stocks in a brokerage account located in France have to pay taxes on dividends to the French tax authorities (fisc)? Additional ...
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1answer
37 views

What to consider Cash Flows in DCF analysis [closed]

When evaluating a project using discounted cash flow analysis, are cost savings (such as lower utility bills) as a result of taking on a project considered cash flows? Also, should the increase in ...
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1answer
62 views

On my tax status and the substantial presence test for F1 student on OPT

I have done much reading on the matter but I find myself still uncertain regarding my current tax status, because of how the exemption days count for F1 students. I got my F1 visa and have been ...
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1answer
67 views

Formula to Calculate FIFO VS LIFO for Financial Instruments

Suppose an individual partakes in some mixture of short term trading and long term investing. Is there a multivariate formula that expresses under what conditions (average/variance of time in a ...
2
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1answer
115 views

Over-collection of FICA (social security and medicare) taxes

I have been non-resident alien in the last year 2018, and I have switched to a new employer in the last few months of last year. Last month, I discovered that my new employer was collecting FICA (...
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1answer
82 views

How are tax returns controlled by taxation authorities

How do taxation authorities such as IRS control income tax returns by residents? In case a person has a taxable income for which he didn't pay the tax, how can it be discovered?
4
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3answers
168 views

Do I need to pay U.S. taxes on a summer internship in Switzerland?

I did a 10-week internship in Switzerland and earned 5770 CHF. Do I claim that on my taxes? Does Switzerland already figure taxes and therefore I do not have to pay because I can not be taxed twice? I ...
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1answer
98 views

1099-B Proceeds/Cost Basis reported incorrectly? Or user error?

I was trying to enter my 1099B's from Robinhood into Credit Karma Tax.... The short version of the issue is that I made ~$4k this year, but the 1099B's I have seem to have a cost basis $32,000 ...
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1answer
48 views

How to account for purchase on behalf of client when expecting to get paid the following fiscal year?

If a company buys an equipment for a client and bills the client at exactly the same cost, no more, no less, and the client pays the company back in the exact amount in the subsequent fiscal year, ...
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0answers
27 views

Tax filing under TN visa working in Michigan, Mexican resident

How should I do 2018 tax filing? I´m a Mexican resident that worked in Michigan from Jan 22nd to Jun 14th under a TN Visa. First time doing it. Should I use Turbo Tax? Thanks Ana
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2answers
97 views

Definition of “traditional IRA contributions”?

I hate to post a generic tax question on here but I've been unable to find the answer to this using other resources. When filing taxes, when I'm prompted to enter my "2018 contributions to traditional ...
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0answers
1k views

Can I make estimated tax payments instead of withholding from my paycheck? [duplicate]

My employment provides me with a W-2 at the end of the year, and I currently have taxes withheld from my paychecks. In the opposite of this question, Pay estimated tax using W-4 withholding instead of ...
2
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0answers
66 views

How to deduct subway commuting and rent as a part-time remote contractor on a 1099-MISC?

I am working on a 1099-MISC as a consultant to a tech company. As an independent contractor, I decide the locations from where I provide my services. Most of the time, I am on site at the business ...
3
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1answer
145 views

US taxes small mistake that doesn’t change tax or refund

Last week I filed my tax return. For the child care credit, I wrote I spent X dollars. I redid the calculations, and turns out I spent X+6 dollars. This obviously can’t make me owe more taxes and ...
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0answers
44 views

Can you claim past unclaimed expenses from previous years on a rental property?

My question is the following: Let's say I have some repair renovations that were performed in 2016 that I never claimed in the 2017 tax year (because I had enough expenses to fully balance out the ...
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1answer
35 views

How tax is managed for selling items through marketplace in India?

Lets say I'm a marketplace owner. I charge a 2% commission for every sale through my marketplace. Suppose a customer place an order for an item which cost 1000INR excluding 5% tax (1050INR Total). ...
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0answers
25 views

1041 Final Estate Return/K-1s: No income; are probate expenses deductible for beneficiaries?

Am preparing the final return for the estate. There is no income to report. There were probate-ONLY-related expenses (attorney, court filings, announcements in newspapers). I am defeated in knowing-...
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2answers
114 views

On a 1099-MISC, do you pay state, federal, social security and medicare taxes? Anything more or anything less?

If I work on a 1099-MISC, I will pay approximately 15% for social security and medicare. Do I also pay for state and federal taxes all the same? For example, I see NY state tax is 6% and since I will ...
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1answer
128 views

1099-S Provided 4 Years Late, and Amount was Paid to the Mortgage Lender Instead of Home Owner

The State bought a portion of our land for highway widening, and paid the proceeds directly to our mortgage lender. Four years later, the State has sent us a 1099 for the amount paid to our mortgage ...
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1answer
39 views

Do I need to file taxes in a specific state if a small portion of my income was paid by a company based there?

I am a resident of New York for tax purposes, but conducted a small amount of freelance work with a company based in California in 2018. They issued payment via direct deposit and my bank ...
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1answer
35 views

LIC Beneficiary

My uncle has listed me as a beneficiary for two LIC policies with maturity dates in 2027. I am an Indian born US citizen. I do not have OCI. How can I get the insurance money transferred to my US bank ...
2
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1answer
88 views

Am I exempt from taxes if I worked overseas, however generated income from US-based customers?

I am a U.S. citizen and have been living overseas for already couple years and easily can pass the IRS physical presence test. However, what is not clear to me is that nevertheless I worked out of my ...
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1answer
48 views

Avoid tax withholding underpayment for RSU's issued

Background While filing taxes for 2018, I got fined for tax withholding underpayment. Nearly half my income was from restricted stock units (RSU). Many other co-workers who also received large ...