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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.

3
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4answers
2k views

Bonus check or 1099?

I work for a small sourcing company, salary. I am currently working full-time for their largest client, but have asked for extra hours on smaller clients if possible. I was granted such and was given ...
1
vote
0answers
26 views

Corporate tax & GST/HST tax - Canada

I've started self incorporated small business in Canada, registered with Ontario province in 2017. As per corporate tax structure, both corporate tax return and GST/HST return is filed by end of ...
1
vote
1answer
100 views

USA 2018 tax write-off - Meals for Employees

We do a lot of work with 1099 contracted "employees". Does the food write-off count for w9 contractors or just w2 employees?
0
votes
1answer
57 views

Student loan payments and tax breaks

Forgive me for such a naïve question, but simply put: do student loan payments count as a deduction to gross income? I.e. if I make $50,000 per year gross and manage to pay $20,000 of loan debt in one ...
3
votes
1answer
154 views

I don't understand the Qualified Business Income Deduction?

In the USA, the new tax laws include a: Qualified Business Income Deduction I cannot find one place that explains this and whether it is good or bad. Example situation: Married person, with an ...
5
votes
1answer
393 views

Exchange Roth IRA mutual fund to Roth brokerage account

Will I incur taxes for exchanging funds in a Roth IRA mutual fund (Vanguard) for a Roth IRA brokerage account?
2
votes
4answers
167 views

Can I place a stock in an IRA temporarily to capture a dividend, then move it back?

Consider the following scenario: Stock A pays a large annual, non-qualified dividend. Stock B pays a monthly non-qualified dividend. I hold stock A in a taxable account and an equivalent $ amount of ...
1
vote
1answer
67 views

Does a Legalzoom service that provides a physical report qualify for Use tax?

I'm working on my Nevada LLC's sales tax report for this last quarter. A few months ago we paid Legalzoom to do a patent search, and the receipt doesn't list any sales tax. They sent us a folder ...
7
votes
2answers
229 views

How can I reasonably estimate what percentage of my income should be saved for taxes during my first year of work

I am a minor in Michigan, and I'm currently in my first financial year. I work for a nonprofit, which doesn't take any money out of my pay. The per-hour salary that I say I make is how much I actually ...
6
votes
0answers
164 views

Tax question - Inheritance from UK living in USA

I am a Green Card resident in Nebraska USA, and I am a UK citizen. Is it correct that I need to report to the USA Government if I inherit more than $10,000 from my father’s Will (he too was a UK ...
0
votes
1answer
112 views

How is “fair market value” determined?

If a person receives a gift worth over $10,000 from another American, it is potentially taxable, but how is the "fair market value" of the gift determined? For example, let's say a man gives his ...
0
votes
2answers
97 views

Resident vs Non-resident alien in the United States

I have been in the United States since August 2015 in an F1 visa. I was away from January 2018 to May 2018 in Denmark for study abroad. I do have a SSN as well. I wanted to open a savings account in ...
4
votes
1answer
133 views

Pay HELOC or NOT

I am 65 years old retired and collecting SS. I sold my personal residence, and move back to my old rental house which I have a HELOC of $100K which I pay about $375 monthly interest only. As of now, ...
1
vote
2answers
106 views

Cost to transfer funds from Philippines bank to US bank from real estate sales proceeds [closed]

I am a US Citizen living in California, who is currently in the process of selling a piece of land that I own at the Philippines. 20 years ago, I bought a piece of land for P250,000 pesos. I am ...
1
vote
1answer
86 views

Sold a property abroad and want to transfer the money into a US bank. >10,000. The property taxes on the sale were all paid in full.

Do I need to report to IRS or will I have to pay tax on the transferred money? I need to mention that the property abroad was bought by me BEFORE becoming a US permanent resident, and it was sold by ...
0
votes
1answer
374 views

Can a student with F-1 visa status in USA invest using Robinhood app? If yes, how can we pay taxes including this investments?

I'm an international student in the USA on an F1 Visa. I just want to know if I can use Robinhood app on my visa status. I've found some posts on Quora that say trading is completely legal, but should ...
1
vote
0answers
32 views

Tax sheltered investment vehicles for retirement in Canada

Is there any investment vehicles to tax shelter income for retirement on top of RRSP & Pension? I know about LIRA. When you switch job you usually get your pension funds transferred into LIRA. ...
1
vote
1answer
53 views

Issued a W9 for Rental Property (Computer Hardware)?

As I understand, a W9 is typically issued for employment of a person. If a person from another company (for multiple company events) agrees to pay a rental fee of a hardware item owned by a person/...
1
vote
0answers
52 views

Taxable income when bad debt discovered in a different fiscal period

I have a small business and I'm trying to understand how bad debts affect taxable income. I am using accrual method of accounting. Let's say in the year 2008, I sent an invoice 101 to a client for $...
0
votes
0answers
70 views

Will I receive a refund of the tax on my Nonresident Alien scholarship?

I'm Canadian and will attend a university in the U.S.A. this fall 2018. I received a full scholarship, but they took a portion of federal and state taxes from my scholarship. I'm a nonresident alien. ...
2
votes
2answers
84 views

Back file taxes using maiden name and past immigration status?

My wife made income in the first month of 2016 as a visa holder, before returning to her country. At that time she did not file federal or state tax. She did not receive the W-2 in her home country. ...
0
votes
0answers
38 views

US Employee Tax Implications on Foreign debt

I have a friend of mine in US and i am interested in buying few stocks in his account. I am not a resident of US. Can i give my friend funds as a debt, which he needs to payback. The transferred ...
6
votes
0answers
63 views

Will Poland tax my SIPP?

I am UK resident for tax purposes and have a SIPP. If I become resident in Poland for tax purposes then will Poland tax my SIPP? If so then in what way? My SIPP holds a single fund which does not pay ...
1
vote
1answer
299 views

Android Developer

I am in the UK. I am signing up to be an Android developer. I am going to have some In App Purchases in my program. This means I need a Merchant Account with them. We have a limited company which ...
0
votes
0answers
43 views

Can I claim more back during CP2000 battle with IRS for tax year 2016?

I am currently battling with IRS for a mistake I've made with my 2016 1040. I forgot to explicitly report my ESPP (because they've already reported by my employer in my W2). I have sent the ...
0
votes
1answer
35 views

W2 employment paying into personal S corp

I work lower paying side jobs and as such have been looking into setting up an S Corp for this work and having the S Corp collect the payment. Additionally, I have a high paying W2 employment that is ...
1
vote
1answer
66 views

Claim Tax treaty for savings account in the US

Should I claim tax treaty benefits as an Indian working in the US on F1 Visa, non-resident status for tax purposes, on my w8 form? It was issued by my bank in US for holding a savings account with ...
2
votes
1answer
134 views

Catch-22 for FAFSA or confusion?

I can't finish my FAFSA because my W-2 is missing. I tried looking into tax forms for transcripts, but I didn't make enough in 2016 to have to file for a return. The point is that my financial aid ...
21
votes
2answers
5k views

Has any country exempted their citizens/residents from the US citizenship-based taxation?

This question is about personal finance as this directly applies to my situation as a US citizen, which I intend to keep for work purposes, and as a citizen of another country, which I am willing to ...
1
vote
1answer
54 views

Stock vesting and taxation situations

While working at an Indian branch of a company based in US, I got some Restricted Stock Units vested couple of times. Earlier times (Scenario S1), all the stocks (Say I got 100 stocks vested) would ...
2
votes
1answer
153 views

How is prize money taxed in India?

I have won a programming competition based in US, and i will be getting $800 from the US based company. They are telling me that they will pay the taxes already and will give me the full amount. Now, ...
2
votes
2answers
168 views

Is the IRS wise to false real estate sales?

I recently was reading some deeds and in one case I noticed that a vacant lot had been transferred for a lot more than its value. On the open market the lot would sell for maybe $300,000 at best. ...
2
votes
0answers
46 views

Do I have to pay into Canada Pension Plan (CPP) as part time contractor?

I have a fulltime job with a company but in my spare time I do some contractor work for a few clients I gathered overtime. I understand that I have to pay income tax at the end of the year over my ...
1
vote
2answers
143 views

Can these donations on behalf of a charity be “passed through” without being treated as personal income?

My question is about how US tax laws apply in a somewhat complex situation. You are not my lawyer and this is not legal advice, but I'm not finding any relevant IRS rules here at all and I know some ...
1
vote
0answers
47 views

The effect of 2018 tax deductions, Part 2: head of a household

In the previous question, I asked: I read about new standard tax deductions at https://www.hrblock.com/tax-center/irs/tax-reform/new-standard-deduction-eliminated-exemptions/ Suppose I ...
1
vote
1answer
139 views

Question about taxes on stock in the USA

I bought 1000 of stock A at price of 20. Two hours later, the stock price for A went down to 17, and I bought 1000 more of them, and two hours later, the stock price reached 19, and I sold all 2000 ...
1
vote
0answers
22 views

W8 question - regarding contract work in the US

I'm Canadian and used to work in the US randomly on visa. Now I reside full time in Canada and am doing some contract work in the US. They have asked me to complete a W9 but I do not have a visa ...
2
votes
2answers
112 views

Is there any upside in electing to have federal taxes withheld during a traditional IRA to Roth IRA conversion?

When converting a traditional IRA to a Roth IRA at Fidelity, one is given the choice to either: elect not to have federal taxes withheld and continue my conversion online. elect to have federal taxes ...
3
votes
0answers
46 views

Deposit shares in TFSA before capital gain that exceeds contribution limit

I find myself in an interesting position right now. I bought into a private placement and my escrow will be ending in a couple weeks. The kicker is that, if I were to deposit the shares into my TFSA (...
0
votes
1answer
86 views

Does it make sense to seek tax deduction for a lecturer with 15K a year

I am a lecturer with salary 15K per year. Does it make sense to seek deductions in my current situation?
1
vote
1answer
64 views

AMT Tax on Company Stock Options

I must exercise approx. $100k in company stock options in the 1Q19 as they are expiring. My estimated 2019 income is $235k. Any advice on minimizing AMT tax of 28% on the est. $175k in profit when I ...
0
votes
0answers
20 views

Can an US-LLC's EU business account be taxed by the US or EU country if the owner is resident elsewhere?

Let's assume a non-US citizen living in country A (non-EU) sets up a single-owner LLC in country B (the US) and opens a business account in country C (EU/Lithuania). Then this account received ...
1
vote
1answer
61 views

Wyoming LLC as Disregarded Entity - Is its owner also a member?

According to my knowledge, a wholly foreign-owned Wyoming LLC is only a disregarded entity for tax purposes if it is single-member. I came across a member-managed LLC that has one owner (person A) ...
8
votes
1answer
197 views

Could I have delayed my tax payments to Sweden in order to earn interest on the money in the meantime?

I work in Norway and commute across the border to my residence in Sweden. Since the municipalities in which I live and work border each other, I pay tax to Sweden. I declared my likely yearly income ...
0
votes
2answers
150 views

Germany tax refund

My fiancé and me are planning to get married before the end of this year. I'm Egyptian and he is German. Can we do the tax refund before the end of this year or we hv to wait till next may? Can we do ...
3
votes
1answer
177 views

I have 36 credits

Good afternoon, I am 71 years of age and have 36 credits toward Social Security. I worked this year and gross pay was $2997, and made $812 in cash tips for a total of $3809. Tourist industry driving ...
1
vote
3answers
260 views

Can I be hired with a flexible hourly wage?

Question Is there such a thing as hiring someone at a minimum hourly wage and then offering additional pay based on a factor? Alternative Question Could this be done legally (from a US tax ...
12
votes
1answer
2k views

Can I get private health insurance if my employer offers it?

I started a new job... The health insurance plan that is closest in comparison to my current plan is $300 MORE expensive per month. Coincidentally they cover $300/month (it's about $980/mo!!) so it'...
5
votes
2answers
2k views

How long to save losing lottery tickets (USA)

I know I can write off losing lottery tickets (a) up to the amount of any winnings, and (b) provided I itemize my federal taxes. But does that apply only to losses in the same year as winnings, or ...
1
vote
1answer
41 views

Tax deduction for 529 for elementary school tuition

Well I had another question in mind, but my state NC has finally updated the 529 plans to include Elementary and High School. So no my question is, I think I would prefer to use Vanguard or TRowe to ...