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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2answers
32 views

Transferring $ from LLC to Personal account

So I have done some searching here but have not found a question that summarizes my specific position, so I decided to ask it here. I apologize if it has indeed been asked before. Just point me in the ...
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1answer
40 views

report: group account activity by accounting period instead of by month

I'm using GnuCash 2.6.12 and would like to create an annual report for tax reporting purposes. For that, I would like to create a report where transactions are grouped for the whole year, (the ...
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0answers
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Obtaining Figures For Australian GST Business Activity Statement From GNUCash

I have been entering all my financial records into GNUCash, and now I need to find the most efficient way to extract all the needed figures for the BAS. The Income & GST Statement looks like the ...
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2answers
3k views

Company is requesting W-9 before refunding purchase

My significant other purchased a spa day-pass from one of those deal-a-day sites (similar to Groupon, but done locally). The spa wouldn't accept the day-pass, so she's trying to get a refund from the ...
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80 views

How much tax does a French taxpayer have to pay for donations received via crowdfunding platforms (e.g., GoFundMe)

How much tax does a French taxpayer have to pay for donations received via crowdfunding platforms (e.g., GoFundMe (mirror))?
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3answers
454 views

What is a deductible?

New grad just out of college and working at a job that is asking me how much I want to contribute to my HSA. My medical plan deductible is $3,000 and I am a single filer (when it comes to tax) so I ...
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1answer
57 views

lowest tax bracket vs “Tax table” in United States

It is commonly assumed that there are a handful of tax brackets in the United States. For example, when filing as Single, up to a taxable income of 9,700, one is supposedly in the 10% tax bracket. ...
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2answers
173 views

State pension from UK when a moving back to Spain after working only 10y in UK

I am a Spanish citizen who has been living in UK for the past 7 years. During this period I have always worked here and I haven't received any income from Spain. I have also regularly contributed to ...
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2answers
39 views

Is the UK ISA's tax relief applied to ETFs that hold stocks of non British companies?

Is the ISA's tax relief applied to ETFs like VUSA (S&P 500 index tracker), which holds stocks of countries other than the UK?
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2answers
364 views

How can I force my sister to sell my father's property? [on hold]

Since my dad passed away in 2009 my sister has been living on the property. There is no mortgage and all she needs to pay are the taxes. Back in 2014 my cousin pay $2500 for back property taxes. My ...
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35 views

Tax efficient clothing company setup in the U.K [on hold]

I’ve setup a private limited company via companies house before. I’d like to know if I should do the same if I intend on creating a clothing company. Is there a better way?
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Covered Call With Stock At Loss

I bought shares of Macy's at $29. The stock is now $16 and I'm thinking of exiting the position and taking the loss. I was thinking of writing 25 Nov 15th $16.50 covered calls at 11 cents. I'd ...
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2answers
410 views

Does the Netherlands tax citizen's wealth?

This question implies that the Netherlands government taxes citizens' wealth year after year; even well beyond it originally being earned by the citizen. Is that true?
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1answer
3k views

What is the relationship between taxes and annual liquidation of the markets? [on hold]

I read this article on MarketWatch where they outline Elizabeth Warren's plan to tax the wealthy: 2% tax on every dollar above $50 million in assets 6% tax on households crossing the $1 billion ...
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2answers
182 views

Will I pay taxes twice if I move from eTrade to another platform?

I have vested shares at the company I work at. Somewhere around $40k worth, in an eTrade account. I've paid due taxes through share withholding, but have not sold yet because I believe in the company ...
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1answer
62 views

“Mandatory Reorg Fee” tax deductible?

I was charged a $38 "Mandatory Reorganization Fee" by ETrade when a stock had a reverse split. Is this tax deductible? If not, do I add it to my tax basis?
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2answers
225 views

Any capital gains taxes owed for non-residents selling stock in Canada?

I own stock of a company outside of Canada. Recently, the company was bought out by a Canadian company with newly issued shares listed in Toronto. As a shareholder of the company, I received new ...
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1answer
103 views

HSA and tax free investing

The below is a quote from another HSA question's comment: I agree. To your point the best course of action would be to max out your HSA contributions, not distribute them even if you can, invest ...
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3answers
268 views

When estimating what portion of home is used for work, how could government verify you're telling the truth?

I work as an independent contractor and sometimes do a little work from home. I can write of part of my home rent for working from home. I am trying my best to estimate accurately for what percent of ...
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3answers
182 views

US Tax Obligations for Multiple Trades of Stocks or Cryptocurrencies

Background I am trying to understand potential tax obligations for trading stocks and cryptocurrencies in the US. I was able to find the following information online: The IRS considers ...
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4answers
568 views

Post Tax 401k or Taxable Brokerage Account?

I max out my pre-tax 401k, HSA, and do a roth IRA or backdoor Roth IRA. With my additional savings is there any reason i would want to do a post-tax 401k instead of keeping it in a regular taxable ...
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1answer
253 views

If I own some stock, then buy more and then sell, is that a wash sale?

I use Robinhood for stock trading that uses FIFO (there is no other selectable option). If I.. Bought 10 shares of SSS 1/1/2019 at 1:00 pm at $100 each = $1000 Bought 10 shares of SSS 9/1/2019 at 2:...
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1answer
76 views

Taxation of capital gains by USA from cryptocurrency of Russian student on an F-1 visa

I am from Russia and I currently study in the US on F-1 visa. Last year I did some cryptocurrency trading which is taxed as capital gains in the US. US-Russia tax treaty says that: Capital gains on ...
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2answers
353 views

If earning as freelancer, is it better to be a Sole Trader or Limited Company?

I am going to be staring freelancing. Is it better if i set up as a Sole Trader or Limited Company? I wont have many expenses.
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1answer
6k views

Agreement Value vs Flat Cost in Purchasing new property

In Mumbai, India, If I go for purchasing the flat then every broker/seller talks about "Flat Cost" and "Agreement value". I don't know what's the exact difference between them. Also, for India, what ...
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I bought a car from a person who is licensed as a dealer and now they are asking me to pay tax days after the purchase [migrated]

I bought a salvaged car from a person with a dealer number. I paid cash in full. He gave me the title and I went went through the process of getting it registered with the DMV. The car is now ...
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2answers
3k views

In the U.S as F1-visa student, I used TurboTax and filled the wrong form twice

I unfortunately filled my taxes using TurboTax as an International student twice and got money back before I found out it was incorrect for me to use that system. I have not filled the 8843 form ...
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1answer
2k views

Tax implications of being a UK employee of a US company?

I'm a UK resident entering into employment with a US company. They're not currently registered for PAYE in the UK, nor do they yet have a UK entity, and they would like to pay my salary directly from ...
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1answer
73 views

Wife's H4 is Pending. I am on H1B effective Oct 1 2019. Can I withhold taxes as 'Married'?

My Visa status changed from F1 to H1B effective Oct 31st this year. My wife came to USA in May 2019 on F2 Visa. Her H4 application is still in process and her F2 is invalid effective Oct 31st. I ...
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2answers
157 views

How does a non-resident foreign person report payments to a maid in the United States?

I have a friend who is not a US citizen and is not subject to US taxes. He typically pays expenses through a solely owned trust, which the IRS considers to be equivalent to a sole proprietorship. He ...
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0answers
32 views

Advice for Australian with dual citizenship (US/Australia) married to a US citizen and they move to Australia

If both myself (dual citizen usa/australia) and my husband (us citizen) are living in Australia and we each make over $150,000USD per year - are we really in a bad spot with US taxes and getting ...
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1answer
30 views

How can I claim a Tax refund W8

I am a non us resident and I have invested in GE Bonds. I forgot to submit the w8 form and after i sold this bond i realized the irs withheld taxes. Now i have already submitted the w8 form. Will I ...
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1answer
56 views

payments received in one year paid out the next year (US IRS tax question)

If you have an agreement that 70% of the profits from an activity will go to a contractor, and you receive the 100% of profits in year 1, but to protect against credit card fraud, you hold those ...
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2answers
59 views

Can one file the US tax return (federal and state) electronically when they're no longer living in the States?

I am reading this from the IRS site: https://www.irs.gov/individuals/international-taxpayers/taxpayers-living-abroad … which says the following: Where to File If you are a U.S. ...
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1answer
260 views

Does giving money to your spouse to avoid tax make any sense?

In this well known scene from The Shawshank Redeption (content warning: language), Hadley is complaining because he is getting an inheritance, but he knows that the IRS is going to take a bunch of it ...
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69 views

What happened to my “Pre-Paids” on mortgage closing?

In August I closed on a home purchase (not refi), it's now November. My closing included both prepaids and escrow. My "Section F" Prepaids included 1-year home owners insurance Prepaid interest ...
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4answers
44k views

Are 401k Employer Match amounts subject to FICA or any other tax?

When my employer makes a contribution to an employee 401k account, are any taxes payed by the employee (e.g. FICA)? And does the employer match amount show anywhere on the employee's W-2 or 1040?
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2answers
55 views

Moving from individual HDHP to family HDHP, can my wife only contribute to an HSA?

I have had an HSA account that I used to contribute to for my HDHP plan through my employer. This year I am on my wife's HDHP plan through her employer. Does this mean I can no longer contribute ...
2
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2answers
84 views

If I travel to Finland to pick up a purchase and pay the outstanding price in the EU do I have to pay VAT?

I'm thinking about getting a musical instrument made by a maker in Finland. At the moment without VAT it's cheaper than if I have it built in Australia, where I am from. I currently need to pay €700 ...
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1answer
63 views

Do I have to pay income tax and capital gains tax on S-corp distributions when my stock basis is $0?

Consider the following hypothetical: I start an S-corporation as sole owner and employee but contribute no initial capital or assets. My starting basis is $0. (My initial investment is my expertise, ...
2
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1answer
40 views

NJ 1040 Dividends

For the NJ 1040 do you add together your ordinary dividends and qualified dividends or are the qualified dividends already part of the ordinary dividends and I should just report the ordinary dividend ...
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1answer
434 views

How do I report dividends on tax form 1040?

For the "ordinary" and "qualified" dividends on lines 9a & 9b respectively of Tax Form 1040, do you just enter the amounts there, or is there another form or schedule that needs to be filled out ...
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2answers
239 views

Shared Income System

I would like to share my salary with a small group of family or friends. Is there a way to do this without the income being taxed twice (once for me and once for each friend?
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2answers
125 views

Could I file for Trader Tax Status with a full time job?

Suppose I have enough trades and meet the requirements to qualify for Trader Tax Status with the IRS. (If I trade in the morning, trading 4 days a week, 15 trades a week, 720 a year, plus any ...
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1answer
193 views

Is my tax return refund unsually late?

Around May this year (2019) I submitted a (late!) tax return for the 2017 fiscal year. I did so by generating the form with some tool, and then mailing it to the IRS office that was specified online. ...
2
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2answers
159 views

How to claim Commuter Parking funds?

I have funds locked into a Commuter Parking account (withdrawn from my bi-weekly pay on a pre-tax basis) that I will never use. Typically, these funds can only be used on work-related parking expenses....
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0answers
19 views

Payment from USA to India partnership - how do i pay taxes?

I am wiring money from a US corporation to a company that is a partnership based in India. How do I calculate the tax owed to the Indian government and how do I send it to them? Do I deduct this ...
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1answer
33 views

Declaring partnerships or companies abroad in the US

As a tax resident of the US, if I plan to start a company with a relative (Aunt, Parent, Sibling, Cousin) in a foreign country with informal funds that we manage in the family (for ex: by pooling ...
2
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1answer
83 views

Can I do a 1031 exchange and later get Section 121 tax free gain

My wife owns a condo from before. We plan on doing a 1031 exchange and getting one instead in our city partly b/c it will be easy to manage rental rather than having to fly cross country. Down the ...
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3answers
584 views

How much should be withheld from my paycheck?

I'm currently working as a Software Engineer and I was worried because my withholding amounts seemed to have changed in between last year and this year. I started at my company on December 12, and I ...