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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9
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1answer
3k views

Can I deduct my rent from UK taxes when working from home?

Since the Covid-19 lockdown started in March 2020, many in the UK have been forced to work from home. Is it possible to use rent as a tax deduction? What does UK tax law say about this? Is there ...
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0answers
22 views

How are certain Indian small businesses dealing with taxes?

When I am attempting to register a domain from a domain reseller, I don't see any tax component getting added by the reseller. However, Godaddy or HostGator adds 18% GST on top of the actual price of ...
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2answers
200 views

Intentionally paying tax on 401K excess contributions to take advantage of employer matching?

This is a little bit of a twist on another question that has been asked in this community. My wife started a new job in February, after which she had contributed about $2,000 through her previous ...
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1answer
58 views

What are the tax/loan advantages of technology parks for residence companies there? [closed]

Are there any tax reduction or more loan facilities for companies deciding to residence in science/technology parks? Also are there any more financial benefits residing there?
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0answers
27 views

USA: What advantages does a super PAC enjoy compared to other corporations/nonprofits, especially 501(c)(4)s? [migrated]

Sorry if this has already been addressed: If I understand correctly, US corporations can make unlimited independent expenditures on US elections after Citizens United v. FEC. Again if I understand ...
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1answer
89 views

Will Indian young ones lose 18% of their EPF with new tax as per Budget 2016?

Indian budget 2016 has one change to Employee Provident Fund. As per the news it says It is only the interest on contributions made after April 1, 2016 which will be taxed The same is said in this ...
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0answers
26 views

How to handle/calculate/store prices with or without VAT in software

My company handles prices and payments through our software where we typically store price without VAT in whole unit with 2 decimal places and VAT with 1 decimal place. Generally speaking my question ...
1
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1answer
104 views

Where does a nomadic Spanish national owe taxes?

Assume a limited company registered in Hong Kong. The director of the company is an Spanish national who does not live in Hong Kong and does not have the status of resident in Hong Kong. Also, is ...
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0answers
25 views

Where does software and trade-journal expenses go on Schedule C?

I can't seem to find on which line of schedule C the following expenses go: Trade Journal Software* *Some of the software has pay-as-you-go, monthly-fee type billing.
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1answer
18 views

Interest for section 234B and 234C added while filing ITR

I'm working as a software engineer in an IT company. I'm filing ITR form-1 for FY 2019-20. My company had deducted and submitted TDS of around Rs 7000 on 6/01/2020 to IT department. Initially, while ...
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1answer
65 views

If you have an employee and taxes are greater than $2500, you have to file electronically?

My reading of the IRS's tax instructions is that if a family has an employee like a maid or cook, and that employee generates more than $2500 per quarter in taxes, then the family has to file ...
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1answer
46 views

Determining “country of residency” for nonresident alien student

I understand that a nonresident alien is taxed either using flat rates, or using potentially lowered rates if the US has a tax treaty with her country of residency. Question: how is the country of ...
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3answers
342 views

Is there any advantage to using a FSA instead of claiming medical expense on tax returns?

Using my FSA is pretty annoying. I have to submit claims and scramble to use it or lose it. Is there any advantage (aside from perhaps cash flow) of using an FSA over just claiming my medical/...
4
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1answer
558 views

How is second income (full-time + freelance) taxed in Germany?

Hello ☀️ I am looking for some advice with some tax/finances questions. I am a software engineer, employed full time in Germany. I’m from the UK (EU citizen with no visa concerns, for now…). I earn &...
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1answer
51 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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2answers
183 views

Loaning money to your small business by billing yourself and paying with personal credit card?

Can you loan money to your own small business by billing yourself and making a payment to it with your personal credit card? How would the accounting work on that? The business isn't actually billing ...
2
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0answers
662 views

What is the tax treatment for dividends paid on open CFD positions?

If an investor has an open CFD position when the underlying stock goes ex-div, there will be a payment made to the margin account in lieu of dividend. This is to ensure the investor does not actually ...
5
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3answers
285 views

Suggested ways to save for a comfortable retirement in the UK given the lifetime allowance limits on pensions?

I've heard the rumor that this March's UK Budget will lower the Lifetime Allowance (LTA) from £1M to £800k or even less. They might index this for inflation. That seems to me to be a pretty low ...
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0answers
42 views

Vat, tax, setting up private limited companies [closed]

I’m looking to set up a private limited company (whisky retail shop online) just wondering what things I will need to apply for in order to start trading. Also if I purchase my stock directly from a ...
1
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0answers
61 views

Veterans Disability Awards [closed]

In Canada, is it OK for my spouse to "gift" my disability awards to her friend? Looking at close to $356,521.00 between 2011-2017. This "friend" was a co-worker of mine in the ...
0
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2answers
1k views

Revolut account and taxation

I have one account from Revolut and one account from my Country (EU). Some friends will send me some money in revolut for a job. At the end of the year, I have to report this money for taxation or ...
0
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1answer
41 views

Is a Tax Identification Number (TIN) or Value Added Tax Identification Number (VAT) the same as a Federal Employer Identification Number (FEI)?

I am writing a project for financial research support of a specific item and the public announcement asks me for the institution's TIN number (Tax Identification Number) or the Value Added Tax ...
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0answers
44 views

Carry-over of residential energy credit from year filing as MFS to year filing as MFJ

I plan to file MFS (married filing separately) this year, because wife’s income is far higher (I’m retired) and I can get some very advantageous use of the 10/12% tax brackets (substantial LTCGs that'...
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0answers
43 views

What tax forms needed to report home sale?

I sold a house (primary residence, not rental) in 2020. That's the only economic activity I engaged for the entire year. I'm a US citizen that lived in the United States for the entirety of the year ...
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2answers
80 views

Mortgage down payment via gift - is it taxable?

My parent, a sibling and I are buying a home together. My sibling and I will pay the mortgage loan, and my parent will provide the down payment. All three of us will be on the title, but since my ...
1
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1answer
50 views

Advance Tax on Fixed Deposit Interest in India

Lets say a person makes 30,00,000 INR in a year. So he falls under 30% tax slab. Lets say he also earns 1,20,000 INR from Savings Account Interest and FD Interest. This means, an additional tax of ...
0
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1answer
31 views

Resident Alien - Receive Money from India

I am an Indian citizen working on a work visa in the USA. What are the tax implication in the USA for the following scenarios when i need to get a money from India to USA.  1) Money received from ...
3
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1answer
108 views

rental property expense deduction for prior years taxes

I co-own some rental property. My co-owner collected rent, paid expenses, and eventually (he was very busy) filled out IRS tax forms and told me what I would have received as income. He recently died, ...
3
votes
1answer
507 views

Can closing a covered call and opening a new covered call trigger a wash sale?

In Jan 2019, I bought 200 QQQ (ETF) at about $160 and also wrote two covered calls for June 2019 at 170 (higher than the last day price) netting a small premium. Now QQQ is at about 185 so it will be ...
2
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1answer
121 views

Fixed deposits in 10 banks vs Mutual Funds

This question is to be answered in terms of security of the money as well as how profitable the investment is. Let's say a person is in India under 30% tax slab. In India, FDs are more secure than ...
0
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1answer
506 views

Working from India in a US company

I'm a new grad, working on a contract position in US for some time now and my contract has almost ended. I got an offer from another company (X), which is quite small (an LLC) but with better ...
0
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2answers
63 views

Traditional IRA distributions taxation as non-resident

I left the USA for India in 2019, and expect to be a non-resident for US taxation purposes when I turn 59.5. In the India-US tax treaty Article 20 Clause 1 states "Any pension, other than a pension ...
4
votes
1answer
330 views

Taxes mileage deduction for delivery worker and methods of proof

I started working for Doordash as a food delivery worker (self-employed contractor I think is the status). I read (Do I need to pay taxes as a food delivery worker if I make less than $12,000 in a ...
1
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2answers
189 views

IRA withdrawals and taxation as non-resident alien

I left the USA for India in January 2019. I retained my traditional IRA and 401(k) accounts because there is a penalty for premature withdrawals apart from the tax liability. Can I convert part of ...
1
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2answers
45 views

Are nonresident aliens filing the 1040-NR eligible for the $72,900 AMT exemption?

Do non-resident aliens receive this exemption amount when filing our AMT taxes on form 6251? I want to make sure because I read here: https://www.hhcpa.com/blogs/income-tax-accountants-cpa/amt-risk-...
2
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1answer
142 views

Indian Resident gift from India to me who is US citizen

I'm an US citizen. My friend and relative who are Indian citizens want to transfer USD 50,000. They will send in two transactions of 25,000 each. Transfer is from their Indian bank account directly to ...
24
votes
2answers
6k views

Do I need to pay taxes as a food delivery worker if I make less than $12,000 in a year?

I started working for Doordash, a food delivery service. Technically I think I am a self-employed contractor. I saw online that you don't have to declare taxes if you make less than $12,200 in a year. ...
1
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0answers
30 views

Accident claim money, rules, taxes and limitations

F1 student, OPT from July 2020. I had an accident where I was hit by a car (I was pedestrian). I filed a claim through my lawyer and received money from the car driver's insurance company (around 60K)....
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3answers
127 views

Creating Foreign Bank Account for Access to Foreign Currency

I'm a young male who is a U.S citizen and resides within the U.S. I have investments in different areas, like stocks, bonds, etc. While I'm perfectly fine with these investments, I would like to ...
0
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1answer
65 views

Japanese job and UK taxes

I am a Japanese national working freelance for a Japanese company and for personal reasons I will move permanently to the UK on November 13th this year. The Japanese company will let me do freelance ...
4
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1answer
70 views

Can the same TIN exist for both an SSN and an EIN?

In the US, is it possible for the same 9 digits to exist as a valid SSN, and also as a valid EIN? For example, Person One is 123-45-6789, and Business Two, Inc is 12-3456789.
1
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1answer
38 views

Do I need to pay Estimated Taxes on Qualified dividend income if I fall in the 0% Long-Term Capital Gains tax bracket?

Basically I make ~$21000 in income from work, and $1000 in dividends. So, being below $40k in income, I technically owe 0% on the qualified dividend income, but I'm not sure if I pay the IRS and get a ...
1
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1answer
25 views

NRI loan repayment in India

One NRI took loan from me (also NRI) in Saudi Arabia, but about 2 months ago left for good to India. Now he has no option but to pay me in India, this money that he will transfer to my account may ...
2
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1answer
51 views

Are there tax requirements for a transfer on death account? If so, how do I file it?

I live in the U.S. My great aunt passed away and I was listed as her beneficiary on her transfer on death Certificate deposit (CD) account. The account has/had approx. $30,000 USD, which is being ...
1
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1answer
78 views

What is the actual growth of investment for a municipal bond fund?

I am a California resident, so if I invest in a California municipal bond fund, I will not pay taxes on both the federal and state level. I'm having difficulty interpreting the "Growth of $10,000" ...
5
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1answer
622 views

Do I need to pay taxes on my mother in law giving us “rent” money?

This is for California, USA My MIL is living with us these days and we do not actually charge her for any rent. She has a small business that has sporadically yields some income. She insists on ...
1
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1answer
60 views

What address to specify when mailing Form 1040 via FedEx

The IRS website suggests that when filing form 1040 I need to mail it to the following address: Department of the Treasury Internal Revenue Service Fresno, CA 93888-0002 On the same page there is a ...
7
votes
1answer
535 views

Are premium bonds a good investment?

As a UK higher rate tax payer, I was tempted to invest in premium bonds because prizes are tax free. However they recently dropped their effective rate, and apart from the slim chance of winning a big ...
3
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2answers
236 views

Can non-resident aliens avoid taxes on dividends?

Non-resident aliens do not have to pay capital gains tax for stocks, but they have to pay a 30% tax on cash dividends (source). Can they avoid this tax by selling the stock before the ex-dividend date ...
2
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1answer
226 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 ...

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