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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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2
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1answer
72 views

Is it usual for a payer's CPA to ask (demand) that I verify amounts on the 1099 he just issued me?

I do $4000 to $5000 worth of consulting work annually for a small 503(c) non-profit. They sent me my yearly 1099-MISC last week. A few days after I received it, the CPA that handles their books ...
2
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2answers
268 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
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1answer
80 views

W2 Form Stating Single instead of Married

My Employer just now sent my 2019-W2-form, I have noticed, my form shows Taxable Martial Status "Single" instead of "Married" Is it possible to change the status during tax filling. If Yes then What ...
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2answers
87 views

American citizen consulting for a Danish entity over 30 day period - visa/taxes?

I am an American citizen who will be consulting for a Danish entity from July1st-July 31st for a fixed project with a fixed project value. As part of this work, I will attend a workshop in Brussels ...
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1answer
20 views

Taxes and K-1 Partnership

What do I do for K-1's if I am no longer a partner in the company? Say I dissolved my relationship on Dec 31, 2018. Do I have to do anything on my 2019 return? How does the government know I'm not in ...
2
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0answers
84 views

Online Hackathon prize money taxation and exceptions

I've participated in one of the Hackathon competition on DevPost and won the prize amount of $3000 USD. However, the claiming section asked me to fill-up the W-8BEN tax form as I'm not a US resident (...
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0answers
29 views

Can't file 1098-T electronically on Turbotax or Credit Karma

Historically, I've been able to claim the American Opportunity Credit that would give a surplus refund of $1000 to help with school while being a full time student and not working
3
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1answer
75 views

Is it okay to write “non-resident” for non-resident alien spouse's SSN?

I live outside the US with my non-resident alien spouse. I want to file as married filing separately. However, in online tax preparation software, it always forces me to enter an ITIN or SSN for my ...
0
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0answers
144 views

Any tricks/hacks for exorbitant daycare costs?

The $5000 FSA limit is a joke given the daycare costs in our area. Is there any way to use more pre-tax money to pay for daycare ? Daycare is by far our biggest expense for the year. Any advice to ...
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2answers
178 views

Strategic rollover from traditional to Roth IRA for a young person (pre-retirement)

So we have this: Contributions to traditional IRA: Pre-tax Distributions from traditional IRA: Taxed at the time of distribution Contributions to Roth IRA: Post-tax Growth and distributions (...
-1
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1answer
56 views

PayPal Donate Button - Fees [closed]

I want to accept donations as a person, not as a non-profit organization, using a Personal account. I've found that there is a Donate button but couldn't find any of the taxes and fees info. Is there ...
1
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1answer
54 views

TurboTax had me file for a 1040 instead of a 1040NR. Is there a way I can change this?

It's my first time filing for a US tax return. I used TurboTax, filled up all the necessary information, and I got the result showing a form 1040, which means I got zero amount. I am from the ...
6
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2answers
369 views

Tax efficiency and Roth IRAs

I have a question relating to avoiding investment taxes as compared to maximizing tax free growth in a Roth IRA. Suppose you have: $10000 in a Roth IRA $10000 in a taxable brokerage account and ...
0
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2answers
46 views

How do I bookkeep an Ecommerce website?

I have a multi vendor e-commerce website where I sell goods from 3rd party vendors. When an item is sold on my website, the money is stored in my bank account. Monthly, I transfer money earned to the ...
2
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1answer
40 views

Russian taxes with dual citizenship

I'm a minor (17) who is considering using my birthright to be recognized as a Russian citizen, as my mother is one. If I apply as a minor this late, will I have to worry about taxes if I reside in the ...
7
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4answers
8k views

Federal Taxes on Retirement Money - Puerto Rico Taxes after Retirement

Puerto Rico is a commonwealth of the USA. Puertoricans are US Citizen, but while they live in the island they don't have to pay Federal Taxes. My question is for someone that have lived in the US ...
0
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1answer
77 views

Washsale for daytrading

I have following scenario of washsale ? Can someone please help me if wash sale will apply to me in any case ? I knwo for three trades i made in Dec 2019 has wash sale but is covered with profit I ...
3
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1answer
162 views

can closing covered call and opening a new coverd call trigger 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 ...
6
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1answer
131 views

In which country do I pay capital gain taxes, as a German with a US Internship?

This year, I did an internship in the US, and during that time I bought some stocks. Now I am back in Germany, and got dividend payments on these stocks, and also want to sell some of them soon. ...
5
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3answers
232 views

Best Way to minimize taxes on 401K distribution?

I recently retired at 57 after 36 years with the same employer. I live pretty frugally and my pension is $90K covers all my normal living expenses. I have approximately $2M in retirement savings most ...
1
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1answer
26 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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5answers
470 views

When and how would a company make money by taking $1 out of my paycheck and donating it to charity?

In the US as I understand it, there are corporate tax deductions for charitable giving. For this or any other reason, would a company with large salary expenditures and positive profits (sometimes) ...
0
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2answers
218 views

Should employer gym reimbursement be taxed?

I'm a programmer and the company I work for reimburses gym expenses. This is being taxable, so I end up not getting back the full amount I spent. I'm trying to understand page 34 of the IR Employer ...
2
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1answer
75 views

Investing in ELSS schemes

I am currently a graduate student in India, who is a little concerned about his financial stability after the graduation, so decided to start investing some of his scholarship/stipend in Mutual Funds, ...
1
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1answer
130 views

Is it necessary to pay quarterly earnings taxes in US?

I worked as an Independent Contractor (for the first time ever) during September and October which means that I owe quarterly taxes that are "due" on January 15th. I also worked as a full-time ...
3
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3answers
338 views

Bank asking for spouse's financial details: what to tell them?

Our bank sent an email to my spouse saying that they are required by law to collect some details, and that they may terminate her account if this info is not provided. My wife is a homemaker, and ...
0
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2answers
1k views

Does Meghan Markle need to pay taxes for her stay at a billionaires house?

According to reports, Meghan Markle is receiving free accommodations at the home of a Canadian businessman. Assuming this is true, and given Meghan is a US citizen, and considering the fair market ...
1
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1answer
42 views

FD in 10 banks v/s 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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0answers
21 views

How can one know if a business is qualified by the Sunat as those whose acquisitions give right to the return of the General Tax on Sales to tourists?

I read on https://pymex.com/en/noticias/peru/como-funciona-la-devolucion-del-igv-para-turistas-en-el-peru/: The refund will be made regarding the acquisitions of goods that are made in the ...
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3answers
2k views

Money transfer to US from NRE account

I am planning to transfer money > 100k from my NRE account to my US checking account. The money in NRE account was transferred from USA account couple of years back. I am already paying tax in US ...
3
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1answer
484 views

IRS Notice CP59 - Did not file taxes

So my wife got a CP59, which is a complaint from the IRS that she did not file her taxes for 2017. That year, as in years previous, we filed jointly and electronically. The year previous we had a new ...
2
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1answer
157 views

Should I file every stock I sell when I do my tax report?

As a way of saving money for future I started investing into the stock market 1.5 years ago. I do not think much of it, I usually play around rather than treating this seriously. I didn't invest much ...
3
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1answer
245 views

US Citizen married to EU citizen, working for UK company and remotely for US company - Taxes?

A bit confusing to word the question, but I am a US citizen with a 5-year visa allowing me to work and live in the UK full-time (family member visa - wife is EU citizen). I work remotely as an ...
1
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1answer
1k views

Tax Loss Harvesting and RSUs

I routinely sell my RSUs as soon as they vest, but this previous vesting period -- I did not. Sadly, the stock declined ~25 percent since that time. Some key notes. This would be a short-term sale ...
3
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2answers
502 views

What tax laws apply to Meetup group income?

If a Meetup.com group, a.k.a. a simple local community group, has a small fee on its events, and magically begins to accumulate tens of thousands of dollars, what laws are applicable to that income ...
1
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1answer
625 views

Relocation payment from company and tax deductions

Good day everyone, I accepted a position with a company and the company has provided a fixed amount of funds for a relocation that is going to be paid as a lump sum amount. The relocation agent told ...
0
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1answer
54 views

HMRC Starter Checklist - Employee Statement

I am going on placement next year and I have to fill out the HRMC Starter checklist form. I worked part time (only two shifts) and the pay I received was not taxed. Does that mean I select statement A ...
0
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0answers
31 views

What self-employment and/or “payroll” taxes exist for NYS Single-Member LLC w/ S-Corp Tax Election?

I am about to form a New York (NY) state single-member LLC and elect S-corp taxation per my CPA's advice. I am the only employee and will be the only employee, at least through to the end of the ...
1
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1answer
170 views

Is it mandatory for tax preparation companies to offer free basic service?

I have seen that almost all of the tax preparation companies/softwares like H&R Block, Jackson Hewitt, Liberty Tax Service, TurboTax etc offer free basic federal tax filing. Is there any law ...
0
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1answer
86 views

S-Corp and distributions

At the end of 2016, I had a positive income and balance in my S-Corp account. If this money is considered as personal income for tax purposes, should I just transfer that amount over to my personal ...
3
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1answer
139 views

Is money from a trust account considered a gift?

I have a BNY Mellon Investment Fund account designated to me and set up by my parents. On the statements the Client Name is in my parents name and the Designation is my name. My financial advisor ...
3
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0answers
65 views

Using a US state for payroll while not being a resident

I'm an American currently living in France with my wife (also an American). She has a part-time job working remotely for an American company. This company uses a US-only payroll company, so my wife ...
1
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1answer
24 views

Mutual fund tax exemption SBI

I have a SIP investment with SBI TECHNOLOGY OPPORTUNITIES FUND Regular growth. Can I show this investment for tax exemption ?
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2answers
203 views

Pay taxes to the IRS, before filing, to avoid penalties?

I live in US and in the last two years I had a tax consultant recommend that I pay a certain amount to IRS online each January so I won't get a penalty. This year I don't have a consultant. I earned ...
8
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3answers
3k views

If IRS instructions for Form 1040 are not available, should taxpayers wait to file until they are published?

Apparently the IRS has not yet published the instructions for Form 1040 for the tax year 2019 yet (as of January 7, 2020). When I go to the standard form instruction index page it just lists the ...
1
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1answer
57 views

Receiving stock through an LLC

I have an LLC with S-Corp tax status. I am working for a startup and part of my compensation is stock. I am receiving 25% of this stock after 6 months and the rest is being awarded monthly after 6 ...
3
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0answers
71 views

Contractors IR 35 tax burden: is it less than people thought?

With the introduction of the new IR35 legislation in UK, many contractors caught inside IR35 are going to pay more taxes. The most popular tool for the calculation of the tax burden among ...
1
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1answer
47 views

Does a sole proprietor have to file taxes if they make less than the personal annual minimum?

A person making less than a certain minimum, generally does not have to file any personal income taxes. For example, for a single tax payer the minimum for 2019 is $12,200. However, if the taxpayer ...
3
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1answer
42 views

How do you properly handle calculating barters for taxable income and related, intrinsic expenses?

Sorry for asking what feels like a common question, but I can't find a straight answer to this question even though I've done a good bit of Googling on this topic. Last year my wife ran a website ...
3
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1answer
254 views

What to file as a non-resident alien single owner of a U.S. LLC in Wyoming?

I'm an Russian citizen, living in Russia and I own a LLC in Wyoming. I am the only owner of this LLC (single member managed LLC). I use this company to accept international payments through 2checkout....