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.

Filter by
Sorted by
Tagged with
12
votes
5answers
8k views

Minimize taxes now that I earn more

Background I recently received a hefty promotion for $350k (plus stocks and bonuses) with the same company. Now that I can finally start to pay down my debt, I'm not so happy that suddenly 45% of my ...
0
votes
0answers
28 views

Title of tax type

What is the title of the tax type that a small business pays when they submit a tax return? Is it the income tax? Also, there are some small corporations that do not sell anything but offer services. ...
3
votes
1answer
91 views

Why does strategy with borrowing 35,000 and using Home Buyer's Plan apply to just Canadians in 40% marginal tax bracket?

Why do these Reddit users focus on the "40% marginal tax bracket"? How did they calculate it? Assume that we're in Ontario so that we can work with Ontario's provincial tax rates. 35K at 5% for 90 ...
1
vote
0answers
49 views

Can a capital loss on a gilt be set against the interest received when tax is calculated?

Say if I buy a 3.75% gilt for £103, with a redemption date 1 year from now, then at the the end of the year I should receive £3.75 interest from coupons, but I lose £3 of capital. The total gain is £0....
2
votes
1answer
77 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 ...
0
votes
1answer
181 views

Do I get a reduced tax rate as a minor for my business selling items on eBay?

I recently turned 13 and I have an eBay business that is growing quickly. I have about a 5-6k net worth of merchandise (I just bought a huge order). I predict that I will have 100k by the end of next ...
3
votes
1answer
336 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 ...
1
vote
1answer
54 views

Self employed half the year unemployed the rest. Do I pay quarterly taxes?

I was unemployed from January-June and started becoming self-employed from June-December. Do I need to pay quarterly taxes? I will owe more than $1,000 in taxes for being self-employed half this ...
1
vote
1answer
906 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 ...
0
votes
0answers
81 views

The client wants only w-2, is there a way to route this via LLC?

I have an LLC registered and operating in USA. I produce content. My client is in DC. I would like to provide services using the content that my LLC owns. The client is not directly buying the content,...
10
votes
3answers
642 views

Can you step up your cost basis indefinitely via the 0% capital gains rate?

I had asked a previous question about moving money between mutual funds without taxation due to the 0% capital gains rate for those in low tax brackets. However, I realized that this 0% rate actually ...
3
votes
1answer
31 views

Sole trader GST for small income business in Australia (aside from main salary)

Trying to find out how to handle this case. Next year will be even more fun as I've moved to New Zealand. For tax purposes, I'm a resident in Australia for FY2018. All good. I earned x as salary, ...
2
votes
0answers
91 views

What qualifies as a small business in the United States?

I am a Canadian citizen living in the United States (in California) and would like to buy an investment property. I want to declare a small business for owning and managing the property which I ...
9
votes
5answers
8k views

Filed 1040, Forgot to Check Box on Line 61 (full year health coverage). File 1040X or Wait?

My father filed his 1040 and neglected to check the box on line 61 (full year health coverage). He filed via mail/paper. I can't find a definitive answer on what he should do in this specific case. ...
1
vote
1answer
26 views

What sources of income do not require an SATR to be filed?

For someone who is PAYE or unemployed, but has some income streams, when is an SATR required in the UK? typical sources of income might include: bank interest dividends on shares you hold as an ...
3
votes
1answer
2k views

Do I need to file reports when transferring money to US?

I have saving account in the country of my citizenship. After moving to US and get permanent residency, I want to transfer money (> 10,000, after-taxed, not business or gift) from my saving account to ...
0
votes
0answers
43 views

Bitcoin options contracts tax-advantaged under Section 1256, aka the 60/40 rule?

Are bitcoin options contracts tax-advantaged under Section 1256 like other commodities futures and options? Even if the IRS wants it not to be, do they really have a say? Don't really see the case ...
0
votes
1answer
65 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 ...
43
votes
2answers
5k views

What US tax laws apply to a 13 year old game developer?

I'm a thirteen year old game developer and I am wondering what the tax laws are as a minor in the US. I don't currently make any money off of my games but I'm thinking of selling on the Google play ...
2
votes
1answer
65 views

Tax implications of rolling covered calls

I have friend who is using the covered call options. Some time these covered calls are near assignment and then my friend rolls these calls with higher strike price. What are the tax implications ?
0
votes
2answers
135 views

Tax Rate for 16-Year-Old

What is the tax rate for a 16-year-old who works for $10 per hour? How much would be taken off of their paycheck?
3
votes
1answer
164 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....
3
votes
2answers
589 views

When one pays Quarterly Estimated Self Employment Taxes, exactly what are they paying?

Ok, I have read more articles than I can count, and I'm still unclear on my expectations regarding taxes for this year. I am newly self-employed (as of July 15th) and soon I will need to make my ...
4
votes
1answer
196 views

Options for Protecting Inheritance Before Death?

My mother is starting the process of selling her house and downsizing to an affordable apartment. The house sale will leave her a fair amount of cash that she will use to close the gap between her ...
6
votes
1answer
398 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 ...
61
votes
2answers
15k views

I won a car in a poker game. How is that taxed in Canada?

For the sake of title transfer and taxes, is this a gift or a sale? This was a private game. We both tossed our keys into the pot. I won and the vehicle is now sitting on my driveway. I live in ...
3
votes
2answers
270 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 ...
8
votes
2answers
296 views

Run Facebook fundraiser on behalf of Mexican citizen

Background I am a natural-born US citizen and lifelong US resident. My friend, who I will call V, is a Mexican citizen living in Mexico. She is trying to improve her financial situation. She has ...
0
votes
2answers
182 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
124 views

How (in terms of specific procedure) are US companies paying the US-China import tariffs?

How does a business comply with the US-China import tariffs, specifically? By that I mean: does the business just have extra (sales?) taxes that they need to pay when they file their taxes? Are they ...
4
votes
1answer
150 views

Transferring funds to India from US

I am an Indian citizen ending my PG studies in US as I'm unable to return to the US after an overseas trip because of visa issues. I wish to transfer savings from my US bank account to a savings ...
2
votes
1answer
70 views

USA, NY State Homeowner Post-TCA: Should I pay off mortgage or attempt to find investments?

While trying to build a model for our finances, I've managed to confuse myself reading various threads. Any advice appreciated to get me on the right track or pointed towards modelling spreadsheets. ...
5
votes
1answer
1k views

If PF is withdrawn by an NRI staying in USA does it become taxable as per US laws?

I have been service in an Indian company for 10 years and now getting transferred to US. I want to keep the PF and not withdraw as I don't need money and it will earn good 8.5% interest for next 3 ...
1
vote
0answers
34 views

One spouse in community property state, other spouse in non-community property state, filing taxes jointly

I am a resident of California, a community-property state, earning my income in California. My wife is a resident of Oregon, a non-community-property state, earning her income in Oregon. We file taxes ...
2
votes
1answer
58 views

Impatriate Tax Regime

I will be moving to Luxembourg soon and just got to know about this tax regime for expatriates in Luxembourg. I think I am qualified for this regime because I will be getting a European Blue Card once ...
2
votes
1answer
49 views

CANADA: Can I deduct condo fees in business use-of-home deductions?

Info: the condo is a townhouse - not in a building. the condo fees are >$500/month ($6000/year) there are not many common areas the condo fees cover items such as ALL exterior maintenance (roof, ...
0
votes
1answer
155 views

VAT on purchasing home abroad (Italy)

I am a US permanent resident considering buying a property in Italy. This will entail a 10% VAT on the home value. Can I declare this as a tax credit or as a tax deduction for my US taxes? (Please ...
1
vote
1answer
27 views

Can an F1 student elect to file as a resident alien during the first 5 years?

As stated above, can an F1 student elect to be treated as a resident alien for tax purposes? As in, can an F1 student choose to not exempt their days in the US under the substantial presence test?
0
votes
1answer
83 views

1099-Misc Box 3 income that maybe should be Box 7

As my main job, I am a college math professor (W2 wages). Last summer (2018), independent of my main employer, I worked teaching math to high school students and was paid 10K for it. I received a 1099-...
3
votes
2answers
46 views

Is it recommended to file joint tax return if married to a tax exempt person (UN employee with G4 visa)?

I am trying to figure out if it makes sense to file my taxes jointly with my wife if she is tax exempt. I haven't found much information on the web that deal with such situations but I heard from ...
5
votes
1answer
277 views

Can suspended passive losses of a former passive activity be used to offset capital gains on a current passive activity?

I had two rental properties, each of which had its own column on Schedule E. I purchased one in 2001 and one in 2007. The 2001 property has had minor Schedule E losses along the way, and has built up ...
0
votes
1answer
31 views

India Income Tax Deduction questions AY 2019-20

I am a Resident Indian Sr. Citizen, I paid Mediclaim Insurance Premium of Rs.53808/- last FY (March 2019), by cheque, for my wife and myself (both senior Citizens) I was hospitalised in December ...
2
votes
1answer
76 views

Does my tax bracket change per pay period? [duplicate]

I'm in tax bracket A. My employer takes out the appropriate taxes reach pay for my tax bracket. During a special pay period, my pay is much higher than normal. If my pay was ALWAYS what it is in ...
0
votes
2answers
141 views

Would I need to pay VAT on this income?

Suppose I am self-employed i.e. autónomo in Spain. I work for an Estonian company and I send them bills. They will pay me the bills back. From the amount the pay me, do I need to declare and ...
7
votes
1answer
105 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 ...
2
votes
1answer
889 views

Filling in W-8BEN for a UK Ltd Company

I've recently started a UK Limited Company and I'm trying to fill out W-8BEN (Link here) so I can receive payments for showing ads provided by Facebook, but the terminology is totally foreign to me. I ...
2
votes
1answer
352 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, ...
1
vote
2answers
75 views

UK citizen with a full time job (in the UK) with a low pay US contract - Will this cause any issues with my tax return?

I'm a UK citizen who works full time for a UK company. I pay taxes directly through the company (i.e. they are taken out of my paycheck). I would like to start contracting part time for a US company ...
1
vote
1answer
151 views

Taxes/Investing in Gold and Silver

I am a 19 year old college student and a US resident. I recently got a job and am making $15/hr (which may increase) ~15 hrs per week. I live with my parents and have no expenses. I want to save/...
1
vote
1answer
47 views

Capital Gains tax on Spanish Stock US Resident

I have two questions, I think the first will be simpler. If buy an ADR stock in say Santander or Telefonica do I have pay Spanish capital gains on the stock and file a Spanish tax return when I sell ...