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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3
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1answer
116 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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1answer
151 views

Did Schwab's Emerging Market ETF really pay no foreign tax related to the final distribution in 2018?

According to the 1099 from my broker, the Schwab Emerging Market ETF (SCHE) did not pay any foreign taxes associated with its final dividend for 2018, declared 12/28/2018. I'm quite skeptical as ...
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39 views

COVID-19 SBA loan forigveness

The COVID-19 Paycheck Protection Program includes provisions for forgiving those loans. Normally when debt is forgiven you have to pay taxes on the forgiven debt. Will recipients of Paycheck ...
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1answer
25 views

Reporting corporate expenses beyond income beneficial?

Out of curiosity, is it necessary to continue reporting expenses beyond the annual income, for tax reasons? Or is it okay to stop once the expense amount is equal to or more than income amount? For ...
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2answers
159 views

Mathematical proof of rate of return after tax

It is well known in engineering economic that rate of return after tax can be computed by multiplying tax rate and nomial rate of return which is the rate of return before tax. This relation is known ...
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0answers
24 views

Tax on dividends from a limited company when a higher rate tax payer

Hi I am a higher rate tax payer and want to do some work on the side. I've already secured the work but I am now wondering if I should use a personal company or not. What I do not understand is the ...
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1answer
115 views

I bought a website. How does it affect my taxes?

I have a small British Columbia business (sole prop) writing software. I bought a website last year which is earning a bit of money through my business name. Does the purchase of the website count as ...
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3answers
131 views

If I convert SPY to VOO to reduce the fees, then do I have to pay a capital gains tax?

I have some SPY for many years and it has gone up since then. I noticed that the fees are much higher than the VOO which is also an ETF for the SP500. Both ETF's hold the same underlying SP500 ...
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3answers
2k views

When will I get my Federal refund if I file today, given the deadline has been extended to July 15th?

Due to the covid-19 pandemic, the Federal government has decided to extend its tax filing and payment deadline to July 15th. So, if I were to file today, will I get my refund check in the mail this ...
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0answers
33 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" ...
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2answers
869 views

How can my sister in Europe cash her American tax refund?

I live in the United States. My sister spent 3 months working here last summer, and is due a tax refund which she has requested by check. To reduce the risk of the check going missing in the mail, she ...
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0answers
13 views

First tax declaration and foreign unearned income

I am married and my wife and I are green cardholders. Our first entry to the USA was in Sep. 2019. Before this date, we lived in another country (Russia). Now we need to pay taxes. In 2019 we didn't ...
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1answer
95 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 ...
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1answer
55 views

Tax on cash gift to child

Currently there is a $15k/year limit for tax free cash gifts to anybody. If one gifts more than $15k in one year to a child, my understanding is that the excess over $15k is subtracted from the ...
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0answers
68 views

Coronavirus CARES Act - How Do I Apply For A Small Business Loan As A One Person S-Corporation?

The US Chamber of Commerce recently published a quick guide on how businesses can file for a loan backed by the government under the CARES stimulus act. The guide splits up businesses as either an ...
2
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2answers
772 views

What does “Carry the decimal to four places” on line 47 “Deduction percentage” mean in 2016 Schedule CA NR?

If I get 0.93342 after "Divide line 37, column E by line 37, column D", then should I put down 0.9334 or 1.000, given the "Carry the decimal to four places" instruction? When I read "Carry the ...
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1answer
69 views

How should I treat my Proof of Stake (PoS) rewards on my tax return?

Let me know if I'm wrong, but I don't think the IRS really has any clear guidelines on how to report Proof of Stake rewards. Some resources say to treat it as dividends or interest, but just simply ...
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2answers
87 views

Can I attach documents when e-filing for free?

The IRS website tells me that I can file my tax forms electronically at https://www.freefilefillableforms.com/. However, I think I will need to attach some additional documents in order to complete my ...
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1answer
225 views

On my tax status and the substantial presence test for F1 student on OPT

I have done much reading on the matter but I find myself still uncertain regarding my current tax status, because of how the exemption days count for F1 students. I got my F1 visa and have been ...
2
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3answers
239 views

Young Professional Stimulus Check

I graduated from college in May 2019 and started my first full time job in August 2019. I filed my 2019 Income Taxes in February and reported that my parents claimed me as a dependent because they ...
8
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1answer
177 views

Recently released from prison and didn't file taxes for two years. How do i file no income? [duplicate]

Should I file taxes with no income because of being in prison? What about the stimulus checks? Do I need to file taxes to receive it?
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0answers
40 views

Vailidity of Digital signatures on self-prepared 1040 tax form

Me and my wife are stuck in INDIA due to lock-down, courier services, flights etc are suspended till 4/14. I want to file my past due return (2016), IRS accepts it only by mail. I'm considering ...
2
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1answer
203 views

Can you get the stimulus check if you do not file a tax return for 2018 or 2019 and you do not get Social Security?

In the CARES Act that just passed (text here), section 2201 provides the recovery rebate tax credit for 2020, with section (f) providing advance refunds (the check). It says that the advance refund ...
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0answers
65 views

Gifts of equity

I am buying my brothers house for the remainder of the mortgage which is $60,000. The value house is valued at $125,000. Is there a tax or fine on the $65,000 of equity or can he gift it without any ...
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1answer
241 views

Formula to Calculate FIFO VS LIFO for Financial Instruments

Suppose an individual partakes in some mixture of short term trading and long term investing. Is there a multivariate formula that expresses under what conditions (average/variance of time in a ...
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1answer
38 views

Where to find AGI (Annual Gross Income) on Online Transcript?

If I may ask for some assistance regarding the Online Transcript: As far as I'm aware of, the Online Transcript (IRS) is separated on four different files: Account Transcript, Record of Account ...
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1answer
67 views

Tax implications for sending and receiving money from India

I am planning to send $40000 to my friend in India. After few months, he plans to return me the same amount. What would be the tax implications for both of us in India and USA? Thanks in advance!
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0answers
91 views

20% of 2 Trillion Dollars [closed]

Assuming the stimulus checks that are due to be disbursed to American adults will be taxed (because when does the government not tax something), this means that roughly 1/5 of these funds will be ...
4
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1answer
574 views

Non resident working for a UK company from abroad and receiving on UK account - taxable?

I have been living in UK for 1 year and working for an UK company for the past months. Then my visa expired and I returned to my home in Brazil. However me and that company intend to keep me working ...
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1answer
86 views

Will the stimulus bill deduct from the $1200 check after being laid off?

I recently got laid off. In my 2019 tax return, it will convey that I made $110k that year. Will the stimulus bill deduct from the $1200 check?
3
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1answer
70 views

Tax breakdown for bonus income

Say the bonus is $8000 and $6800 are set for a 401k (pre-tax) deduction. Here's the tax breakdown. Does this look right? Shouldn't the taxes be calculated on the $1200? ($8000 minus $6800 due to pre-...
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0answers
34 views

Is there non taxable investment account (like UK ISA) equivalent in Switzerland? How does one make tax-efficient Swiss investments?

While we were living in the UK, we were using our extra money to invest in index funds via ISA accounts. On these specific accounts, you do not pay Captial Gain Tax and they are excellent for long ...
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1answer
105 views

How are shares of private corporations valued for the purpose of income tax?

If somebody gives me stock in a private corporation, how is that gift valued for the purposes of income tax? Assume the stock is unlisted and has no publicly tradable value. I know that all stocks ...
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1answer
67 views

How to file taxes for a backdoor Roth and 401(k) roll-in

I am planning to backdoor $6000 into my Roth IRA for 2019, which currently has nothing in it. I have $2500 in a traditional rollover IRA. I was going to put it into the Roth, but due to the ordering ...
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0answers
24 views

Should I file Form 1045, Application for Tentative Refund, or just ignore it?

I've entered my data into several online tax prep sites. One of them, TaxAct.com, says I should file Form 1045 because I have a business loss this year. Apparently if I do a carryback I will get a ...
2
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1answer
203 views

Stimulus check- haven't filled 2019 taxes

I haven't filed for 2019 yet. Everything I've found online says that if you haven't filed for 2019 before the checks are sent out, they'll look at your 2018 taxes, but I didn't file for 2018 either ...
0
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1answer
83 views

Do I owe federal/state tax if my deduction is greater than my income?

I'm currently filing with TurboTax for my first (official) year as a freelancer and had a question about how my tax owed is being calculated. I just do this stuff on the side (full-time student), so ...
2
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1answer
116 views

Is it income and if so what kind?

Last year, I got a nasty case of food poisoning. I was so violently ill I literally couldn't think straight. The only thing open was the emergency room so that's where my family took me. They ...
2
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1answer
109 views

How should I backdoor my Roth IRA?

I am single and have no dependents, am in my late 20s, and I made an income in 2019 that lies somewhere inside the phase-out section of direct contributions to a Roth IRA. I do not think I have any ...
2
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0answers
54 views

Multiple IRS Levy Notices?

My wife received a Notice of levy in Dec. 2019. We had no issues with this, as we did owe. The amount of the levy has since been met, but the levy is still in effect. We file jointly, so both of our ...
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2answers
87 views

Buy and hold to mitigate taxation

Today I came up with a reason why selling stocks too early might be a bad idea: Imagine that we invest $100 in stocks. If we assume a constant annual growth of 10% the after say 50 years, we would ...
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4answers
237 views

Investment vs Income Tax

For a private employee in India, with an income of INR 6.5 lacs per annum, to minimize IT under 80C, which investment is most beneficial?
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1answer
36 views

VAT on goods imported from EU

When reselling goods from EU, how do I calculate profits, margins and tax due as self-employed in the UK, without overpaying on tax twice? As an example, I purchase a sofa from Portugal at gross 984 ...
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0answers
46 views

If a single owner LLC is closed in Jan 2020, does the company owner still file a return in 2021?

If someone has single owner LLC in California USA and if he/she closes the company in Jan 2020, do you still have to file business tax return in 2021? Specially if company has elected financial year ...
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1answer
79 views

Excess Roth IRA Contributions calculation?

Due to my income in 2019, I exceeded the Roth IRA contribution limits. Now I am trying to figure out how much to withdraw and how to report it. I have an account with Vanguard. So I have the ...
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0answers
13 views

Roth IRA excess contribution: applying excess to future year, how much less to contribute then?

2018: I had an excess contribution = $X to my Roth IRA. The excess contribution was made in 2018, not between January and April in 2019. I'm younger than the Roth IRA withdrawal age. 2019: I am ...
20
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1answer
4k views

Can I expense when buying my own lunch

I am organized as a single member LLC. And I work from home. I see that some corporations buy their employees lunch and expense it. My question is... Can I order lunch or go out to eat by myself and ...
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0answers
18 views

Does the same CCAs get claimed each year as long as you're still using the purchase?

I work from home as a contractor. Last year I bought a printer and claimed it as a Capital Cost Allowance. Since I'm still using it this year, do I claim it again as a Capital Cost Allowance? Are ...
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1answer
31 views

Same stock in separate accounts. FIFO implications

If I held shares of a specific stock since 2016 in one account (let's say Fidelity) and would like to day trade the same stock in another account (E-trade) would the cost basis be treated separately ...
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1answer
25 views

Tax deduct seller financed mortgage interest after sale of property?

I purchased a rental property several years ago from a relative and the seller financed the mortgage. Over the past several years I have claimed the interest deduction on my 1040 and the relative ...

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