Questions tagged [taxes]

For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, capital-gains-tax etc. When asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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30 views

Options trading and wash rule

For example, I buy a PUT option on TSLA for 3000 dollars and realize it's not working and sell it to close for 2000 dollars. Thus I have lost 1000 dollars on this transaction. Within thirty days of ...
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1answer
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Should I Charge Customers VAT Before Receiving My VAT Number?

I am very close to surpassing the VAT threshold. I’ve currently taken £80,525, and my next payment is due on Thursday. I told my client that I will have to charge them VAT on the next payment, which ...
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Can you “expenses-in-a-corp V. standard deduction” in the USA?

This seems like a "too good to be true" tax dodge in the USA milieu. Is it correct? Sally is a graphic designer married with a typical family. She gets $100,000 in 2017 as 1099 income. She ...
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Employee health insurance before vs after tax deduction

The employee insurance I am being offered gives a choice deduction being taken out before or after tax. Which of these choices would result in overall more money saved? Cost of insurance is ~ $60 a ...
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2answers
242 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 (...
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0answers
81 views

What taxes does an Eritrean-American-Canadian citizen Canadian resident pay first?

I am a Canadian born to an American-born Canadian father and an Eritrean mother. We live in Canada, where I was born. I am a citizen of all three countries mentioned. Because of insane laws, I am ...
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1answer
33 views

What should I do if my Dependent Care FSA amounts are inconsistent?

Box 10 (for dependent care FSA) shows $4423. I elected, contributed, and was reimbursed 5000 according to the benefit provider, but only actually had 4423 withheld according to the payroll provider. ...
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0answers
12 views

What forms for filing a federal annual tax return for privately-owned companies in the United States? [closed]

What's a list of forms for filing federal tax returns in the United States of America for a private company?
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1answer
32 views

I need help with ITIN

I would appreciate you help with my question. I opened a DBA in Texas for my rental property a year ag. The DBA is coming without any identification number, what's mean that I can't pay my tax return. ...
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1answer
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About to inherit assets located in Italy as a UK resident. Any tax liabilities, and if so, where?

I live, work, and pay my taxes in the UK. Sadly, my mother recently died. I am about to inherit some of her assets, which are all located in Italy, where she lived. I'll be inheriting a 25% share of ...
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1answer
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Question on form 1042-S

Some context I'm not an US citizen, but since December 2020 I'm selling some ebooks on Amazon.com. In December 2020 I had some sales, and from what I understood, I should be getting a payment in late ...
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My disabled brother as dependent

My brother was disabled and i claimed him on my 2019 taxes. If i amend my taxes and take him off, can he receive the stimulus to help out the family? If he's not a dependent in 2020, and files his own ...
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Which Tax Year for Return of Excess Roth Contributions?

In January of 2020, I fully funded my and my wife's Roth ($6,000 and $7000 respectively). Little did I know back then, that I'd get a sizable bonus at the end of the year, which put me over the ...
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1answer
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H4 Visa Spouse Tax Filing

I’m Resident alien on H1B visa, got married in Jan 2019. My wife visited USA in 2019, she stayed for 133 days in USA for 2019 year and in November 2019 she returned back to home country. In 2020 year ...
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0answers
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Should i reason for 1040x [closed]

My husband and I always file married but when doing so I pay all the tax... This year and honestly not familiar with filing status told my agent I wanted to file single!!! she complied. 9 months later ...
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2answers
235 views

How do I invest in retirement if I'm planning to leave the US?

I'm completely new to investing and know very little about it. I'm about to graduate from college and take a software engineering job that pays very well, leaving me some slack for investing in my ...
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1answer
650 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 ...
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1answer
313 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 ...
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1answer
2k 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 ...
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Please help me determine my SEP IRA Contribution

I'm the sole owner of an S-Corp in California. I'm an employee of the company. I need help please determining how much my company should contribution to my SEP IRA for 2020. Because of the pandemic ...
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How to calculate depreciation and tax burden

I am having some issues figuring out to calculate how depreciation affects my tax for a rental property. I have an example below. Is it correctly calculated correctly? Example: Purchase price: $1,...
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how to record my business tangible personal property tax bill . should it be an expense or should it be to my drawing account

I have a LLC business. I received a bill for Tangible personal property(taxes on business equipment). Should I record this payment as an expense for my business or should I record the payment to my ...
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1answer
52 views

Setting up a LLC in Wyoming as a non-resident to invest in stocks

I would like to open a LLC in the US in order to have access to some online brokers, like Interactive Brokers and Robinhood. I understand I will need to file an annual report with the state (Wyoming ...
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1answer
63 views

Do I need to pay tax or declare money my parents send me from abroad?

I'm EU national, I've been living in UK for the past 10 years, I'm a permanent resident here, working full time. My parents live abroad, they've never lived in UK and they will never move here. They'...
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1answer
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What is the deadline for a US bank and the IRS to sign French Form 5000 a.k.a. CERFA 5000?

What is the deadline for a US bank and the IRS to sign French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000? According to the Form 5000 instructions (mirror): Unless otherwise stipulated in the ...
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When is the latest that I can move out of the US to qualify for FEIE based on physical presence test

As I understand it, to qualify for the physical presence test, the last date that you can use is the date you file your tax return. So suppose that I will file my tax returns on April 1st 2022. Does ...
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how to transfer ownership of private illiquid shares and what is cost basis?

I own a few shares of a private firm. The shares are registered at Carta, but trading is not allowed. How can I transfer the ownership to my son so that the cost basis would be the price I bought them ...
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1answer
4k views

When I sell only a portion of my shares of a stock, which shares actually get sold

Two years ago, I bought 100 shares of XYZ. Yesterday, I bought another 100 shares of XYZ. Today, I sold 100 shares of XYZ. Which 100 shares did I actually sell? If it were the 100 shares from 2 ...
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0answers
45 views

Tax exclusion for American Expats

I am an American Citizen. I work remotely for a company based in the US. Working remotely means that I can live wherever I want. If I move to a foreign country and live full-time there and ...
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1answer
80 views

How much money can be gifted tax-free as “étrennes” (~Christmas/NY/BD gift)?

The French tax authorities allow parents to give some money tax-free to their children around some special dates, such as Christmas, new year eve, the child's birthday or the child's success at some ...
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2answers
44 views

Do ETFs issue their own 1099 forms?

I, this year, traded some ETFs that track US stock market indices; like SPY, QQQ, DIA. Do these ETFs issue their own 1099 forms for reporting Gains/Losses, or are those ETF transactions just reported ...
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0answers
81 views

Living with a zero-income partner, what offers the best Tax considerations?

If I am living with a partner, currently unmarried, who cannot work what would yield the best tax situation in the US: Marrying them and filing as Married - Joint Filing with just the one income to ...
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36 views

Which country is better to start a business, UK or Germany? [closed]

I am looking to create an online shop in Europe that sells different things from safron to handicrafts. I think UK and Germany have more relations and business opertunitis for doing this but I am not ...
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1answer
91 views

Does the UK self-employment allowance of £1,000 add up to the Personal Allowance?

I read these pages on gov.uk: https://www.gov.uk/income-tax-rates https://www.gov.uk/working-for-yourself And I understand that there are two types of income allowances: The Personal Allowance, ...
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1answer
56 views

How to contribute to HSA with after-tax income and regain taxes paid?

The payroll department screwed up at my company and didn't withdraw the final HSA contribution from my check for the purpose of depositing it into my HSA account. Their solution: just deposit into ...
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1answer
1k views

Can I claim my girlfriend as a dependent?

Can you claim your girlfriend as a dependent in the USA.
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64 views

What Details Do I Need to Keep for Tax Returns for Arbitrage Trading (UK)?

I've just started doing some arbitrage trading using a couple of online cryptocurrency exchanges, but I'm not sure what details I need to keep for the tax man. Do I need to keep a record of all my ...
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1answer
653 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 ...
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1answer
50 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
82 views

Hardly making money do I need to pay capital gains tax [closed]

I'm a college student and I've made around 5k in the past 3 months trading. Do I even need to pay capital gains tax? I don't know anything about taxes
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1answer
58 views

Employee share purchase plans,exit options, IRS

I am investigating the options for what to do with an Employee Share Purchase plan upon retirement that do not result in having to pay a big tax to IRS. I understand that I will have a taxable event ...
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4answers
653 views

Closing stock position on Dec 30

When closing a stock position on Dec 30, 2020, with T+2 settlement, is the P&L booked for 2020 or 2021? TIA.
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2answers
495 views

If I never cash my $1,200 stimulus check, can I claim it as a tax credit on my 2020 return?

The United States IRS does not have my direct deposit information (because I have never given it for a tax refund) or my current mailing address (because I have moved since my last return was filed). ...
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1answer
387 views

H4 visa spouse: resident alien or non-resident alien

I am a resident alien for tax purposes (H1B visa). My wife is on H4 dependent visa in the USA. She has been in USA for 189 days in 2019. 0 days in 2018 and 2017. She cannot apply for an SSN. She doesn'...
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1answer
122 views

Does renouncing one's US citizenship have the same tax implications as renouncing one's US lawful permanent resident status (=giving up green card)?

Does renouncing one's US citizenship have the same tax implications as renouncing one's US lawful permanent resident status (i.e., giving up one's green card)? If that matters (e.g., for tax treaties):...
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1answer
73 views

Checking one's status with the IRS

I'm not American. I was a resident alien and worked legally for 9 weeks in the US a few years ago. I received a US SSN. The job turned bad and I went back to Canada. I never filled a US tax form, but ...
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2answers
3k views

Is it acceptable to sign form 1040 on the computer and print it with the signature?

I have a PDF of my federal tax form 1040. I want to sign it by adding an image to the PDF, then print it with the signature. It will look like my signature, but it won't produce an indentation on the ...
6
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1answer
2k 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 ...
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1answer
22 views

Gifting Stocks to a dual citizens of Canada and US

I am a US citizen thinking of gifting stocks valued at $15K to a niece who has a dual citizenship of US and Canada. What are the tax implications for her as a residence of Canada.
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Should I sell cryptocurrency towards the year end?

I live in USA. I had a loss of X amount of money a few years back in Cryptocurrencies. From that year on, I am seeing some Y amount of capital loss carryover in my yearly returns. I haven't done any ...

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