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.
4,530
questions
0
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0answers
27 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 ...
10
votes
1answer
4k 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 ...
0
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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 ...
0
votes
0answers
29 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
vote
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.
4
votes
2answers
207 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 ...
-1
votes
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 ...
4
votes
1answer
563 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 &...
1
vote
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 ...
0
votes
1answer
42 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 ...
1
vote
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 ...
1
vote
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 ...
0
votes
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'...
3
votes
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, ...
1
vote
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-...
4
votes
1answer
331 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
vote
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)....
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. ...
0
votes
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 ...
2
votes
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 ...
4
votes
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
vote
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 ...
8
votes
2answers
952 views
How is FICA calculated?
I'm thinking of taking on a contracting job next year, along with my current full time job, and I want to know how the two income streams would interact. When income reaches a certain level (~ $137k), ...
1
vote
0answers
64 views
Will I pay tax on selling the stock purchase plan I was granted by my employer in Germany?
Let's say an employer offers an stock purchase plan of 100EUR contribution from NET monthly salary of the employee across a quarter, that will be 300EUR total.
Now let's say the employee at the end of ...
1
vote
1answer
113 views
Can I create an LLC, offshore, or a Limited company in the the U.K. to invest my personal money in equities? [closed]
So, I have a large portfolio of stock assets, gold etc. and I want to leave these specific assets from some of my brokers and physical gold/silver to one of my grandchildren, 14 (please don't tell me ...
1
vote
1answer
37 views
UK: TIN (Tax Identification Number) UTR needed or NINO ok?
I'm a UK resident and British citizen, always in PAYE jobs, and who's never even seen a tax return. I'm opening up an account in an EU country, for a pitiful amount of money and it wants a TIN (Tax ...
1
vote
1answer
39 views
If one has short- and long-term capital losses and gains, can one harvest short-term losses to be deducted against short-term capital gains in the US?
In year 2020 I have:
- short-term capital losses = 2000 USD
- long-term capital losses = 3000 USD
- short-term capital gains = 2500 USD
- long-term capital gains = 5000 USD
Can I harvest the ...
1
vote
1answer
44 views
When harvesting short-term loss, can the losses be deducted against my income if I don't have short-term capital gains, only long-term capital gains?
Regarding tax-loss harvesting in the United States, https://www.moneyunder30.com/profit-from-tax-loss-harvesting (mirror) mentions some priorities between short-term capital gains and long-term ...
1
vote
1answer
72 views
Is there any upside in harvesting tax losses on long-term losses instead of short-term losses?
Assume that one has the choice between taking long-term capital losses and short-term capital losses, and assume that, since the year hasn't ended yet, one doesn't know all the short-term and long-...
0
votes
1answer
135 views
Accidentally filed my taxes using TurboTax as a US citizen while I'm not
This is about an F-1 International student since 09/2019 and it concerns the 2019 tax year.
I did my taxes properly and filed them by mail. A lot of time had passed and I couldn't even find my status ...
0
votes
1answer
66 views
In what order are taxes stacked for an LLC
This isn't about some exact country, it's more about the general idea (which, I believe, is very similar in most of the world). But if you need some context, let's say that we're talking about a ...
2
votes
1answer
56 views
In which EU countries can companies elect pass-through taxation or at least there exists a company form with pass-through taxation?
I am looking within EU for a tax solution similar to S Corporations in the US:
An S corporation, for United States federal income tax, is a closely held corporation (or, in some cases, a limited ...
0
votes
1answer
57 views
Using a trust to lower my property tax [closed]
I recently started pondering whether I could use a trust as a sort of tax dialysis instrument. Would it be possible to create a trust, sell my home to the trust for a low value and therefore lower my ...
3
votes
2answers
114 views
WFH for a non-profit as a programmer. Can I buy a $400 laptop for my job and use it as a tax-deduction in the US?
I met with them today and was told I'm being given a 1099 form.
I got a Work-From-Home job doing programming for a science based non-profit. There's been no talk of providing me with a company laptop ...
0
votes
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?
1
vote
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 ...
0
votes
3answers
127 views
How do taxes get paid when I have my money at a brokerage?
The answer is probably pretty universal, but I'm in the United States. If I have a broker investing money on my behalf or if I invest my money myself in stocks or mutual funds (what's the general term ...
2
votes
4answers
187 views
How do tax payers have to pay for the tax deductions someone else receives due to a charitable donation?
"A $1,000 donation from a donor in the highest tax bracket costs that donor only $604. The federal government kicks in the remaining $396 in the form of a reduction in taxes", writes Ray D. ...
3
votes
2answers
52 views
Wash sale rule applied to quarterly estimated taxes?
I'm looking to pay estimated quarterly taxes. Do wash-sale rules apply to quarterly estimated tax payments (June 1st – August 31st with a due date of September 15th for this past period), or do they ...
3
votes
4answers
203 views
What's the difference between rebalancing a portfolio and timing the market?
I am looking to invest some income that is currently sitting in my checking account and I've been interviewing fiduciaries. I just got off the phone with somebody who takes 1% of my portfolio's value ...
0
votes
0answers
20 views
How do I document cash capital contribution and digital assets assignment for single member LLC?
I have a single member LLC, which is currently a disregarded entity status (will be upgraded to S-Corp within a month or two).
I'm making an initial capital contribution via cash deposit while opening ...
3
votes
2answers
237 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
votes
0answers
62 views
Sending money to acquaintances in Armenia
Last year, I went to Armenia and stayed with host families or in small guesthouses. These hosts did not become friends or anything, but I am considering contacting them in view of the travel ...
0
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0answers
11 views
EE Bond POD recipient request to pay the taxes on cashing the bonds in
I gifted my Son EE Bonds in 1986 that he wants to cash now, but I want to pay the taxes
due.
The bank teller told me it can be done by executing the appropriate forms. If that is correct
what forms ...
0
votes
0answers
38 views
When can I claim the Foreign Earned Income Tax Exclusion / ask employer to stop withholding?
I've decided to stay abroad for a year (abroad starting August 1, 2020) and am considering taking the foreign earned income exclusion. If I decide to go that route, when should I have my employer stop ...
1
vote
3answers
231 views
How do I avoid forming a general partnership while splitting income 50-50 with someone else?
You can see a lot of context by reading here: Every month I make money from Patreon. I want to split my income with a partner. How do I avoid paying taxes on 100% of the income?
I don't have an LLC (...
-2
votes
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
votes
0answers
24 views
Do you still need to file a return for Withholding Taxes if your company has no employees?
Do you still need to file a return for Withholding Taxes in Massachusetts if your company has no employees?
2
votes
1answer
36 views
Do you still need to file for Paid Family & Medical Leave tax if your company has no employees?
Is a company still responsible for filing PFML taxes if the organization has no employees (in the Commonwealth of Massachusetts)?
1
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0answers
62 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 ...
