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.
5,488
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Switzerland taxation over income derived from foreign businesses
I'm considering moving to Switzerland permanently (I'm Italian, currently living in Italy), but I would like to know if my income derived from an US LLC (foreign-owned single-member LLC) is exempt ...
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LLC Credit Card - When does money count as being spent
I run a single member LLC in the state of Virginia and, for tax purposes, I am trying to figure out calculating profit/loss at the end of the year when using a business credit card.
In the first year ...
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What is my best option to reduce Tax Liability on an unpaid 401K Loan from a previous employer?
I lost my job in June 2023 and I had 2 outstanding 401K loans. Unfortunately I could not secure a job until 2 months later and had to use severance to pay bills instead of paying these loans back. ...
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What's the consequence of not filling out IRS Form W4P accurately
Question about federal tax withholding for pensions in the US.
I've decided to dig into a pension and they require me to fill out a form W4P for federal tax withholding. Our other income is from ...
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Excess deferrals to after-tax, non-Roth 401k (just happened this paycheck) – just ask the plan for a reversal? Tax implications? MBDR implications?
It’s hard to google this/find this specific situation for advice.
My last paycheck deferral on to my 401k (on 12/8/2023) resulted in exceeding the yearly maximum employer + employee = $66K limit. (2 ...
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112
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Forming an LLC to reduce personal income
I'm working as a contractor for a couple people though I haven't formally formed my own business yet.
Is it possible to reduce my personal income tax while having the money go to the business?
Ex: I ...
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2
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117
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How is 401k basis calculated? (Warning, wrong question.)
Normally if you sell one equity and buy another with that money, any gains or losses are reflected in your taxes at the time you do that rebalancing and you have a new cost basis on the new investment....
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How can I obtain a tax exemption certificate for a sign company that is located outside of the united states?
How can I obtain a tax exemption certificate for a sign company that is located outside of the united states. I have been purchasing machines for my print shop and they are being delivered directly to ...
user126383
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Do Transaction Fees Count Towards Roth IRA Contribution Limit?
I'm using Interactive Brokers. I noticed that IBKR charges a transaction fee for the purchase of some funds. Does that transaction fee count toward the Roth IRA contribution limit?
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Tax-Savvy Pre-Retirement Liquidity Cushion, or IRS Surprise? -using put options and an IRA
I have 300 shares in a regular account with basis 166, trading @ 500. I have over 300 shares of the same in an IRA. I plan to sell 300 shares in the IRA; write 3 puts in the IRA for less than $10,000 ...
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Is it a good idea? A company to "buffer" income to be withdrawn in the future
Before talking to a tax advisor, I'd like your inputs and your experience.
This is very important:
I'm a permanent resident in Japan, French-citizen
My marginal rate is high, I'd pay 50+% on any ...
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169
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Can I claim the tax back from my lawyer's fee?
I received a settlement from a car accident of 285000.
I have a personal GST number, so can I claim the tax from my lawyer's 30% fee which seems high?
I haven't worked since this accident in 2012. I ...
2
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1
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110
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Keeping personal and business finances separate, tax-wise, in two different countries inside Britain?
I live in Scotland and am about to start a very small business that will print books and sell them using Amazon as a dropshipper. The business will take the form of a company registered in England and ...
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Can an individual in Britain sell through Amazon with no government registration (see details) other than their National Insurance number?
If you are an individual – not a one-person company, not a partnership, not an HMRC-registered sole trader, not self-employed, not VAT-registered – and you want to register in Britain with Amazon as a ...
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Reduce income to get tax credits by making IRA contributions or "fill up the bucket"?
Let's assume my wife and I have $10K in free cash. We are in the 12% bracket, married filing jointly.
Here are the options we are looking at, and we are trying to figure out which one makes more sense ...
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1
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In a divorce is there a benefit to selling stocks?
During a divorce when splitting up an account holding stocks is it better to sell all stocks and split the proceeds or to split the stocks? My husband sold all the stocks in the account which caused a ...
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If the highest federal tax rate is 33% and the highest provincial tax rate is 25.75%. why is the marginal tax rate 53% rather than 58.75% (Quebec)?
If I understand correctly, the total tax is basically the sum of federal taxes and provincial taxes, so for Quebec this should give a marginal tax rate of 58.75% (33% federal and 25.75% provincial). ...
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341
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In the UK, if I pay tax on both PAYE and Self-Assessment, where will my savings interest be taxed?
Like a lot of people in the UK fortunate enough to have savings, the higher interest rates mean that I will be getting more than the £1000 tax-free allowance on savings interest. Unlike a lot of ...
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79
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Can buying mortgage points reduce a rate below the applicable federal rate?
And if that is possible how does this prevent the bank from avoiding paying imputed interest. Additionally could points be purchased to bring a rate to zero or a negative number?
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Can a prior-year deposit be included in a current-year tax credit?
I'm hoping to replace some older windows with energy-efficient ones. The new windows would qualify for the Energy Efficient Home Improvement Credit. The concern I have is timing: the company I'm ...
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Wash Sales for Non-US Citizens
I am an Indian citizen residing in India. I will be opening a cash account through IBKR and day trade in the US markets(cash only, no margin). Will the wash sales law be applicable in my case, even ...
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How to handle US financial accounts after leaving?
I moved out of USA in Oct 2023 after living there for 8 years as a temporary worker. I am not working in USA anymore (physically or remotely). I have the following accounts:
Robinhood brokerage: ...
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1
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Delay Self Assessment Return
I am a international student holding a residence visa.
A month ago, I began my degree program, and I have some income from a non-ISA savings account. I recently noticed that the deadline for filing my ...
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Disclaiming part of an Inheritance
Say a relative passes and leaves all of his money to two of his three children.
His original will split the estate evenly among his three kids but before he passed he had several strokes, and in a fit ...
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In the US, are taxes collected upon lien claims?
I watched an instagram video that got me very curious about this possible tax evasion method. (Link at the end)
Say I own shares of a company, which I bought for an insignificant amount compared to ...
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0
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Filing a UK Company Tax return for 22/23- is it possible to bring back a trading loss from 23/24?
Whilst filing my UK company tax return for the financial year covering 22/23 in the section 'Trading losses', under 'Bring back a loss from a later period' is states the following:
You can only bring ...
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0
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31
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Why is the UK Corporation tax payment deadline before the company tax return filing deadline?
I've returned to contracting (as a software engineer) after 8 years of full time employment and am now working through my own LTD company.
I mistakenly thought - as is the case with self assessment - ...
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116
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How would investing in fractional real estate affect my tax situation? If I invest in properties in multiple states, do I need to file tax in each?
Based on our personal experience, we've had to file separate state taxes while managing rental properties from out of state. I'm curious whether the same situation applies if we invest in REITs or ...
user125645
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Understanding S-Corp election timeline
I started a business on February 2nd of 2023, and my Tax Year will be 1st January, 2023 to 31st December, 2023, and the business tax filing deadline will be 15th April, 2024. Will I be in compliance ...
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Who should I ask for help with nasty tax problems?
I have some nasty tax problems caused by my Certified Public Accountant (CPA; who I have fired) and my own lack of oversight. I think I need to file a 1040-X and go over thousands of transactions from ...
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61
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Should I form a General Partnership? [US-CA]
A friend and I are planning on going into business together in California. We plan to purchase $20k worth of parts to build a computer to rent out on vast.ai. We project that our revenue will be $2500 ...
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How to decrease AGI below $300K for EV tax credit?
My total 2023 household income before tax or any deductions will be $321,000. If we both max out our 401(K) and HSA, can we bring our AGI below $300,000? I plan on buying a Tesla, and for me it makes ...
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Can you choose to pay tax twice under a double-taxation agreement?
I'm finding myself in a very unusual situation where I want to opt to claim tax residency in both Portugal and the UK, while there is a double-taxation treaty in place.
I want to stay in the UK for ...
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1
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Tax implications of holding a target date fund in a taxable account vs. DIY
I like target date funds due to their simplicity. However, one disadvantage is that the stocks and bonds are now combined together in one fund and the flexibility to sell one of them individually is ...
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Double Taxation - New York and New Jersey
I have a tax situation for year 2022. Amounts given below are examples.
1/1/2022 to 8/8/2022: living and working in Indiana (income $55,000)
8/9/2022 to 12/31/2022: living in New Jersey, working in ...
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Tax character proportions in US partnership distributions
Bob and Alice form a partnership in the US. Bob is a US citizen. Alice is an Italian citizen residing in Algeria; in the US she pays no capital gains tax, but is taxed higher than Bob on dividends.
...
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I inherited a Roth IRA less than 5 years after a conversion, can I wait then take qualified distributions?
I inherited a Roth IRA from a parent. I am a designated beneficiary but not an eligible designated beneficiary.
IRS Publication 590-B for 2022, Distributions that aren't qualified distributions, ...
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If my company is going to be acquired for $50m, how can I avoid high taxes? [closed]
Let’s say for example I have a company that is going to be acquired for $50m and I own half it as a cofounder.
How can I avoid a large tax hit?
I know someone who received $25m from an acquisition and ...
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Foreign student with unpaid taxes returning to the US - What are the risks?
In 2001 I was a foreign student from Haiti, I Studied in the States and my tuition was paid for by my grandfather, so I didn't apply for financial aid and no student loans.
After graduation I worked ...
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ETF Authorized Participants and the taxes they pay when they sell low cost basis securities on the market
It is known that:
When the price of an ETF is lower than its NAV (i.e. Net Asset Value, the value of underlying securities, per ETF share), the Authorized Participants essentially buy ETF shares from ...
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401k Contributions Guidance for Two-Member LLC in a Community Property State
We established an LLC at the beginning of this year, with just two members – my spouse and myself. We reside in a community property state and file our taxes jointly as a married couple.
Throughout ...
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Is Bitcoin taxable?
A few months age the SEC has regulated bitcoin as a commodity. Quick googling tells me than commodity wages are exempt from taxes and it looks like if a company can fully operate in bitcoin ...
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Canada GST/HST credit eligibility depends on last year's or current year's income?
The GST/HST credit is a non-taxable amount paid four times a year to individuals and families with low and modest incomes to help offset the goods and services tax/harmonized sales tax (GST/HST) that ...
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What is the difference between regular dividend and special dividend?
One implies ordinary income tax while the other is taxed according to capital gains tax, but how would you convince the IRS that your dividend payment is a special one and should be taxed at capital ...
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Taxes Related to CD with Primary and Secondary Account Holder
I visited a Bank of America branch and the representative told me that I can open a Certificate of Deposit account with them and have my mother, a nonresident alien, be the primary account holder ...
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Declaring $50,000 cash deposit from parents in a foreign country
During the summer vacation in my home country, my parents gave me $50,000 USD in cash (they exchanged this cash several years ago from the bank by their savings) to support me buying a car. Recently (...
user124875
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What exactly are you taxed on as a US resident vs US non-resident? Is this guide correct?
Tax Guide
During the period of time that an individual is considered a US-resident for tax purposes:
All worldwide income is taxed by the IRS at the normal rates. (e.g. basically any source of income ...
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Can you sell shares before ex-dividend and buy back after, to replace 'dividend income' by 'capital gains'?
Note: this is the opposite direction than most sell/buy questions over dividend day.
Here is the situation: I have large losses from unrelated trading activity, and can only deduct 3000 per year from ...
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Will the money I owe that I am going to payback to my sibling be taxed?
I recently completed my masters in the US, and started a job which pays decent. During my masters, my brother who works in the US paid for most of my tuition fee which is around 40000. I am planning ...
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Is holding US stocks through a US broker enough to have to report to US taxes
I was never a US resident and I don't have a citizenship or green card.
However, I would like to invest via an American broker, simply because they have the best commissions.
I am not sure which US ...
