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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1answer
221 views

New Salary: UK Income Tax Discrepancy

I was promoted a few months ago and as a result I have increased my salary to £59,400 - All good. Except, prior to accepting the offer I calculated my expected salary (via https://www....
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1answer
60 views

Are 1095-C forms obsolete under current law?

For the past several years I've received one of these 1095-C Employer-Provided Health Insurance Offer and Coverage which lists myself, my dependents, and this table (e) for the Months of Coverage ...
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23 views

Why offshore IP when there is subpart F income tax?

After TCJA (Tax Cuts and Jobs Act), there is the not deferrable GILTI (Global Intangible Low Tax Income) tax which was supposed to deter US firms from offshoring their IP. However prior to TCJA, there ...
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42 views

Exemption from withholding on W-4 form for highschool student

My daughter (WA - USA, highschool student with green card) has 2 part-time jobs paying about $1500 each per year. I claim her as a dependent on my tax return. She has to fill out a W-4 form for her ...
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1answer
36 views

IRA withdrawals and taxation as non-resident alien

I left the USA for India in January 2019. I retained my traditional IRA and 401(k) accounts because there is a penalty for premature withdrawals apart from the tax liability. Can I convert part of ...
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99 views

How do I deal with taxes on a U.S. Savings Bond that matured a few years before it was redeemed?

My parents recently found a 30-year Savings Bond of mine that matured in 2016. I redeemed it at the bank in late 2019. My understanding is the correct way to handle this is to file an amended 2016 ...
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0answers
180 views

What does the IRS do about trivial tax discrepancies?

I submitted my taxes (e-file) about a week ago via Turbotax - expecting a large refund. I then unexpectedly received a 1099-INT from my bank for $15 of interest received during the year. I did not ...
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1answer
43 views

ESPP USA owned company UK tax query

I have been taxed on the full profit made following the sale of my shares which were purchased through an ESPP. I purchased at 85% of day 1 cost. I thought I would only have to pay tax on the 15% ...
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19 views

Is there a time limit for 1256 contract tax loss carry-forward?

I was wondering, is there a time limit for 1256 contract tax loss carry-forward? Or can you carry the loss forward indefinitely? I saw a website that suggested that the limit is typically 7 years, ...
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0answers
33 views

How are US Health Saving Account (HSA) taxed in Canada for a Canadian citizen, not a US citizen?

The HSA in question is founded while legally working in the US and being a US tax resident. However, I'm thinking of coming back to Canada. Are they just considered as a normal account? Therefore, ...
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2answers
130 views
+50

Is money paid by a moving company for delay of shipment taxable income, or need to be reported when itemizing?

I recently had an interstate move for a job that passed the distance test. In the process of the move my household goods were delayed transit. Since the delay exceeded the allowable window, the moving ...
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1answer
125 views

Accountant has not filed my business taxes

Today is January 23, 2020. I still have not received my tax returns on my business for the tax year 2018. I keep contacting my accountant but I do not receive a reply from him. I am very nervous ...
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1answer
135 views

Is it usual for a payer's CPA to ask (demand) that I verify amounts on the 1099 he just issued me?

I do $4000 to $5000 worth of consulting work annually for a small 503(c) non-profit. They sent me my yearly 1099-MISC last week. A few days after I received it, the CPA that handles their books ...
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1answer
2k views

W2 Form Stating Single instead of Married

My Employer just now sent my 2019-W2-form, I have noticed, my form shows Taxable Martial Status "Single" instead of "Married" Is it possible to change the status during tax filling. If Yes then What ...
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1answer
25 views

Taxes and K-1 Partnership

What do I do for K-1's if I am no longer a partner in the company? Say I dissolved my relationship on Dec 31, 2018. Do I have to do anything on my 2019 return? How does the government know I'm not in ...
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0answers
120 views

Online Hackathon prize money taxation and exceptions

I've participated in one of the Hackathon competition on DevPost and won the prize amount of $3000 USD. However, the claiming section asked me to fill-up the W-8BEN tax form as I'm not a US resident (...
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33 views

Can't file 1098-T electronically on Turbotax or Credit Karma

Historically, I've been able to claim the American Opportunity Credit that would give a surplus refund of $1000 to help with school while being a full time student and not working
3
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1answer
93 views

Is it okay to write “non-resident” for non-resident alien spouse's SSN?

I live outside the US with my non-resident alien spouse. I want to file as married filing separately. However, in online tax preparation software, it always forces me to enter an ITIN or SSN for my ...
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0answers
163 views

Any tricks/hacks for exorbitant daycare costs?

The $5000 FSA limit is a joke given the daycare costs in our area. Is there any way to use more pre-tax money to pay for daycare ? Daycare is by far our biggest expense for the year. Any advice to ...
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1answer
61 views

PayPal Donate Button - Fees [closed]

I want to accept donations as a person, not as a non-profit organization, using a Personal account. I've found that there is a Donate button but couldn't find any of the taxes and fees info. Is there ...
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1answer
62 views

TurboTax had me file for a 1040 instead of a 1040NR. Is there a way I can change this?

It's my first time filing for a US tax return. I used TurboTax, filled up all the necessary information, and I got the result showing a form 1040, which means I got zero amount. I am from the ...
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2answers
49 views

How do I bookkeep an Ecommerce website?

I have a multi vendor e-commerce website where I sell goods from 3rd party vendors. When an item is sold on my website, the money is stored in my bank account. Monthly, I transfer money earned to the ...
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1answer
44 views

Russian taxes with dual citizenship

I'm a minor (17) who is considering using my birthright to be recognized as a Russian citizen, as my mother is one. If I apply as a minor this late, will I have to worry about taxes if I reside in the ...
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2answers
384 views

Tax efficiency and Roth IRAs

I have a question relating to avoiding investment taxes as compared to maximizing tax free growth in a Roth IRA. Suppose you have: $10000 in a Roth IRA $10000 in a taxable brokerage account and ...
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1answer
77 views

Washsale for daytrading

I have following scenario of washsale ? Can someone please help me if wash sale will apply to me in any case ? I knwo for three trades i made in Dec 2019 has wash sale but is covered with profit I ...
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1answer
132 views

Is it necessary to pay quarterly earnings taxes in US?

I worked as an Independent Contractor (for the first time ever) during September and October which means that I owe quarterly taxes that are "due" on January 15th. I also worked as a full-time ...
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5answers
474 views

When and how would a company make money by taking $1 out of my paycheck and donating it to charity?

In the US as I understand it, there are corporate tax deductions for charitable giving. For this or any other reason, would a company with large salary expenditures and positive profits (sometimes) ...
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1answer
76 views

Investing in ELSS schemes

I am currently a graduate student in India, who is a little concerned about his financial stability after the graduation, so decided to start investing some of his scholarship/stipend in Mutual Funds, ...
6
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1answer
135 views

In which country do I pay capital gain taxes, as a German with a US Internship?

This year, I did an internship in the US, and during that time I bought some stocks. Now I am back in Germany, and got dividend payments on these stocks, and also want to sell some of them soon. ...
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0answers
21 views

How can one know if a business is qualified by the Sunat as those whose acquisitions give right to the return of the General Tax on Sales to tourists?

I read on https://pymex.com/en/noticias/peru/como-funciona-la-devolucion-del-igv-para-turistas-en-el-peru/: The refund will be made regarding the acquisitions of goods that are made in the ...
5
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3answers
239 views

Best Way to minimize taxes on 401K distribution?

I recently retired at 57 after 36 years with the same employer. I live pretty frugally and my pension is $90K covers all my normal living expenses. I have approximately $2M in retirement savings most ...
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2answers
219 views

Should employer gym reimbursement be taxed?

I'm a programmer and the company I work for reimburses gym expenses. This is being taxable, so I end up not getting back the full amount I spent. I'm trying to understand page 34 of the IR Employer ...
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2answers
1k views

Does Meghan Markle need to pay taxes for her stay at a billionaires house?

According to reports, Meghan Markle is receiving free accommodations at the home of a Canadian businessman. Assuming this is true, and given Meghan is a US citizen, and considering the fair market ...
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3answers
359 views

Bank asking for spouse's financial details: what to tell them?

Our bank sent an email to my spouse saying that they are required by law to collect some details, and that they may terminate her account if this info is not provided. My wife is a homemaker, and ...
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0answers
32 views

What self-employment and/or “payroll” taxes exist for NYS Single-Member LLC w/ S-Corp Tax Election?

I am about to form a New York (NY) state single-member LLC and elect S-corp taxation per my CPA's advice. I am the only employee and will be the only employee, at least through to the end of the ...
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1answer
56 views

HMRC Starter Checklist - Employee Statement

I am going on placement next year and I have to fill out the HRMC Starter checklist form. I worked part time (only two shifts) and the pay I received was not taxed. Does that mean I select statement A ...
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0answers
65 views

Using a US state for payroll while not being a resident

I'm an American currently living in France with my wife (also an American). She has a part-time job working remotely for an American company. This company uses a US-only payroll company, so my wife ...
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1answer
24 views

Mutual fund tax exemption SBI

I have a SIP investment with SBI TECHNOLOGY OPPORTUNITIES FUND Regular growth. Can I show this investment for tax exemption ?
3
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1answer
141 views

Is money from a trust account considered a gift?

I have a BNY Mellon Investment Fund account designated to me and set up by my parents. On the statements the Client Name is in my parents name and the Designation is my name. My financial advisor ...
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1answer
58 views

Receiving stock through an LLC

I have an LLC with S-Corp tax status. I am working for a startup and part of my compensation is stock. I am receiving 25% of this stock after 6 months and the rest is being awarded monthly after 6 ...
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3answers
3k views

If IRS instructions for Form 1040 are not available, should taxpayers wait to file until they are published?

Apparently the IRS has not yet published the instructions for Form 1040 for the tax year 2019 yet (as of January 7, 2020). When I go to the standard form instruction index page it just lists the ...
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1answer
47 views

Does a sole proprietor have to file taxes if they make less than the personal annual minimum?

A person making less than a certain minimum, generally does not have to file any personal income taxes. For example, for a single tax payer the minimum for 2019 is $12,200. However, if the taxpayer ...
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2answers
205 views

Pay taxes to the IRS, before filing, to avoid penalties?

I live in US and in the last two years I had a tax consultant recommend that I pay a certain amount to IRS online each January so I won't get a penalty. This year I don't have a consultant. I earned ...
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1answer
43 views

How do you properly handle calculating barters for taxable income and related, intrinsic expenses?

Sorry for asking what feels like a common question, but I can't find a straight answer to this question even though I've done a good bit of Googling on this topic. Last year my wife ran a website ...
3
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0answers
75 views

Contractors IR 35 tax burden: is it less than people thought?

With the introduction of the new IR35 legislation in UK, many contractors caught inside IR35 are going to pay more taxes. The most popular tool for the calculation of the tax burden among ...
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0answers
45 views

Contractor Tax Rates [UK]

I worked for 6 months last year as a contractor for a company straight out of university in the UK. I wasn't having to pay taxes with my paycheck but I know I must pay them at the end of the year. ...
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0answers
17 views

Warrant extension - would this have any tax implications?

If someone has warrants to purchase shares in a private C corp in the US, if they were about to expire and they got the company to agree to extend them, does this have any tax implications? These are ...
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0answers
36 views

Recapture of portion of Federal subsidy

My state offers a mortgage program which stipulates: The Internal Revenue Code includes a restriction relating to such mortgage loans. The Federal government treats homebuyers who purchase a ...
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0answers
105 views

One of my W2 employees quit my repair shop in NYC, do I need to do anything on my end to alert the state/city?

I have a repair shop and one W2 employee. He just quit last month. Do I need to alert the State or City about payroll taxes or payroll insurance company that my guy left? I'm not sure if I need to do ...
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0answers
70 views

What does “Local IT Costs” refer to in the UK/Europe? [closed]

I'm filling out an year end report form and there is a field for Local IT costs. I was looking through the internet, but I can't find any explanation of what exactly does this field supposed to be ...