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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28 views

Ideal country for limited liability company (Ltd.)

Looking for and ideal country for an Ltd. with the following conditions: English is an official language It's creation and maintenance is at low cost You don't have to be resident of the country You ...
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IRA Inheritance

In 2017, my great aunt passed away and she left her estate and retirement account (an IRA) in a will to myself and family members. She was nearly 80 years old and she lived in California. Within one-...
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Converting a personal business into a Company & its taxation advantages

I've often read opinions about taxation advantages of converting a personal business to a company but a point which confuses me is wouldn't the lower corporate tax rate be offset by the income tax ...
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2answers
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Interpreting a W2 form

Suppose a person receiving $3,000 every 2 weeks (gross pay). Assuming he works for 12 months, then the total amount he makes 72,000 (gross). Is this how Box 1 is calculated in the W2 form? Could a W2 ...
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3answers
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Filing taxes without one of my W2s?

My former employer (UC Berkeley) told me to download the two W2s it has issued for me from two websites. I downloaded the first one, but the second website doesn't work. I cannot download the second ...
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1answer
33 views

Paying taxes as a non-immigrant that will leave for 6+ months?

I'm in the US on an H1B visa (I'm a citizen of Serbia) and plan on leaving the US for the next 6 months (maybe longer). If I stay in Serbia during that time, work for a UK company (that doesn't take ...
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20 views

LLC in Wyoming as a holding company for a UK based company

What would be the tax obligations of the following structure. Opening a non resident (not a citizen of the US) LLC in Wyoming and this company being the main entity in a UK based LTD company. All ...
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2answers
32 views

IT Contractor Working for UK Client

How does an IT contractor provide consulting services from India to a UK Client? Do we need to open a IT Services Private Limited Company in India or are there other options, also helpful on how much ...
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I received a PhD stipend that was not under a fellowship. How do I report it if it was meant to be research funding?

Normally my research advisor and professor gives me my stipend through the school, which processes it as a W-2 form. However, he moved to another university in 2018. To give me my funding for research,...
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Personal income tax and new company

For someone living in the US who owes personal federal income tax. Is it possible to open a new company in such a way to protect the company/financials from personal taxes owed?
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J1-Trainee California Tax Residency status

I am a Russian citizen and at the end of 2019 I came to California for a traineeship. I have income in both Russia and the United States (California). From the point of view of US federal tax law, I'm ...
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4answers
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Understand 401k contribution

I decided to add 5% in the 401k from this month and thought it will reduce my tax income but I don't see the much difference in Tax. Can someone help me understand that. My FITW Tax reduced from $459....
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Is property tax assessed on real estate transaction fees as well (California)?

In California seller usually factors in many of the fees in the listing price, such as the seller and buyer agent fees. To best of my understanding these fees can amount to around 3% for each agent. ...
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When do I need to make a tax payment on money I receive once a year as a member of an LLC?

I will receive a one time distribution from an LLC that I am a member of in July, 2020. When and how do I need to pay taxes on this money? I don't receive any other income from the LLC throughout the ...
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2answers
28 views

Wash sale and Options?

I'm confused on what it means to for security to be substantially equal? For example say I buy a call and then sell it for a loss before expiration. If I buy another call in the same underlying at a ...
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1answer
41 views

Should I file two Schedule C when I hire employees?

According to the IRS, sole proprietor must apply for EIN the moment he hires first employee and must use this EIN for tax purposes. How Schedule C(s) should be filed if first employee is hired on June ...
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Estate Tax - K-1 form

I received a K-1 after filing my taxes. It is for a family trust final K-1. Line 4a had an amount of 2,580 and line 12 A - $269 & J -$269, Line 14 A $64 To amend my return what amount is used ...
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Is the 83(b) election deadline inclusive of the start date?

In 2014 I early exercised 10,000 unvested options and filed an 83(b) with the IRS. The stock from the exercise transferred on January 1st, 2014. I called the IRS and confirmed they have the 83(b) on ...
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52 views

What is the penalty, if any, for mistakenly paying US federal taxes as US tax resident instead of a non-US tax resident?

Determining the US tax residency can be slightly tricky and as a result I wonder what the penalty is, if any, for mistakenly paying US federal taxes as US tax resident instead of a non-US tax resident....
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0answers
27 views

Tax taking out pension exceptional circumstances (UK)

I used to live overseas where I had a private pension pot. Due to covid19 exceptional circumstamnces, the country has allowed to take out 25% which I've just received in my UK bank account. How this ...
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Can I deduct anything from my Taxes if I send money back home for my educational loan?

For the tax year, I was on an F-1 visa. I routinely send money back home to India for my educational loan/ family purposes. Can I deduct this from my taxes?
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0answers
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529 withdrawal tax implications

I have a 529 account in Michigan for my children. It is tax free on withdrawals for higher education cost. I recently moved into another state, so I am still debating whether I should keep the ...
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2answers
62 views

Are shareholders and tax collectors shown the same financial statements?

Companies publish annual financial statements directed at shareholders. Are these financial statements the same as those given to the tax collector? Do companies report the same profits to their ...
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What is my cost basis for a stock I received when my insurance policy was demutualized?

Background: My brother and I are co-beneficiaries of a trust that held an insurance policy with The Principal Financial Group, which Demutualized on October 26, 2001. At which time the trust was ...
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1answer
17 views

J1 to F1 after a gap- am I non resident?

I was on J1 (research scholar) visa in 2009 and 2010. Then I stayed out of US and came back on F1 student visa in 2015 and held the F-1 student visa for 2015, 2016, 2017, 2018, 2019. My question is ...
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1answer
115 views

Can a country that I live & pay taxes learn & know that I also pay taxes in another country?

I am a Turkish national, pay taxes in Turkey, but also if live & work & pay taxes in a Germany, can the German government know & learn that I also pay taxes to Turkey?
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2answers
39 views

What are the taxation rules for US non-resident aliens with respect to qualified dividends?

Are the rules different for qualified versus non-qualified dividends? Assuming no DTAA exists between the US and the country of residence.
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63 views

Estate tax in the USA for non-residents

I read that the estate tax for non-residents on their US assets can go up to 40% with the first $60000 tax exempt. Suppose, as a non-resident, I have a brokerage account holding US stocks with the ...
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1answer
43 views

Paying taxes revenue vs taxes profit [closed]

Regarding taxes, why do people pay taxes on their revenue and companies pay taxes on their profit?
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2answers
39 views

FICA on Traditional IRA to Roth Coversion

I am aware of the fact that we have to pay taxes on the amount we convert from Traditional IRA to Roth IRA. However, I would like to find out if we have to pay FICA taxes on the conversion. General ...
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0answers
59 views

Starting a side business whilst full time employed

I'm currently employed full-time in a regular job, and pay income tax at the higher rate. I'm looking at setting up a very small side business which may make around £500-£1000 at the moment. I'm ...
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2answers
129 views

What is the most cost effective way to pay for taxes?

I am a US citizen employed in the US. I have recently been making quite a bit of money (knock on wood) in the stock market. In previous years, most of my money has been coming in from my salary, which ...
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1answer
26 views

Necessity of filling Form 1116 or Form 2555

I left the USA in February 2019, pass the substantial presence test for 2019, and am filing my US taxes as resident alien. Just on my US sourced income, I do not owe any taxes and don't need any ...
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1answer
49 views

Reduce Self Employment Tax

Thanks for looking into my post. I am an independent contractor and I don't have any LLC or company. Currently, I am paying 26% on the self employment tax even after contributing to SEP IRA. Is ...
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11 views

Form 2555 (Foreign earned income exclusion)

I am filing my 2019 US tax returns as resident alien, but during the later part of 2019, I paid taxes in India on Indian income. Should I fill out Form 2555 to claim foreign earned income exclusion?
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1answer
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Tax treatment in India on a Resident Indian on money he earned in UAE as NRI earlier

I worked in UAE from Sept'2006 to Mar'2014 and came back to India permanently on April'2014. Before returning to India, I invested some amount in USD dominated bonds through a local bank in UAE on Mar'...
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1answer
44 views

E-filing US tax returns

I want to e-file my US tax returns that I have prepared myself. I don't see any link specifically dedicated to e-file. All I see is https://www.irs.gov/filing/e-file-options I have already prepared ...
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Understanding Dependent Care Flex Spending Account on Tax Return

I am trying to understand why my accountant added my Dependent Care Flex Spending Account (FSA) total to my earnings on my tax return. With all the insanity surrounding COVID, I haven't been able to ...
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1answer
107 views

When calculating net-worth, how to discount money in an RRSP?

Suppose that I have the following account balances: Personal Banking Account $10,000 TFSA $40,000 RRSP $60,000 I would like to calculate my net-worth. ...
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0answers
85 views

Taxes on selling a house I rented

I paid $200,000 for a house in 2007. I lived there until 3 years ago, at which point I rented it out because the real estate market was not good. Now, it is able to be sold for $250,000 I understand ...
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0answers
79 views

Tax implications surrounding self-employment/startup of US citizen in UK

For a US citizen residing in the UK, what are the major considerations and pitfalls to consider before starting a business (online)? Does it matter whether the business would cater almost exclusively ...
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0answers
35 views

Repayment of home buyers plan

Let's say I have contributed $2000 to RRSP on a year and I have a balance of $1000 on a Home Buyer's Plan. The minimum re-payment amount for the Home Buyer's Plan is $100. If I chose not to re-pay on ...
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0answers
19 views

As a current F1 student, would I need to pay taxes on ESPP stocks that I bought before I came over to pursue higher education?

I am foreign graduate student in USA. My previous employer had ESPP programs, and I bought some stocks under those programs when I was in my home country, India. The investments were made when I was ...
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41 views

How to write off taxes when returning the pre-tax amount of sign on bonus because the company refused to send corrected W2?

I received a sign on bonus which was included on the 2019 W2 from the company. But I quit on May 1st, 2020 and wrote them a check of the total pre-tax amount of the sign on bonus to return the money. ...
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1answer
39 views

Indian taxation on after-tax retirement accounts such as Roth

How does India tax US after-tax retirement accounts such as the Roth IRA for a person who is a US non-resident for tax purposes starting age 59.5?
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1answer
86 views

Crypto-cashback debit card tax (UK)

I have a pre-paid VISA card with a 2% cashback paid in cryptocurrency in every purchase. I was wondering how this is taxed?
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1answer
35 views

Traditional IRA distributions taxation as non-resident

I left the USA for India in 2019, and expect to be a non-resident for US taxation purposes when I turn 59.5. In the India-US tax treaty Article 20 Clause 1 states "Any pension, other than a pension ...
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39 views

Do IRS wash sale rules apply to gains as well as losses?

Consider the following two situations: Situation 1 5/1/2018 -- buy 10 shares XYZ at $100 5/1/2020 -- sell 10 shares XYZ at $50 (and claim a long-term capital loss of $50/share) 5/15/2020 -- buy 10 ...
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1answer
30 views

Taxation of foreign capital gains for Indian residents

How are capital gains on specifically foreign stocks taxed in India for Indian residents? Are they added to income and taxed at ordinary tax rates? If yes, can capital losses be deducted from ordinary ...
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4k views

How do some companies allow some of/all their employees to work remotely from a tax standpoint?

I sometimes see job offers that allow employees to work remotely anywhere in the world. However, reading answers on Why does a US company need to know the location of their employees for tax purposes?,...

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