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.
3,958
questions
0
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12 views
How should I report cleaning expenses on airbnb
I am trying to file my US joint tax return for year 2018 and I have a question. My wife was running an airbnb rental business for which the 1099 was reported to the irs by airbnb in the amount of ...
4
votes
1answer
64 views
Is my tax return refund unsually late?
Around May this year (2019) I submitted a (late!) tax return for the 2017 fiscal year. I did so by generating the form with some tool, and then mailing it to the IRS office that was specified online. ...
0
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1answer
32 views
Efficient Canada investment account after maxing out TFSA that is not RRSP?
What kind of investment accounts in Canada are tax-efficient and allow holding U.S. stocks (Amazon, Google, etc.)?
I have maxed out my TFSA, and would prefer not to lock money in retirement-inclined ...
0
votes
1answer
127 views
Sister living on dads property
Since my dad passed away in 2009 my sister has been living on the property. There is no mortgage and all she needs to pay are the taxes. Back in 2014 my cousin pay $2500 for back property taxes. My ...
1
vote
1answer
109 views
How much is my signing bonus after taxation in Berlin Germany?
an employer is offering 3K EUR as signing bonus, I was told that it's taxable, so I want to calculate how much tax do I have to pay and how much will be the 3K after all tax deductions?
I live in ...
2
votes
1answer
178 views
Can I use work on business ideas to reduce my tax burden?
I run a software consultancy which turns over approximately £250k per year. My work mainly involves by-the-hour consultancy or some fixed-price projects but no stock and very few expenses.
In ...
1
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0answers
31 views
Married and on H1B. Wife's H4 application in progress. Can I do Married filing Single for taxes?
My Visa status changed from F1 to H1B effective Oct 31st this year. My wife came to USA in May 2019 on F2 Visa. Her H4 application is still in process and her F2 is invalid effective Oct 31st.
Should ...
2
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0answers
49 views
Do I need to report rental income on my apartment? [duplicate]
Say I am renting an apartment for ~$1000 a month and I have a friend that needs a place to say. I let him stay on my couch and he pays me ~$999 a month. So I'm at a loss of $1 each month.
Do I need ...
1
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0answers
51 views
Is any of the income earned from P2P lending subject to Social Security or Medicare taxes
Income from P2P lending is reported on forms 1099-INT, 1099-B, 1099-MISC and 1099-OID. Are any of these earnings subject to Social Security or Medicare taxes in any way?
I have heard from people they ...
0
votes
1answer
51 views
Tax return: foreign savings account in foreign currency that depreciated?
I want to clarify what is the correct way to handle taxes in my situation. I'm working with CPA, but we have different views on this topic. I'm hoping to get the proper way to handle it. Google doesn'...
4
votes
2answers
180 views
IRA limits with employer 401K
My wife and I both work and both our employers offer 401K plans. When I first started my job 4 years ago they had a policy that required you to work for 1 year before you could start making ...
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2answers
68 views
dividend taxation [closed]
With all the talk of Social Security running low and governmental deficits. Do you think that Congress could shore some of this up by taxing paid dividends on investments, aside from municipalities. ...
0
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0answers
19 views
Do people registered under EO 98 and one time taxpayers still have to pay taxes?
I plan to get my BIR TIN to be able to get a bank account since I plan to work online while studying. I just want to ask if I have to pay taxes if I ever get bank account and deposit money in it. Also ...
0
votes
1answer
32 views
Do you know any tax construction where time is used as a factor in calculating the tax rate?
Normally, you calculate the tax, anywhere in the world, in money, and you pay it with money (regardless of the technical way of doing it). But, are there other ways than money, perhaps applied ...
0
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1answer
101 views
How is a plumber different than a landscaper as far as requiring a 1099?
I have read blogs that claim I need to file a 1099 if I hire a gardener to mow my lawn or a snow plow guy to do my driveway and pay them more than $600 per year, even if that contractor has lots of ...
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vote
2answers
89 views
How does a non-resident foreign person report payments to a maid in the United States?
I have a friend who is not a US citizen and is not subject to US taxes. He typically pays expenses through a solely owned trust, which the IRS considers to be equivalent to a sole proprietorship. He ...
2
votes
3answers
218 views
Will I owe income tax when my son pays me back for house I bought him?
My husband and I bought a foreclosed home for my son. We own a construction company, so we did all the repairs and renovations ourselves. We have kept a running total of expenses. Under the rules ...
2
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0answers
55 views
At formation, in exchange for stock, X contributes cash, Y contributes only “services provided” (sweat equity). What's a smart way to do it?
Setup: X has cash, Y has an idea, experience and contacts and wants to work on this idea full-time. X wants to create a corporation with Y and contribute $100,000 for 50% of its equity. Everything ...
0
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0answers
31 views
Can I transfer my own money from India to the US?
I transferred around $50K from USA to India in early 2019. I now want to bring that money back to the USA.
Is there any restriction on bringing my own money back to the USA?
Do I have to pay the ...
-5
votes
2answers
136 views
Can I avoid paying property tax by creating a non-profit?
Let's say I own a home and the mortgage is completely paid off. I was reading the nonprofits do not have to pay property tax. What if I created a nonprofit with the sole purpose or mission statement ...
1
vote
2answers
69 views
LLC Partnership vs. S-Corp In 2019 With Qualified Business Income Deduction
I've got a small business (LLC, taxes as a partnership) with $700,000 of revenue and $500,000 of profit.
Company is a husband and wife combo (consultancy), with consultants for other expenses.
I've ...
0
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2answers
137 views
Calculate T-Rex score step by step
I am having problem calculating T-REX Score
which is given here https://larrybates.ca/t-rex-score/.
I can calculate my T-REX Score by putting my data in the calculator given in that website.
But I ...
1
vote
1answer
66 views
Tax consequence of 100% profit deferral to solo 401k contribution
My yearly maximum contribution to solo 401k is $6000 after $13000 contribution to Simple IRA on W2 position. This year I expect to earn less than $6000 from the side job. Can I contribute all profits ...
2
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0answers
50 views
US Citizen employed in India but working remotely from US
I am an US Citizen and also an overseas citizen of India (OCI). Last year I joined a company in India. But in September this year I had to come to US to support a family emergencies and health issues. ...
1
vote
1answer
25 views
Declaring partnerships or companies abroad in the US
As a tax resident of the US, if I plan to start a company with a relative (Aunt, Parent, Sibling, Cousin) in a foreign country with informal funds that we manage in the family (for ex: by pooling ...
0
votes
1answer
78 views
taxes on cash-out refi debt used for investment vs lot purchase
Consider the following scenario:
an existing mortgage on a property worth 300k, with a current mortgage balance of 100k.
a cash-out refinance for 200k, releasing 100k of funds.
If we use that 100k ...
3
votes
1answer
89 views
If I use 1099 or S-Corp, can I deduct rent from my income?
If I live in another state in USA and either still pay rent or mortgage, but rent an apartment in Silicon Valley and work there to earn money as a business (1099 or S-Corp), then can't I deduct that ...
4
votes
2answers
244 views
Selling a fossil
If I sell a fossil that I found on my property, do I owe tax on the proceeds? How would I figure my basis? I “bought” the fossil with the land, so is my basis the cost of the land?
1
vote
1answer
123 views
Do payments into my bank account in the day to day business of managing my friend's/client's property count as MY turnover? (England)
I helped a friend manage her property on Airbnb.
The Airbnb money went into my account, the costs came out of my account and I transferred to her 50% of the profit (keeping the other 50% for myself)....
0
votes
2answers
63 views
Why is CAPEX better than OPEX? [closed]
I have been tasked with managing our timesheet system at work.
When filling out timesheets, people can select tasks which are classified as Capital Expenditure (CAPEX), such as writing code, or ...
3
votes
0answers
59 views
Do you have to pay taxes on a Unison “investment”?
I keep getting these Unison solicitations in the mail. Another question discusses whether or not this is a good deal in general, but one thing I don't see mentioned is taxes. I have searched quite a ...
2
votes
2answers
113 views
Does your 401k provider stop you when you hit your max?
In general, I was wondering who is responsible for keeping track of when a normal, employer-sponsored 401k account has hit its pre-tax contribution limits for a year. I assume that, in the end, the ...
4
votes
2answers
55 views
How does EU VAT work for physical service provided in non-home member state?
Assume I'm a VAT registered sole trader in Austria working as a handyman. As a one off, I go to Germany and paint a wall for a non-business, that is consumer. Which VAT rate is applicable and how do I ...
-7
votes
2answers
164 views
Avoid taxes after pay rise [closed]
Background:
I received a substantial pay raise which puts me in the next tax bracket for income tax. After tax, I would still have more net income than before the raise (in fact, more than 80% of the ...
2
votes
0answers
37 views
S Corp Options Exercise Tax Benefits
I have options to purchase stock in a S Corp. Is there any tax advantage to exercising those options at least one year prior to a sale of the company for capital gains tax purposes or does concept not ...
0
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0answers
31 views
Title of tax type
What is the title of the tax type that a small business pays when they submit a tax return? Is it the income tax? Also, there are some small corporations that do not sell anything but offer services. ...
16
votes
4answers
11k views
Minimize taxes now that I earn more
Background
I recently received a hefty promotion for $350k (plus stocks and bonuses) with the same company. Now that I can finally start to pay down my debt, I'm not so happy that suddenly 45% of my ...
1
vote
1answer
62 views
Self employed half the year unemployed the rest. Do I pay quarterly taxes?
I was unemployed from January-June and started becoming self-employed from June-December. Do I need to pay quarterly taxes?
I will owe more than $1,000 in taxes for being self-employed half this ...
0
votes
1answer
231 views
Do I get a reduced tax rate as a minor for my business selling items on eBay?
I recently turned 13 and I have an eBay business that is growing quickly. I have about a 5-6k net worth of merchandise (I just bought a huge order). I predict that I will have 100k by the end of next ...
0
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0answers
83 views
The client wants only w-2, is there a way to route this via LLC?
I have an LLC registered and operating in USA. I produce content. My client is in DC. I would like to provide services using the content that my LLC owns. The client is not directly buying the content,...
1
vote
0answers
50 views
Can a capital loss on a gilt be set against the interest received when tax is calculated?
Say if I buy a 3.75% gilt for £103, with a redemption date 1 year from now, then at the the end of the year I should receive £3.75 interest from coupons, but I lose £3 of capital. The total gain is £0....
2
votes
0answers
91 views
What qualifies as a small business in the United States?
I am a Canadian citizen living in the United States (in California) and would like to buy an investment property. I want to declare a small business for owning and managing the property which I ...
3
votes
1answer
35 views
Sole trader GST for small income business in Australia (aside from main salary)
Trying to find out how to handle this case. Next year will be even more fun as I've moved to New Zealand.
For tax purposes, I'm a resident in Australia for FY2018. All good.
I earned x as salary, ...
1
vote
1answer
29 views
What sources of income do not require an SATR to be filed?
For someone who is PAYE or unemployed, but has some income streams, when is an SATR required in the UK?
typical sources of income might include:
bank interest
dividends on shares you hold as an ...
2
votes
1answer
66 views
Tax implications of rolling covered calls
I have friend who is using the covered call options. Some time these covered calls are near assignment and then my friend rolls these calls with higher strike price.
What are the tax implications ?
0
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2answers
140 views
Tax Rate for 16-Year-Old
What is the tax rate for a 16-year-old who works for $10 per hour? How much would be taken off of their paycheck?
0
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1answer
203 views
If I own some stock, then buy more and then sell, is that a wash sale?
I use Robinhood for stock trading that uses FIFO (there is no other selectable option).
If I..
Bought 10 shares of SSS 1/1/2019 at 1:00 pm at $100 each = $1000
Bought 10 shares of SSS 9/1/2019 at 2:...
62
votes
2answers
15k views
I won a car in a poker game. How is that taxed in Canada?
For the sake of title transfer and taxes, is this a gift or a sale?
This was a private game. We both tossed our keys into the pot. I won and the vehicle is now sitting on my driveway.
I live in ...
3
votes
1answer
125 views
How (in terms of specific procedure) are US companies paying the US-China import tariffs?
How does a business comply with the US-China import tariffs, specifically? By that I mean: does the business just have extra (sales?) taxes that they need to pay when they file their taxes? Are they ...
1
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0answers
36 views
One spouse in community property state, other spouse in non-community property state, filing taxes jointly
I am a resident of California, a community-property state, earning my income in California. My wife is a resident of Oregon, a non-community-property state, earning her income in Oregon. We file taxes ...
