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.
4,236
questions
0
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2answers
24 views
Can I take a tax loss on Roth IRA conversion?
Because we were over the income limit, my wife and I contributed post-tax dollars to our regular IRAs over the past five years. We would like to do a backdoor Roth IRA conversion while the market is ...
5
votes
1answer
62 views
What are some tax strategies for when you are self-employed with low income, but every 4-8 years you get a huge spike of income?
I am self-employed in the United States, and am working on long-term projects. Most years I don't make much (lets say $20k), but every 4-8 years, after a large project is complete, I expect to get a ...
1
vote
1answer
41 views
Capital gain tax on airdropped or gifted cryptocurrency
Let's suppose I receive 100 XYZ tokens this week without conducting any service in return and sell them a week later.
My understanding is that I have to know the fair market value of one token at the ...
1
vote
1answer
82 views
Claimed as a dependent in 2019, but not in 2018. Will I receive the COVID-19 stimulus payment?
2019 taxes i was filed as an adult dependant for the first tims in 15 years. I have every other year filed my own taxes. Will I qualify for a stimulus check or a $1200 refundable credit on my 2020 ...
0
votes
0answers
42 views
IRS Income Tax not taking payment from my bank account
I filed my Income tax through TurboTax on or about March 28. My return was accepted on March 28
with a payment made through my bank on March 31. As of today, April 8, the money has not been taken
from ...
2
votes
1answer
60 views
Do long term capital losses offset short term capital gains?
Assuming I had only two transactions this year:
1) Sale, long term, A-company stock resulting in a $10,000 loss
2) Sale, short term, B-company stock resulting in a $10,000 gain
Does this mean, my ...
2
votes
1answer
98 views
Co-signor being taxed for sale of home
My brother and sister-in-law were co-signors to a mortgage loan for their son. For one reason or another they were put down as co owners of the house.
They never took any interest loan deductions or ...
0
votes
0answers
20 views
Cost Seg Study After Quit Claim
I had a cost segregation study done on a property that I owned by myself in 2019.
This year I’m quitclaiming into a partnership (myself and one other person). Does the depreciation schedule for our ...
0
votes
0answers
21 views
When does the government need Record's of Employment for EI benefits submitted to them?
I lost my job due to COVID-19. I applied for Employment Insurance (EI). The instructions regarding the Record's of Employment (RoE) were a bit unclear. When I login to Service Canada most of my RoE ...
0
votes
1answer
63 views
Taxes on Family leave pay
Do we have to pay taxes on checks from the government that were paid from taxes in the first place.
For example, like Social security checks and Paid Family Leave checks? If that is the case, what is ...
1
vote
0answers
54 views
How to cash in State of California tax refund cheque outside the US?
I worked in the US last year and filed my taxes (or more specifically, had it filed with the help of a tax agency I was given from my employer).
Now I've received a cheque which looks like this:
...
2
votes
0answers
69 views
COVID-19 SBA loan forigveness
The COVID-19 Paycheck Protection Program includes provisions for forgiving those loans.
Normally when debt is forgiven you have to pay taxes on the forgiven debt.
Will recipients of Paycheck ...
1
vote
1answer
37 views
Tax on dividends from a limited company when a higher rate taxpayer
I am a higher rate taxpayer and want to do some work on the side. I've already secured the work but I am now wondering if I should use a personal company or not. What I do not understand is the tax on ...
0
votes
1answer
25 views
Reporting corporate expenses beyond income beneficial?
Out of curiosity, is it necessary to continue reporting expenses beyond the annual income, for tax reasons? Or is it okay to stop once the expense amount is equal to or more than income amount?
For ...
0
votes
0answers
33 views
What is the actual growth of investment for a municipal bond fund?
I am a California resident, so if I invest in a California municipal bond fund, I will not pay taxes on both the federal and state level. I'm having difficulty interpreting the "Growth of $10,000" ...
0
votes
0answers
14 views
First tax declaration and foreign unearned income
I am married and my wife and I are green cardholders. Our first entry to the USA was in Sep. 2019. Before this date, we lived in another country (Russia).
Now we need to pay taxes. In 2019 we didn't ...
1
vote
3answers
140 views
If I convert SPY to VOO to reduce the fees, then do I have to pay a capital gains tax?
I have some SPY for many years and it has gone up since then.
I noticed that the fees are much higher than the VOO which is also an ETF for the SP500.
Both ETF's hold the same underlying SP500 ...
4
votes
3answers
2k views
When will I get my Federal refund if I file today, given the deadline has been extended to July 15th?
Due to the covid-19 pandemic, the Federal government has decided to extend its tax filing and payment deadline to July 15th. So, if I were to file today, will I get my refund check in the mail this ...
1
vote
1answer
119 views
I bought a website. How does it affect my taxes?
I have a small British Columbia business (sole prop) writing software.
I bought a website last year which is earning a bit of money through my business name.
Does the purchase of the website count as ...
0
votes
1answer
57 views
Tax on cash gift to child
Currently there is a $15k/year limit for tax free cash gifts to anybody.
If one gifts more than $15k in one year to a child, my understanding is that the excess over $15k is subtracted from the ...
0
votes
1answer
98 views
Loaning money to your small business by billing yourself and paying with personal credit card?
Can you loan money to your own small business by billing yourself and making a payment to it with your personal credit card? How would the accounting work on that? The business isn't actually billing ...
2
votes
0answers
81 views
Coronavirus CARES Act - How Do I Apply For A Small Business Loan As A One Person S-Corporation?
The US Chamber of Commerce recently published a quick guide on how businesses can file for a loan backed by the government under the CARES stimulus act.
The guide splits up businesses as either an ...
3
votes
2answers
88 views
Can I attach documents when e-filing for free?
The IRS website tells me that I can file my tax forms electronically at https://www.freefilefillableforms.com/. However, I think I will need to attach some additional documents in order to complete my ...
3
votes
0answers
40 views
Vailidity of Digital signatures on self-prepared 1040 tax form
Me and my wife are stuck in INDIA due to lock-down, courier services, flights etc are suspended till 4/14. I want to file my past due return (2016), IRS accepts it only by mail.
I'm considering ...
8
votes
1answer
186 views
Recently released from prison and didn't file taxes for two years. How do i file no income? [duplicate]
Should I file taxes with no income because of being in prison? What about the stimulus checks? Do I need to file taxes to receive it?
0
votes
1answer
38 views
Where to find AGI (Annual Gross Income) on Online Transcript?
If I may ask for some assistance regarding the Online Transcript: As far as I'm aware of, the Online Transcript (IRS) is separated on four different files: Account Transcript, Record of Account ...
0
votes
0answers
67 views
Gifts of equity
I am buying my brothers house for the remainder of the mortgage which is $60,000. The value house is valued at $125,000. Is there a tax or fine on the $65,000 of equity or can he gift it without any ...
2
votes
2answers
305 views
Can you get the stimulus check if you do not file a tax return for 2018 or 2019 and you do not get Social Security?
In the CARES Act that just passed (text here), section 2201 provides the recovery rebate tax credit for 2020, with section (f) providing advance refunds (the check). It says that the advance refund ...
0
votes
1answer
90 views
Will the stimulus bill deduct from the $1200 check after being laid off?
I recently got laid off. In my 2019 tax return, it will convey that I made $110k that year.
Will the stimulus bill deduct from the $1200 check?
3
votes
1answer
71 views
Tax breakdown for bonus income
Say the bonus is $8000 and $6800 are set for a 401k (pre-tax) deduction. Here's the tax breakdown. Does this look right? Shouldn't the taxes be calculated on the $1200? ($8000 minus $6800 due to pre-...
3
votes
0answers
37 views
Is there non taxable investment account (like UK ISA) equivalent in Switzerland? How does one make tax-efficient Swiss investments?
While we were living in the UK, we were using our extra money to invest in index funds via ISA accounts.
On these specific accounts, you do not pay Captial Gain Tax and they are excellent for long ...
0
votes
0answers
25 views
Should I file Form 1045, Application for Tentative Refund, or just ignore it?
I've entered my data into several online tax prep sites. One of them, TaxAct.com, says I should file Form 1045 because I have a business loss this year. Apparently if I do a carryback I will get a ...
-1
votes
2answers
159 views
Mathematical proof of rate of return after tax
It is well known in engineering economic that rate of return after tax can be computed by multiplying tax rate and nomial rate of return which is the rate of return before tax.
This relation is known ...
2
votes
1answer
249 views
Stimulus check- haven't filled 2019 taxes
I haven't filed for 2019 yet. Everything I've found online says that if you haven't filed for 2019 before the checks are sent out, they'll look at your 2018 taxes, but I didn't file for 2018 either ...
2
votes
3answers
245 views
Young Professional Stimulus Check
I graduated from college in May 2019 and started my first full time job in August 2019. I filed my 2019 Income Taxes in February and reported that my parents claimed me as a dependent because they ...
0
votes
1answer
83 views
Do I owe federal/state tax if my deduction is greater than my income?
I'm currently filing with TurboTax for my first (official) year as a freelancer and had a question about how my tax owed is being calculated. I just do this stuff on the side (full-time student), so ...
1
vote
1answer
71 views
How to file taxes for a backdoor Roth and 401(k) roll-in
I am planning to backdoor $6000 into my Roth IRA for 2019, which currently has nothing in it.
I have $2500 in a traditional rollover IRA. I was going to put it into the Roth, but due to the ordering ...
2
votes
1answer
109 views
How should I backdoor my Roth IRA?
I am single and have no dependents, am in my late 20s, and I made an income in 2019 that lies somewhere inside the phase-out section of direct contributions to a Roth IRA. I do not think I have any ...
2
votes
0answers
54 views
Multiple IRS Levy Notices?
My wife received a Notice of levy in Dec. 2019. We had no issues with this, as we did owe. The amount of the levy has since been met, but the levy is still in effect. We file jointly, so both of our ...
1
vote
2answers
87 views
Buy and hold to mitigate taxation
Today I came up with a reason why selling stocks too early might be a bad idea:
Imagine that we invest $100 in stocks. If we assume a constant annual growth of 10% the after say 50 years, we would ...
2
votes
1answer
117 views
Is it income and if so what kind?
Last year, I got a nasty case of food poisoning. I was so violently ill I literally couldn't think straight. The only thing open was the emergency room so that's where my family took me. They ...
0
votes
1answer
36 views
VAT on goods imported from EU
When reselling goods from EU, how do I calculate profits, margins and tax due as self-employed in the UK, without overpaying on tax twice? As an example, I purchase a sofa from Portugal at gross 984 ...
0
votes
0answers
46 views
If a single owner LLC is closed in Jan 2020, does the company owner still file a return in 2021?
If someone has single owner LLC in California USA and if he/she closes the company in Jan 2020, do you still have to file business tax return in 2021? Specially if company has elected financial year ...
0
votes
0answers
13 views
Roth IRA excess contribution: applying excess to future year, how much less to contribute then?
2018: I had an excess contribution = $X to my Roth IRA.
The excess contribution was made in 2018, not between January and April in 2019.
I'm younger than the Roth IRA withdrawal age.
2019: I am ...
1
vote
0answers
18 views
Does the same CCAs get claimed each year as long as you're still using the purchase?
I work from home as a contractor. Last year I bought a printer and claimed it as a Capital Cost Allowance. Since I'm still using it this year, do I claim it again as a Capital Cost Allowance? Are ...
0
votes
1answer
32 views
Same stock in separate accounts. FIFO implications
If I held shares of a specific stock since 2016 in one account (let's say Fidelity) and would like to day trade the same stock in another account (E-trade) would the cost basis be treated separately ...
2
votes
1answer
109 views
Is the new COVID-19 Tax Relief for California residents applicable to everyone?
There's news out regarding a 60-day extension for California residents "affected by the COVID-19 virus", but the wording they use is so vague. Everyone was affected.
Do they mean directly contracted ...
1
vote
1answer
43 views
1099-DIV Corrected Line 5: Do I Need to File an Amended Return?
I'd love to know this for both my federal income taxes and Illinois.
I just received a corrected 1099-DIV. The only change I can see is to Line 5, which is "Section 199A dividends." The amount was $...
0
votes
1answer
36 views
How to avoid getting double taxed by 1099-B / K-1
In the last year, I bought and sold many shares, one of them a partnership (BEP) - I didn't know at the time, and had no idea about the consequences. Note that I am not in any way interacting with ...
3
votes
1answer
923 views
Do you still have to report to the IRS if you sold no stock, and your total dividends for the year were less than $0.05?
If you own stock, but did not sell any in the previous year, and your dividends for the year totaled less than $0.05, do you still have to report any of it to the IRS?
