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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27 views

How are certain Indian small businesses dealing with taxes?

When I am attempting to register a domain from a domain reseller, I don't see any tax component getting added by the reseller. However, Godaddy or HostGator adds 18% GST on top of the actual price of ...
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1answer
4k views

Can I deduct my rent from UK taxes when working from home?

Since the Covid-19 lockdown started in March 2020, many in the UK have been forced to work from home. Is it possible to use rent as a tax deduction? What does UK tax law say about this? Is there ...
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USA: What advantages does a super PAC enjoy compared to other corporations/nonprofits, especially 501(c)(4)s? [migrated]

Sorry if this has already been addressed: If I understand correctly, US corporations can make unlimited independent expenditures on US elections after Citizens United v. FEC. Again if I understand ...
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29 views

How to handle/calculate/store prices with or without VAT in software

My company handles prices and payments through our software where we typically store price without VAT in whole unit with 2 decimal places and VAT with 1 decimal place. Generally speaking my question ...
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Where does software and trade-journal expenses go on Schedule C?

I can't seem to find on which line of schedule C the following expenses go: Trade Journal Software* *Some of the software has pay-as-you-go, monthly-fee type billing.
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207 views

Intentionally paying tax on 401K excess contributions to take advantage of employer matching?

This is a little bit of a twist on another question that has been asked in this community. My wife started a new job in February, after which she had contributed about $2,000 through her previous ...
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1answer
65 views

If you have an employee and taxes are greater than $2500, you have to file electronically?

My reading of the IRS's tax instructions is that if a family has an employee like a maid or cook, and that employee generates more than $2500 per quarter in taxes, then the family has to file ...
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1answer
563 views

How is second income (full-time + freelance) taxed in Germany?

Hello ☀️ I am looking for some advice with some tax/finances questions. I am a software engineer, employed full time in Germany. I’m from the UK (EU citizen with no visa concerns, for now…). I earn &...
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1answer
46 views

Determining “country of residency” for nonresident alien student

I understand that a nonresident alien is taxed either using flat rates, or using potentially lowered rates if the US has a tax treaty with her country of residency. Question: how is the country of ...
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1answer
42 views

Is a Tax Identification Number (TIN) or Value Added Tax Identification Number (VAT) the same as a Federal Employer Identification Number (FEI)?

I am writing a project for financial research support of a specific item and the public announcement asks me for the institution's TIN number (Tax Identification Number) or the Value Added Tax ...
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What tax forms needed to report home sale?

I sold a house (primary residence, not rental) in 2020. That's the only economic activity I engaged for the entire year. I'm a US citizen that lived in the United States for the entirety of the year ...
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2answers
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Mortgage down payment via gift - is it taxable?

My parent, a sibling and I are buying a home together. My sibling and I will pay the mortgage loan, and my parent will provide the down payment. All three of us will be on the title, but since my ...
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Carry-over of residential energy credit from year filing as MFS to year filing as MFJ

I plan to file MFS (married filing separately) this year, because wife’s income is far higher (I’m retired) and I can get some very advantageous use of the 10/12% tax brackets (substantial LTCGs that'...
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1answer
108 views

rental property expense deduction for prior years taxes

I co-own some rental property. My co-owner collected rent, paid expenses, and eventually (he was very busy) filled out IRS tax forms and told me what I would have received as income. He recently died, ...
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2answers
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Are nonresident aliens filing the 1040-NR eligible for the $72,900 AMT exemption?

Do non-resident aliens receive this exemption amount when filing our AMT taxes on form 6251? I want to make sure because I read here: https://www.hhcpa.com/blogs/income-tax-accountants-cpa/amt-risk-...
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1answer
331 views

Taxes mileage deduction for delivery worker and methods of proof

I started working for Doordash as a food delivery worker (self-employed contractor I think is the status). I read (Do I need to pay taxes as a food delivery worker if I make less than $12,000 in a ...
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Accident claim money, rules, taxes and limitations

F1 student, OPT from July 2020. I had an accident where I was hit by a car (I was pedestrian). I filed a claim through my lawyer and received money from the car driver's insurance company (around 60K)....
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Do I need to pay taxes as a food delivery worker if I make less than $12,000 in a year?

I started working for Doordash, a food delivery service. Technically I think I am a self-employed contractor. I saw online that you don't have to declare taxes if you make less than $12,200 in a year. ...
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1answer
65 views

Japanese job and UK taxes

I am a Japanese national working freelance for a Japanese company and for personal reasons I will move permanently to the UK on November 13th this year. The Japanese company will let me do freelance ...
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1answer
51 views

Are there tax requirements for a transfer on death account? If so, how do I file it?

I live in the U.S. My great aunt passed away and I was listed as her beneficiary on her transfer on death Certificate deposit (CD) account. The account has/had approx. $30,000 USD, which is being ...
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1answer
70 views

Can the same TIN exist for both an SSN and an EIN?

In the US, is it possible for the same 9 digits to exist as a valid SSN, and also as a valid EIN? For example, Person One is 123-45-6789, and Business Two, Inc is 12-3456789.
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1answer
60 views

What address to specify when mailing Form 1040 via FedEx

The IRS website suggests that when filing form 1040 I need to mail it to the following address: Department of the Treasury Internal Revenue Service Fresno, CA 93888-0002 On the same page there is a ...
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2answers
952 views

How is FICA calculated?

I'm thinking of taking on a contracting job next year, along with my current full time job, and I want to know how the two income streams would interact. When income reaches a certain level (~ $137k), ...
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64 views

Will I pay tax on selling the stock purchase plan I was granted by my employer in Germany?

Let's say an employer offers an stock purchase plan of 100EUR contribution from NET monthly salary of the employee across a quarter, that will be 300EUR total. Now let's say the employee at the end of ...
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1answer
113 views

Can I create an LLC, offshore, or a Limited company in the the U.K. to invest my personal money in equities? [closed]

So, I have a large portfolio of stock assets, gold etc. and I want to leave these specific assets from some of my brokers and physical gold/silver to one of my grandchildren, 14 (please don't tell me ...
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1answer
37 views

UK: TIN (Tax Identification Number) UTR needed or NINO ok?

I'm a UK resident and British citizen, always in PAYE jobs, and who's never even seen a tax return. I'm opening up an account in an EU country, for a pitiful amount of money and it wants a TIN (Tax ...
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1answer
39 views

If one has short- and long-term capital losses and gains, can one harvest short-term losses to be deducted against short-term capital gains in the US?

In year 2020 I have: - short-term capital losses = 2000 USD - long-term capital losses = 3000 USD - short-term capital gains = 2500 USD - long-term capital gains = 5000 USD Can I harvest the ...
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1answer
44 views

When harvesting short-term loss, can the losses be deducted against my income if I don't have short-term capital gains, only long-term capital gains?

Regarding tax-loss harvesting in the United States, https://www.moneyunder30.com/profit-from-tax-loss-harvesting (mirror) mentions some priorities between short-term capital gains and long-term ...
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1answer
72 views

Is there any upside in harvesting tax losses on long-term losses instead of short-term losses?

Assume that one has the choice between taking long-term capital losses and short-term capital losses, and assume that, since the year hasn't ended yet, one doesn't know all the short-term and long-...
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1answer
135 views

Accidentally filed my taxes using TurboTax as a US citizen while I'm not

This is about an F-1 International student since 09/2019 and it concerns the 2019 tax year. I did my taxes properly and filed them by mail. A lot of time had passed and I couldn't even find my status ...
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1answer
66 views

In what order are taxes stacked for an LLC

This isn't about some exact country, it's more about the general idea (which, I believe, is very similar in most of the world). But if you need some context, let's say that we're talking about a ...
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1answer
56 views

In which EU countries can companies elect pass-through taxation or at least there exists a company form with pass-through taxation?

I am looking within EU for a tax solution similar to S Corporations in the US: An S corporation, for United States federal income tax, is a closely held corporation (or, in some cases, a limited ...
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1answer
57 views

Using a trust to lower my property tax [closed]

I recently started pondering whether I could use a trust as a sort of tax dialysis instrument. Would it be possible to create a trust, sell my home to the trust for a low value and therefore lower my ...
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2answers
114 views

WFH for a non-profit as a programmer. Can I buy a $400 laptop for my job and use it as a tax-deduction in the US?

I met with them today and was told I'm being given a 1099 form. I got a Work-From-Home job doing programming for a science based non-profit. There's been no talk of providing me with a company laptop ...
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1answer
58 views

What are the tax/loan advantages of technology parks for residence companies there? [closed]

Are there any tax reduction or more loan facilities for companies deciding to residence in science/technology parks? Also are there any more financial benefits residing there?
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1answer
18 views

Interest for section 234B and 234C added while filing ITR

I'm working as a software engineer in an IT company. I'm filing ITR form-1 for FY 2019-20. My company had deducted and submitted TDS of around Rs 7000 on 6/01/2020 to IT department. Initially, while ...
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3answers
127 views

How do taxes get paid when I have my money at a brokerage?

The answer is probably pretty universal, but I'm in the United States. If I have a broker investing money on my behalf or if I invest my money myself in stocks or mutual funds (what's the general term ...
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4answers
187 views

How do tax payers have to pay for the tax deductions someone else receives due to a charitable donation?

"A $1,000 donation from a donor in the highest tax bracket costs that donor only $604. The federal government kicks in the remaining $396 in the form of a reduction in taxes", writes Ray D. ...
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2answers
52 views

Wash sale rule applied to quarterly estimated taxes?

I'm looking to pay estimated quarterly taxes. Do wash-sale rules apply to quarterly estimated tax payments (June 1st – August 31st with a due date of September 15th for this past period), or do they ...
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4answers
203 views

What's the difference between rebalancing a portfolio and timing the market?

I am looking to invest some income that is currently sitting in my checking account and I've been interviewing fiduciaries. I just got off the phone with somebody who takes 1% of my portfolio's value ...
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20 views

How do I document cash capital contribution and digital assets assignment for single member LLC?

I have a single member LLC, which is currently a disregarded entity status (will be upgraded to S-Corp within a month or two). I'm making an initial capital contribution via cash deposit while opening ...
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2answers
237 views

Can non-resident aliens avoid taxes on dividends?

Non-resident aliens do not have to pay capital gains tax for stocks, but they have to pay a 30% tax on cash dividends (source). Can they avoid this tax by selling the stock before the ex-dividend date ...
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0answers
62 views

Sending money to acquaintances in Armenia

Last year, I went to Armenia and stayed with host families or in small guesthouses. These hosts did not become friends or anything, but I am considering contacting them in view of the travel ...
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11 views

EE Bond POD recipient request to pay the taxes on cashing the bonds in

I gifted my Son EE Bonds in 1986 that he wants to cash now, but I want to pay the taxes due. The bank teller told me it can be done by executing the appropriate forms. If that is correct what forms ...
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38 views

When can I claim the Foreign Earned Income Tax Exclusion / ask employer to stop withholding?

I've decided to stay abroad for a year (abroad starting August 1, 2020) and am considering taking the foreign earned income exclusion. If I decide to go that route, when should I have my employer stop ...
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3answers
231 views

How do I avoid forming a general partnership while splitting income 50-50 with someone else?

You can see a lot of context by reading here: Every month I make money from Patreon. I want to split my income with a partner. How do I avoid paying taxes on 100% of the income? I don't have an LLC (...
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3answers
127 views

Creating Foreign Bank Account for Access to Foreign Currency

I'm a young male who is a U.S citizen and resides within the U.S. I have investments in different areas, like stocks, bonds, etc. While I'm perfectly fine with these investments, I would like to ...
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24 views

Do you still need to file a return for Withholding Taxes if your company has no employees?

Do you still need to file a return for Withholding Taxes in Massachusetts if your company has no employees?
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1answer
36 views

Do you still need to file for Paid Family & Medical Leave tax if your company has no employees?

Is a company still responsible for filing PFML taxes if the organization has no employees (in the Commonwealth of Massachusetts)?
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62 views

Veterans Disability Awards [closed]

In Canada, is it OK for my spouse to "gift" my disability awards to her friend? Looking at close to $356,521.00 between 2011-2017. This "friend" was a co-worker of mine in the ...

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