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.

Filter by
Sorted by
Tagged with
3
votes
1answer
105 views

What are the tax implications of a normal sale of a house?

What are the tax implications of a normal sale of a house, where the owner would make a "profit"? Does it make any difference if the house is owner occupied and for how long they have owned the ...
3
votes
1answer
329 views

Traveling abroad for about four years and working as a freelance writer. Who do I pay taxes to?

I've currently been traveling around the world, just recently finished studying in Thailand and am going to be employed in Norway working in the service industry. I've worked there before, filed a ...
5
votes
2answers
18k views

Is it possible to calculate/estimate W2 based last paycheck?

My wife and I just realized we are missing her W2. Her work will not be able to get it to us on time before tax day, so we'll most likely file an extension. Having said that, we still need to pay any ...
4
votes
1answer
151 views

Significance of first name on joint tax return

I was recommended an EA to help me file my taxes and he recommended me to file jointly with my wife's name as the first name on the joint tax return. I did some reading and it seems like it's best to ...
0
votes
1answer
824 views

Filing an extension and its effect on ability to choose between married filing status

I was recommended an EA to help me file my taxes and he asked me to file an extension as he needs more time to read about my specific tax situation. If I were to file an extension could I, later this ...
2
votes
1answer
183 views

Can I open an IRA to reduce my tax bill?

Being the procrastinator that I am, I just did a preliminary entry into Turbotax and found that for the first time ever, I owe a considerable amount (about $3000) on my taxes. I think this is because ...
3
votes
2answers
303 views

Does business income generated while physically present in NY count as New York Source income?

Question Is some or all of any business income generated from my Wyoming business qualify as New York source income while I'm physically present in NY? Background I run an IT consulting firm (LLC ...
3
votes
1answer
112 views

Roth or Traditional IRA if getting a dramatic increase in income this year?

So I just learned that it's not too late to fund an IRA for 2012. With a week left and never having done this before, I now get to decide which type I want to open. Based on my (really vague) ...
4
votes
1answer
578 views

Mileage Deduction as Independent Contractor?

I will be starting a new independent contract in a few weeks. The contract requires that I work at the client's office. Can I deduct mileage for the drive to and from the office? I may require ...
5
votes
1answer
472 views

Reporting sign-on bonus in case I need to return

Is there a special way to report sign-on bonus (a.k.a. joining bonus)? Background: I joined a company in 2012 and accepted a sign-on bonus. If I leave the company within one year of joining, then I ...
2
votes
1answer
563 views

Is my reimbursement taxable?

I am an hourly employee. I receive a separate reimbursement check from my regular paycheck. My company does not tax the reimbursement and does not add it to my yearly gross amount. Is it taxable? Are ...
1
vote
1answer
901 views

Tax Code of D0 and 944L

I was employed with company A from May 2011 till December 2012. I started a new job in January 2013 and the last pay that I got from Company A was on January 15 2013. The payslip stated that my Tax ...
2
votes
1answer
173 views

Where do I owe taxes while I am contracting overseas to Germany?

I am currently a student in the US, but I am originally from Japan. An IT company from Germany contacted me for a web application project and they told me they are going to send me the money to my ...
5
votes
2answers
183 views

How to calculate taxes owed on conversion from Traditional to Roth IRA in 2010?

How do I calculate the taxes owed on a conversion from a Traditional IRA to a Roth IRA in 2010?
2
votes
2answers
3k views

Does getting a 1099 from another state count as working in another state if I was physically in my home state?

I live in California and worked on a freelance software programming gig for a company in New York. I'm filing my tax returns. I got a 1099 from the New York client. I was physically in California ...
3
votes
1answer
69 views

As a contractor, TurboTax Business-and-Home or Basic?

At what point is it worth it to use TurboTax's Business and Home package ($99) over the Basic package($35)? I worked as an independent contractor for a living last year, and I don't suspect there'll ...
1
vote
1answer
499 views

Can a non-resident claim an out of pocket health cost tax deduction?

I am a graduate student and my health insurance is paid by the university. I had an emergency visit and few subsequent doctor's visit in last financial year which were not covered by the insurance and ...
2
votes
2answers
948 views

Can I deduct taxes for home office as a freelance computer software developer?

I am currently working as a freelancer in Belgium for a company developing computer software. In the contract it says that the work is done at client's office and each day I work from the office. I've ...
1
vote
2answers
179 views

Filling State taxes with different Wages in different states

I am international student and was working in two different states (CA, NJ). I want to fill out both state taxes. In forms they asked me about "Total Wages". Should I put only the wages I got form ...
1
vote
1answer
1k views

Does Sec 132 on W-2 lower state tax base?

I live in NJ and work in NY and I recently receive a letter for NJ State auditor saying that I should've added Sec 132 (transit/parking expenses) amount reported on my W-2 to my NJ state wages and as ...
3
votes
1answer
153 views

Can I still deduct contributions to my Traditional IRA?

I worked as a consultant on W2 from January 2012 until October 2012. My company did not offer any 401k. In November 2012, I got a full time job and the new company offered a 401K and enrolled me in ...
4
votes
1answer
2k views

When does Irish Stamp Duty apply for UK investors buying Ireland domiciled shares?

Let us assume I am a UK resident with a UK-based trading account, considering to buy Ireland domiciled ETF shares, such as VWRL. I am confused whether I will have to pay Irish Stamp Duty of 1% or ...
3
votes
1answer
1k views

Do classes have to pay sales tax on materials used?

My friend teaches flower classes, a portion of the total amount charged goes for materials and a portion goes for the actual teaching of the class. If a typical class costs someone $100, $50 of that ...
4
votes
1answer
905 views

Capital Gains and Tax Brackets

Currently I am in a 25% Tax Bracket and I plan to sell stock and will incurr a capital gain of $200,000. Will this affect my marginal tax bracket? I know I will pay capital gains taxes on the $200,...
17
votes
1answer
1k views

Taxes: what do I do about getting a w2 from a startup that has gone belly up in the US?

Last year (2012) I worked for a startup through May before moving on. Between May and now (March 2013) I have moved twice. Neither time did I think to update the old employer so that they could send ...
0
votes
1answer
8k views

What to fill out for NY State & City on IT-2104 for single person?

My daughter is starting a new full time job in NYC. She lives in Brooklyn. She owed NY State taxes. How should she fill out the IT-2104. Should it just be single 0 exemptions? Why would it be ...
7
votes
2answers
3k views

Remote work. Live in one state, company in another state. tax witholding

I don't currently know a tax lawyer/firm that is actually competent in all the issues here, so maybe you all can tell me something constructive about this state income tax question. In this scenario, ...
5
votes
6answers
10k views

why is the money withdrawn from traditional IRA taxed at the ordinary income tax rate?

When money is withdrawn from a traditional IRA account, why is the money taxed at the rate same as for ordinary income, instead of capital gain tax rate? In other words, what is the rationale for it? ...
5
votes
1answer
89 views

Do I pay taxes on investment income in a traditional IRA?

I have a traditional IRA. I converted it to that during a rollover from a prior employer's 401k, because I wanted to do the investing myself. I am not making regular contributions to this IRA. Do I ...
5
votes
2answers
192 views

Plan to receive a lump sum, how to handle taxes and red flags?

I plan to do a project for $15,000 and the check will be written out to my name. I don't have a dba, llc , etc... since this isn't common for me and I'm used to going through another company. I ...
1
vote
1answer
144 views

Taxact workflow with respect to choosing filing status?

Is anyone using Taxact software for filing tax 2012? I tried to use it, there is a thing. If I want to file tax using Married Filing Separately as the filing status, do I have to buy two software ...
2
votes
1answer
167 views

Determining resident status when filling W-4 form in

I just arrived to US because of a post-doc position in an IT company, under a J-1 visa (research scholar). I have been told by the company to fill W-4 form in. But, it seems that W-4 form must be ...
3
votes
2answers
5k views

How do I claim my reimbursed tuition on my taxes?

I got a 1098-T from my school for 2011. I pay the amount but at the end of the semester my company reimburses me. All classes have been marked as Job Related. Can I use use this amount in my favor ...
21
votes
4answers
15k views

How does giving money to charity save you money on your taxes?

I regularly hear about people giving money to charity to decrease their tax burden in the US. I don't understand the math of this. If I'm being taxed at a 40% rate, then I can give $500,000 to charity,...
0
votes
1answer
162 views

Homebuyer Credit - 2008 Installment Repayment

I bought my house in 2008. I took the $7,500 credit. I remembered that I have payed $500 each year in 1040. Now I have to fill the tax form this year. How to fill the two textboxs.
1
vote
1answer
250 views

J1-Intern Tax Filing Help

I'm a Canadian citizen and I did two internships in the states last term. What forms do I need to fill out for the US Tax Return 2012? Is there a guide for people like me? Any help would be ...
0
votes
1answer
372 views

If I transfer brokerages for a taxable investment account, who is responsible for sending Form 1099s?

I am considering transferring brokerages for a taxable investment account. Will the new brokerage be responsible for sending me all Form 1099s for tax year 2013? Or is the old brokerage still ...
3
votes
2answers
339 views

Filing taxes in two states with combined income of over $106,800

A friend of mine resides in CA full time but has two jobs and received a W-2 from California and one from Utah (he never lived in or had residency in Utah). His W-2 from each state was around $70,000. ...
7
votes
1answer
1k views

Are commissions paid to realtors for finding tenants for my rental property tax deductable as a rental expense?

I used a realtor to find a tenant for my rental home. I paid her a commission of the amount equal to the first months rent. Is this what turbotax means by Commission Expenses "Commissions paid to ...
4
votes
1answer
204 views

Failed attempt to refinance my rental property, can I deduct the cost of appraisal?

I attempted to refinance my rental property in 2012, but the appraisal came in low making it impossible. Can I consider the cost of the appraisal and rent schedule (close to $600) to be a rental ...
8
votes
2answers
586 views

Received 1099-C from Discover for Bankruptcy Chapter 7

I was told by my Bankruptcy attorney that debt discharged is not income due to my being insolvent. Therefore, did Discover card err in sending a 1099-C Cancellation of Debt form to me that says "debt ...
3
votes
1answer
732 views

If a company goes private, does it still count as a capital gain/loss?

This is related to "What happens to public shareholders when a public stock goes private?" I am pretty sure the answer is yes, but: If you own stock in a public company which is bought out, does it ...
3
votes
1answer
616 views

How do I tell if employer tuition assistance is included in taxable income?

I am almost done with my taxes, however I have reached one spot that I cannot figure out. My 1098T shows my employer assistance credit as $4925. Also, my brother is using the assistance with a total ...
5
votes
2answers
406 views

Paid part of my state refund back last year; now must declare the initial amount as income?

Sorry for the terse title, here is a more fleshed out explanation: When I filed my 2011 taxes last year, I received a refund from my state of residence (Arkansas). Later last year I had to amend my ...
0
votes
1answer
670 views

Include all W-2 forms on a Part-Year-Resident State return?

I lived in State1 for the first 10 months of 2012, and then State2 for the remainder of the year. I've already e-filed my federal return and my state return for State1. However, my tax software ...
6
votes
3answers
1k views

Owning properties through an LLC - how to split the LLC expenses?

I own some rental properties through my LLC. While most of the expenses can be attributed to a property and find their way to schedule E, I'm puzzled about the LLC expenses... In California its ...
10
votes
1answer
8k views

I'm in the US on F1 visa, received a W2. Not sure what to do now

I came to the US a few months ago to pursue my higher education. So I worked as an RA in my university last year, and just today received a W2 form in mail. It doesn't say anything about what I need ...
4
votes
2answers
2k views

Capital Gains taxes on an inherited house

My grandfather passed away in 2011 and my father inherited his house. We are looking to sell the property now and are concerned with capital gains taxes. The property has a market value of around $...
1
vote
1answer
137 views

Equity or alternative compensation in an LLC?

I am currently working for a real estate startup (LLC) that wholesales REOs nationwide. I was one of the earlier employees to get hired. Since my time of employment, the company has been expanding ...
1
vote
1answer
434 views

Confused regarding filing taxes as a non-resident alien vs resident alien.

All, I am new here and have a rather puzzling (at least to me) situation: During 2012, I started off the year as an F1 Visa Holder till September 30. I then switched to an H1B on October 01 and ...