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
1
vote
1answer
730 views

If you hire a tax attorney to do your OVDP paperwork, are the fees tax deductible?

I know that tax preparation fees are tax deductible in US federal taxes, but I'm not sure if the failure of FBAR and reporting international passive interest income (followed by a subsequent ...
4
votes
2answers
265 views

Usage of non refundable tax credits

I have spent 5 years in Canada. The first four were as an international student whereby even though I did not have any significant or no income, I filed my taxes so that I could accumulate non-...
2
votes
2answers
59 views

What is the difference between tax form boxes in the center versus right of page?

This is an incredibly naive question but I can't seem to figure it out with Google. On United States tax forms you see boxes along the right side, but then there are often boxes just to the left of ...
3
votes
1answer
286 views

Filing jointly and wife as father-in-law dependent

I'm an independent contractor attempting to figure my estimated tax payments for 2014, and I have the following situation: I'm getting married in June and plan to file jointly for 2014. Will my new ...
1
vote
1answer
71 views

Requirements for filing business taxes?

In her free time, my wife writes a food blog that gets a respectable amount of traffic. From time to time, businesses will approach her to sponsor a post about their products. At the end of the year, ...
1
vote
2answers
937 views

Gift tax on sending money abroad from US

I wired transfer about $20k to my father's account for family support (and the limit for gift tax is ~$14300 per person), in this case, can I claim that I'm actually supporting both my mother and ...
1
vote
1answer
182 views

Can I start a home based business with an online company, if I owe back taxes?

I am currently looking at an online company that was advertised as a way to make extra money from home on the internet. It has a decent start up and the information provided on the website about the ...
1
vote
1answer
1k views

Canadian Contractor for US Company - Tax Forms

How are taxes handled in this case. I am a Canadian contractor doing all the physical work in Canada but the deliverables are sent digitally to a USA company who pays me by invoice. Do I need to ...
0
votes
1answer
58 views

How to fill tax return for income received to paid the health insurance premiums that my spouse pays for me?

My health insurance is provided by the employer of my spouse, but my employer wanted to provide the benefit of insurance so he paid me the money that my spouse was paying, so if my spouse pays $40 for ...
1
vote
2answers
1k views

How to file tax for the sale of stocks from form 1099B?

Last year I sold 100 shares of one of my stocks in ONE order. However, I didn't buy those shares at the same time. They were from multiple purchases at different times (around 7 times). In my 1099B ...
0
votes
1answer
53 views

Taxes with 1040 NR form

A NR alien don't need to pay SSN and Medicare taxes, so my question is, would I have to pay these taxes in addition to Federal and State taxes? Or is there a form that I need to submit to my employer ...
3
votes
2answers
214 views

Nanny taxes and payroll service

We are employing a nanny for our 6 month old. What service do you recommend for managing taxes and payroll? Is it possible to do on our own? If so, where do we start?
1
vote
1answer
570 views

Does the filing fee for an LLC count as a business expense when paying taxes in the US?

I formed an LLC this past year. Does the filing fee to form the LLC count as a business expense for tax purposes? What about for each reoccurring year?
2
votes
1answer
169 views

In an LLC formed in the US, if the partner puts in money, does this show up as income on my personal taxes?

I formed an LLC this past year where the ownership of the LLC is split 50/50 between me and my partner. When we created a bank account, my partner put in $400 and I put in $0. Besides the interest ...
1
vote
2answers
381 views

Is it wise for an independent contractor to avoid corporation tax by planning to only break even each year?

From what I understand about corporation tax in Canada, you only pay tax when you make a profit. So, if I open up a software corporation and work as an independent contractor, and then whatever the ...
1
vote
1answer
122 views

What are the tax ramifications of an Australian citizen purchasing mortgage notes secured by California real estate?

I an an Australian citizen, and I am interested in purchasing mortgage notes secured by California real estate. The payments are tendered monthly. What are the tax ramifications in the US? Is there a ...
2
votes
1answer
137 views

How can I correct my address when filing federal and state income taxes with H&R Block Online?

If I filed taxes using H&R Block Online with my current address and it put me filing taxes from a previous residence, how do I go about filing taxes for my new residence?
4
votes
1answer
121 views

Foreign tax credit carryover w/o having filed previously?

I owned VGTSX for years now but only in year 2011 was it a requirement for me to file taxes. Can I claim foreign tax credit carryovers for past years even though I didn't file taxes during those ...
5
votes
1answer
1k views

Paying UK tax when working remote for a US company

I'm currently employed by a US company and I'm working remotely from the UK (I'm a UK resident). In my previous employment tax was deducted automatically from wage however tax isn't being deducted ...
2
votes
1answer
282 views

I lost my form W-2. How can I recover it so I can file my claim for an income tax refund?

I received my W-2 form a couple of weeks ago in order to acquire my tax refund for the year 2013. My problem started when notice I could not find my W-2 form anywhere. How can I recover it or ask for ...
7
votes
1answer
1k views

What happens when a non-U.S. citizen who's been making money from the U.S. moves to the U.S.?

So I've been making money from the US over the Internet, money that has been wiring from affiliate companies, PayPal, and Google to my home country. I never reported any taxes because of my non-US ...
-1
votes
1answer
193 views

Vanguard fund, Roth IRA, and 1099

About a week ago, I opened a Roth-IRA and purchased a Vanguard life strategy fund (VASGX), made the contribution for 2013 Tax Year. I should get q 1099, correct? How long does this normally take?
1
vote
1answer
570 views

Indian Citizen Resident in India with overseas LLC Company in USA

I am a Indian Citizen residing in India. I had formed a LLC company in USA as the only member. However after formation and obtaining Tax ID from IRS I did not run the company as in there was no bank ...
1
vote
2answers
3k views

How does LLC affects my taxes?

I read this article http://www.watsoncpagroup.com/kb/How-does-an-LLC-or-S-Corps-income-affect-my-taxes_73.html but still can get it. My scenario: I work for a company full time and earn (let's say) ...
4
votes
2answers
473 views

Deducting Hobby Expenses on my Federal Income Taxes?

So here is my situation in a nutshell. My wife does theater productions as a hobby with no reasonable expectation to make a profit on the enterprise. She does, however, sell tickets with the intent to ...
0
votes
1answer
979 views

Do 414(h) rollovers need to be included on form 1040 Line 16?

Upon leaving a teacher position, we rolled over 414(h) contributions to an IRA. The money was sent directly to the IRA and no taxes are due. My question is does the transaction need to be reported on ...
1
vote
1answer
544 views

What is the average cost of a LLC tax return and what it entails? (FL)

I want to understand the cost associated with complying with yearly maintenance of a Florida LLC. This answer outlines some of the costs, but does not specify what is required
1
vote
1answer
109 views

What is the tax rate for VBIRX distributions?

I am unsure as to what is the federal tax rate for the distributions of the VBIRX fund. To quote from the product summary for VBIRX the fund invests about 30% of assets in corporate bonds and 70% ...
2
votes
0answers
981 views

File as resident or non resident for Massachusetts when one spouse is resident and other is non resident

I have been a non-resident of Massachusetts for the entire of 2013 while my spouse has been a resident. Also we jointly own a real estate property in the state. In that case, while filing taxes ...
1
vote
3answers
179 views

Can I get my property taxes lowered?

I just purchased a duplex and the counties valuation is $46,600 more than the appraisal that my lender ordered. I really would like to get this lowered because there is no way it's worth what the ...
1
vote
1answer
85 views

Can I legally include an expense made to a school that was later refunded? (American Opportunity Tax Credit)

This is ethically questionable, I'm sure of that. However, this is an expense that was made and should be, according to the information I am provided, acceptable. This is also a purchase that will not ...
0
votes
1answer
2k views

Are Credit Card statements sufficient for receipts to itemized deductions?

I was wondering what the general consensus is on using a credit card statement as a receipt. Only for purchases that are clearly for a specific vendor and/or related-expense. Not just a general Wal-...
3
votes
1answer
87 views

Taxes: How to account for income from fellowship

I am a graduate student. I am trying to fill out my taxes. My fellowship covers both my tuition and provides me with a monthly stipend. On my 1098-T (document that says how much I paid for schooling) ...
5
votes
4answers
1k views

What's the difference between TaxAct and TurboTax?

I've always used TurboTax, but found an edition of TaxAct that will do state, federal plus schedule c for about 33 percent of the price of the Turbotax edition? Does TaxAct not do some important ...
0
votes
1answer
462 views

How do I avoid paying income taxes on the sale of my business abroad?

I'm a US resident (not citizen) with a successful website abroad (where I am citizen, but no resident) selling services. The earnings are collected by a befriended company in that country abroad. Once ...
1
vote
2answers
186 views

What are some quick ways to lower tax bill due this year?

I'm married with no kids and my wife owns the house we live in. We both have claimed a withholding allowance of 1 (each on our individual jobs). We both invest in our 401(k)s. I contribute 6% of my ...
2
votes
1answer
103 views

US based small business consulting in the Philippines tax help

I am a consultant working under my own S corporation based in the united states. For my situation, I will be undertaking work in the Philippines to consult a client. This client who is based in the ...
0
votes
1answer
1k views

Will I receive a 1099-B if I bought stocks but didn't sell?

This is the first year I've bought stocks independently through a broker. Do I need to wait for, or will I even receive a 1099-B if I only bought stocks last year but did not sell? The deadline for ...
3
votes
1answer
258 views

Are capital gains tax-free in a Vanguard tax-free fund?

I own shares of the Vanguard New York Long-Term Tax-Exempt Fund (Admiral Shares)(VNYUX). I'm wondering exactly what is tax-free about it. The link says that the "interest income" is tax-free (...
2
votes
1answer
399 views

What happens to a cashed out Roth IRA in a divorce settlement?

The husband's Roth can be cashed out (has had it over 5 years and is over 59 1/2). The wife has been granted the Roth in the property settlement. The wife needs the cash. If the husband cashes ...
13
votes
9answers
7k views

Has anyone compared an in-person Tax Advisor to software like Turbo Tax?

I've always been curious whether an in-person "tax man" would be able to save me any more money on my taxes. They normally charge more, so I've never done that. I have noticed that some softwares ...
3
votes
3answers
4k views

Is it okay to issue myself a 1099 from my LLC, of which I'm the sole owner?

I own a small publishing company and occasionally publish my own books. I want to track royalty expenses on the products I've written, so my plan was to pay myself royalties, book it as a royalty ...
2
votes
1answer
532 views

Roth IRA vs. Traditional for married couple with AGI over $120k?

My wife and I have an AGI somewhere between $120k - $140k depending on how much I make on side gigs throughout the year. We both started new full-time jobs within the last 12 months. Here is the ...
5
votes
1answer
495 views

Can a husband and wife who are both members of the same LLC file a joint tax return?

My question is basically summed up in the title. My wife and I are active members of a new LLC which also has other members. The LLC is taxed as a partnership, so profit/loss is simply passed through ...
2
votes
1answer
32k views

If I take a loss when I sell my car, can I claim a capital loss deduction on my income tax return?

If I sell my car off at a loss, can I write that loss off against my income to save on tax? Does it matter if the car was used just for personal leisure use, or if I used the car to generate business ...
2
votes
2answers
144 views

Filing tax return as dependant or independant

I filed as independant last year believing that I was an independant student. This year I talked to my school financial aid director and they told me that under New Jersey State Law, I am still ...
2
votes
2answers
299 views

Pre-Tax Plan Election - Employers Benefit Plan

Looking for advice on whether it makes sense to accept participation in the Pre-Tax Plan where your employer is authorized to reduce your income as necessary to pay your share of the cost of the ...
1
vote
2answers
743 views

Is impounding property taxes and homeowners insurance into a mortgage cost effective?

What are the pros and cons of impounding property taxes and homeowners insurance into the mortgage, for the homeowner? Are there any economic advantages to paying them separately? Tax benefits, non ...
3
votes
1answer
103 views

Interest from Saving Account and Taxes

Last year, I made less than $10 in interest; as such, I didn't receive 1099 forms. This year, however, I made quite a sizable amount of interest, namely $84.00. I just had my taxes done and this ...
3
votes
1answer
138 views

Mutual funds and taxes (US)

I am very new to investing and I have learned that owning a mutual fund with a high turn over coefficient may result in capital gains which are taxable. This concerns the US only. My question, ...

1
76 77
78
79 80
89