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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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7
votes
1answer
11k views

How many days do I have to hold a stock before it is considered a capital gain by the CRA?

I want to sell a Canadian stock from my investment account that I bought a month ago. The stock makes about 20% gain and I am afraid it might go down in the further. If I sell it now, will Canada ...
3
votes
2answers
326 views

Can spouses filing jointly give gifts to each other and claim the gift exemption?

Is it considered as an exclusion/exemption under the gift tax, if spouses who are both working and filing jointly give gifts to each other even though in reality the amount of the gift still stays ...
2
votes
4answers
239 views

US Tax return upon returning to UK

I have an offer from my employer to move to New York, but I am concerned about what happens when I choose to return home to the UK. I understand that there is a double taxation treaty between the UK ...
4
votes
3answers
294 views

Are taxes applied to expense reimbursements?

I have recently accepted a new job which requires me to move across the country and as part of my employment I was offered a signing bonus to assist with relocation. It just barely occurred to me that ...
4
votes
3answers
4k views

Tax implications of buying the vacant lot next door?

I live in Green Bay, WI in a newer development. We built our house 2 years ago and houses are starting to go up around here. We want to buy the vacant lot next to us so we don't get any neighbors. ...
3
votes
1answer
7k views

Are FICA taxes applied before or after contributions to a pre tax 401k?

When I make contributions to my employer's pre-tax 401k account, are FICA taxes applied before or after making the contributions?
2
votes
7answers
418 views

What are the benefits of opening an IRA in an unstable/uncertain economy?

What is the point of opening an IRA at a young age, when you can use that money to buy assets that have intrinsic value such as Silver or Gold? Especially opening an IRA in such an unstable American ...
10
votes
3answers
21k views

Do the tax consequences make it worth it for me to hold ESPP stock?

Disclaimer — I've read What should I do with the stock from my Employee Stock Purchase Plan? and the answers seem to be both slightly wrong (from what I know) and contradictory, which is why I ...
12
votes
5answers
2k views

What should I do with the stock from my Employee Stock Purchase Plan?

I've got an employee stock purchase plan program. The details are a little tricksy, but I basically get to buy about 2500 shares of company stock at something like $2.33/share... and the stock has ...
3
votes
1answer
1k views

Do I need to pay taxes as a dual citizen if I have income both from the US and abroad?

I'm a Hungarian-US dual citizen (born in the US to Hungarian parents) but I've lived outside the U.S. for most of my life. I have an American passport and SSN. I've never filed a tax return in the US, ...
7
votes
2answers
2k views

U.S. citizen moving to Canada and keeping U.S.-based job via telecommuting. What taxes will I have to pay?

I'm a U.S. citizen and software developer that can work from home. I work for a company based in Washington and will be able to keep my job as I move to Canada to be with my Canadian fiance (will be ...
6
votes
2answers
1k views

Best way to pay US Federal taxes on unpredictable royalty income on time throughout the year?

My wife collects some income in the form of royalties on a book. What I've read seems to indicate that we should try to estimate quarterly income and pay quarter-to-quarter. However, because her ...
18
votes
1answer
413 views

What do you do if an employer underreported tips?

I've been helping a friend put together her taxes. Going through her W-2, she noticed that at a restaurant she worked at, the employer has vastly underreported her wages and tips, apparently including ...
15
votes
1answer
378 views

At what point did my former primary residence become an income property?

Last year we bought another house (and moved into it as our primary residence). Rather than sell our previous house, we opted to keep it and rent it out. Since the tax treatment for rentals is ...
2
votes
2answers
208 views

Traditional IRA taxes: Are withdrawals of contributions taxed different than earnings?

Are the contributions to a traditional IRA taxed differently than the earnings when withdrawn and/or are they both considered taxable income when withdrawn? And at what rate? Capital gain or regular ...
12
votes
2answers
6k views

What are the tax implications of exercising options early?

Say you have the following situation: You have pre-IPO stock options Half of the options have vested, the other half will vest over the next 2 years Your strike price is S The fair market value of ...
3
votes
1answer
67 views

Filing for Education Expenses for Dependent

My brother is my dependent and he lives with me! He goes to university and pay international tuition fees. Since, he has to pay international tuition our whole family contributes small amounts to make ...
5
votes
1answer
4k views

Foreign national currently working in U.S. & investing in 401(k) plan: How will taxes apply?

I am a foreign national currently working in USA. I am considering contributing around 5K to a 401K plan (with no employer match). I intend to return to my country in a few years (when I am in my 40s)....
2
votes
1answer
642 views

Is common-law status compulsory/involuntary in Canada or optional/voluntary?

Would a couple have to specifically declare themselves or apply for common-law status, or is it implicitly bestowed? For example, if one passes away, can the other claim common law status without a ...
2
votes
1answer
112 views

Change in taxes with change in residency status in U.S.?

I am on a student F-1 visa in the United States, and have invested in a number of U.S. mutual funds through Vanguard. Questions: Do I count as a non-resident alien OR a resident alien for tax ...
3
votes
6answers
4k views

Any pitfalls to filing taxes online, vs. downloading & installing a program on my computer?

Are there any pitfalls to filing my taxes online rather than downloading and installing a program on my computer?
2
votes
3answers
7k views

Using bonus in a tax-efficient way with my 401k account? [duplicate]

Possible Duplicate: My bonus is taxed at a higher rate than my regular paychecks, so should I contribute 100% of my bonus to 401k? Is there any tax advantage that I can gain if I invest my bonus ...
5
votes
4answers
6k views

Can I claim a tax deduction for working from home as an employee? I work there 90% of the time

I'm working for a company as a computer programmer, but 90% of my work is done at my apartment. Let's say I have an exclusive space for the work in my apartment, can I claim tax deduction for the ...
4
votes
2answers
823 views

Side work taxes higher if regular job salary higher?

Simple question. If Person A makes $150,000 at their regular job (W2) and brings in $5,000 on a side job (1099-MISC), do they owe more in taxes on the $5,000 versus Person B, who earns $50,000 (W2) at ...
4
votes
2answers
613 views

Options for risk-free investment or savings over one and two years?

I converted my IRAs to Roths last year, and with the extension of the tax cuts*, I've decided to split the tax burden over 2011 and 2012, even though I can afford to pay them for 2010. Given that I ...
4
votes
1answer
84 views

How do I take a loss on an IRA I converted to a Roth IRA?

Can I take a loss on conversion? If so, how do I do so (i.e. what U.S. tax form do I use)?
4
votes
3answers
117 views

Is there any tax-credit or deduction I can take if I provided housing for someone that was unemployed in 2010?

With all the tax credits, bailouts, and TARP money I thought there might at least be a chance to claim some kind of deduction on my 2010 tax returns for my particular situation. I'm sure this is a ...
5
votes
2answers
448 views

Can you write off time like you can money?

I've spent considerable time in the last year building a portfolio for my business. This time was donated to clients, for my benefit, and theirs. There is a large opportunity cost lost. I could ...
9
votes
1answer
6k views

I'm self-employed with my own LLC. How should I pay myself, given my situation?

I do a ton of freelance web design and decided to setup a simple LLC so I could have a credit card to make business purchases with. From my limited understanding, I can choose to be taxed as an S-corp ...
10
votes
5answers
761 views

Should I start my own company so I can claim against tax?

I live in the UK and I'm an employed web and mobile phone developer and very occasionally do some work on the side. I've been recently advised by a family member that I should look at starting my own ...
3
votes
1answer
806 views

How can I determine why I received a Form 1099-G?

I received a 1099-G Tax Document in the mail today. Is there a way to determine why I got this and what it is related to?
4
votes
1answer
850 views

Does unemployment compensation count as AGI?

Does unemployment compensation count as part of your Annual Gross Income? (This is related to my other question about writing off getting braces on my taxes)
-1
votes
2answers
173 views

Top 3 things to do before year end for your Stock Portfolio?

What will be the top 3 recommendation of actions to do to your portfolio before year end?
2
votes
3answers
222 views

Invest in new mutual funds before the end of the year, or after, in a retirement account?

I changed jobs this year and as a consequence, rolled over my employee 401(k) to a personal rollover IRA. I just completed the rollover earlier this month, and right now the money is just sitting in ...
5
votes
2answers
4k views

Can you recharacterize a Roth 401(k) contribution?

I understand that you can recharacterize Roth IRA contributions back into traditional IRA contributions by the next April 15, if you change your mind and decide it would make sense. Then you won't owe ...
6
votes
1answer
402 views

Historical US federal income tax rates

Is there any good online source for historical federal income tax rates in US comparison? I'll explain the problem: there are may good sources for marginal rates and income brackets, what I am ...
2
votes
1answer
2k views

Paying taxes on a condo sale

How much tax will I have to pay on the money I cleared after selling my condo? How do I calculate it?
4
votes
2answers
688 views

Should I pay off my braces all at once so that I can write them off this year as a health expense?

Should I pay off my braces all at once so that I can write them off this year as a health expense? Or should I pay off my braces over the long haul? P.S. I live in Pennsylvania.
3
votes
3answers
332 views

Under IRS rules, After what tax bracket or income range student loan interests are not effective?

Student loans generally have very low interest rates. Those interests paid work in your favor at tax time, for certain income and tax bracket group. In the US, if you make more than what amount, ...
7
votes
5answers
628 views

Why do some people go through contortions to avoid paying taxes, yet spend money on expensive financial advice, high-interest loans, etc?

There seems to be a lot of resistance to paying taxes, yet people are paying a lot of money to banks and other financial advisers when there are cheaper/better options out there. Any thoughts on why ...
5
votes
1answer
189 views

Taxes for resident alien investing in mutual funds and money market funds?

As a resident alien working in the US, what kinds of taxes will I be liable for when investing in mutual funds and money market funds? Some funds are federal, state, or municipal tax-exempt, will ...
10
votes
4answers
13k views

Tax implications of living rent-free

Suppose Adam owns a house and rents a room to Bill for $300 a month, and pays Bill $300 a month to mow the lawn, clean the rooms and do other maintenance. Assume U.S. law in a no-income-tax state ...
8
votes
1answer
524 views

How to share income when married filing separately?

For a couple filing "married filing separately" are there any tax implications in moving money from one spouse's bank account to the other's? Would the IRS see this as "income"? I spent a while ...
7
votes
2answers
116 views

What are some good resources for yearly US tax law changes?

Every year, in the US, we have new tax rules, deductions, limit increases/decreases, exceptions, benefits, etc. Are there some good resources out there for self education on what to expect with the ...
4
votes
1answer
238 views

How do I minimize Federal, State, and Municipal tax due from money market funds or bond mutual funds?

I was looking into money market funds and bond mutual funds for some relatively stable investments. Before I make decisions, though, can someone explain under what circumstances would I need to pay ...
3
votes
1answer
452 views

Switched jobs & short on cash. Should I withdraw from 403(b) or borrow from 401(k)?

I switched employers a while back and obviously this resulted in a new place to throw my retirement money. Employer A was an academic institution so that money was in a 403(b), now I'm in your ...
2
votes
2answers
884 views

What should I consider when buying land as an Investment in Ontario, Canada?

I was bored the other day so I was looking through the real estate listings up in Cottage Country. I noticed a plot of 4 acres of land for sale for $30,000. I was wondering what one should consider ...
7
votes
1answer
490 views

Are premium bonds a good investment?

As a UK higher rate tax payer, I was tempted to invest in premium bonds because prizes are tax free. However they recently dropped their effective rate, and apart from the slim chance of winning a big ...
7
votes
3answers
557 views

Can I write-off Visual Studio 2010 on my taxes if I want to learn it?

I doubt I can write it off, but I just figured I'd check anyway. What if I took a class in it and needed the software to take the class?
8
votes
3answers
4k views

What does “write-off” mean?

I've heard this term throughout my life but I've never been entirely sure exactly what it means or why you would want to write something off.