Questions tagged [taxes]

For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, capital-gains-tax etc. When asking about taxes, please also specify a country tag such as united-states, canada, united-kingdom, etc.

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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 ...
Doug T.'s user avatar
  • 363
18 votes
1 answer
477 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 ...
Jon's user avatar
  • 283
15 votes
1 answer
431 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 ...
mbhunter's user avatar
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3 votes
2 answers
3k views

W-8BEN? What's the tax from selling my software to a U.S. company, from abroad?

I am developing software program (I live and work outside of US - Europe, I don't have a company), and now have a client from US which wants to license my program (pay me money so he can use it). He ...
user avatar
3 votes
1 answer
74 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 ...
user avatar
19 votes
3 answers
78k views

Why does my bonus at year end get taxed at a different rate?

Every year when I get paid a bonus, almost half of the bonus gets withheld for income taxes. My normal paycheck is never taxed at that rate. How do I stop that from happening?
Michael Pryor's user avatar
5 votes
2 answers
5k views

Will capital gains affect my tax bracket?

I am marginally in a lower tax bracket based on W2 income. If I add capital gains from stock sales, then this tax bracket would go higher. Does capital gains actually affect your tax bracket or are ...
Tim's user avatar
  • 113
6 votes
1 answer
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)....
Tim's user avatar
  • 113
2 votes
1 answer
651 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 ...
blueberryfields's user avatar
2 votes
1 answer
127 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 ...
aplmkt's user avatar
  • 143
8 votes
2 answers
765 views

Figuring S-corp taxes - salary vs. dividends

I am working on a business plan for a small business I'm going to be starting in the near future. I am going to incorporate as an S-corp. One of the line items on the business plan I have to present ...
Anndrea Kapke's user avatar
3 votes
6 answers
5k 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?
Robert Deml's user avatar
2 votes
3 answers
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 ...
EndlessSpace's user avatar
  • 1,663
3 votes
3 answers
382 views

What are the rules for gifting for a couple when one is a U.S. citizen & the other a Canadian?

If one spouse is American and the other Canadian, what are the gifting rules for this couple? Is the couple still limited to 26,000 or can they specify that the American is gifting 13,000 and the ...
user avatar
12 votes
2 answers
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 ...
Finance dunce's user avatar
8 votes
2 answers
680 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 ...
WilliamKF's user avatar
  • 1,813
5 votes
4 answers
7k 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 ...
furi2's user avatar
  • 51
5 votes
2 answers
3k views

TD1: claiming carried forward tuition, education, and textbook amounts from previous years

When filling out a TD1 form, there's a section entitled Tuition, education, and textbook amounts (full time and part time), where it states: If you are a student enrolled at a university or college,...
fideli's user avatar
  • 2,283
4 votes
2 answers
833 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 ...
Brian David Berman's user avatar
4 votes
2 answers
643 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 ...
Phil Sandler's user avatar
  • 3,501
2 votes
2 answers
215 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 ...
Nan's user avatar
  • 211
5 votes
2 answers
190 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?
Britt Wescott's user avatar
5 votes
4 answers
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 ...
Slick23's user avatar
  • 213
4 votes
1 answer
90 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)?
Esteban Araya's user avatar
13 votes
9 answers
8k 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 ...
BotNet's user avatar
  • 361
4 votes
3 answers
142 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 ...
JohnFx's user avatar
  • 53k
10 votes
1 answer
7k 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 ...
Kirk Ouimet's user avatar
  • 1,858
5 votes
2 answers
520 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 ...
Dan Williams's user avatar
3 votes
1 answer
834 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?
Brian David Berman's user avatar
3 votes
1 answer
130 views

What book or source of information can help me build a business from tax money?

My wife and I are both employed. We are in the middle class family tax bracket, but we don't own a house thus making our tax very high. I want to start a business to work it after hours and divert ...
Geo's user avatar
  • 5,825
6 votes
1 answer
227 views

Can a check used for medical expenses be written off if it is written in the current year and clears in the following year?

I am considering writing a check to pay off my braces all at once since it is an amount larger than 7.5% of my income. However it is getting very close to the end of the year; if I write the check ...
leeand00's user avatar
  • 1,110
4 votes
1 answer
2k 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)
leeand00's user avatar
  • 1,110
5 votes
2 answers
1k views

When does selling (writing) options count for tax purposes?

Let's say I sell an option (say a naked put) that expires in January. If I wait until January to let it expire, does that mean the profits will count towards next year's taxes? Or since I actually ...
Falmarri's user avatar
  • 223
2 votes
3 answers
239 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 ...
Nicole's user avatar
  • 1,999
5 votes
2 answers
6k 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 ...
user avatar
-1 votes
2 answers
186 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?
Geo's user avatar
  • 5,825
3 votes
2 answers
116 views

Using Turbotax for more than buy-and-hold investments

I'm going to have to consider trading into my taxes for the first time this year. I have somewhere under 1000 trades for the year, but some of it is in fairly large quantities, including selling both ...
Falmarri's user avatar
  • 223
6 votes
1 answer
429 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 ...
StasM's user avatar
  • 3,296
2 votes
1 answer
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?
user avatar
13 votes
3 answers
7k views

When do dual citizens (Canadian & American citizenship) need to file U.S. income taxes?

I'm a Canadian-US dual citizen (born in the US to Canadian parents) but I've lived in Canada my whole life (aside from the first 3 weeks). I've never had an American passport or a SSN. I've never ...
Eclipse's user avatar
  • 1,281
11 votes
5 answers
928 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 ...
Martyn's user avatar
  • 213
14 votes
2 answers
60k views

Do you have to file taxes even if you didn't make any money?

Do you have to file taxes even if you didn't make money? What if you had no profit and no loss? What if you had revenue but your expenses exceeded your revenue? I'm asking about both federal and state ...
Kirk Ouimet's user avatar
  • 1,858
12 votes
5 answers
23k views

Comparison between US and Canada's taxes and possibility of savings?

Given two jobs earning equivalent amounts where one is in the US and another in Canada, where would I take home more money after taxes?
user avatar
4 votes
2 answers
708 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.
leeand00's user avatar
  • 1,110
15 votes
3 answers
9k views

Are there capital gains taxes or dividend taxes if I invest in the U.S. stock market from outside of the country?

Recently, I invested in some stock in the U.S. stock market. I was wondering: Whether there are capital gains taxes if I sell stock? Do they take account into my foreign exchange loss? Are there any ...
Cheok Yan Cheng's user avatar
5 votes
3 answers
14k views

Does the state I get my license in affect my taxes, or how I file?

I'm visiting my old house in California and only drive when in CA. I am about to get my license renewed, but I work in NYC and spend most of my time there (95%). I never drive when in NYC. Will me ...
makerofthings7's user avatar
3 votes
4 answers
1k views

Where can I learn about the differences between the banking system in Puerto Rico and the USA?

Puerto Rico is a territory of the USA. Puerto Ricans can: not vote for president vote in presidential primaries not pay federal taxes go to work for the US army are US citizen work in any state ...
Geo's user avatar
  • 5,825
8 votes
2 answers
401 views

moving family deposits away from Greece (possibly in UK)

Me and my family are worried about the current financial situation in Greece and want to move our deposits away to an another more stable country. Is this too much? We've seen other people doing it. ...
Dimitrios Mistriotis's user avatar
8 votes
3 answers
944 views

Changes in Capital Gains Tax in the US - Going to 20% in 2011?

I have made substantial gains in the stock market this year on stocks that I have held long term (> 1 year). I understand that when I sell this stock, I will pay 15% capital gains tax. I have heard ...
John Shedletsky's user avatar
6 votes
1 answer
5k views

How does tax work for an overseas contractor on a split year contract?

I am currently working as U.S. DoD contractor in Afghanistan. I arrive in Afghanistan late October 2010. I will be over here until at least October 2011. I know that when working overseas for 330 days ...
SgtOJ's user avatar
  • 163