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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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
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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
10 votes
3 answers
365 views

Is there any advantage to using a FSA instead of claiming medical expense on tax returns?

Using my FSA is pretty annoying. I have to submit claims and scramble to use it or lose it. Is there any advantage (aside from perhaps cash flow) of using an FSA over just claiming my medical/...
statichippo's user avatar
11 votes
7 answers
2k views

What are the financial advantages of living in Switzerland?

I am currently living in Switzerland. Switzerland has been known for decades as an attractive location for companies. Indeed there are a couple of American companies in Zürich. What I ask myself is: ...
Jai Puri's user avatar
  • 223
7 votes
5 answers
647 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 ...
GUI Junkie's user avatar
  • 2,459
3 votes
3 answers
348 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, ...
Geo's user avatar
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7 votes
3 answers
2k views

Any advantage to exercising ISO's in company that is not yet public?

I have ISO's in a private company and am trying to decide whether there is any advantage in exercising them. The price is low enough and my confidence in the company is high enough that I am ...
Jim A's user avatar
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2 votes
2 answers
2k views

[UK] What are the consequences of transferring ownership (not selling) a vehicle on tax, licensing and future resale value?

Many cities in the UK won't sell more than one parking permit per person. I didn't realise this when buying a second car and now need to transfer one of them into my wife's name (who uses one of the ...
Turukawa's user avatar
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5 votes
4 answers
1k views

Is selling items and exporting to Africa a good idea or a potential nightmare?

I'm having a clear out to try to raise some funds to pay off some credit cards. I'm currently selling a PC on eBay, and have been contacted by a few buyers from Africa — from Zambia, to be precise. ...
user155695's user avatar
5 votes
1 answer
1k views

When is it necessary to apply taxes for web freelancing services in Quebec, Canada?

When is it necessary to apply taxes for web freelancing services in Quebec, Canada?
Alerty's user avatar
  • 103
33 votes
5 answers
3k views

Pros/Cons of a Health Savings Account (HSA) in the USA?

I am wanting to know the real benefits or pros/cons of a HSA in the USA. I have now been given the option of signing up for one due to healthcare changes. I understand some of the basics, but after ...
Troggy's user avatar
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5 votes
1 answer
1k views

When Working at Home for a Company In a State with Income Taxes, Do I Have to Pay?

My tax situation for tax year 2009 is somewhat complicated. I was a resident of Louisiana all of my life until November 27, 2009, which is when I became a Texas resident. I continued working for the ...
Chris Benard's user avatar
10 votes
4 answers
19k 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 ...
Mark Lutton's user avatar
8 votes
1 answer
617 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 ...
user1175's user avatar
  • 439
5 votes
1 answer
212 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 ...
aplmkt's user avatar
  • 143
3 votes
2 answers
10k views

Formula for calculating real cost of a deductible expense

Nice round numbers: say I perform a job that gets $1000 gross (call this g) in which I incur $100 in expense (call this e). The expense is fully deductible. Assume my marginal tax rate is 25% (call ...
bstpierre's user avatar
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7 votes
2 answers
129 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 ...
Troggy's user avatar
  • 1,507
4 votes
1 answer
248 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 ...
user avatar
3 votes
1 answer
475 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 ...
ist_lion's user avatar
  • 205
2 votes
2 answers
1k 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 ...
theycallmemorty's user avatar
8 votes
3 answers
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.
Joe Phillips's user avatar
4 votes
2 answers
284 views

Are bond ETF capital gains taxed similar to stock or stock funds if held for more than 1 year?

Are gains on bond ETFs held for more than one year taxed at a lower rate, similar to stocks and funds holding stocks? I'm referring to the change in price of the fund, not dividends.
James's user avatar
  • 2,413
7 votes
3 answers
588 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?
leeand00's user avatar
  • 1,110
4 votes
1 answer
6k views

What are the state and county taxes for refinancing a mortgage in Virginia?

I'm in the process of refinancing a mortgage, and want to know what state and county taxes apply. I'm not talking about property tax here, but the recordation taxes and fees charged by the county and ...
joshdoe's user avatar
  • 378
16 votes
3 answers
6k views

What is the proper way to report additional income for taxes (specifically, Android development)?

Let's say I have a day job that contributes to the majority of my income. Now if I do some Android development (or similarly iPhone, Blackberry, or any other hobby that produces an additional income) ...
Bryan Denny's user avatar
  • 1,357
5 votes
2 answers
2k views

My boss wants to buy me a gift. How do I account for taxes for this?

I don't believe this is related to the personal gift tax rules as this deals with businesses giving gifts to individuals. Since I'm receiving something of value, I assume I need to pay taxes on it. ...
Michael Pryor's user avatar
5 votes
2 answers
5k views

Should I wait to sell a stock (at a loss) that I have held for less than a year?

I currently hold some shares of a stock that I don't expect to regain much value. I bought this (at a higher price) about 8 months ago. My limited understanding of the way capital gains taxes work ...
pkaeding's user avatar
  • 293
1 vote
1 answer
67 views

How long should I retain my tax information in Canada?

What is required by law?
txwikinger's user avatar
6 votes
3 answers
5k views

What types of receipts do I need to keep for itemized tax deductions?

Do I need to keep all of my receipts or only receipts of a certain type or amount for itemized deductions? I've also only taken the standard deduction, but this year I plan to itemize. I keep almost ...
Steve T's user avatar
  • 226
11 votes
5 answers
2k views

What's the difference between Term and Whole Life insurance?

How would one decide which is most appropriate? Are there tax or benefits differences that one offers over the other?
LBushkin's user avatar
  • 213
4 votes
1 answer
2k views

How is an inheritance taxed in the United States?

My wife will be receiving an inheritance from her Uncle's estate. What are the federal tax implications?
Ed.T's user avatar
  • 692
52 votes
4 answers
8k views

Recent graduate with new job: Choose Roth 401(k), or traditional 401(k)?

I just graduated, and I'm starting a new job soon. My employer has pretty good policy for matching 401(k) contributions, so I want to invest as much as possible, especially during this first year. My ...
Jay's user avatar
  • 675
5 votes
1 answer
6k views

Did not cash cheque for last years tax refund, can I ask for another?

A friend of mine did not cash her refund cheque from last year as she moved away and forgot to change her address. What is the method for retrieving that refund from the CRA? Would it be possible for ...
fideli's user avatar
  • 2,283
6 votes
1 answer
405 views

Can I deduct equipment that I'm required to purchase by my employer?

If my employer requires that I own a laptop and other computer equipment, but does not provide them, am I able to deduct the expense of purchasing the equipment? I know that I definitely would deduct ...
cabbagecalculator's user avatar
14 votes
1 answer
769 views

If I were to get audited, what would I need?

I've been an independent contractor for about 2 months now. I'm saving receipts for all my business-related expenses, and I use Mint.com to track all my personal finances -- Everything business ...
linkedlinked's user avatar
  • 1,190
13 votes
5 answers
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 ...
user avatar
21 votes
6 answers
49k views

Why do companies have a fiscal year different from the calendar year?

There are many companies that have their year end occur on dates other than December 31. What are the advantages to this?
Zephyr's user avatar
  • 6,230
4 votes
3 answers
3k views

Is there a legal deadline for when your bank/brokerage has to send your tax forms to you?

It is mid February and I still haven't received my 1099-div forms from my stock broker. Should I be concerned yet? Is there any regulatory requirement for them to send tax forms out to account holders ...
JohnFx's user avatar
  • 53k
7 votes
1 answer
319 views

How can I minimize the impact of the HST?

HST is being introduced in both Ontario (see this question) and B.C., does anyone have suggestions for how to reduce its impact on individuals?
Zephyr's user avatar
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6 votes
5 answers
3k views

Do I have to pay taxes on income from my website or profits?

I've started to generate a small amount of revenue on my website, I'm obviously tracking my income and expenses, but I'm not certain whether I need to declare this income to Inland Revenue. Is there ...
Rich Seller's user avatar
  • 3,893
9 votes
1 answer
14k 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 future. If I sell it now, will Canada ...
Willy's user avatar
  • 93
5 votes
1 answer
1k views

What are the tax liabilities for an international transaction?

I have website for which I have set up a sponsorship scheme for (see my profile if you're interested). With this scheme, some individual or company can choose to sponsor X or Y amount and that gives ...
Rich Seller's user avatar
  • 3,893
5 votes
1 answer
3k views

What is a W-8 form, and how should I fill it in?

I've been looking at some online ad revenue providers. The US-based sites seem to want me to complete a W-8 form. What is the W-8 form and how should I go about completing it?
Rich Seller's user avatar
  • 3,893
8 votes
1 answer
10k views

If you run a sole proprietorship, how do you declare the income of the business on your taxes?

Let's say I have a small sole proprietorship with only a bit of income and expenses. I can do up a balance sheet and an income statement at year end. Is that all I need to submit with my taxes, and ...
Scott Whitlock's user avatar
7 votes
1 answer
849 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 ...
Rich Seller's user avatar
  • 3,893
9 votes
6 answers
4k views

If I have no exemptions or deductions, just a simple paycheck, do I HAVE to file taxes?

My company holds back tax from each of my pay checks. I have no other sources of income. I don't expect I owe anything more on my pay. Do I really need to file an income tax return? I live in ...
user avatar
8 votes
3 answers
371 views

Which account should I put my money to get the most tax benefit?

I have $5,000 that I would like to put in to an investment account. To get the maximum tax benefit, should I put it in my RRSP, my child's RESP, or my TFSA account? I have enough room in each of these,...
S. Chang's user avatar
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