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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Can professionals with part time affiliate income opt for Section 44AD and Section 44ADA?

Can Indian professionals (Software Engineer) who also earn from online affiliate income like Amazon claim for presumptive income tax scheme like section 44AD or section 44ADA? Under seciton 44AD, the ...
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Can I hold US dollars and buy US stocks (with US Dollars) without FX commissions using a Canadian brokerage account?

May be moving to Canada next month, so I had some questions. I would like to transfer my US dollars to a Canadian brokerage account -- from what I've read IB or Questrade are the best options. However,...
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1answer
87 views

State taxes owed seize property

I live in the US and I owe taxes to the state which I'm not able to pay. I don't have a permanent residence and live with family/friends. One of my family members received a letter stating their ...
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1answer
52 views

If working from outside the US for x days, will one fill one's US taxes as if one stayed the entire year in the US?

Assume a US citizen or a US lawful permanent resident is domiciled in California. Their employer's headquarters are based on California, and their work office is in California. If they go outside the ...
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43 views

Game Server Taxes and Requirements [Canada]

Currently I am in a scenario where I want to start selling in-game perks using a web store to earn some money. However, I don't want to do it improperly and get into trouble with taxes and other rules ...
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1answer
46 views

Can I declare payments to foreign contractors as a business expense when I file taxes?

I am a U.S. citizen living in the United States. I am helping a YouTuber make his videos by paying people to help make content for his video gaming videos. Two of the three people I pay to do this are ...
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2answers
251 views

Working from outside California for x days: do I have to pay taxes in the other state?

I'm domiciled in California, my employer's headquarters are based on California, my work office is in California and I typically work from California. If I go outside California and work from US State ...
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2answers
104 views

Equivalence yearly salary (perm) and daily PAYE (contract) in UK

I have a permanent role in UK that pays £130,000 base salary plus a car allowance of about £6,900. I also receive a bonus (£20,000 per year). Finally my company contributes 10% to my pension plan,I ...
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3answers
94 views

How to maximize retirement equity in Canada

I live in Canada. I am mortgage-free/debt-free, have maxed out my RRSP contributions, and have some extra cash outside my RRSPs. I don't have a company pension plan - my only retirement income will be ...
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3answers
2k views

Is there any tax difference between a US citizen and a US lawful permanent resident?

Is there any tax difference between a US citizen and a US lawful permanent resident? I'm trying to understand whether the tax burden on a US citizen is the same as on a US lawful permanent resident. ...
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1answer
132 views

Wash sale regarding “one bite of the apple” rule

following is a wash sale example I am confused about(all trades are on the same stock): Day 1: Buy 100 shares at $110 Day 2: Sell 100 shares at $100 Day 3: Buy 200 shares at $95 Day 4: Sell 100 ...
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After moving out of the US, should I wait until I'm no longer a resident for tax purposes before investing in EU-domiciled accumulating ETFs?

I'm a EU citizen (and US non-citizen) who recently moved back to EU from the US. I liquidated my US investments and my plan is to invest in EU-domiciled accumulating index fund ETFs (such as VUAA). I'...
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1answer
77 views

If an employee works from outside California but is declared by the company as working in CA, from how many days outside CA does it become an issue?

US companies need to know the location of their employees for tax and benefit purposes, while some US and non-US companies manage to allow some of/all their employees to work remotely. Assume that the ...
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1answer
144 views

Suppose that you have no home address. Which state would you pay income taxes too?

Suppose that Sarah has a job which requires near constant travel on airplanes. Also suppose that Sarah does not own a house, or rent an apartment. Sarah lives out of hotels, motels, air-BnBs, etc... ...
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1answer
68 views

How can I find resources on intelligent ways to preserve wealth on large stock gains and pay minimal taxes? [closed]

I am unable to easily find resources on smart trades to help preserve wealth. Are there good resources to find historical accounts of people making smart moves to avoid taxes or increase wealth by ...
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need tips on how to reduce capital gains of primary residence sold for $2.2M this month in California

What all can we do to reduce the long term Fed & Calif cap gains tax on our primary residence for 21 years? All we can think of is: depreciation and expense of original landscaping. DETAILS... ...
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U.S. Expat living in Poland working remotely for a U.S. Institution: How to classify myself for taxes?

Briefly, I am a U.S. citizen living in Poland. Recently, I was offered a paid remote position at a research group with a U.S. university. Due to the nature of the work, I can either be considered an ...
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1answer
187 views

H4 visa spouse: resident alien or non-resident alien

I am a resident alien for tax purposes (H1B visa). My wife is on H4 dependent visa in the USA. She has been in USA for 189 days in 2019. 0 days in 2018 and 2017. She cannot apply for an SSN. She doesn'...
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2answers
127 views

Do businesses make a profit on VAT?

According to my understanding, VAT is the tax paid by the consumer on value added at each step. For example, suppose VAT is 10%. A farmer produces tomato and sells for $10 to a packaging company. ...
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32 views

Money Transfer to UK

I bought a holiday apartment in Goa some years ago. I had an NRI account. The bank then changed it to an NRO savings account. I sold it three years ago and the money was paid into this account. I wish ...
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2answers
205 views

With the Presidential “Payroll Tax Holiday” being imposed, should I invest the money in ROTH IRA or Regular Brokerage?

We've had a Presidential order creating a "payroll tax holiday", and the best information I can find about this can be read at Forbes and summarized as follows: No/Reduced federal tax from ...
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1answer
64 views

What are the tax implications of paying back taxable relocation?

In a situation where you start a job: $30k taxable relocation benefits $18k tax grossup (FICA/federal/state income tax) Relocation owed back decreases 1/24 monthly until 2 years pass Relocation all ...
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44 views

Annual Bonus causing penalty under section 234C in India

My company pays bonuses in March because of which my taxable income also increases quite a lot. Because of this, I am being charged penalty fee under section 234C due to shortfall of meeting - 15% ...
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What are Fringe benefit employee contributions?

While preparing my company tax return, i came across this curious phrase in the Australian Company income tax return guide (link here) Fringe benefit employee contributions Employee contributions ...
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Is the signature of a non-US branch of a US financial institution accepted by the French tax authorities for French Form 5000 a.k.a. CERFA 5000?

I am a US tax resident and I am currently outside the United States. I have to complete French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000, which requires to obtain the signature of a "US ...
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2answers
97 views

Tax liability of living in a property that is owned by the company you work for

If the CEO of company A lives not-permenantly (1yr) in a property that is currently owned (mortgaged) by company A which they are an employee of, will there be a tax liability implied for said CEO ? ...
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1answer
39 views

F1 OPT, marriage to Canadian citizen, FICA taxes and tax filing status

This year is a complicated one for me for tax purposes. I've been in the US since mid 2015, with F1 status. I currently still have F1 status, with OPT. If I've understood everything correctly, I ...
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1answer
41 views

What is the deadline for a US bank and the IRS to sign French Form 5000 a.k.a. CERFA 5000?

What is the deadline for a US bank and the IRS to sign French Form 5000 (mirror 1, mirror 2) a.k.a. CERFA 5000? According to the Form 5000 instructions (mirror): Unless otherwise stipulated in the ...
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12 views

Should a retail financial advisor firm give me foreign tax credit information?

I invested in an Irish ‘offshore’ fund through this firm. The fund invest in assets all over the world but 50% is US equities. I am not an US person. I read offshore funds gets tax withholdings for ...
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28 views

Is there public information indicating that a company is multinational?

I’m in transfer pricing and I’m wondering if there are any filings that indicate that a company is multinational? If so, is there any information on the number of subsidiaries the multinational ...
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75 views

Parcel stuck at customs. Further instruction should be requested from “Buyer” or from “Seller”?

I have an issue where a package is stuck at the logistic company customs offices because the seller has apparently misdeclared the content value. I am not going to pay the fine they want me to pay so ...
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63 views

Do the French tax authorities make exceptions regarding the deadline to complete Form 5000 in case of force majeure (e.g., closed IRS center)?

The IRS currently doesn't give any US Residency Certification Program (a.k.a. Form 6166, which can be obtained by filing Form 8802), according to https://www.irs.gov/forms-pubs/about-form-8802 (mirror)...
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0answers
17 views

Puerto Rico Tax on Pension Income

I am considering purchasing a permanent residence in PR. I am retired. Based on my 3 sources of income below, what would be taxable in PR? Primary - pension from NYS government not subject to NYS ...
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1answer
39 views

1031 exchange and cash boot

My question is about 1031 exchange and whether I can get rid of the mortgages from my life once and for all, by investing only with the equity I got? Looks like this great idea is not possible. The ...
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1answer
62 views

How can I get the government to withhold less money via the new W4 in 2020?

I have a bit of an issue I can't figure out. I am single, and my annualized salary would be about $140,000 as I make about $70 an hour. The issue is that I'm realistically only going to make about $...
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1answer
102 views

Setting up a church to house all personal funds

There are a few examples displaying how easy it is to set up a church (John Oliver) that is exempt from taxation. Would it be beneficial and/or possible to set up one's own church to deposit all one's ...
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1answer
44 views

Employee share purchase plans,exit options, IRS

I am investigating the options for what to do with an Employee Share Purchase plan upon retirement that do not result in having to pay a big tax to IRS. I understand that I will have a taxable event ...
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1answer
86 views

Do unearned income taxes stack on top of income tax in Philadelphia?

I am a US citizen living in the US. I am employed and make a salary. I have also had some short term capital gains, which I expect to pay regular federal and state income taxes on. Additionally, I am ...
27
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7answers
12k views

Tax consequences of paying “rent” to romantic partner that owns the house

I moved in with my romantic partner nine months ago. My partner owns 100% of the property and pay about $1000 per month to the mortgage (minimum is something like $300). Partner had no intention of ...
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1answer
360 views

Can I bring a large sum of inheritance money into the U.S. through an airport?

I'm an international student in the United States. I inherited around 1 million USD from my father. Can I bring that money into the U.S. through an airport?
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1answer
81 views

Do i have to pay capital gains tax if i sell ESPP stock from ESPP account and bought same stock from individual broker account

Do i have to pay capital gains tax if i sell ESPP stock from ESPP account and bought same stock from individual broker account? Here is an example: I have 100 shares of ESPP stock allocated at 50$ in ...
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1answer
106 views

To which country to pay the taxes if providing services online internationally? [closed]

If I provide services online to the international clients, do I have to pay the taxes only to the country of which I am a tax resident or I may have some tax obligations in other countries too? I ...
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1answer
94 views

is there a process for ending tax residency in the US / Massachusetts

I worked in the United States (Massachusetts) under an H1B visa for three years (2017, 2018 and 2019). In December 20th 2019 I quit my job (which immediately terminated my H1B Visa) and permanently ...
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1answer
266 views

Does a retired person need to file taxes if they made money on stocks

If a person is retired and married in the USA. Then this person makes less than $1000 in capital gains on the stock market. Does this person need to report income tax? Normally this person doesn't ...
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0answers
113 views

What are “Tax Relief Fees” on American Depositary Receipt (ADR) dividends?

I noticed that a "Tax Relief Fee" is usually deducted from ADR dividends. Consider AXA ADR's (OTC: AXAHY) 2020 cash dividend announcement, which includes a "Tax Relief Fee" of $0....
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1answer
99 views

UK Stamp Duty - corona virus changes

I am about to buy my first house in UK with my girlfriend (price is £250,000) I also own a house in Poland, that my dad gave me in his will (its value is over £40,000) Recently it was announced in UK, ...
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31 views

Are the Depository Trust Company (DTC) fees paid on American depositary receipts (ADR) tax-deductible?

Are the Depository Trust Company (DTC) (mirror) fees paid on an American depositary receipts (ADR) tax-deductible (mirror)? I am a US tax resident owning some ADRs (e.g., AXAHY) via a US brokerage ...
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1answer
81 views

Expenses on a vacation rental

We bought a vacation house in 2020, which we plan on renting out in 2021 after some renovations. I think I understand the tax implications for the renovations. Furniture under $2500 is considered an ...
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0answers
27 views

US Tax treatment of dividends from single member consulting firm, a UK Private Limited Company

US citizen in UK has a salary from one firm which includes National Insurance withholding, and also owns a UK Private Limited Company to which client payments are made for his consulting work. UK tax ...
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1answer
39 views

Actual Expense method vs mileage method self-employed

If I were to fill up gas for Postmates does the actual expense method mean whatever I paid for gas, that exact money will be returned back to me when filing for taxes? If I do this method could I also ...

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