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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3
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4answers
213 views

What's the difference between rebalancing a portfolio and timing the market?

I am looking to invest some income that is currently sitting in my checking account and I've been interviewing fiduciaries. I just got off the phone with somebody who takes 1% of my portfolio's value ...
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0answers
43 views

How do I document cash capital contribution and digital assets assignment for single member LLC?

I have a single member LLC, which is currently a disregarded entity status (will be upgraded to S-Corp within a month or two). I'm making an initial capital contribution via cash deposit while opening ...
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2answers
254 views

Can non-resident aliens avoid taxes on dividends?

Non-resident aliens do not have to pay capital gains tax for stocks, but they have to pay a 30% tax on cash dividends (source). Can they avoid this tax by selling the stock before the ex-dividend date ...
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0answers
63 views

Sending money to acquaintances in Armenia

Last year, I went to Armenia and stayed with host families or in small guesthouses. These hosts did not become friends or anything, but I am considering contacting them in view of the travel ...
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0answers
11 views

EE Bond POD recipient request to pay the taxes on cashing the bonds in

I gifted my Son EE Bonds in 1986 that he wants to cash now, but I want to pay the taxes due. The bank teller told me it can be done by executing the appropriate forms. If that is correct what forms ...
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0answers
38 views

When can I claim the Foreign Earned Income Tax Exclusion / ask employer to stop withholding?

I've decided to stay abroad for a year (abroad starting August 1, 2020) and am considering taking the foreign earned income exclusion. If I decide to go that route, when should I have my employer stop ...
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3answers
246 views

How do I avoid forming a general partnership while splitting income 50-50 with someone else?

You can see a lot of context by reading here: Every month I make money from Patreon. I want to split my income with a partner. How do I avoid paying taxes on 100% of the income? I don't have an LLC (...
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3answers
131 views

Creating Foreign Bank Account for Access to Foreign Currency

I'm a young male who is a U.S citizen and resides within the U.S. I have investments in different areas, like stocks, bonds, etc. While I'm perfectly fine with these investments, I would like to ...
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0answers
25 views

Do you still need to file a return for Withholding Taxes if your company has no employees?

Do you still need to file a return for Withholding Taxes in Massachusetts if your company has no employees?
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1answer
37 views

Do you still need to file for Paid Family & Medical Leave tax if your company has no employees?

Is a company still responsible for filing PFML taxes if the organization has no employees (in the Commonwealth of Massachusetts)?
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5answers
3k views

Is there any way to form an anonymous General Partnership?

Update: When I say anonymous, I don't necessarily mean from the IRS (although that would be ideal). I mean anonymous from the general public. I don't want anyone to be able to look up my real name and ...
0
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1answer
33 views

Resident Alien - Receive Money from India

I am an Indian citizen working on a work visa in the USA. What are the tax implication in the USA for the following scenarios when i need to get a money from India to USA.  1) Money received from ...
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1answer
45 views

Are all cryptocurrency exchanges and financial lending institutions required by U.S. law to provide a 1099 form to the investor?

I am currently thinking of putting up a portion of my crypto assets on a reputable cryptocurrency lending platform. I asked them if they provided a 1099-INT for the interest that I would earn on my ...
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2answers
337 views

How do I form an LLC anonymously?

I just read this article and want a second opinion: https://www.legalzoom.com/articles/starting-up-which-state-to-file-your-llc-in I'm considering starting an LLC because I earn about $400 a month ...
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1answer
49 views

If my RSUs are set to be sell-to-cover, are the ones sold the ones of the current grant or the oldest shares I have?

Do RSU sell to cover come out of the oldest shares you own like traditional stock sales? Say I buy 100 shares of my company Foo, Inc. as of Jan 1, 2020. If on Jan 1, 2021 I could sell and pay long ...
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1answer
170 views

What happens if you stop paying IRA and move to another country long before your retire?

I know this might depend on the bank, but as a general rule, what happens if you are under 50 and you have saved money into an Individual Retirement Account since you are 20, but then decide to move ...
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5answers
11k views

Every month I make money from Patreon. I want to split my income with a partner. How do I avoid paying taxes on 100% of the income?

Let me start off by saying I have no idea what I'm doing here. The context is, I am making a game, and every month I make $400 or so from Patreon (people are my patrons, and they are paying me because ...
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1answer
50 views

Reducing tax obligation for LLC electing S-corp taxation

United States here, specifically NY state (if it makes a difference). Say we have a super small, 1-man member-managed LLC that has elected to be taxed as an S-corporation. This way, the 1-man member ...
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0answers
25 views

Does the wash rule apply for naturally expired option contracts [duplicate]

Does the wash sale rule apply to options expired worthless? for example, my BA Aug 18 call expired worthless (Just expired not sold) will this loss be considered a wash sale if I purchase BA long call ...
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1answer
35 views

Are closed credit spreads taxed for their full potential earnings?

Let's say I open a vertical option spread for a $100 credit. The stock prices moves how I thought it would, but quicker than I expected, so I close the position early for a $30 debit. I have a net ...
2
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1answer
38 views

How does the Spanish Tax Agency view US S-Corporation income?

Given the following hypothetical situation: I have an S-Corp in the US which generates 300K USD annually I am a US citizen I am an EU citizen and reside in Spain I invoice the US S-Corp for 50K EUR ...
0
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1answer
57 views

Unpaid accrual expenses [closed]

Let's say for-profit corporation ALPHA INC. borrowed $1M from person JOHN DOE, who is also an executive officer of the corporation. The corporation ALPHA INC. uses accrual accounting method, while ...
2
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1answer
68 views

Two businesses under one LLC

I have a single member LLC and currently I have about $100k revenue and $10k expenses, so I am taxed on $90k profit (100% of the profit is left in a business bank account and never paid out to me). I ...
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1answer
99 views

Inheritance Tax example

Mr and Mrs A sold their house in 2013 for 1.5 million . They have 2 children. They bought a new home in 2013 and decided to allocate capital to their two children Date Child 1 Child 2 2013 200k ...
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0answers
27 views

Fiduciary Fees State Allocation

One of my clients is an estate executor that lives in Wisconsin. The estate and all of the estate income is based in Illinois. My question is: should I allocate the fiduciary fees to Wisconsin or ...
2
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1answer
122 views

Does renouncing one's US citizenship have the same tax implications as renouncing one's US lawful permanent resident status (=giving up green card)?

Does renouncing one's US citizenship have the same tax implications as renouncing one's US lawful permanent resident status (i.e., giving up one's green card)? If that matters (e.g., for tax treaties):...
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1answer
36 views

Which ITR form should I fill if I am a working professional who also invested in stocks?

What ITR form (ITR-1, ITR-2, ..., ITR-5) would Indian professionals in private sector fill if they also did a little stock trading via Zerodha? Also I did not do "intraday" trading nor I did ...
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0answers
20 views

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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0answers
25 views

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,...
2
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1answer
89 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
53 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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0answers
44 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 ...
2
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1answer
47 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 ...
2
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2answers
252 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
124 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 ...
2
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3answers
96 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 ...
10
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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. ...
0
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1answer
144 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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0answers
28 views

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'...
1
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1answer
79 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 ...
2
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1answer
146 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... ...
0
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1answer
69 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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0answers
79 views

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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0answers
67 views

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 ...
1
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1answer
456 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
128 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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0answers
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 ...
0
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2answers
207 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 ...
2
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1answer
65 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 ...
3
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0answers
46 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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