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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4
votes
1answer
150 views

Am I required to issue tax forms for the users of my website (on which they can earn money)? [closed]

The website in question is a peer-to-peer platform. Users can contact each other and agree a fixed cost for a particular service. I take a percentage of the cost and the rest goes to the user who ...
14
votes
2answers
5k views

If you inherit a Roth 401(k), is it taxed?

My understanding is that a Roth IRA can be inherited and the U.S. government doesn't put an inheritance tax on it. Does that also apply to a Roth 401(k)? In other words, if I died, would my children ...
2
votes
1answer
146 views

How much taxes should I be saving living in Chicago, IL?

I work under the 1099 Taxes. So I basically work as a contractor for a company in the Chicago IL area. Currently I am setting aside 20% of my bi-weekly check and saving it to pay for taxes come ...
2
votes
1answer
82 views

Foreign inheritance subject to U.S. taxes for permanent resident?

My wife is a permanent legal resident (I am a U.S. Citizen), is the money brought into the United States in the form of an inheritance subject to taxes? Her mother recently passed away in Taiwan and ...
0
votes
2answers
180 views

Is this a wash sale violation?

The following lots of stock A have been purchased: Lot 1: 5/28/18 100 shares for $1,000 Lot 2: 6/04/18 100 shares for $1,500 Lot 3: 9/10/18 100 shares for $1,100 Transaction in question: 9/...
2
votes
0answers
55 views

Joint checking account with renter who is a close relative

I am the owner of a property. I am currently renting out that property to my close relative. I trust this family member to use my money to pay a contractor to make small fixes to the property. For ...
4
votes
3answers
144 views

Netherlands taxes and net income

I'm considering a job in the Netherlands. The annual gross income is 70,000. Checking online it says it falls on a tax bracket of 51.75%. I deducted that to the gross then divided by 12 months, I ...
2
votes
1answer
55 views

Medicare Part A and a Health Savings Account (HSA)

I'm over 65, have a part-time job with a high-deductable health plan and a Health Savings Account (HSA). I want to take Social Security, which includes Medicare Part A automatically (retroactive for ...
2
votes
1answer
142 views

How Much Am I Losing On Dividend Tax?

I bought a Vanguard S&P 500 ETF that is issued in Ireland, yet my country of residence is the Netherlands (I'm doing this since from what I see there is no current Dutch ETF that follows the S&...
0
votes
3answers
64 views

Why is it necessary to differentiate between adjustments, deductions, and credits when doing taxes? [closed]

What is the purpose in differentiating between adjustments, deductions, and credits when doing taxes? Why not just clump it all together? Whether or you reduce your taxs before or after you ...
2
votes
0answers
81 views

Obtaining Figures For Australian GST Business Activity Statement From GNUCash

I have been entering all my financial records into GNUCash, and now I need to find the most efficient way to extract all the needed figures for the BAS. The Income & GST Statement looks like the ...
0
votes
1answer
70 views

Receiving income as W-2 employee vs. 1099 contractor

My wife and I (both in the United States) file taxes jointly and make about $110,000 annually from our W-2 jobs. I was offered a side gig that would pay an additional $48,000 per year. The company is ...
0
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0answers
26 views

Transferred to UK in Nov 2018 from India, How Tax needs to be declared

I have been moved to UK due to company transfer from India in Nov 2018 and will be staying coupe of years here. Nov 2018 onward, I am getting my salary in UK itself which is being credited in UK ...
2
votes
1answer
64 views

Does the day when you pay quarterly taxes matter? (United States)

When paying quarterly taxes in the United States, is paying on the last day of the quarter (i.e., the day when that quarter's taxes are due) any different from paying on another day of the quarter? ...
0
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0answers
27 views

do you have to pay taxes in Canada if you only stay 5 1/2 months and go back to the U.S.?

Coming up to Canada from Oregon, We Want to spend the spring thru early Fall travel all over British Columbia and Alberta exploring and more, do I have to pay any taxes other than Sales Taxes?
2
votes
1answer
68 views

Is it required to mention money returned by friend in ITR filing in India?

I live in India. For a long time I was giving money to my friend as he lost his job; there was no other option for income. But later he got job so he returned all my money recently into my bank ...
-1
votes
1answer
104 views

How to transfer money directly from US to home loan account?

Can we transfer money from US directly to the home loan account? Do we have any tax implications in US or in India? I don't have an NRE/NRO account and want to transfer directly to Home loan account. ...
-1
votes
3answers
197 views

Overseas corp acting like a 401k

I run a one man consulting company as an S Corp here in the USA. I was wondering if an alternative arrangement would put me in a better situation for taxes (my goal is legally reducing my taxes, not ...
1
vote
2answers
98 views

Wash Sale on Options trading

Does the Wash Sale rule apply to options trading? If I buy and sell the stocks in a loss, can I still trade the call options for the stock within 31 days of selling?
0
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0answers
24 views

US citizen living in Singapore [duplicate]

I am a US citizen who will be living and working in Singapore and paid by a Singapore company. If I do not reside in the US, and do not visit the US for more than the annual limit of the residency ...
0
votes
1answer
113 views

Gift cards and possible hidden import taxes

I live in Canada and want to order something from USA. The total in CAD is $45 (including shipping, but I don't think tax is), and I have a $50 prepaid MasterCard gift card. How do I know if there ...
0
votes
1answer
40 views

Tax benefit on home loan of under construction as well as ready possession property

I am from Pune, India and working in Ratnagiri. I have purchased a under constructed flat as a Co-Owner in FY 18-19 in Pune. Possession will be after four years i.e. 2022. First Owner is my wife. We ...
0
votes
2answers
83 views

Gift of Equity Tax when selling to family member

I am buying a house from my brother, the house is worth $220,000. and my brother willing to sell it to me for whatever the house is owe the bank, which is $170,000. He is willing to give me all of the ...
16
votes
2answers
4k views

CPA filed late returns, stating I would get money; IRS says they were filed too late

I had a Certified Public Accountant file late returns for 2012, 2013 and 2014, stating I would get money. But IRS says they were filed too late. The CPA charged me $580 to file late returns. He said I ...
1
vote
2answers
116 views

Tax on IRA and 401K to Roth conversion

I have a 403b account with my employer, a simple IRA account, a SEP IRA account, and a Roth IRA account. My wife has a simple IRA account, a Roth IRA account and a rollover IRA account from a previous ...
3
votes
1answer
70 views

1031 exchange mortgage and principal

Let’s say I Sell a 500k property, of which 300k is profit, and 100k was principal and 100k a loan payoff. At sale closing, I send 300k to 1031 intermediary, 100k to bank (loan payoff), and 100k ...
0
votes
1answer
52 views

How do companies use the extra money from corporate tax cuts [closed]

From CNBC: The National Association of Business Economics’ (NABE) quarterly business conditions poll published in January 2019, a year after Trump's tax cuts, found that while some companies ...
0
votes
1answer
92 views

W4 allowances when spouse is working as contractor on 1099?

I will be starting a new job in July and I will need to fill out a W4. My spouse earns higher than me and he is an independent contractor and is on 1099. I was unsure of how many allowances to claim?...
1
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0answers
34 views

S-Corp Take Home Estimation

Looking for an estimation of what the take home (i.e. after taxes) would be from an S-Corp. Lets assume the following: The S-Corp has a single stock holder All other income is out of scope for this ...
1
vote
1answer
100 views

Split App Revenue 50/50 Google Play

I have a single member LLC and a friend and I are developing an app together. We will put the app on the Google Play store and we want to split the money 50/50. I'm wondering what the best way to do ...
2
votes
1answer
82 views

From which bank account should I make employee contributions to my Self-Employed (Solo) 401k?

I have both business and personal checking accounts. For employee contributions to my self-employed 401k, does it matter for legal or tax purposes which account I draw a contribution from?
1
vote
1answer
81 views

UK global consultant, living and working in different EU countries

I am due to move to Barcelona after living in Paris for 3 years, as property is cheaper there, but still close to international airport, which is ideal for my work. I now find myself in a situation ...
2
votes
1answer
150 views

Taxes when remote working for a Swiss company whilst living in the UK?

In the scenario where I'm living in the UK and working remotely for a Swiss company. Who should I pay income tax to? I would be declared self employed in the UK.
2
votes
1answer
77 views

Roth IRA tax question

I just opened a Roth IRA and will be investing money earned through my job which I have already paid taxes on. Do I have to pay taxes up front on that money again when I invest it in my Roth?
1
vote
1answer
38 views

Interests in USA for NRE account profits

I'm a recent college grad so I am not that knowledgeable about money. So, please bear with me! If I make a NRE account, I can get a 6% interest rate and I like that much more than the 1.5-2% ...
2
votes
2answers
142 views

Avoiding withholding tax by selling shares before ex-dividend date?

Recently I sold 3006 DLS shares the day before the ex-dividend date. On the ex-dividend date, for the same amount of the sale, I bought 3052 DLS shares. I have therefore gained 48 DLS shares. So ...
2
votes
2answers
78 views

Understanding capital gains and taxes on employer stock purchase plan

My company offers employee stock purchase plan at a 15% discount. What I am wondering is how does capital gains come into effect if I only sell my original investment? As an example, using even ...
2
votes
2answers
62 views

Taxes for a foreign worker when getting American company shares abroad?

I work for an American company in Spain and I have not lived in US. My company gives us 5 shares of the company like a gift. I am requested to pay 45% of the share current value to pay the US ...
27
votes
4answers
11k views

Going to get married soon, should I do it on Dec 31 or Jan 1?

I know that there is a tax advantage to having a child on December 31st at 11:59 as opposed to January 1st at 12:01. Does the same hold true for marriage? If it matters I make ~$130,000/yr and have a ...
4
votes
1answer
90 views

Does Internal Revenue Code section 1031 enable perpetual depreciation to offset income?

I've recently come across Internal Revenue Code section 1031, which as I understand it allows me to postpone paying taxes on income from the sale of an investment property, so long as I purchase a ...
2
votes
1answer
56 views

Working as an independent consultant for a US company

I recently resigned from a US company and moved back to India on 5/31/2019 (I was on my H1b). I submitted my resignation letter already. I will be going back to school for a Ph.D. in the fall and my ...
2
votes
1answer
66 views

Are charitable donations different when running a side business(self employed)

I have a regular job, but I also earn 20-30k on the side through side projects(1099 work). Given that I am running a business is there any difference in how I can deduct charitable donations versus ...
3
votes
2answers
178 views

First time German Tax declaration, asked about foreign income

I am EU citizen, I was wondering how the German tax system would allow me to get proper refund after I left the country. I went to Germany in middle 2016 and worked there until end March 2018, then ...
2
votes
0answers
77 views

When using a tax treaty tie breaker, who makes the decision?

Many tax treaties between countries contain a tie breaker clause to avoid double taxation that resembles this: If an individual is a tax resident of both countries: He will be deemed resident of the ...
2
votes
1answer
48 views

Are there any other benefits to exercising EMI stock options straight away vs. as late as possible? (UK)

Once my options vest, according to the EMI scheme I have ten years to exercise them. I'm weighing up the pros and cons of exercising exactly at the point they vest versus leaving it to the last ...
3
votes
1answer
61 views

Can a student non-resident alien choose to not exempt themselves from the substantial presence test?

Can I choose not to use my student exemption from the substantial presence test, or must I do so no matter what? i.e. Is the student exemption from the test optional or mandatory? If optional, how do ...
7
votes
2answers
757 views

Do my partner and son need an SSN to be dependents on my taxes?

My wife and son do not yet have their SSNs. My wife is a citizen of the UK and my son (3 yrs old in August) was born in the UK. I'm a U.S. citizen. Why they do not yet have their SSNs is a discussion ...
1
vote
0answers
65 views

Lottery tickets and tax exempt organizations [duplicate]

These might be the same scenario. I am a pastor. I find a lottery ticket in the collection plate. The next day it wins big. I want to cash in the ticket on behalf of the church. My church is a ...
6
votes
1answer
214 views

Should I pay taxes on additional money I received due to exchange rate?

Let's take the below example - I send $1000 to India NRE account when exchange rate is $1 = Rs. 70 Money in NRE account = $1000 x 70 = Rs. 70000 I keep that money in NRE account at 7% interest Rs. ...
0
votes
1answer
95 views

Where to send my CP14 payment?

I received a CP14 notice. Where do I send my payment? The address I see is Internal Revenue Service, Austin TX 73301-010. Is this correct?