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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15
votes
2answers
42k views

How to determine contractor hourly rate and employee salary equivalents?

I am aware of the general differences between being an employee and being an independent contractor. However, I am unable to easily compare the two when it comes to after-tax compensation. Company A:...
6
votes
2answers
143 views

Is there a term for people who manage the money of dual citizens?

I'm a dual citizen of the United States and Canada. I'm afraid to invest in anything because the tax treaties and laws between the two countries make everything too complicated for me to follow. Even ...
2
votes
1answer
7k views

Do I need to file income taxes for my business if it made no money?

I have an LLC. It made no income this year. Do I need to file any tax return forms for it? If so, what forms are should I file? My LLC is incorporated in the State of Illinois. I'm a US citizen. I've ...
3
votes
1answer
86 views

Do I use “Deductions” or “Income (loss)” for my business expenses?

I have a new general partnership that has zero money coming in, but sustained losses for the year. Does these go under "deductions", or under "income (loss)" on the 1065 IRS form? The losses relate ...
1
vote
1answer
109 views

For partnership taxes, is “Part III” of the 1065 Schedule K1 form required?

On Schedule K-1 (Form 1065), I'm confused on whether I fill out the "Part III" section. In the instructions from the IRS (page 24, last paragraph on page forward), it is unclear to me on whether it ...
6
votes
1answer
732 views

How do general partners divide up income/losses on their personal tax returns?

In a general partnership, my understanding is that a 1065 form must be filed with the IRS each year, and that on each partner's individual returns, they each list this as an income/loss in the K1 ...
4
votes
2answers
259 views

How can I reduce my taxes for 2011

I am looking for options/steps I can take right now to reduce my tax bill for 2011. I am married filing separately ( cannot file jointly, as non resident spouse was working abroad in 2011 and ...
4
votes
1answer
532 views

File LLC as S Corp?

I am in the process of creating an LLC and am trying to decide whether to file as an S Corp. I make $80,000 at my day job and would be paying myself (via W2) at least 30,000, so I would be above the $...
0
votes
1answer
135 views

Self paid Insurance Premiums and taxes

Currently my employer proivdes a Health Insurance Allowance (which I understand is really just added compensation), but I am wondering if it is possible to somehow shield that money similar to a pre-...
2
votes
1answer
5k views

Can CA SDI be added to state and local income taxes on 1040 NR Schedule A?

Can I add CA SDI to State and Local Income taxes on 1040 NR Schedule A? I understand a NRA has to file 1040 NR and has to itemize the deductions. I know that CA SDI can be added to State and local ...
5
votes
1answer
288 views

How does LLC ownership work in relation to U.S. tax law?

If an established LLC business offers ownership to a new member, will that member owe federal tax even though that member has still not realized any gain? Let's say for example the LLC is worth $10M ...
5
votes
2answers
6k views

What are the tax implications of lending to my own LLC?

Well, as I mentioned before, I'm buying rental property under the name of my LLC (California). I used cash for the purchases, but the initial investment I made in the company was not enough to cover ...
3
votes
3answers
1k views

Bank statements - should I retain hardcopies for tax or other official purposes (or keep digital scanned copies)?

Should I retain bank statements hardcopies for tax or other official purposes? Or are scanned digital copies valid in such circumstances? I am a salaried employee with no other income and fairly ...
4
votes
2answers
104 views

Question about Tax Information from a Prospectus

I've been studying the prospectus for a Vanguard Index fund that I'm invested in, and I'm confused as to what percentage and what taxes I will end up paying. When the prospectus's tax information says ...
8
votes
2answers
14k views

If I Use My Roth 401K for a Downpayment for My 1st Home, What Will I Be Taxed On?

I've been making post-tax contributions to my employer's Roth 401K plan for a little over 3 years now, and I'm needing some cash for a downpayment for my first home. Will I be taxed on the full amount ...
7
votes
3answers
9k views

Is Tax Audit Protection insurance worth the money?

TurbaTax is offering me Tax Audit protection for $49.95. If my tax return is randomly selected for audit they will represent me. Is this service worth the money?
6
votes
2answers
885 views

What tax can I expect on US stocks in a UK ISA?

What are the tax implications of holding US stocks in a UK self-select trading ISA? Ordinarily I'd expect the UK-US tax treaty to cover any taxation issues, so that I'd pay the UK rates of tax. But ...
9
votes
1answer
222 views

Investing strategies for tax-advantaged accounts (401k, IRA) vs regular accounts?

What are some investing strategies to take into account when working with a tax advantaged account such as a 401k/IRA versus a normal non tax advantaged account? I know a big strategy is to buy and ...
8
votes
1answer
352 views

Opened a Vanguard brokerage account. What do I need to keep track of for next year's taxes?

I know opening the account will not impact me for this tax season, but next year since I opened the brokerage account taxes will be a little different. What do I need to keep track of while I'm ...
4
votes
1answer
119 views

Foreign tax credit carryover w/o having filed previously?

I owned VGTSX for years now but only in year 2011 was it a requirement for me to file taxes. Can I claim foreign tax credit carryovers for past years even though I didn't file taxes during those ...
6
votes
4answers
9k views

Can I be my own administrator for an Individual/Solo 401k?

I'm interested in creating a company and rolling my 401K into a Solo or Individual 401k so that I can have more control over my investments. From what I've seen so far, it looks like you need an "...
6
votes
4answers
45k views

Are 401k Employer Match amounts subject to FICA or any other tax?

When my employer makes a contribution to an employee 401k account, are any taxes payed by the employee (e.g. FICA)? And does the employer match amount show anywhere on the employee's W-2 or 1040?
3
votes
1answer
3k views

Why does the fiscal year in many countries start in April?

I was just wondering why in the UK the fiscal year starts in April. Is there any historical reason for this?
1
vote
1answer
96 views

Pay back the 2008 First-Time homebuyers credit with a certain amount?

I repaid 500 on 2010 Tax return for the 2008 First-Time Homebuyers credit, but do I have to pay 500 on each return or just make sure it is paid of within 15 years. For example, can I chose to pay 0 ...
3
votes
1answer
2k views

What is the correct way to report incentive stock options (ISO) on federal taxes?

In 2011, I exercised incentive stock options and received a 3921 Form (I did not receive a 1099-B). However, judging by my W2, it looks like my exercised stock option income was included in Box 1 of ...
3
votes
2answers
99 views

How do I claim US Tax Credits for Energy Efficiency?

We bought a house last year and after the building was done my wife forced me to buy the blinds through the builder, claiming I wasn't going to buy any and put the up myself which I told her I would. ...
11
votes
3answers
2k views

Withdrawing qualified HSA expenses many years later, to earn interest?

Say I have $2000 in my HSA account and have a $1000 medical bill in 2012. If I were to pay the $1000 bill out of pocket and let that $1k left earn interest in my HSA for a significant amount of time (...
6
votes
2answers
1k views

Primary residence converted to a rental property & tax implications

In June this past year, we moved out of our condo in the Seattle, WA area that we initially purchased in December 2005 for $240K. We were able to purchase a new home and decided that we'd rent out ...
4
votes
2answers
413 views

Can I receive a tax deduction from working from home in a 2 bedroom apartment, one bedroom is used EXCLUSIVELY for work?

My company's base office is in another city so I work from home in a two bedroom apartment. The second bedroom is used as my office and office/work storage. Can I write off this space and any portion ...
2
votes
1answer
153 views

How do I fill out my FAFSA form if my mom has two jobs?

My mom gets two separate W-2 forms from two separate jobs. How do I take this into account when filling out my FAFSA form?
0
votes
2answers
2k views

Do I have to pay a bank to release funds to my account or should they deduct what they need from the amount?

My girlfriend wants to transfer her inheritance of 1,000,000.00 from her bank in the United Kingdom to my account in the United States. Her bank says I need to send $9,600.00 to them; they said that ...
1
vote
2answers
121 views

How to handle recurring commissions from small business activity from a tax POV?

I'm operating a web-based service in the UK where I receive a commission every time a customer makes a sale through my service. What is the best way to structure a business or record income ...
2
votes
2answers
693 views

Cashing in stocks for house downpayment

I've got a handful of stocks that I'm planning on cashing in for a house down payment. I'm wondering if anyone knows if I will get hit with capital gains tax, if I'm immediately reinvesting the money ...
1
vote
1answer
825 views

Can a single-member LLC have a fiscal year not as the calendar year?

Well, the title pretty much is the question. I'm in California, and its a disregarded entity. It matters for the LLC tax, and a positive answer will save me $800 cash. With references please, though:-)...
4
votes
2answers
4k views

What is the significance of the Home Address on the 1040 US tax form?

I lived in two places last year, one inside the US and one outside the US (where I live now), but I wouldn't use either as a permanent mailing address. I've been looking for clarification about what ...
4
votes
2answers
180 views

How to deal with VAT when traveling from US to Europe?

I am going to be traveling to Europe (Paris, London, and Rome) for the first time. I have only heard of VAT and I am not sure I truly understand it. What do I need to know about it and how do I keep ...
4
votes
4answers
47k views

Do property taxes get deducted 100% from the Annual Tax Return or only a fraction of them?

Hi Personal Finance and Money, My question comes from hearing people say that you should buy a house rather than rent because you can deduct all of your property taxes on you tax return. Question ...
4
votes
1answer
98 views

Should I have be worrying about selling a mutual fund before keeping it 1 year in an IRA account?

I am considering selling a mutual fund in a Roth account that I have had for less than a year. Since Roth and traditional IRA accounts are tax sheltered and capital gains only apply when distribution ...
6
votes
4answers
62k views

USA salaries: before/after taxes

I keep reading about software industry salaries in the US. 100k / year, 130k / year, etc. Are these numbers before or after taxes ? What is an estimate of the salary after taxes ? EDIT: I would ...
0
votes
1answer
39 views

Is there a NY tax form to use when one is missing a K-1 (or 1065) from an LLC?

I invested in an LLC that has for the most part gone under. The LLC exists but I do not think that I will receive a K-1 for for 2011. My understanding is that there is a tax form I can fill out to ...
4
votes
3answers
579 views

Financial Advice for Newlyweds

My wife and I are newlyweds, and we are fortunate enough to have little debt and respectable incomes - since StackExchange is neither anonymous or private I won't disclose the real numbers, but I can ...
3
votes
3answers
3k views

Is it okay to issue myself a 1099 from my LLC, of which I'm the sole owner?

I own a small publishing company and occasionally publish my own books. I want to track royalty expenses on the products I've written, so my plan was to pay myself royalties, book it as a royalty ...
6
votes
2answers
1k views

I work in both Sweden and Australia - should I declare Australian based income overseas?

I am an Australian citizen working in both Sweden and Australia. I have been in Sweden for just over 3 years, my partner is Swedish. I travel to Australia regularly, at least twice a year, where I ...
15
votes
2answers
4k views

Father wants to gift child with approx $200k. Smartest way from USA tax perspective?

The father would like to find the best way to help his (~40 year old) daughter with approximately $200k in home loans. Without (yet) seeking professional advice, he has loosely considered: Gifting ...
2
votes
1answer
263 views

Did the rules for filing a 1099-MISC change this year?

My property manager just sent me a W-9 (request for taxpayer ID) and asked me to send it back to her. When I asked her about this last year for my 2010 taxes, she said it wasn't necessary, even ...
32
votes
2answers
18k views

I'm giving my car to my sister. Should I gift it or sell it?

I have a car registered in Connecticut. I want to give the car to my sister in Oregon. The blue book value of the car is approximately $5000. (It will be a very generous gift - but the car was a gift ...
3
votes
1answer
349 views

Can I claim mileage for traveling to a contract position?

I am employed by a tech. contracting company(A) and travel to another business(B), where I work as a contractor (employed by A). I commute everyday to B. Can I claim my travel to B as an expense?
24
votes
12answers
30k views

Why would you elect to apply a refund to next year's tax bill?

Every year I get a refund and the tax software asks me if I'd like to apply some of my refund to next year's taxes. Is there some benefit I'm not seeing to this? Because it looks like a bad deal to me....
1
vote
1answer
97 views

Resources online to help with filing income taxes that include a small business?

My wife an I usually file taxes ourselves using the 1040A (with the standard deduction), but she started her own business this year selling jewelry. Most people are recommending to use a CPA for help ...
2
votes
1answer
796 views

Proper way to report Simple IRA to Rollover IRA transfer

I have two IRAs: a Simple IRA (for more than two years), which I contribute to every month, and a Rollover IRA, which I use for automated trading. I had the Simple IRA broker do a trustee-to-trustee ...