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.

Filter by
Sorted by
Tagged with
4
votes
1answer
8k views

What's the fastest way to get another copy of a (lost) letter from the IRS requesting additional information?

I recently received a letter from the IRS saying they needed additional information to process my taxes. They need it in 20 days and I somehow lost the letter and I don't remember what the ...
2
votes
1answer
216 views

Why is the GI Bill benefit non-taxable, but SLR is not?

My wife is in the Army. She had student loans from before entering the service and enrolled in the Student Loan Repayment (SLR) plan. The military made payments each year, but it counted as income ...
4
votes
3answers
2k views

Are dividends paid by REIT ETFs considered “qualified” dividends?

Are dividends paid by an ETF that invests in REITs taxed at the "qualified" dividend rate (typically, 15% vs. the ordinary income tax rate)? (If I recall correctly, REITs are not subject to double ...
3
votes
2answers
2k views

How classify businesses website and domain names on Schedule C

Where on the Schedule C should the following deductions go: 1) business website and 2) domain name purchases for the business (domain names all map to that same business website).
9
votes
4answers
464 views

If I'm going to start doing my own taxes soon, do I need to start keeping receipts for everything?

I'm a college student, and in the past my parents have generally handled my finances for me so I haven't had to think about them. But I'll likely have to start doing my own taxes soon. Does that mean ...
3
votes
3answers
208 views

Taxable money market fund vs. tax-free money market fund for emergency money?

I am trying to choose between a taxable or tax-free money market fund for my emergency money. What are the high level guidelines to choose one over the other? I know that the tax-free typically has ...
8
votes
1answer
540 views

What are the tax liabilities or impact for selling gold in the USA?

What are the tax liabilities for selling gold? For example, suppose I bought an ounce of gold in 2005 at $500 and I sold it yesterday for $1,500. What kind of taxes are due on this (in the United ...
6
votes
2answers
10k views

What Canadian tax is payable on money received (gifted) from a relative in another country?

I have a Canadian and German passport, but I have lived in Canada for 15 years. My grandpa, in Germany, had opened a certain savings account for me from which I will recieve a lot of money from in ...
6
votes
1answer
146 views

what is the best way to do a freelancing job over the summer for a student

I am a full time student, studying in the UK with UK address. I would like to do a one time job for a company based in the USA. It will last about one month, and is mostly about creating a video ...
5
votes
1answer
185 views

What is the most effective tax coat for a yearly pre-tax income of £50K?

Having closed a couple of good deals in the past month, I project my pre-tax income for this tax year to be around £50K, which is significantly higher than my last year's one – and also above ...
4
votes
1answer
217 views

What are the tax implications of liquidizing an ISA holding? (UK)

In other words, what, if anything, stops honest taxpayers from filling up all of their stock&shares, and money ISAs, removing it from being a tax liability, then liquidizing it immediately?
9
votes
2answers
51k views

Can I get US sales taxes refunded for electronics purchased while on vacation?

I'm visiting the US for vacations (specifically Manhattan) and wanted to buy a digital camera. The guy at the shop told me that I can get back what I pay in NYC taxes for that camera if I present the ...
3
votes
1answer
484 views

Loss Carryover Impact to Adjusted Gross Income

Suppose I have $5k of loss carryover from investment losses in 2010 and I realize $15k in investment gains in 2011 (assume that they're both short-term losses and gains), in calculating my Adjusted ...
6
votes
1answer
411 views

Roth IRA Contributions and MAGI Limits

Want to contribute to my Roth IRA for 2011. I know my salary won't exceed the Modified Adjusted Gross Income limit, but I'm worried that future investment gains might make my MAGI go past the 107K-...
5
votes
1answer
166 views

Financial product for tax holding? (UK)

In the process of financial planning, I'm planning to build a reserve for tax-holding purposes -basically dumping 25% of every incoming penny into this bucket. Historical evidence suggest, that ...
4
votes
1answer
3k views

My company didn't pay taxes on my behalf

I have filed tax returns based on form 16 I got from my employer. To my surprise I get a letter from it tax department stating my claim of filling tax hasn't been found in their records and they are ...
7
votes
2answers
184 views

Taxation from variations in currency

Assuming: I am a UK tax payer I live in the UK Assume I sell a good online, for $100. One payment method I accept is Bitcoins. Bitcoins at the moment are extremely volatile, it wouldn't surprise ...
17
votes
1answer
2k views

Should I set up a family trust?

I'm setting up a will in the near future and trying to decide if a trust is the right way to go. I'm in my thirties, married, and have two small children. Our assets consist of our home (mortgaged), ...
4
votes
2answers
1k views

Does a European country take out tax from paycheck for a contract employee who is a US citizen?

If a US citizen works in a European country whose currency is Euro for a European company on a contract job (which pays by the hour), does the company take out tax deductions in advance from the ...
8
votes
2answers
6k views

If a US citizen works in Europe as a consultant, what are the tax consequences?

I am US citizen and professional software consultant. If I get a contract position, lets say in the UK or Switzerland for a European company, do I pay taxes to that country, or to IRS? Does it matter ...
6
votes
1answer
339 views

Rental Income and Expenses (Taxes)

My wife and I are thinking about purchasing a 2-unit building. We would live in one unit, and rent the other one out. The idea would be that down the road, we would convert the property to a single ...
4
votes
1answer
464 views

Foreign company incorporated in US and W9

I own a translation company and my clients are reluctant to contract a provider based abroad, although I have a US Bank account, US tel, US PO Box (I lived in US for a while). I need to be able to ...
4
votes
2answers
197 views

Hiring freelancers and taxes

This is a repost from here: https://softwareengineering.stackexchange.com/questions/75302/hiring-freelancers-and-taxes Let's say I provide back-end consulting for Bob's Software. And then I have a ...
9
votes
2answers
2k views

How do principal payments on my mortgage affect my taxes?

If I choose to pay a larger chunk into my principal say every 6 months, does the extra money I pay into it become tax deductible, or how does it affect my taxes in general. Also, I'm self employed if ...
11
votes
3answers
2k views

When and how should I pay taxes on ForEx trades?

I am an Israeli citizen. I've bought BitCoin (let us agree for the sake of discussion it is a currency) using US dollars. Let's also assume I never convert the bitcoins to any other currency (but ...
3
votes
3answers
1k views

Tax on £1,000,000 before or after expenses

If you start a business and end up making £1,000,000 in 1 tax year, are you supposed to pay tax on the whole £1,000,000, or do you pay tax on the money you have left over after spending on your living ...
8
votes
1answer
672 views

Which side has burden of proof to reopen a US income tax return after three years?

This came out of a discussion with someone over how long to keep returns and backup documentation... As (layman) I understand it, in the first three years the IRS can go after a return for any reason....
6
votes
2answers
3k views

Basis for American collectible coins in lieu of proof of purchase price?

Say I have some silver half dollars, but no receipt of purchase. Can I claim face value (50 cents) as the basis should I sell, or is the basis nothing?
9
votes
4answers
2k views

I am the sole owner of an LLC. Does it make a difference if I file as an S-Corp or a sole-member LLC?

As an LLC with one owner, I had the option of filing using Schedule C on my household taxes, effectively treating business income (in this case, losses) as I would a sole proprietorship. My plan had ...
4
votes
1answer
105 views

What things do I need to consider if I want to gift units of a fund or stock to some one who is not related?

Instead of the traditional cash gift, I want to give my gift in terms of something that could increase in value over the long term. Before doing that I wanted to ask the below questions: Do I have to ...
4
votes
3answers
382 views

Ontario New Home Tax Rebate

I've been doing a lot of research on the new home tax rebate. There is a house we want to buy, listed with a realtor - the seller who owns both the land and the house is a builder (he bought the land &...
4
votes
2answers
134 views

Are tax rate and tax table related?

For U.S. Federal tax, do tax rate and tax table relate to each other? If yes, how are they related? If not, how do they differ? Thanks and regards!
4
votes
1answer
128 views

Shall amounts in Tuition Statement be reported in Federal tax report?

I received 1098-T form from my graduate school in US. In the form, there are two nonzero amounts: Amounts billed for qualified tuition and related expenses (box 2) scholarships or grants (box 5) I ...
4
votes
2answers
158 views

Becoming a citizen and then expatriate

If I become a citizen of the United States and then decide to live in a foreign country, must I pay any form of taxes to the United States Government. First scenario assume that all my income would ...
16
votes
4answers
12k views

How can I make “four equal” quarterly tax payments when I don't know what my income will be?

I'm running my own business for the first time and I noticed while filing my first quarter's estimated taxes that the instructions ask you to make "four equal payments" throughout the year. But many ...
5
votes
4answers
1k views

Should LLC be opened in US or overseas?

I am a dual US and EU citizen looking to open an investment holding company under an LLC. For optimal tax circumstances, should the LLC be opened in the US or overseas?
3
votes
2answers
594 views

The Canadian dividend tax credit: Why is it that someone can earn a lot in dividends but pay no/little tax?

from this link: http://www.taxtips.ca/glossary.htm#Dividend For an individual with no income other than taxable Canadian dividends which are eligible for the enhanced dividend tax credit, ...
8
votes
1answer
680 views

When it comes to doing business taxes, do bank statements and bills work in place of receipts?

Just at the beginning of this year, I started a business (not fully, but I've started doing jobs for it). Up until March, when I did my personal taxes, I had no idea what kinds of things I could write ...
16
votes
2answers
2k views

Double taxation on Americans working abroad?

I am an American. I am currently living in the UK. The UK will tax me on my income here. The US will also tax me on my income if I make more than a certain amount. Can anyone tell me what that ...
5
votes
2answers
128 views

I would not like to rush to file taxes at the last moment. Does it make sense to file Form 4868?

Although I have all my tax information now in one place, I would like to study itemized deductions better and make sure that I file all my taxes correctly and maximize my returns. Does it make sense ...
1
vote
2answers
382 views

Working abroad and UK tax

I am British, if I go and work abroad on a 1 year contract in a tax free country. If in that year I make £50,000, will I have to pay tax on that money to the UK?
4
votes
1answer
56 views

When filing part time residency how does one determine interest earned in which state?

I am filing in two states. My residency ends up being about 60-40. On the state forms it asks Interest and Dividend from State sources. Do I have to claim it on both, or do I just claim it on the ...
3
votes
2answers
324 views

ESPP taxes after relocating from Europe to the United States?

I was working for company X(Europe) where I was enrolled in ESPP (Employee Stock Purchase Program). After a few months when I sold the stock I received an offer from the X(US) "the mother company" to ...
10
votes
7answers
20k views

Do you pay no tax if you lose money on a business or an investment? If so, why is that?

Is it true that in a business or an investment, we only pay tax if we make a profit? That is, if we make only a loss, there is no tax? Why is this so? Because from what I understand, the tax is paid ...
3
votes
2answers
291 views

Saving money after paying income tax

UPDATE 1: I ask this question because I don't understand why there is a large market for tax free savings account, when your savings should already be tax free... ORIGINAL QUESTION: I am in the UK, ...
3
votes
1answer
1k views

Tax obligations on foreign term deposits

I have dual U.S./Australian citizenship and reside permanently in U.S. I am expecting an inheritance from a relative's estate in Australia. If I open an account with an Australian bank and invest in ...
7
votes
3answers
8k views

How should I go about filing taxes if I have 2 different W-2s from 2 different jobs?

I worked 2 different jobs (Jan - Aug) and then (Aug - Dec) in 2010. I have W-2's from each of these jobs. What is the best way to go about filing taxes for this kind of scenario? What should be ...
3
votes
1answer
559 views

Reporting vested and taxed RSUs on 2010 tax but unsold

I received some RSUs in 2010 and I'm wondering how I should report these on my taxes. The RSUs were taxed when they were issued so there were some shares withheld for tax purposes. I did not sell any ...
11
votes
2answers
3k views

Setting up general ledger/tax reporting for a Real Estate Rental LLC in GnuCash

I have downloaded the GnuCash accounting software for use with our real-estate rental LLC, in hopes of following more universal accounting practices and determining our individual cash basis, but my ...
17
votes
3answers
2k views

Moving from full time to contractor

For many reasons I am moving from full time employee to a contractor with an associated company in a different city. Everyone I have spoken to says contracting is great except for the taxes and lack ...