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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3
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2answers
327 views

Can spouses filing jointly give gifts to each other and claim the gift exemption?

Is it considered as an exclusion/exemption under the gift tax, if spouses who are both working and filing jointly give gifts to each other even though in reality the amount of the gift still stays ...
1
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1answer
9k views

What are the tax liabilities for an Indian citizen working in the US?

I have an opportunity to work in the US for a period of 1-2 year. as I have gone through the link, it suggest I don't have to pay any taxes in India as it is already included in federal tax. I am ...
4
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3answers
4k views

Tax implications of buying the vacant lot next door?

I live in Green Bay, WI in a newer development. We built our house 2 years ago and houses are starting to go up around here. We want to buy the vacant lot next to us so we don't get any neighbors. ...
7
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1answer
120 views

E-file and additional paperwork: Can I e-file an explanation of a rollover or do I need to paper file?

I just finished my taxes and I want to e-file, but because of a pension rollover taxcut gave me a warning saying I need to send in an explanation of said rollover. Will I be able to do this via e-...
4
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3answers
297 views

Are taxes applied to expense reimbursements?

I have recently accepted a new job which requires me to move across the country and as part of my employment I was offered a signing bonus to assist with relocation. It just barely occurred to me that ...
9
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1answer
463 views

Convert Traditional IRA to Roth IRA when income limits are not satisfied by Roth IRA?

Our household MAGI (Modified Adjusted Gross Income) does not allow us to contribute the full amount to a Roth IRA for 2010. In that case is converting some part of Traditional IRA to Roth to complete ...
3
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1answer
7k views

Are FICA taxes applied before or after contributions to a pre tax 401k?

When I make contributions to my employer's pre-tax 401k account, are FICA taxes applied before or after making the contributions?
2
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7answers
418 views

What are the benefits of opening an IRA in an unstable/uncertain economy?

What is the point of opening an IRA at a young age, when you can use that money to buy assets that have intrinsic value such as Silver or Gold? Especially opening an IRA in such an unstable American ...
10
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3answers
21k views

Do the tax consequences make it worth it for me to hold ESPP stock?

Disclaimer — I've read What should I do with the stock from my Employee Stock Purchase Plan? and the answers seem to be both slightly wrong (from what I know) and contradictory, which is why I ...
3
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1answer
1k views

Do I need to pay taxes as a dual citizen if I have income both from the US and abroad?

I'm a Hungarian-US dual citizen (born in the US to Hungarian parents) but I've lived outside the U.S. for most of my life. I have an American passport and SSN. I've never filed a tax return in the US, ...
7
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2answers
2k views

U.S. citizen moving to Canada and keeping U.S.-based job via telecommuting. What taxes will I have to pay?

I'm a U.S. citizen and software developer that can work from home. I work for a company based in Washington and will be able to keep my job as I move to Canada to be with my Canadian fiance (will be ...
3
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1answer
81 views

As the beneficiary of a trust, do the trust payments count as support for the beneficiary?

Let's say that a person is a full time student under 24 and the beneficiary of a trust. Do the trust payments count as self support for tax purposes? Can you provide a source for your answer? EDIT: ...
5
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3answers
4k views

UK ISA status after moving to USA: Would the IRS charge tax on my ISA?

If I were to move from the UK to the USA and leave my tax-free savings accounts (ISA's) open in the UK, with the intention to returning to the UK after 2 years, what would the status of said ISA's be ...
3
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3answers
4k views

If I am Indian citizen residing in India but earning through online freelancing in US dollars, to whom do I pay taxes?

Say I am an Indian citizen and residing in India and earning through online freelancing software programming in US dollars. Which government do I pay taxes to? Do I pay some taxes to Indian ...
5
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3answers
9k views

If I am Indian citizen residing in US and earning there, do I have to pay taxes to India?

Say, I am an Indian citizen and living and working in US, do I still have to pay some taxes to Indian government? My first thought is why should I be paying taxes to Indian government because neither ...
3
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2answers
1k views

Tax filing for two states and becoming married mid-year

I moved from VA to PA in late May 2010. I continued working for the same company and got a raise during the move. I also became married in mid June 2010. I have to file state tax returns in both ...
2
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4answers
239 views

US Tax return upon returning to UK

I have an offer from my employer to move to New York, but I am concerned about what happens when I choose to return home to the UK. I understand that there is a double taxation treaty between the UK ...
3
votes
1answer
192 views

US Taxation on interest on savings in UK

I have an offer from my employer to move to New York. The move is "permanent" and as such I will become a resident alien within the US. I do not wish to transfer my entire savings over to the US as I ...
6
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2answers
1k views

Best way to pay US Federal taxes on unpredictable royalty income on time throughout the year?

My wife collects some income in the form of royalties on a book. What I've read seems to indicate that we should try to estimate quarterly income and pay quarter-to-quarter. However, because her ...
18
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1answer
417 views

What do you do if an employer underreported tips?

I've been helping a friend put together her taxes. Going through her W-2, she noticed that at a restaurant she worked at, the employer has vastly underreported her wages and tips, apparently including ...
15
votes
1answer
379 views

At what point did my former primary residence become an income property?

Last year we bought another house (and moved into it as our primary residence). Rather than sell our previous house, we opted to keep it and rent it out. Since the tax treatment for rentals is ...
3
votes
2answers
3k views

W-8BEN? What's the tax from selling my software to a U.S. company, from abroad?

I am developing software program (I live and work outside of US - Europe, I don't have a company), and now have a client from US which wants to license my program (pay me money so he can use it). He ...
3
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1answer
67 views

Filing for Education Expenses for Dependent

My brother is my dependent and he lives with me! He goes to university and pay international tuition fees. Since, he has to pay international tuition our whole family contributes small amounts to make ...
18
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3answers
66k views

Why does my bonus at year end get taxed at a different rate?

Every year when I get paid a bonus, almost half of the bonus gets withheld for income taxes. My normal paycheck is never taxed at that rate. How do I stop that from happening?
4
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2answers
5k views

Will capital gains affect my tax bracket?

I am marginally in a lower tax bracket based on W2 income. If I add capital gains from stock sales, then this tax bracket would go higher. Does capital gains actually affect your tax bracket or are ...
5
votes
1answer
4k views

Foreign national currently working in U.S. & investing in 401(k) plan: How will taxes apply?

I am a foreign national currently working in USA. I am considering contributing around 5K to a 401K plan (with no employer match). I intend to return to my country in a few years (when I am in my 40s)....
2
votes
1answer
642 views

Is common-law status compulsory/involuntary in Canada or optional/voluntary?

Would a couple have to specifically declare themselves or apply for common-law status, or is it implicitly bestowed? For example, if one passes away, can the other claim common law status without a ...
2
votes
1answer
112 views

Change in taxes with change in residency status in U.S.?

I am on a student F-1 visa in the United States, and have invested in a number of U.S. mutual funds through Vanguard. Questions: Do I count as a non-resident alien OR a resident alien for tax ...
8
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2answers
713 views

Figuring S-corp taxes - salary vs. dividends

I am working on a business plan for a small business I'm going to be starting in the near future. I am going to incorporate as an S-corp. One of the line items on the business plan I have to present ...
3
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6answers
4k views

Any pitfalls to filing taxes online, vs. downloading & installing a program on my computer?

Are there any pitfalls to filing my taxes online rather than downloading and installing a program on my computer?
2
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3answers
7k views

Using bonus in a tax-efficient way with my 401k account? [duplicate]

Possible Duplicate: My bonus is taxed at a higher rate than my regular paychecks, so should I contribute 100% of my bonus to 401k? Is there any tax advantage that I can gain if I invest my bonus ...
3
votes
3answers
348 views

What are the rules for gifting for a couple when one is a U.S. citizen & the other a Canadian?

If one spouse is American and the other Canadian, what are the gifting rules for this couple? Is the couple still limited to 26,000 or can they specify that the American is gifting 13,000 and the ...
12
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2answers
6k views

What are the tax implications of exercising options early?

Say you have the following situation: You have pre-IPO stock options Half of the options have vested, the other half will vest over the next 2 years Your strike price is S The fair market value of ...
8
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2answers
583 views

Received 1099-C from Discover for Bankruptcy Chapter 7

I was told by my Bankruptcy attorney that debt discharged is not income due to my being insolvent. Therefore, did Discover card err in sending a 1099-C Cancellation of Debt form to me that says "debt ...
5
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4answers
6k views

Can I claim a tax deduction for working from home as an employee? I work there 90% of the time

I'm working for a company as a computer programmer, but 90% of my work is done at my apartment. Let's say I have an exclusive space for the work in my apartment, can I claim tax deduction for the ...
5
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2answers
2k views

TD1: claiming carried forward tuition, education, and textbook amounts from previous years

When filling out a TD1 form, there's a section entitled Tuition, education, and textbook amounts (full time and part time), where it states: If you are a student enrolled at a university or college,...
4
votes
2answers
823 views

Side work taxes higher if regular job salary higher?

Simple question. If Person A makes $150,000 at their regular job (W2) and brings in $5,000 on a side job (1099-MISC), do they owe more in taxes on the $5,000 versus Person B, who earns $50,000 (W2) at ...
4
votes
2answers
619 views

Options for risk-free investment or savings over one and two years?

I converted my IRAs to Roths last year, and with the extension of the tax cuts*, I've decided to split the tax burden over 2011 and 2012, even though I can afford to pay them for 2010. Given that I ...
2
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2answers
208 views

Traditional IRA taxes: Are withdrawals of contributions taxed different than earnings?

Are the contributions to a traditional IRA taxed differently than the earnings when withdrawn and/or are they both considered taxable income when withdrawn? And at what rate? Capital gain or regular ...
5
votes
2answers
182 views

How to calculate taxes owed on conversion from Traditional to Roth IRA in 2010?

How do I calculate the taxes owed on a conversion from a Traditional IRA to a Roth IRA in 2010?
5
votes
4answers
1k views

What's the difference between TaxAct and TurboTax?

I've always used TurboTax, but found an edition of TaxAct that will do state, federal plus schedule c for about 33 percent of the price of the Turbotax edition? Does TaxAct not do some important ...
4
votes
1answer
84 views

How do I take a loss on an IRA I converted to a Roth IRA?

Can I take a loss on conversion? If so, how do I do so (i.e. what U.S. tax form do I use)?
13
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9answers
7k views

Has anyone compared an in-person Tax Advisor to software like Turbo Tax?

I've always been curious whether an in-person "tax man" would be able to save me any more money on my taxes. They normally charge more, so I've never done that. I have noticed that some softwares ...
4
votes
3answers
118 views

Is there any tax-credit or deduction I can take if I provided housing for someone that was unemployed in 2010?

With all the tax credits, bailouts, and TARP money I thought there might at least be a chance to claim some kind of deduction on my 2010 tax returns for my particular situation. I'm sure this is a ...
10
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1answer
6k views

I'm self-employed with my own LLC. How should I pay myself, given my situation?

I do a ton of freelance web design and decided to setup a simple LLC so I could have a credit card to make business purchases with. From my limited understanding, I can choose to be taxed as an S-corp ...
5
votes
2answers
451 views

Can you write off time like you can money?

I've spent considerable time in the last year building a portfolio for my business. This time was donated to clients, for my benefit, and theirs. There is a large opportunity cost lost. I could ...
3
votes
1answer
806 views

How can I determine why I received a Form 1099-G?

I received a 1099-G Tax Document in the mail today. Is there a way to determine why I got this and what it is related to?
3
votes
1answer
119 views

What book or source of information can help me build a business from tax money?

My wife and I are both employed. We are in the middle class family tax bracket, but we don't own a house thus making our tax very high. I want to start a business to work it after hours and divert ...
6
votes
1answer
215 views

Can a check used for medical expenses be written off if it is written in the current year and clears in the following year?

I am considering writing a check to pay off my braces all at once since it is an amount larger than 7.5% of my income. However it is getting very close to the end of the year; if I write the check ...
4
votes
1answer
855 views

Does unemployment compensation count as AGI?

Does unemployment compensation count as part of your Annual Gross Income? (This is related to my other question about writing off getting braces on my taxes)