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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1k views

Tax planning for Indian TDS on international payments

I have a prospective Indian client on a reasonably big project (enough to warrant this question). India seems to have a 'TDS' tax on outgoing business payments of 21%, that is to say that any payments ...
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1answer
54 views

When a business entity moves out of a state, is it the final return?

For a general partnership that files US Tax form 1065, there is a check box for Final Return which is not checked due to the partnership continuing on to the next year. However, the California state ...
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2answers
705 views

Tax implications of short sale with second mortgage?

I short sold my home this year and was told by my Realtor that the government forgives taxes which would normally be owed by selling a property for a loss. I had heard this before and assumed it would ...
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1answer
2k views

Do classes have to pay sales tax on materials used?

My friend teaches flower classes, a portion of the total amount charged goes for materials and a portion goes for the actual teaching of the class. If a typical class costs someone $100, $50 of that ...
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2answers
858 views

How to use my IRA as a 60 day loan?

I've seen many people on this site mention being able to use the 60 days allowed to move funds from one IRA account into another as a vehicle for a short-term loan. What do I need to know and beware ...
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2answers
5k views

Company is requesting W-9 before refunding purchase

My significant other purchased a spa day-pass from one of those deal-a-day sites (similar to Groupon, but done locally). The spa wouldn't accept the day-pass, so she's trying to get a refund from the ...
4
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1answer
436 views

Can I move to Puerto Rico short term and not change my tax situation?

I am a resident of Utah. I have the ability to telecommute (work from home) whenever I want (or work from a coffee shop, it doesnt have to literally be my home). I would like to relocate to Puerto ...
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1answer
578 views

offshoring work and tax dilemma

My friend in USA who is a US citizen wants to hire her cousin from her native country and will be paying the relative as independent contractor. Dilemma: She does not have a registered business ...
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2answers
118 views

Capital Gains on Stock Sold in Order to Sell House

I'm currently underwater on my mortgage. If I liquidated part of my mutual fund holding in order to pay the difference between the sale price of the house and what is owed, does the standard capital ...
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1answer
1k views

How converted stock is taxed due to an acquisition

Private company A was bough by a public company B. All unvested A's common stock (result of early exercise) will be rolled into B's restricted stock (with the same vest schedule). Is this taxable ...
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2answers
270 views

How are gains in an IRA taxed vs a Roth IRA?

If I have $10k in an IRA, trade stocks with it until my retirement it accumulates (with no additional contributions) to $100k and withdraw it, how are the $90k gains taxed? How does this differ from a ...
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1answer
781 views

Filing federal taxes for C-corp with no income

I started a startup in November, established as a C corporation. We made a single payment to a lawyer to have him file the papers and write the bylaws (payment was from my personal account). We didn't ...
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1answer
860 views

How do I compare contract hourly rates with permanent/employed yearly rates, (in UK)

I am thinking of contracting, but do not know how to compare contract (inside and outside IR35) with permanent rates, within the United Kingdom (specifically England). So far I have considered: That ...
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1answer
345 views

83(b) and long term capital gain

I have been in company A for ~10 months and I have been granted X amount of ISOs (Incentive Stock Options). Though, none of those ISOs have vested yet. Now company B just bought company A (deal is ...
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1answer
90 views

As a personal entity, can I have business expenses deducted?

Hello Money community, A quick tax question for NY/USA. Say an online shop sends me a 5k check in my name and not under a corporation, to order 300 glass cups. And I'm sort of the middle man and ...
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3answers
12k views

How should I handle taxes for Minecraft server donations?

I run a Minecraft server and there is a donation button so players can help support the costs. I pay out of pocket for the rest, it's $125/mo. The money they donate goes right to paypal which is ...
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2answers
287 views

In what order are taxes applied

Lets say we have a product that costs 100$ (net price). This product has 3 taxes that must be applied to it: 2 percentage taxes (e.g. 17% and 20%) and one fixed amount tax (e.g. +10$). My question is ...
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2answers
5k views

What is the dividend tax rate for UK stock

I had purchased some UK stocks from London Stock Exchange. May I know, what is the dividend tax rate by UK government for UK stocks, on foreign investor (I am from Malaysia)?
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2answers
912 views

Filling out our W4 correctly

So we recently got married and now I'm trying to figure out our W4. I make 77k a year and she's around 68k a year. Her stub shows Single-0 and mine is Married-1. I read through a bunch of articles and ...
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3answers
1k views

Cash flow implications of converting primary mortgaged residence to rental

I'm considering the net monthly cost of moving from a mortgaged home to a rental, and converting my current primary residence to a rental property. (Note: the reason for renting instead of selling is ...
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1answer
220 views

What else besides fees should I consider in rebalancing my fund portfolio's asset allocation?

My portfolio is currently $10k invested in VWNFX. I also have a 401k (contributing about $13k/year) and an emergency fund. But for the purposes of this question I am just talking about my non-...
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2answers
2k views

What financial changes to expect after you get married?

I am not asking about the sort of things to expect when living together or anything like that. My girlfriend and our son and I already live together, and I already claim them as dependents. What I am ...
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1answer
2k views

Tax treatment of repaid tuition after employment termination

I am getting audited....yay! So here is the situation In 2010 I worked for mega corp that paid my tuition for a qualified master degree program. Obviously I am not entitled to an education tax ...
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1answer
315 views

HSA without a HDHP [USA]

I had an HSA with an HDHP with a former employeer. I left that company and now have a traditional health insurance plan. Should I continue to contribute to my old HSA account? Are there any tax ...
4
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1answer
82 views

Cost Basis Of Stocks Of Numbers of Companies With A Financial Firm Before Transfer To The Present and Of Records Lost To Client?

What if there are shares of companies each which were purchased six to nineteen years ago with a prior financial firm before being transferred to the present financial firm? What are ways to get the ...
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3answers
2k views

What is the best way to calculate the optimal tax withholding from my paycheck?

My tax refund for this past year (United States) was much higher than I would have liked it to have been. I'm single and have no dependents. My tax refund was about 4% of my salary. Is that normal? ...
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2answers
469 views

What will the penalties be for someone without insurance after Affordable Care Act takes effect?

If I currently don't have health insurance will I have to buy a plan? If I do not what will the penalties be?
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1answer
179 views

What are the differences in taxes rules for specialty ETFs such as GLD (Gold ETF) and general ETFs?

I am in the 15% tax bracket. In terms of short term hold and long term hold, I want to know what the differences in taxes rules for specialty ETFs such as GLD (Gold ETF) and general ETFs as are?
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2answers
3k views

What sort of tax treatment does a charitable micro-lending loan incur?

So, a friend of mine has encouraged me to look at Kiva (http://kiva.org) which does microlending and has a big fat legal agreement that says (among other things) 1.3 Tax Deductibility. You ...
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5answers
23k views

A merchant requests that checks be made out to “Cash”. Should I be suspicious?

My barber accepts only cash or checks made out to "Cash". Is there a likely legitimate reason she might want the checks made out to "Cash"? Or am I helping her hide her revenue from the IRS?
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3answers
11k views

Should I elect to have my long term disability insurance be taxable?

My employer offers long term disability insurance as a standard benefit, and they also give me to option to make it taxable. From what I can tell, this means: The premium is added to my taxable ...
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2answers
1k views

Taxes owed on funds raised through Kickstarter for a film I plan to shoot?

I'm looking to run a Kickstarter campaign and I was curious about a few things. Obviously you'll need to pay taxes on the amount raised, if you don't spend it all producing something (expenses). ...
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2answers
587 views

Can a mutual fund have 1099-INT form

In my investment account, there are holdings in a mutual fund and in a money market. The 1099-DIV form of my account has the following nonzero items: Total ordinary dividends (qualified dividends ...
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1answer
567 views

Does the cost basis increase by reinvestment of investment income in Roth IRA?

In regular brokerage account, the cost basis increases by reinvestment of investment income. I guess it is the same case in Roth IRA? I am not sure, because I don't know if there is some rule that ...
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1answer
209 views

Calculate loss in traditional IRA for deduction [duplicate]

Possible Duplicate: Emptying a Roth IRA account I saw an example near the end of this webpage trying to illustrate how to calculate loss in traditional IRA for deduction. At the beginning of ...
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1answer
1k views

Can capital loss be applied for tax for non-consecutive years?

If I have realized a large amount of capital loss this year, can I choose which of the following years that the capital loss can apply to offset taxable income, and how much capital loss is applied ...
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2answers
304 views

Emptying a Roth IRA account

If I withdraw money from my single Roth IRA account to make it empty, will the account be closed? Is there any expense to open a new Roth IRA account? If my purpose of emptying my Roth IRA account is ...
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4answers
573 views

Is is possible to dispute IRS underpayment penalties?

My wife and I are first-time home-buyers. We misunderstood the concept of mortgage interest deductions and didn't set aside enough taxes throughout the year. When taxes were due, we paid the original ...
3
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1answer
1k views

Calculation of Loss for GM Bonds and Cost Basis of New Issues

In 2011 GM bonds were converted to new GM stock and series A and B warrants. For tax purposes, I have read where others reported the cost basis of new shares received for the new GM and the WSA and ...
5
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6answers
10k views

why is the money withdrawn from traditional IRA taxed at the ordinary income tax rate?

When money is withdrawn from a traditional IRA account, why is the money taxed at the rate same as for ordinary income, instead of capital gain tax rate? In other words, what is the rationale for it? ...
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1answer
2k views

Can my company buy my personal debt?

I owe $50,000 to my mother and father, who have helped me consolidate my debt over the years. Can my business buy my debt from my parents for the full amount I owe and then forgive me from having to ...
3
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4answers
680 views

Why does capital gains tax apply to long term stock holdings?

Why does the capital gains tax rate get applied to long term (> 1 year) stock holdings? This lower tax rate acts as an incentive for people to invest in the market for a period of time longer than 1 ...
3
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2answers
3k views

Can capital loss in traditional IRA and Roth IRA be used to offset taxable income?

For traditional IRA and Roth IRA, can capital loss be used to offset taxable income for tax purpose? If not, when withdrawing from traditional IRA and Roth IRA, can the capital loss now be used to ...
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1answer
534 views

Is it possible to pay contracts using gold in the UK using legal tender gold coins?

I have looked around for this for ages and for obvious reasons, would be a very efficient means of paying bills without HMRC taking a cut (as long as I can't be attacked for Tax evasion). I have seen ...
4
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2answers
902 views

Dependent SSN and previous years US tax returns

I live abroad and my child was born 5 years ago, but I did not get him a SSN until this year, now I haven't filed tax returns for the past 5 years, my question is can I claim him as a dependent for ...
4
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1answer
19k views

Difference between 1099-DIV and 1099-B forms

I was wondering about the differences between 1099-DIV and 1099-B forms. In the case of mutual funds, Is 1099-DIV for reporting investment income due to trading of the securities in a mutual fund, ...
4
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2answers
230 views

J-1 tax refund or debt?

I have a question regarding my tax return. Last year I worked in the US with a J-1 visa. Besides my wage I received rental reimbursement for bringing my own laptop and a housing allowance. My employer ...
6
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1answer
906 views

Switching From Employee to Independent Contractor

I've read a few different questions on here regarding the breakdown of employee vs independent contractor, but my situation has details that are quite different, hence, the question. When I was hired,...
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1answer
1k views

Determining the minimum dividend that should be paid from my S corporation

I am the sole shareholder and only employee of an S corporation. I understand that all profits of the corporation are passed through and taxed as income to me. I also understand that all dividends ...
2
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1answer
2k views

Where can I find FBAR forms for prior years?

I was recently informed that I needed to complete the Report of Foreign Bank and Financial Accounts for the previous six years. I've been hunting on the IRS website for the last half hour and can only ...

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