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
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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
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2answers
143 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
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1answer
133 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
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2answers
163 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
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4answers
13k 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
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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
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2answers
596 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
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1answer
689 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
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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
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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 ...
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2answers
386 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
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1answer
57 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
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2answers
340 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
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7answers
21k 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
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2answers
292 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
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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
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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
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1answer
560 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
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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
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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 ...
6
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2answers
351 views

Do I need to start a company?

If I have access to a big hall/room in a building I own and I wanted to convert it into a personal gym. Then one day I say to a friend, you can use my gym if you give me $100 a year, and I will give ...
7
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2answers
450 views

What types of ETFs are taxed differently by the IRS?

How does the IRS calculate taxes for ETFs? Until recently, I thought they were taxed the same as stocks, but I recently purchased a gold ETF (IAU) and have to pay a small capital gains tax even though ...
3
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2answers
331 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 ...
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1answer
10k 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
122 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
478 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 ...
4
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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
419 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
votes
1answer
83 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
10k 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
votes
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
votes
4answers
240 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
427 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
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1answer
387 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
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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 ...
19
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3answers
78k 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
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1answer
644 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
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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 ...