Questions tagged [taxes]

For any question related to taxes and not otherwise covered by a more specific tag such as income-tax, sales-tax, capital-gains-tax etc. When 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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1answer
122 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
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1answer
217 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
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1answer
1k 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)
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2answers
1k views

When does selling (writing) options count for tax purposes?

Let's say I sell an option (say a naked put) that expires in January. If I wait until January to let it expire, does that mean the profits will count towards next year's taxes? Or since I actually ...
2
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3answers
226 views

Invest in new mutual funds before the end of the year, or after, in a retirement account?

I changed jobs this year and as a consequence, rolled over my employee 401(k) to a personal rollover IRA. I just completed the rollover earlier this month, and right now the money is just sitting in ...
5
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2answers
5k views

Can you recharacterize a Roth 401(k) contribution?

I understand that you can recharacterize Roth IRA contributions back into traditional IRA contributions by the next April 15, if you change your mind and decide it would make sense. Then you won't owe ...
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2answers
178 views

Top 3 things to do before year end for your Stock Portfolio?

What will be the top 3 recommendation of actions to do to your portfolio before year end?
3
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2answers
110 views

Using Turbotax for more than buy-and-hold investments

I'm going to have to consider trading into my taxes for the first time this year. I have somewhere under 1000 trades for the year, but some of it is in fairly large quantities, including selling both ...
6
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1answer
415 views

Historical US federal income tax rates

Is there any good online source for historical federal income tax rates in US comparison? I'll explain the problem: there are may good sources for marginal rates and income brackets, what I am ...
2
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1answer
2k views

Paying taxes on a condo sale

How much tax will I have to pay on the money I cleared after selling my condo? How do I calculate it?
13
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3answers
6k views

When do dual citizens (Canadian & American citizenship) need to file U.S. income taxes?

I'm a Canadian-US dual citizen (born in the US to Canadian parents) but I've lived in Canada my whole life (aside from the first 3 weeks). I've never had an American passport or a SSN. I've never ...
10
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5answers
779 views

Should I start my own company so I can claim against tax?

I live in the UK and I'm an employed web and mobile phone developer and very occasionally do some work on the side. I've been recently advised by a family member that I should look at starting my own ...
14
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2answers
60k views

Do you have to file taxes even if you didn't make any money?

Do you have to file taxes even if you didn't make money? What if you had no profit and no loss? What if you had revenue but your expenses exceeded your revenue? I'm asking about both federal and state ...
12
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5answers
23k views

Comparison between US and Canada's taxes and possibility of savings?

Given two jobs earning equivalent amounts where one is in the US and another in Canada, where would I take home more money after taxes?
4
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2answers
696 views

Should I pay off my braces all at once so that I can write them off this year as a health expense?

Should I pay off my braces all at once so that I can write them off this year as a health expense? Or should I pay off my braces over the long haul? P.S. I live in Pennsylvania.
13
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3answers
7k views

Are there capital gains taxes or dividend taxes if I invest in the U.S. stock market from outside of the country?

Recently, I invested in some stock in the U.S. stock market. I was wondering: Whether there are capital gains taxes if I sell stock? Do they take account into my foreign exchange loss? Are there any ...
5
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3answers
12k views

Does the state I get my license in affect my taxes, or how I file?

I'm visiting my old house in California and only drive when in CA. I am about to get my license renewed, but I work in NYC and spend most of my time there (95%). I never drive when in NYC. Will me ...
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4answers
1k views

Where can I learn about the differences between the banking system in Puerto Rico and the USA?

Puerto Rico is a territory of the USA. Puerto Ricans can: not vote for president vote in presidential primaries not pay federal taxes go to work for the US army are US citizen work in any state ...
8
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2answers
391 views

moving family deposits away from Greece (possibly in UK)

Me and my family are worried about the current financial situation in Greece and want to move our deposits away to an another more stable country. Is this too much? We've seen other people doing it. ...
8
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3answers
916 views

Changes in Capital Gains Tax in the US - Going to 20% in 2011?

I have made substantial gains in the stock market this year on stocks that I have held long term (> 1 year). I understand that when I sell this stock, I will pay 15% capital gains tax. I have heard ...
6
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1answer
5k views

How does tax work for an overseas contractor on a split year contract?

I am currently working as U.S. DoD contractor in Afghanistan. I arrive in Afghanistan late October 2010. I will be over here until at least October 2011. I know that when working overseas for 330 days ...
10
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3answers
348 views

Is there any advantage to using a FSA instead of claiming medical expense on tax returns?

Using my FSA is pretty annoying. I have to submit claims and scramble to use it or lose it. Is there any advantage (aside from perhaps cash flow) of using an FSA over just claiming my medical/...
11
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7answers
2k views

What are the financial advantages of living in Switzerland?

I am currently living in Switzerland. Switzerland has been known for decades as an attractive location for companies. Indeed there are a couple of American companies in Zürich. What I ask myself is: ...
7
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5answers
630 views

Why do some people go through contortions to avoid paying taxes, yet spend money on expensive financial advice, high-interest loans, etc?

There seems to be a lot of resistance to paying taxes, yet people are paying a lot of money to banks and other financial advisers when there are cheaper/better options out there. Any thoughts on why ...
3
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3answers
336 views

Under IRS rules, After what tax bracket or income range student loan interests are not effective?

Student loans generally have very low interest rates. Those interests paid work in your favor at tax time, for certain income and tax bracket group. In the US, if you make more than what amount, ...
7
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3answers
1k views

Any advantage to exercising ISO's in company that is not yet public?

I have ISO's in a private company and am trying to decide whether there is any advantage in exercising them. The price is low enough and my confidence in the company is high enough that I am ...
2
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2answers
2k views

[UK] What are the consequences of transferring ownership (not selling) a vehicle on tax, licensing and future resale value?

Many cities in the UK won't sell more than one parking permit per person. I didn't realise this when buying a second car and now need to transfer one of them into my wife's name (who uses one of the ...
5
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4answers
829 views

Is selling items and exporting to Africa a good idea or a potential nightmare?

I'm having a clear out to try to raise some funds to pay off some credit cards. I'm currently selling a PC on eBay, and have been contacted by a few buyers from Africa — from Zambia, to be precise. ...
5
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1answer
1k views

When is it necessary to apply taxes for web freelancing services in Quebec, Canada?

When is it necessary to apply taxes for web freelancing services in Quebec, Canada?
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5answers
3k views

Pros/Cons of a Health Savings Account (HSA) in the USA?

I am wanting to know the real benefits or pros/cons of a HSA in the USA. I have now been given the option of signing up for one due to healthcare changes. I understand some of the basics, but after ...
5
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1answer
1k views

When Working at Home for a Company In a State with Income Taxes, Do I Have to Pay?

My tax situation for tax year 2009 is somewhat complicated. I was a resident of Louisiana all of my life until November 27, 2009, which is when I became a Texas resident. I continued working for the ...
10
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4answers
15k views

Tax implications of living rent-free

Suppose Adam owns a house and rents a room to Bill for $300 a month, and pays Bill $300 a month to mow the lawn, clean the rooms and do other maintenance. Assume U.S. law in a no-income-tax state ...
8
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1answer
554 views

How to share income when married filing separately?

For a couple filing "married filing separately" are there any tax implications in moving money from one spouse's bank account to the other's? Would the IRS see this as "income"? I spent a while ...
5
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1answer
191 views

Taxes for resident alien investing in mutual funds and money market funds?

As a resident alien working in the US, what kinds of taxes will I be liable for when investing in mutual funds and money market funds? Some funds are federal, state, or municipal tax-exempt, will ...
3
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2answers
10k views

Formula for calculating real cost of a deductible expense

Nice round numbers: say I perform a job that gets $1000 gross (call this g) in which I incur $100 in expense (call this e). The expense is fully deductible. Assume my marginal tax rate is 25% (call ...
7
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2answers
119 views

What are some good resources for yearly US tax law changes?

Every year, in the US, we have new tax rules, deductions, limit increases/decreases, exceptions, benefits, etc. Are there some good resources out there for self education on what to expect with the ...
4
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1answer
241 views

How do I minimize Federal, State, and Municipal tax due from money market funds or bond mutual funds?

I was looking into money market funds and bond mutual funds for some relatively stable investments. Before I make decisions, though, can someone explain under what circumstances would I need to pay ...
3
votes
1answer
459 views

Switched jobs & short on cash. Should I withdraw from 403(b) or borrow from 401(k)?

I switched employers a while back and obviously this resulted in a new place to throw my retirement money. Employer A was an academic institution so that money was in a 403(b), now I'm in your ...
2
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2answers
1k views

What should I consider when buying land as an Investment in Ontario, Canada?

I was bored the other day so I was looking through the real estate listings up in Cottage Country. I noticed a plot of 4 acres of land for sale for $30,000. I was wondering what one should consider ...
8
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3answers
4k views

What does “write-off” mean?

I've heard this term throughout my life but I've never been entirely sure exactly what it means or why you would want to write something off.
4
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2answers
270 views

Are bond ETF capital gains taxed similar to stock or stock funds if held for more than 1 year?

Are gains on bond ETFs held for more than one year taxed at a lower rate, similar to stocks and funds holding stocks? I'm referring to the change in price of the fund, not dividends.
7
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3answers
572 views

Can I write-off Visual Studio 2010 on my taxes if I want to learn it?

I doubt I can write it off, but I just figured I'd check anyway. What if I took a class in it and needed the software to take the class?
4
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1answer
5k views

What are the state and county taxes for refinancing a mortgage in Virginia?

I'm in the process of refinancing a mortgage, and want to know what state and county taxes apply. I'm not talking about property tax here, but the recordation taxes and fees charged by the county and ...
16
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3answers
6k views

What is the proper way to report additional income for taxes (specifically, Android development)?

Let's say I have a day job that contributes to the majority of my income. Now if I do some Android development (or similarly iPhone, Blackberry, or any other hobby that produces an additional income) ...
5
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2answers
2k views

My boss wants to buy me a gift. How do I account for taxes for this?

I don't believe this is related to the personal gift tax rules as this deals with businesses giving gifts to individuals. Since I'm receiving something of value, I assume I need to pay taxes on it. ...
5
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2answers
4k views

Should I wait to sell a stock (at a loss) that I have held for less than a year?

I currently hold some shares of a stock that I don't expect to regain much value. I bought this (at a higher price) about 8 months ago. My limited understanding of the way capital gains taxes work ...
1
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1answer
62 views

How long should I retain my tax information in Canada?

What is required by law?
6
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3answers
5k views

What types of receipts do I need to keep for itemized tax deductions?

Do I need to keep all of my receipts or only receipts of a certain type or amount for itemized deductions? I've also only taken the standard deduction, but this year I plan to itemize. I keep almost ...
12
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5answers
2k views

What's the difference between Term and Whole Life insurance?

How would one decide which is most appropriate? Are there tax or benefits differences that one offers over the other?
4
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1answer
2k views

How is an inheritance taxed in the United States?

My wife will be receiving an inheritance from her Uncle's estate. What are the federal tax implications?