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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What taxes to pay when working for a US company remotely from Europe?

Situation 1: Portuguese Citizen Starting job with US company, will be working from Portugal US company does not have any official presence in Portugal. So, where do I pay tax -- in US or Portugal? ...
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2answers
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How To Report Cryptocurrency Earnings?

I invested in a decentralized bitcoin business and earned about BTC 0.4 this year in interest from it, but there is no official business - it's purely autonomous (very hard to explain). I also "mined"...
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1answer
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How to take advantage of a no-income year (taxwise) when you could sell stock with capital gains?

I didn´t have much income this year, so I was thinking of selling any stock with capital gains. The purpose of this sell is to take advantage of the standard deduction and the 0% tax on capital gains ...
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My software business makes nothing for years, then a big chunk of money all in one year. Is a C-corp the best structure for tax purposes?

I make video games by myself for a living. This process involves many years of unpaid work before a game is released, and then a sudden "windfall" type wave of money when the game finally comes out. ...
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1answer
162 views

Can I take a deduction for expenses associated with an investment property I didn't buy?

I own a couple of rental homes that are very cash flow positive, so I was looking to buy another investment property. I found a duplex and put a contract on it, but based on the inspector's report I ...
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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: ...
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Should I be worried that I won't be given a receipt if I pay with cash?

I'm getting an aftermarket accessory installed on my car by an individual. The person has actually been recommended to me by a big dealership in my area and this person seems to be pretty reputable ...
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1answer
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W2 Form Stating Single instead of Married

My Employer just now sent my 2019-W2-form, I have noticed, my form shows Taxable Martial Status "Single" instead of "Married" Is it possible to change the status during tax filling. If Yes then What ...
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If I'm audited, will the accountant who prepared my taxes charge me an additional fee to handle the audit?

If I pay an accountant to prepare my taxes, and then I'm audited, is it typical for the accountant to handle the audit as part of the original filing fee, or will he/she charge me by the hour to deal ...
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6answers
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If I have no exemptions or deductions, just a simple paycheck, do I HAVE to file taxes?

My company holds back tax from each of my pay checks. I have no other sources of income. I don't expect I owe anything more on my pay. Do I really need to file an income tax return? I live in ...
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4answers
469 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 ...
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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 ...
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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/...
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5answers
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Filed 1040, Forgot to Check Box on Line 61 (full year health coverage). File 1040X or Wait?

My father filed his 1040 and neglected to check the box on line 61 (full year health coverage). He filed via mail/paper. I can't find a definitive answer on what he should do in this specific case. ...
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2answers
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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 ...
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Can yearly tax free gifts to a person in the U.S. be sent in multiple checks?

I'd like to give someone a monetary gift, well under the current $14,000 Annual Gift Tax Exclusion limit; however, I'd like to send them multiple checks throughout the year. I'd heard about this in my ...
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1answer
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Correct way to get paid from a web design?

I did a website design for another company (Basically, I sold them a completed website) for a flat $500. They're telling me I need to file a W-9, but I don't see why because I'm not a contractor for ...
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How high should I set my KickStarter funding goal in order to have $35,000 left over?

I'm creating a KickStarter to raise enough funds to take 3 months off from my full-time job and finish an iOS game that I've been working on for about 3 years now. Put simply, all I need is about $35,...
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Is the Personal Exemption included in the Standard Deduction?

My question is: do the numbers below include the personal exemption? I found this tax data for 2016: Table 2. 2016 Standard Deduction and Personal Exemption (Estimate) Filing Status ...
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4answers
689 views

Are tax deductions voluntary?

If I did something that I know is a deductible expense and did not deduct it, is that a sanctioned tax filing? The result is that I would end up paying MORE tax. This also results in me reporting a ...
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2answers
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My former employer made a mistake calculating my 401(k) contribution/match; what is my responsibility?

I just got a letter from my former employer stating that they had made an error in their 401(k) deductions in 2013. Briefly, they erroneously included my cell phone allowance as eligible pay for the ...
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2answers
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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 ...
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Why is there a tax bracket less than $2000 wide with 35% marginal tax rate in the U.S.?

It seems as if anyone that's getting paid $398,351 – $400,000 would simply lower their salary to the $183,251 – $398,350 tax bracket and get 2% lower income taxes. Does the bracket serve any purpose, ...
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1answer
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Reporting Income Under $600 to IRS When No 1099 MISC Issued

I work on the side as a freelance writer and get paid by magazines. Usually the amount is $400 - $470 per calendar year. The magazine does not issue me a 1099 MISC since I made less than $600. Do I ...
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1answer
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Did the GOP eliminate the additional standard deduction for “elderly” in the Tax Reform law

In the current law for 2017 tax returns those persons born before Jan/2/1953 are granted an increase in the standard deduction of $1250/individual. Has the bill before the president (for 2018 taxes) ...
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1answer
466 views

Can I report a motorcycle theft on my taxes?

I paid $6700 in cash for a motorcycle in January. The same motorcycle was stolen near my apartment 5 months after I bought it. I had insurance but due to a policy technicality the motorcycle was not ...
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1answer
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Can I deduct a whole-blood donation as a charitable contribution on my taxes?

I've noticed that there are several new companies advertising that they collect blood donations. I asked a friend who is an ER doctor why, and his response was that blood donations are quite valuable, ...
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4answers
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Gift house to parent then inherit it back to increase basis?

(Question for USA taxes.) Let's say that I have one remaining parent who is quite advanced in age. I own an investment house that has appreciated in value significantly. I want to sell it eventually, ...
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4answers
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Sales Tax: Rounded Then Totaled or Totaled Then Rounded?

E.g. There is a sale with 3 items, each costing $1.00. Sales tax is 12.4%. In calculating the tax for each item, do I round the tax amount first and then total everything up? Like this: ITEM 1: $1.00 ...
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1answer
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I'm a non-U.S. citizen that paid Social Security tax. I'm leaving the country. Can I get my money back?

I am not a U.S. citizen and I am leaving the country in a few months. Can I get the money back that I paid for Social Security taxes, since I am not going to be retiring in the United States?
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1answer
302 views

What are the (US) tax implications for donationware?

I'm an individual and not a part of any nonprofit organization. What, if any, tax implications are there for donationware in the US (as a recipient of funds)? The product would be software and/or ...
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2answers
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Can you defer withholding taxes until year end without drawing ire of the IRS?

Instead of having taxes withheld at every pay period then filling a tax return the following year to determine further liability or refund status, I'm wondering if it's possible to defer pay period ...
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3answers
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What is the difference between pre-tax and post-tax paycheck deductions?

I am getting insurance for about 4 months, the length of my contract with a company. I am given the option of having the cost deducted from my paycheck pre-tax or post-tax. What is the difference? ...
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4answers
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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 ...
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1answer
469 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 ...
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1answer
116 views

Can capital gains or rental income be used for contributing to a retirement account?

If my wife is considered a real estate professional, and she buys a house to flip, can the gain be used to fund a tax retirement account i.e. SEPP or a 401(k)? Can the rental income from rental houses ...
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1answer
263 views

Where to deduct gambling losses?

I am a poker player, and hit a bad beat jackpot, someone's quad aces beat my quad kings. I received about 1600, and was 1099'd for about 1650 with about 50 going to MS state tax. So a couple of ...
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1answer
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Android Developer taxes in the UK

I'm living in the UK and doing some after hours experiments with Android OS. Some of my apps started getting money. I still haven't entered my bank details in Merchant account, so every time after ...
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1answer
3k views

Tax implications of roommate rent from unofficial apartment sublet

I'm currently renting a 2/2 apartment in the US that is managed by a REIT (NYSE:MAA). I set it up in which I am the sole responsible lease holder and have added a roommate to the lease as an occupant (...
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2answers
711 views

How to fill the IRS Offer In Compromise with an underwater asset?

I owe about $6k in back taxes, and simply don't have the money--it's hard for me to find even minimum wage jobs in the current economy, and I am burdened with consumer debt. After speaking with the ...
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2answers
813 views

How to properly collect money from corporate sponsors?

I'm involved in a hobby, and I want to collect money from corporate sponsors to run an awareness campaign. I'm getting a marketing strategy together, but before getting too far into it, I realized ...
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2answers
365 views

Can I claim lost income if a company I invested in went out of business?

What happens when a company I invested in goes out of business? Is that declared as a personal capital loss? Does it offset capital gains elsewhere, and how do I include it in my tax filing?
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1answer
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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 ...
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2answers
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Taxation of US prize money for UK citizen

I've recently been awarded some prize money for scientific research. The awarding body is based in the US, while I'm a UK resident. I've never visited the US nor worked outside the UK or for a US ...
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162 views

Joint Account for Common Earnings

I've started a tutoring group with two of my peers; the three of us are minors in the state of Ohio. We charge a modest fee and generate approximately $2,000 in revenue per month. We plan on charging ...
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1answer
224 views

Investing strategies for tax-advantaged accounts (401k, IRA) vs regular accounts?

What are some investing strategies to take into account when working with a tax advantaged account such as a 401k/IRA versus a normal non tax advantaged account? I know a big strategy is to buy and ...
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1answer
643 views

What are the consequences of IRS “reclassification” on both employer and employee?

To begin, let me clarify that this question is not about how to avoid IRS reclassification. I want a better understanding of the consequences when it happens. Here, I am referring to when the IRS ...
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2answers
184 views

Should I use EIN for business once it changes structure from Partnership to Sole Propietorship?

There were two partners in general partnership (50:50 share). One partner left and I took over all his share. Effectively business structure changed from General Partnership to Sole Proprietorship. ...
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2answers
674 views

Growth of unrealized gains in tax-managed index funds

Tax-managed index funds defer capital-gains distributions by, among other things, offsetting capital gains with losses and deviating from their underlying indexes to avoid having to sell appreciated ...
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5answers
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Does selling shares within 30 days of purchase count as a wash sale?

Quoting IRS publication 550, A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you: Buy substantially identical stock or ...

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