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If you amended your tax return, and it changes the income we count to determine the income-related monthly adjustment amounts, let us know. Social Security needs to see a copy of the amended tax return you filed and your acknowledgment receipt from IRS. Medicare Premiums: Rules For Higher-Income Beneficiaries


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The fatal flaw in your reasoning is that IRS has rules about when charitable deductions are deductible for you. Further, IRS has rules about which charities are tax-deductible and consumers have lots and lots of misunderstandings about that, especially with everyone from Youtubers to "cam girls" calling things 'donations' that are NOT charitable. ...


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This is a useful reference about SAFE Notes. In essence and in the ordinary sense, as SAFE notes aren't a loan, and investors don't receive any sort of interest or payments nor do they provide dividends, there is no guarantee that it will ever convert into equity which in effect, for revenue purposes could mean that that there is, in fact, no consideration ...


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There are several aspects to your question. First, this $125 that you received is considered taxable income. On your tax form, it would go on the "Other income" line, which was Schedule 1, Line 8 on the 2020 Form 1040. The income was yours, and just giving it to someone else (even a charity) does not relieve you of paying the appropriate tax. If ...


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You can't absolve your tax responsibility by just passing the money along to someone else. Will the IRS care? Sure. Do you owe taxes on it? Of course. Will they notice if you do that and come after you? Doubtful.


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It doesn't work the way that you think it does. Spending does not necessarily reduce your taxable income. When you earn money and retain something of value, whether money or something else, you owe taxes on it. Expenses that you can write off are only those things that are truly gone. Gas for you car, internet service, an insurance payment, etc. If you buy a ...


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Perhaps it is better to purchase services from an other LLC which terms and conditions are stipulated in an agreement. Such as you could become a branch or a subsidiary of the service provider and hence gain assets. AFAIK management and license fees are also deductible therefore I would seek something immaterial like consulting, which is difficult to ...


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I believe that the long-term capital gains holding periods are different. For an early-exercised NQSO, it would be treated as long-term capital gains if you hold it for 1 year after exercise, but for an early-exercised ISO, it would only be treated as long-term capital gains if you hold it for 1 year after vesting. Also, I believe early-exercised ISOs have ...


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Capital gains are calculated in nominal US dollars. While there have been proposals to change this and use an inflation-adjusted purchase price for calculating gains, they have not been adopted. Thus, capital gains taxes do not obey the concept of neutrality of money. Real after-tax returns are affected by inflation even if real pre-tax returns are not. ...


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You mention taxes but I think low risk investments are more important. You'll need to get back to dollars eventually so don't let the tax tail wag the risk dog! An investment that isn't taxable doesn't help you if you lose 20% (which could happen with foreign currency). Bonds, TIPS, or CDs are good low risk investments. Some bonds have tax benefits as well.


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In the US, the answer would be that it's best to report what you actually paid. The IRS here knows what is paid, anyway, and the refund etc.. will take place. But you stating a different amount paid than what is true is just not helpful or useful. I don't know if that would be received differently in Canada though.


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If it's a traditional pension scheme, then the money you pay in is automatically deducted from your salary every month. Most employees in the UK are on PAYE (Pay As You Earn), where the employer also takes the tax out of your pay on behalf of the tax man. If so, then when calculating your income tax, the money you pay into your pension is not counted as ...


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If you don't see yourself having any federal tax liability for the next several years, consider a solar lease or power purchase agreement. That way, the installer reaps the tax credit and passes savings to you. This article says that a PPA can be bought out early by the homeowner, e.g. after 7 years, once the installer has benefited from the tax credit.


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The solar tax credit comes after the child tax credit, so if your child tax credit wipes out your tax liability you can't use the solar tax credit this year. See the worksheet for line 14 on the Form 5695 instructions: If the sum of the listed credits is greater than your tax liability then you enter 0 on line 14, and line 15 (the credit) takes the lesser ...


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The answer by mhoran_psprep has the major reason why QCDs might be preferred over taking the RMD in cash and making donations to charities directly and writing off the charitable donations as itemized deductions, but there are other considerations too. The OP has cited one reason in his question itself: QCDs reduce AGI and thus might reduce or eliminate the ...


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Internal Revenue Code section 7201 says: Any person who willfully attempts in any manner to evade or defeat any tax imposed by this title or the payment thereof shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be fined not more than $100,000 ($500,000 in the case of a corporation), or ...


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The big reason that somebody would do this is to turn a non-tax-deductible contribution into a tax-deductible contribution. Ignoring the special charity deduction rules of 2020 and 2021 where a standard deduction tax payer could claim a $300 or $600 charitable deduction, the taxpayer who uses the QCD (Qualified Charitable Distributions) process can have some ...


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It's to be expected that you won't get taxed for a few months. Because this is your first job this tax year, and tax is calculated cumulatively over the course of a whole tax year, you have a lot of "unused" personal allowance from April. As 24601 said this tax year, you'll ultimately get taxed on about £2900 (15K-12100), and will pay a bit under £...


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It may not be a problem at all. The current free tax allowance (2021/2022 tax year) in the UK is £12,570 which is the basic rate - this would normally give a tax code of 1257L Your tax code may be different if you have already underpaid tax to HMRC as they may adjust the code downwards in order to recover any underpayment. The tax code works cumulatively and ...


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