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15

Advantages Long-term capital gains tax rates. If your company has a liquidity event, if it's been at least a year since you exercised your options, it will be considered a long-term capital gain and your tax rate will be lower. Note that it's entirely possible that you will have no choice but to receive cash for your shares, so it's not like you can just ...


11

Yes, the borrower is responsible for paying back the full amount of the loan. Foreclosure gives the bank possession of the property, which they can (and do) sell. Any shortfall is still the borrower's responsibility. But, no, the bank can't sell the property for a dollar; they have to make a reasonable effort. Usually the sale is done through a sheriff's ...


7

What Chase told you is correct. You are paying for a big sales tax because the state of Ohio is assuming you bought the car in Ohio. Just fill out the form like they said and send it in. The Kentucky revenue web site says the following: Credit to New Residents of KY - When offering a vehicle for registration for the first time in Kentucky which was ...


7

Generally, yes, although not in all states. According to this article in Time: But in non-recourse states — Alaska, Arizona, California, Connecticut, Florida, Idaho, Minnesota, North Carolina, North Dakota, Texas, Utah, and Washington — the bank has no recourse beyond the repossession of the property. As for the question about what price the bank can ...


6

First, can I even roll any my profits into a 529 plan to avoid taxes. No. 529 plans are not pre-tax (except for State taxes in certain States, where 529 contributions are deductible. Ohio is such a State, with certain conditions). For Federal taxes - funding a 529 with yourself as a beneficiary doesn't change a thing on your taxes. Is there any special ...


5

If you are the only contributor to the premiums, you will not owe income taxes on the benefits. Only the portion of the benefits you receive which were paid by your employer are taxable. Source: IRS 'Life Insurance & Disability Insurance Proceeds' Question: I am receiving long-term disability. Is it considered taxable? If you pay the entire cost ...


4

They will cover you while you're traveling, naturally; but the insurers really do not want a situation where they cover you on the basis of you living in one circumstance, when your actual circumstance is another. In another state Could be a problem. Insurance rules are different state to state, and as a result, rates are different from state to state. ...


4

I just started as a household employer in California. I'll try to answer your questions. Yes, your friend should expect a W2 in the new year. I believe they have to be mailed by January 31. Withholding of federal and state income taxes is optional. A household employer has to agree to withhold. You or your friend should go ahead and read the IRS and ...


4

Why not get an estimate at few different shops? Some that honor the warranty and others that don't. Then you can make a math based decision on where to have the car fixed. While your fear is reasonable, information is a remedy.


4

I'm not a 'rule of thumb' guy, but here, I'd suggest that if you can set aside 10% of your income each year for college, that would be great. That turns out to be $900/mo. In 15 years, if you saw an 8% CAGR, you'd have $311K which happens to be in your range of expenses. And you'd still have time to go as the baby won't graduate for 22(?) years. (Yup, 10% ...


4

It is in the bank's interest to sell the property for as much as they can (although it is doubtful they will put as much effort/time into selling it as the owner might). They will certainly not sell it for $1. The main reason for this is that the bank would prefer to own $100k, than a loan to them from a customer for $100k. Banks have to discount the value ...


3

Frequently neighboring states reach an agreement that allow only the state where you live to levy taxes on income. The state where you earn that income doesn't tax you, and doesn't even require you to file any forms. These agreements are done by specific states, and they generally share a border. But, you will still end up counting all the income you ...


3

My 401(k) contributions were being withheld/taxed at the local level, but not at the state level.


2

Is there an option to dispute this record online since I have never lived in Ohio state? Start with getting a US-licensed CPA/EA in India, or a CPA/EA working in Ohio, contacting them on your behalf and getting more details. Why did they put the lien? They probably think you earned money in the State/while resident of the State, and didn't pay taxes. Why ...


2

Actually, calculating taxes isn't that difficult. You will pay a percentage of your gross sales to state and local sales tax, and as a single-owner LLC your profits (after sales taxes) should pass through to your individual tax tax return (according to this IRS article. They are not cumulative since they have different bases (gross sales versus net profit). ...


2

You're not paying taxes three times but you are paying three different taxes (or more). Sales tax is a business expense, just like costs of goods sold or interest on a loan. Then, depending on how you structure the business, the net income of the business just hits you personally and you pay income taxes. You can work with a tax person to lend some ...


2

https://www.sec.gov/reportspubs/investor-publications/investorpubsintro529htm.html Contributions. Many states offer tax benefits for contributions to a 529 plan. These benefits may include deducting contributions from state income tax or matching grants. But college savers may only be eligible for these benefits if you invest in a 529 plan sponsored by ...


1

This will be highly dependent on the actual content of the offer/counteroffer contracts, and what version, if any, the seller actually signed. Potential recourse could include absolutely nothing, a refund of any money paid alongside the initial offer, or a court order to execute the sale as agreed - or anything else, really. If your son is not happy just ...


1

You now have the option to file individual municipal tax returns through the joint federal and state Modernized e-File (MeF) program. Here is the process: A taxpayer may elect to file on a centralized basis by the first day of the third month after the beginning of the taxpayer's taxable year (March 1 for calendar year taxpayers). The ability to elect to ...


1

Is your fiancé also a student? It sounds like the answer is no. I think once you become married, you will jointly become residents because your wife is not in school. However, I strongly suggest you contact the Michigan Department of Treasury directly and ask them.


1

Yes. Each state can choose its own threshold, for example, I live in Massachusetts, but have a rental in Connecticut. If the gross rent were over $20K, I'd need to file a CT return. I'd imagine some states are far lower or even require a tax at any level. Responding to OP's edit/clarification. I never questioned that my state would charge me tax on my ...


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