New answers tagged taxes
1
vote
In which country do I pay capital gain taxes, as a German with a US Internship?
This is a difficult matter for capital gains of only $1000. To answer your question, you need to first understand whether you are a tax resident in Germany and/or in the USA in 2023. You can be a tax ...
1
vote
Accepted
Do Transaction Fees Count Towards Roth IRA Contribution Limit?
No - the money you put in the IRA counts as contributions. Fees charged within the IRA, as well as gains and dividends, do not count.
For example, If you put the maximum amount ($7,000 for 2024) into ...
- 130k
1
vote
Accepted
Is it a good idea? A company to "buffer" income to be withdrawn in the future
I shouldn't pay anything other than the Federal tax 8.7% on gross income and a Registered Agent Fee.
Corporate tax rate in the US is 21% for 2023. Where does the 8.7% come from?
You would also need ...
- 166k
2
votes
Can I claim the tax back from my lawyer's fee?
Attorney fees for insurance and liability claims are not tax deductible in the US.
- 166k
1
vote
Keeping personal and business finances separate, tax-wise, in two different countries inside Britain?
This isn't really an answer but it's too long for a comment. What is your real intention behind trying to do this? Are the tax regimes different between England and Scotland in this regard?
"I ...
- 23.3k
2
votes
Can an individual in Britain sell through Amazon with no government registration (see details) other than their National Insurance number?
This isn't a 100% certain answer as I've never tried doing this, but:
You only need to register with HMRC as a sole trader if your gross income from it is more than £1K in a tax year. There's more ...
- 27.9k
2
votes
In a divorce is there a benefit to selling stocks?
There's no benefit in the situation you're describing unless your husband expects his tax rate to be significantly higher as single. It is unlikely that he did that for your benefit.
If you already ...
- 166k
4
votes
Accepted
If the highest federal tax rate is 33% and the highest provincial tax rate is 25.75%. why is the marginal tax rate 53% rather than 58.75% (Quebec)?
https://www.taxtips.ca/qctax/federaltaxabatement.htm
Under an agreement between the federal government and Quebec, most
Quebec taxpayers get a federal tax abatement (reduction) of 16.5% of
either ...
- 1,737
1
vote
Accepted
Where should I report HSA contributions from insurance (not me or my employer)
The 8889 instructions for 2023 have been updated to handle this exact case:
Line 9 Employer Contributions
Employer contributions (including employee payroll contributions through a cafeteria plan) ...
- 8,456
6
votes
Accepted
In the UK, if I pay tax on both PAYE and Self-Assessment, where will my savings interest be taxed?
The self-assessment process can essentially be viewed as a correction to the PAYE process. When you self-assess, part of what you report is you all your income including your PAYE income, and the tax ...
- 27.9k
1
vote
Can buying mortgage points reduce a rate below the applicable federal rate?
Buying points is essentially prepaying the rate. You can only prepay as much as the bank is willing to let you, usually not a lot compared to the full-priced rate. So while theoretically both things ...
- 166k
3
votes
Accepted
Can a prior-year deposit be included in a current-year tax credit?
Note that labor costs for installation don't qualify for the credit (see: Qualified Expenses and Credit Amounts; Building Envelope Components. Labor costs for installing building envelope components ...
- 6,508
1
vote
How to handle US financial accounts after leaving?
If the brokerage/bank where the accounts are allows you to keep them - you can keep them. You do have to update them about the change of your status by submitting a W8 form to supersede the W9 they ...
- 166k
Top 50 recent answers are included