Personal Finance and Money Stack Exchange
Personal Finance and Money Stack Exchange

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.

Taxes are a compulsory contribution to national, state, or local revenue. Taxes are levied by the government on workers' income, business profits, and investment appreciation, or may be added to the cost of goods, services, and transactions. Taxes are essential for funding government spending and various public expenditures. Failure to pay and evasion of taxation may be punishable by law, depending upon jurisdiction.

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Why doesn’t every company and individual use tax-havens to pay less taxes?

The main message emerging from Panama Papers, Paradise Papers, and the like, is that it is the rich, powerful and famous who make use of and benefit from tax havens. And yet, the same law that these individuals and companies use to lower their…
luchonacho
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My company owed taxes for many years, An accountant asked me to ignore it and register a new one. Is it a right thing to do?

I started my company in 2002. Due to lack of funding, I didn't make enough to cover the expenses. In 2007, I sold a small portion of my company and got some funding. Then I left US to set up business in another country leaving my "partner" to take…
user13584
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As a small business owner, should I pay my taxes from my personal or business checking account?

In the middle of 2016 I quit my job and started a small LLC, working as an independent contractor. I'm now shamefully confused as to how my taxes work, but my accountant did my actual filing. I still have to pay, but I don't know whether to pay…
Ben
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Pay HELOC or NOT

I am 65 years old retired and collecting SS. I sold my personal residence, and move back to my old rental house which I have a HELOC of $100K which I pay about $375 monthly interest only. As of now, I have the option to pay my HELOC or re-invest…
AL RUIZ
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No tax with steam wallet funds. Why?

(I tried to put this question in arcade but they said it wan't relevant so I came here.) I just noticed, when buying a steam game with steam wallet funds, that it did not charge any sort of extra tax for the game. Not 10%, not 5%, just a rather…
Warlockofdarkness999
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For tax expense/deduction purposes for a purchase made on credit card, is the date the date of order or the date of transaction?

I made a purchase online for a business expense for which the date of order at the top of the invoice was December 30/2017, and I supplied my credit card information on this date. However, my card was not charged until the order was shipped. The…
V.L.
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Is this considered tax fraud?

I was a stay at home mother for 14 years. My children’s father (never married but lived together)would deposit money into my checking account every month to take care of the household and kids by writing me a check from one of his multiple llc’s and…
Jennifer
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How do people/corporations get their money out of tax havens?

When one corporation chooses to process their money through a tax haven, i.e. a country that effectively provides no Income/Corporate/Dividend/etc... tax, how do they make use of it later? For instance, Google Bermuda holds a lot of money in there…
Ale Morales
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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?
Sandy
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Upfront lump sum payment vs Monthly interest-free instalments

I have a debt of $1000 and have the option of paying it upfront or pay in 12 equal interest-free instalments. Can someone calculate the Future Value difference between the 2, assuming banks are giving me interest rate at 3.0% APY? It definitely…
hs123
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Possible to forfeit a sanctioned equity (RSX) to realize a tax loss?

So I owned the Van Eck Russia ETF (RSX) which has dropped by 90% since I bought it, and is also halted due to sanctions. It would be great if I could sell it for $0 or otherwise get rid of it. Is there any way to do this or am I "stuck" holding it…
Phillip Harris
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Gifting Stocks to a dual citizens of Canada and US

I am a US citizen thinking of gifting stocks valued at $15K to a niece who has a dual citizenship of US and Canada. What are the tax implications for her as a residence of Canada.
Mhoka
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Co-signor being taxed for sale of home

My brother and sister-in-law were co-signors to a mortgage loan for their son. For one reason or another they were put down as co owners of the house. They never took any interest loan deductions or depreciation for the investment. It was a two…
fotoman
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Can I file taxes on a home based business and deduct expenses even if I don't generate income?

If I had a Home Based Business and generated no income but had many expenses, can I file taxes? My expenses consisted of travel, dinner meetings with potential clients, etc. Can I file these deductions/credits even though I did not generate any…
Byron Gillespie
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Both retired and now want to be snowbirds but have a few of questions?

My wife and I currently live in VA, we are both retired, I have SS and she has CSRS we recently bought a house in Cape Coral Florida. We want to take advantage of the Homestead which will save us $1,000.00 per year in Real Estate Taxes because we…
Peter Buchan
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