vania-janet/multiturn-rag-retrieval-data huggingface dataset:
"Determine which fund company issues the fund. In this case, a search reveals the fund name to be Vanguard Dividend Growth Fund from Vanguard Funds. Locate information for the fund on the fund company's web site. Here is the overview page for VDIGX. In the fund information, look for information about distributions. In the case of VDIGX, the fourth tab to the right of ""Overview"" is ""Distributions"". See here. At the top: Distributions for this fund are scheduled Semi-Annually The actual distribution history should give you some clues as to when. Failing that, ask your broker or the fund company directly. On ""distribution"" vs. ""dividend"": When a mutual fund spins off periodic cash, it is generally not called a ""dividend"", but rather a ""distribution"". The terminology is different because a distribution can be made up of more than one kind of payout. Dividends are just one kind. Capital gains, interest, and return of capital are other kinds of cash that can be distributed. While cash is cash, the nature of each varies for tax purposes and so they are classified differently."
Federal income tax refunds received during 2016 are not taxable income for 2016 (or any other year) on either the Federal or the State tax return. The State income tax refund for 2015 received during 2016 is not taxable income on the State tax return for 2016. It is taxable income on the Federal tax return for 2016 only to the extent that you received a tax benefit (reduction in Federal income tax due) from deducting State income tax as an Itemized Deduction on your 2015 Federal return. If you didn't deduct State income tax because you deducted State sales tax instead, then the State income tax refund is not taxable income on the Federal tax return.
"You can exclude up to $250000 ($500000 for married filing jointly) of capital gains on property which was your primary residence for at least 2 years within the 5 years preceding the sale. This is called ""Section 121 exclusion"". See the IRS publication 523 for more details. Gains is the difference between your cost basis (money you paid for the property) and the proceeds (money you got when you sold it). Note that the amounts you deducted for depreciation (or were allowed to deduct during the period the condo was a rental, even if you chose not to) will be taxed at a special rate of 25% - this is called ""depreciation recapture"", and is discussed in the IRS publication 544."
1: Gambling losses not in excess of gambling winnings can be deducted on Schedule A, line 28.  See Pub 17 (p 201).  Line 28 catches lots of deductions, and gambling losses are one of them.  See Schedule A instructions. 2: If the Mississippi state tax withheld was an income tax (which I assume it was), then it goes on Schedule A, line 5a.  In the unlikely event it was not a state or local tax on income, but some sort of excise on gambling, then it may be deductible on line 8 as another deductible tax.  It probably is not a personal property tax, which is generally levied against the value of things like cars and other movable property but not on receipts of cash; line 7 probably is not appropriate.  The most likely result, without researching Mississippi SALT, is that it was an income tax.  See Sched A Instructions for more on the differences between the types of taxes paid. Just to be clear, these statements hold if you are not engaging in poker as a profession.  If you are engaging in poker as a business, which can be difficult to establish in the IRS' eyes, then you would use Schedule C and also report business and travel expenses.  But the IRS is aware that people want to reduce their gambling income by the cost of hotels and flights to casinos, so it's a relatively high hurdle to be considered a professional poker player.
"One ""con"" I have not yet seen mentioned: retirement accounts are generally protected from creditors in a bankruptcy.  There are limits and exceptions, Roth has a 1.2 million dollar limit and can be split by a divorce QDRO for instance.  Link Since it seems you have no income this year, you may may be raiding your IRA for living expenses.   If there is a chance you may declare bankruptcy in the next year or so, consider doing that first and raid the IRA for seed money after."
For some reason this can result in either   the flow through income being UNTAXED or the flow through income being   taxed as a capital gains. Either way this allows a lower tax rate for   LLC profits. I'm not sure that correct. I know it has something to do   with capital accounts. This is incorrect. As to capital accounts - these are accounts representing the members/partners' capital in the enterprise, and have nothing to do with the tax treatment of the earnings. Undistributed earnings add to the capital accounts, but they're still taxed. Also, is it true that if the LLC loses money, that loss can be offset   against other taxable income resulting in a lower total taxation? It can offset taxable income of the same kind, just like any other losses on your tax return. Generally, flow-through taxation of partnerships means that the income is taxed to the partner with the original attributes. If it is capital gains - it is taxed as capital gains. If it is earned income - it is taxed as earned income. Going through LLC/partnership doesn't re-characterize the income (going through corporation - does, in many cases).
You will need to check the language of your sales contract. Most of the time, it will be written that the pro-rated property taxes will be part of closing costs. In general, If you've already paid taxes, then the buyer will pay you the pro-rated portion of that, from the closing date through the end of the year. If you haven't, then you would usually be charged the pro-rated amount to be held in the buyer's mortgage company escrow account, with the remainder being collected from the buyer at a later date. For your income tax purposes, you can deduct that tiny amount of the paid property taxes from your income (assuming itemized deductions). Doing some research on property tax for the state of Georgia brings up this interesting note: If you owned property on January 1, you are responsible for the ad valorem tax for the entire year even if you sell the property on January 2.  Georgia law does not allow a refund for partial year residents. This leads me to believe that your sales contract would have it written in that the buyer paid you almost the entire year's property taxes in anticipation that you would be responsible for the property taxes, as you owned the property on January 1st. Again, you should consult with the settlement attorney and review your contract.
I wrote about this in another answer: You can sell the scrip dividend in the market; the capital gain from this sale may fall below the annual tax-free allowance for capital gains, in which case you don't pay any capital gains tax on that amount. For a cash dividend, however, there isn't a minimum taxable amount, so you would owe dividend tax on the entire dividend (and may therefore pay more taxes on a cash dividend). Since you haven't sold the shares in the market yet, you haven't earned any income on the shares. You don't owe taxes on the scrip until you sell the shares and earn capital gains on them. HMRC is very explicit about this, in CG33800: It is quite common for a company, particularly a quoted company, to offer its shareholders the option of receiving additional shares instead of a cash dividend. The expression `stock or scrip dividend' is used to describe shares issued in such circumstances. The basic position under tax law is that when a company makes a bonus issue of shares no distribution arises, and the bonus issue of shares is not income for tax purposes in the hands of the recipient. Obviously, if this is an issue for you, talk to a tax professional to make sure you get it right.
While the OP disses the health insurance coverage offered through his wife's employer as a complete rip-off, one advantage of such coverage is that, if set up right (by the employer), the premiums can be paid for through pre-tax dollars instead of post-tax dollars. On the other hand,  Health insurance premiums cannot be deducted on Schedule C by self-employed persons. So the self-employed person has to pay both the employer's share as well as the employee's share of Social Security and Medicare taxes on that money. Health insurance premiums can be deducted on Line 29 of Form 1040 but only for those months during which the Schedule C filer is neither  covered nor eligible to be covered by a subsidized health insurance plan maintained by an employer of the self-employed person (whose self-employment might be a sideline) or the self-employed person's spouse. In other words, just having the plan coverage available through the wife's employment, even though one disdains taking it, is sufficient to make a Line 29 deduction impermissible.  So, AGI is increased. Health insurance premiums can be deducted on Schedule A but only to the extent that they (together with other medical costs) exceed 10% of AGI. For many people in good health, this means no deduction there either. Thus, when comparing the premiums of health insurance policies, one should pay some attention to the tax issues too. Health insurance  through a spouse's employment might not be that bad a deal after all.
You said your mother-in-law lives with you. Does she pay rent, or are you splitting the cost of housing? That would also have to figured into the equation.  If you had a business you would now have to declare the expense on your business taxes. This would also then be income for her, which she would have to account for on her taxes. Remember there are both state and federal taxes involved. Regarding expenses like diapers. If the MIL had the business she could deduct them as a business expense. If you have the business it would greatly complicate the taxes. Your business would be essentially covering your personal expenses. If your MIL was not a business the cost of diapers would be paid by you regardless of the working situation of you and your spouse. To claim the tax credit: You must report the name, address, and taxpayer identification number   (either the social security number, or the employer identification   number) of the care provider on your return. If the care provider is a   tax-exempt organization, you need only report the name and address on   your return. You can use Form W-10 (PDF), Dependent Care Provider's   Identification and Certification, to request this information from the   care provider. If you do not provide information regarding the care   provider, you may still be eligible for the credit if you can show   that you exercised due diligence in attempting to provide the required   information. The IRS will be looking for an income tax form from your MIL that claims the income.  Getting too cute with the babysitting situation, by starting a business just for the purpose of saving money on taxes could invite an audit. Also it is not as if you just claim 3000 and you are good to go. You can only claim a percentage of the expenses based on the household AGI, the more the make the more you have to have in expenses to get the full 3000 credit, which mil cause more taxes for your MIL. Plus the whole issue with having to pay social security and other taxes on a household employee. It might be best to skip the risk of the audit. Claiming your MIL as a dependent might just be easier.
In general, you don't need to keep bills around for more than a few months.  The exceptions are: anything that was itemized on your federal or state income taxes. You want to keep these around for seven years in case of an audit by the IRS brokerage statements buying/selling stocks, bonds, mutual funds, etc.  You need to know how much you bought a stock for when you sell it, to calculate capital gains. information relating to major renovations to your house.  This can be used to reduce the gain when you sell. anything relating to a business, again for tax and valuation purposes. When selling a house, the last years worth of utility bills might be useful, to show potential buyers. However, I get almost all of my recurring bills electronically now.  They get saved and backed up.  In that case, its easier to just keep everything than to selectively delete stuff.  It takes very little space, is easier to find things than in paper files, and is much less hassle when moving than boxes full of paper.
It's not so much about time but about intent.  If your intent is to move there permanently, it would be when you arrive in the state for the purposes of living there (i.e. not from a while before that when you went to check a place out or for an interview).  I believe that most (if not all) states expect you to get a Driver's License from that state within 30-days of moving there. Something like a Driver's License or State ID would be proof of your residency.  These things vary greatly from state to state, so you'd have to research particular states.  Or find someone who's done that already. A bit of searching, specifically for Texas, brought me to this forum thread: If you / he wish to establish residency here -- here being Texas -- get a Texas Driver's License and Voter Registration here. Government issued ID with a Texas address is pretty much bulletproof defense against being found to be a resident of elsewhere. Your battle, if there is one, will not be with Texas, but with your present home of record state and/or local government if there are income taxes associated with having been a resident there during the tax year. Which brings up the other question: You would need to make sure that California does not have some provision that would cause you issues.  (This isn't so much a case of income from a company in the state as it about capital gains, but it is still prudent to check.)
Legally if you are NRI for tax purposes, then you are required to convert all your Savings Account into NRO accounts.  For tax purposes it be advisable to open an NRE account. Depending on the Banks policy you can convert the account into NRO by submitted a scanned copy of passport along with the Visa page. You can transfer money from US to any Account in India [Savings/Current/NRO/NRE] using xoom or any other remittance services remit2india, money2india etc.
"What they are doing is wrong. The IRS and the state might not be happy with what they are doing.  One thing you can ask for them to do is to give you a credit card for business and travel expenses. You will still have to submit receipts for expenses, but it will also make it clear to the IRS that these checks are not income. Keep the pay stubs for the year, or the pdf files if they don't give you a physical stub. Pay attention to the YTD numbers on each stub to make sure they aren't sneaking in the expenses as income. If they continue to do this, ask about ownership of the items purchased, since you will be paying the tax shouldn't you own it?  You can in the future tell them ""I was going to buy X like the customer wanted, but I just bought a new washer at home and their wasn't enough room on the credit card. Maybe next month"""
In the general case if you have income coming in from a foreign source you need to declare it on your Canadian tax form, and nominally pay tax on it. However Canada has a tax agreement with the UK to ensure that you are not taxed twice. You also declare how much tax you have paid to the UK, and that is deducted from your Canadian tax bill. You may need to consult a tax professional, or maybe just read the Revenue Canada website to get the details. If you are holding this money for a friend, then you may find that this does not count as income to you. If you are getting it transferred to you in Canada, and then immediately passed on to your friend, it probably doesn't count as income (though again a tax professional will probably be helpful). This would mean you don't have to pay Canadian tax. But it's also a bummer because you've paid UK tax, which you might also have avoided, and you can't get that back without a lot of form filling. If this is going to be an ongoing situation, and the amount is significant, then you might look at getting your friend's money (and any you have in a UK account yourself) transferred to an offshore account, where UK tax is not automatically deducted. Most UK banks will do this for non-UK residents.
"Wow all the answers here are a joke. Retained earnings is a funding side (liabilities + equity) of the balance sheet accounting entry. It's a residual value, so if you end up funding your assets with more liabilities, for example, then retained earnings will be smaller.  When worrying about the funding side of the balance sheet, you should consider mainly (1) how much you want in the business of your own money (equity) and (2) how much debt your business can support, as well as how much debt you're comfortable with.  #2 is a function of looking at your income generating capacity. Once you've figured out how much you will fund with debt, you then need the remainder to be your money. Some of this is contributed capital, the rest is retained earnings. So to wonder about how much in retained earnings to have isn't really the way to think about it. You should have the ""debt vs. equity"" conversation with yourself and figure it out that way. Don't worry about the components of equity if you're a sole owner and it's all yours. (There are other ways to finance equity like preferred shares, but for all intents and purposes this is a small business).  From a risk perspective, retained earnings is largely irrelevant on a standalone basis. You should pay far more attention to your assets. For example, if you asked ""how much cash or working capital do I need?"", that's an operational question that's very important to know for running the business. It can be debated and there is a right answer. Retained earnings is just a partial accounting entry of equity (and can even be manipulated by repurchasing shares and then contributing more capital), so I wouldn't focus on it."
Here is an article that explains this: http://finance.ninemsn.com.au/pfproperty/investing/8123730/negative-gearing-explained. In essence, it is an investment set up to produce near-term losses for tax purposes by means of borrowing without positive cash flow. The investor hopes that despite operating at a loss, the property will appreciate in the long run (and long-term capital appreciation is typically taxed at a lower rate than current income).
I would disagree with your analysis.  To me there are two purposes for a money market (MM): Your emergency fund should be from 3 to 6 months of expenses.  Think of it of an insurance policy against Murphy.  You may want to have some money designated for big expenses, or even sinking funds.  For example, I keep some money in a MM for a car as both the wife, daughter, and I driver older vehicles.  I may need to replace them. If you were planning on making a larger purchase car, house, boat, engagement ring I would put the money in a MM fund so you are not subject to the whims of the market.   After that you are free to invest all your money.  Its likely that you should have some money outside of tax advantaged funds so if you want to start a business you will not have to do high cost withdrawals.
If I have an iPhone for work purposes only (paid for by IBM through voucher or whatever) then I don't give a fuck what they tell me to do. If all I can do is run the phone app then fine, it's their money, I can always get my own phone.   But if I have my own iPhone and I volunteer to use it (instead of being out of communication from 5pm - 8am) and they turn around and tell me that a device that I bought and use for personal reasons is limited to whatever they decide to allow me to use, well forget that.   Edit: Also, this article points out that IBM is behind the times again. It blows my mind that a technology company didn't have a well thought out and communicate an external technology policy prohibiting the use of software like dropbox or gmail for work stuff. Really the policy hasn't been updated in 2 years? Did it only cover MegaUpload before? And now the cats out of the bag so they have to be heavy handed in their approach. I can also see why some of the outrage exists over the 'no cloud but ours'. Having been forced to work in a LotusNotes and Sametime office I can only imagine how awful IBMs corporate cloud offering is. You probably need a TN3270 emulator to access your files :D
Basically, no. You have retirement plan options and can either go with a Roth option, which won't change your current tax burden, or go with a traditional plan, which is tax deductible  but won't change your business deductions or self-employment taxes. This article has an explanation of options for setting up SEP or Solo 401k plans. Key quote for all the pre-tax retirement plans: Because pre-tax employer and employee contributions are deducted in   the same way, neither one is more tax-efficient than the other. The article goes on to say that if you were an S Corp or LLC that elected to be taxed as an S Corp, a Solo 401(k) plan would allow the business to make an employer contribution to your 401(k) and even then there's no tax advantage to the employer contribution. Conclusion for S-corps: [Employer contributions] would reduce the amount of income from the S-corporation that   would be passed through to you as the owner, thereby reducing your   income tax. But, because this income is not subject to payroll taxes   in the first place, these contributions will not reduce your payroll   taxes.
For accounting purposes, consider the costs of acquisition as part of the cost of the asset as opposed to expensing.  This will be important to consider if you need to amortise the asset for reporting or tax purposes. Dr. Land $250,000 Dr. Building: $250,000 Cr. Cash $500,000 The acquisition of the land from previous owners. And Dr. Land $12,500 Dr. Building $12,500 Cr. Cash $25,000 Fees paid to auctioneer who helped acquire the land. The basis for dividing the cost should be done at appraised prices.  These appraised prices will appear in the first entry and should help you along.
"Economists actually hate the interest deduction, especially for mortgages. From The Economist:   ""Allowing interest payments, but not dividends, to be deducted from corporate profits before tax is paid is a huge distortion to the system. It is a perk worth around 11% of the value of corporate assets. It has tended to encourage companies to take on more debt. By doing so, it may make the economy more risky at the margin: in a recession, highly-indebted companies are likely to go bust more quickly, whereas companies with lots of equity capital can ride out the storm. As a result, this newspaper has favoured the abolition of the deductibility rule.""  http://www.economist.com/news/finance-and-economics/21716050-would-be-risky-time-fiddle-tax-code-what-if-interest-expenses  More from 538  https://fivethirtyeight.com/features/the-tax-deductions-economists-hate/"