The death of a spouse can certainly be a painful and confusing time. Unfortunately, it can also cost the surviving spouse a lot of money in the form of overpaying on their taxes.You probably already know that if you inherit an asset and then turn around and sell it, you are only taxed on the increased value from the date that you inherited the asset. For instance, if you inherit a stock worth $100 from a friend or family member and they only...more
It helps to define what exactly these taxes are. At the very basic level they are taxes that are required to be paid on your payroll. To be even more specific they are federal income taxes that you are expected by law to withhold from the paychecks of those who are in your employ. They are also Social Security and Medicare taxes that you withhold from your workers, as well as the amount you set aside to match it with. Taxes are also the federal...more
There are a number of tax implications that are involved with transferring a UK pension to an overseas QROPS. Most of these tax implications involve a specific time period and therefore, can be broken down into three time frames. These are the first five years after you transfer funds, the following years of your life, and the tax on your estate after you pass away.During the first five years, you wont incur any taxes. However, it has to be less than your lifetime allowance. Currently that is 1.8 million. After reaching the retirement age, any withdrawals you take out are tax free for the first five years. This is as long as you dont take more than 25% out in a one lump-sum payment.After five years, the tax implications will depend on where you are living and where the plan is. There are many different tax requirements, depending on where you currently reside. A good QROPS advisor will be able to tell you where the most tax-friendly countries are. In most cases, there arent any taxes after the first five years.One of the major benefits of QROPS is that it can be passed onto your children or other beneficiaries. This is one area where a standard pension cant compete. In some cases,...more
Each country has its own taxation system and it is important for each of the individual and the resident to know about all of it. This is because it is just then that they will be able to ay all of the taxes on time and will also be able to allocate their income at the right places. You as a resident of the place have to know all about the...more
Every day many an individual meets the tax consultants to get out of IRS tax problems. Though the problem is of grave nature but there are some effective solutions to elbow the tax payees out of it. Make sure to follow them and you will certainly heave a sigh of relief. The easiest option to get rid of IRS tax problems is paying off...more
Israel tax highlights - 2010 Company tax rate:The usual Israeli corporate tax rate is 25%. This rate applies to the undistributed profits of the company. In some cases, a reduced rate of tax is payable or an exemption granted, mainly to industrial companies defined as "approved enterprises". Standard dividend tax rate:A usual tax rate of 25% applies for 10%-or-more shareholders, 20% for other shareholders. Dividend between two Israeli companies is tax exempt. Personal income tax rates:10% - 45%. Tax %Income (IS)10%1-57,24014%57,241-101,64023%101,641-152,64030%152,641-219,00033%219,001-472,08045%472,081 and over Capital Gains:Individuals pay tax at a rate of 20% for sale of assets bought after 1.1.2003. Corporations pay the general tax rate of 25%.The sale of non-traded shares bought after 1.1.2003, is taxed at a rate of 20% for individuals, when the seller holds 10% or more of the shares sold the tax rate is 25%.The sale of shares traded in the stock market, regardless of the date of purchase, is taxed at the same rates as for non-traded shares, for both individuals and corporations.Non-residents are exempt from capital gain tax on sale of shares of Israeli...more
Various forms of Massachusetts income tax reliefhave been established to ease the tax burden for many citizens. An awareness of these tax relief options is very important information for tax filers to have in order to ensure the...more
Some people are under the misconception that sales of timeshare property are not subject to income tax. The truth is, they are. Timeshare sales are treated the same way as sales of any other kind of real estate. A timeshare property is a capital...more
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