Will, a a plumber who worked for himself from Houston didn't file his tax returns. Last May, he lost his records during a flood, and had not found time to fret about it because his sub-contracting custom work was at last picking up. Fortunately, the IRS had not appeared to notice, which gave Will an opportunity to forget about the his unfiled taxes completely. Then, almost six months later, a notice sent by the IRS came from the mail. Will saw...more
According to UBS AG (UBSN) and Deutsche Bank AG (DBK), taxes over a 2003 compensation plan are not owed by them, which UK authorities argue that it was designed for avoiding millions of pounds in taxes and national insurance contribution on bonuses of employees. The appeal of these two banks is that separate rulings, in which they were found legally responsible for income and payroll taxes for bonuses which were paid to bankers in shares via an...more
As a citizen of India, it is your legal duty to pay taxes. Taxes are the lifeblood of a country, as it is a citizen's contribution to the operation and governance of civil society. Countries have stringent rules on tax apportionment and requirement, with many penal as well as financial consequences for non-compliance.With the world becoming increasingly borderless, many individuals move to other countries for work or business. As they do, their tax responsibility is not excused by mere change of location as this required payment depends upon one's nationality. Only when one changes their allegiance to another country would this fiscal responsibility be extinguished.In order to fulfill this financial responsibility to the country of origin when in another country of residence, the following are guidelines that need to be complied with to avoid running afoul of the law.Filing Returns. Each citizen is required, depending on their national law, to file an income tax return. This is a report of an individual's income for one particular year. This income is then measured and amounts would be apportioned to determine the tax liability of the individual. In filing returns, expats can do so...more
Northern Cyprus is a separate entity from the Greek Republic of Cyprus and has its own taxation regime with respect to property.Tax is primarily levied at the time of transfer of property, and there is no inheritance tax. There is a tax on the income from property rental at 10%.There are 4 taxes that relate to property transfers and they are...more
With election year in full swing, there will be a lot of talk in the coming months about taxes. Who should pay them? Should the wealthy be paying more? What about individuals, who intentionally keep their true income low to keep from paying anything at all? Millions of Americans everywhere are divided on the tax issue, but with unemployment as high...more
Every year as the financial year comes to a close, many tax payers in the country can opt for the tax refund help even if the income tax incurred by him is zero. If you are shocked to hear that, then let me assure you that it is absolutely a true fact. The reason for getting the refunds is the calculation and the deduction of the tax credit that is incurred on the overall income of the year. The deduction is calculated on the basis of annual income and in case you are entering the workforce or if you have been unemployed for the major part of the year, then your taxes are withheld.For most people, the tax returns are considered to be simple savings that you can use up for other important things in life. In fact there are also many people who are really surprised when they receive tax refunds once a year. Whatever is the way of saving the money, it is needless to say that you can use it up for whichever reason that you wish like save it in your savings account for future use, pay for the debt reduction or even spend it on a much needed family vacation.To get help with tax, there are three options for you. There are tax refund help available independently all over the market. You can...more
IRS back taxes can be quite a challenging expertise for you personally; particularly if are certainly not comfortable with the subject. For this reason there are many items that you must know about in case you remain for this write-up; you'll be able...more
Once you create a car donation to charity, you might have the right to claim section of the worth of the donation in your taxes. The sum you can deduct and whether you are able to claim the deduction by any means is dependant on numerous factors. In...more
Mirage Developers a real estate promoter in Hyderabad was part of the recent Income Tax raids in the city. Reason? A child had fallen off the railing outside the classroom which was too low. The child was leaning against the railing and it bent...more
After you are making a vehicle donation to charity, you might have the authority to claim part of the worth of the donation on your own taxes. The sum you can deduct and whether you are able to claim the deduction at all is dependant on a variety of...more
Although it has been a long year for those in the Trucking and Transportation Industry, It is now possible to transmit returns to the IRS through Express Truck Tax. The process for filing Heavy Vehicle Use Tax Returns was briefly interrupted as the...more
Its common knowledge that many Canadians spend time every winter down south of the border in the US. Now, some US senators are looking at ways of stretching out the time that Canadian residents can stay in the country, to hopefully boost tourism...more