Income tax is a means for the Federal Government to be able to pay for improvements in government services. The payment of individual or corporate income tax is used for the country’s infrastructure, developmental projects and just about anything that will be for the betterment of the country and the lives of its citizens.
Despite all […]
There are a few things you should be aware of when it comes to taxes for your investments. Note that many of these tips are specific to 2007 tax returns in the United States.
Taxed on Sells, Not Buys
The first thing to realize is that you are charged tax on the profits of your trades, […]
Every year, millions of Americans dread the inevitable; they have to gather all of their receipts and records and get ready to file their Federal Income Tax Returns. When was tax season first initiated? Here, we will take a look at that magic day of April 15 and why it was chosen as tax day. […]
Internal Revenue Code (”Code”) section 864(e), implemented through Temp. Treas. Reg. Sec. 1.861-11T, requires all members of a “domestic affiliated group” to be treated as one corporation for purposes of allocating interest expense between domestic and foreign source income. Therefore, by applying this rule, the foreign-source income derived from a foreign entity that incurs […]
You may not be able to escape from paying taxes, but when you do taxes online life becomes easier. Thousands of people have opted to do taxes online and with a justifiable reason.
There is nothing worse that being stuck behind your computer reading and rereading the do it yourself taxes box, with a stack of tax documents spread all over your kitchen table. Before you get into this type of a mess, just take the one simple step of calling your personal accountant.
This relatively inexpensive step […]
As a Certified Financial Planner, I’m often asked about issues regarding inheritance, gifting and the resulting taxes. Here’s a classic example of just how complicated these situations can be, using a question from a reader in Michigan we’ll call Bob.
Bob writes, “I have a question about my mom’s home that I inherited. Before my […]
Employers and especially new employers who may not be experienced with operating a payroll system enter a business area with tax rules and procedures with which they may not be familiar. The most common questions asked by employers who are operating or about to operate a PAYE scheme are here
What is an income tax code?
An […]
PAYE is the common abbreviation for the Pay As You Earn scheme that was first introduced by the UK in 1944 as a tax system by the inland revenue which employers administer to deduct from employees wages and salaries income tax and national insurance contributions and account for the employers national insurance contributions. Although strictly […]
While indirect taxes rise across Europe, more high earners and those selling their businesses are considering moving to a tax free environment.
And if they want to stay in Europe, there are only two true and stable tax havens left which offer an income tax free existence - Monaco and Andorra.
Of the two tax havens, Monaco […]
