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1

How do I directly get my Freelancing amount in my Axis bank account? Do I need to inform my Bank before receiving any such payment? Yes you can get it directly into your Axis Bank Account. You would need to inform your client your Bank Account Number, Bank Name and Address and Swift BIC or IFSC Code [Axis Bank website or Branch can tell you]. You can ...


0

If you just need to fill out the basic forms. this post is really helpful and translates them to english as well as telling you which forms to fill out. http://www.toytowngermany.com/wiki/ELSTER . it really helped me out the last couple years. this year is of course tricky as i did some consulting back in the US and have to figure out the AUS form vs N AUS ...


0

There is one way to make money quickly. If you are married and both are over 50 and you can put money into a deductible IRA for 2014. The $5,500 contribution and $1,000 catch-up per person would allow the family to make a contribution of $13,000. If they are in the 25% tax bracket the $3,250 drop in their taxes would allow them to get a $325 bonus from ...


3

So, if I understand the investment program here: You have $100 of tax withheld from your salary at the end of Jan, Feb, Mar... until December. This withholding is in excess of the expected tax for the year. You use the appropriate H&R Block product to file your taxes, and H&R Block gets your refund of $1200 on March 1st. H&R Block adds ...


1

Based on the information you provided, probably not: http://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Questions-&-Answers/Social-Security-Income/Regular-&-Disability-Benefits/Regular-&-Disability-Benefits But also keep in mind the IRS can challenge (i.e. Audit, assess, etc) that tax year ...


1

Regarding getting married. The key date is December 31st. If you are married when the calendar years ends the IRS treats you as being married for the entire year. Having to pay a small amount at the end of the year is fine. You can make fine tuning adjustments during the year by changing the number of allowances. Getting a huge refund is a loan to the ...


1

Invest in an IRA, you can still do one for 2014 and for 2015 use your 401K if you have one. If low income you can get a savers credit. If you simply want a refund change your W4 to read S-0 plus $50 and they will take from the chart and take $50 a payday you can get more of your money back if you have them take 100 a payday. If you were paid weekly you ...


8

You get back what you overpaid and owe what you underpaid. So the simple answer to your question is: Just pay more taxes during the year, whether through paycheck deductions or estimated tax payments or something. The easiest way to do this is to adjust your W-4 to decrease your number of exemptions and/or specify an additional amount to withhold. By the ...


1

You will probably owe something, the question is what can you do so that you don't discover that when preparing your tax return after the year ended. Generally, the best suggestion would be to calculate your allowance properly on the W4 you've submitted to your employer. In your case, if you had done the math right at the beginning of the year - your ...


3

If the gift was stock that they have owned for years there can be one hitch: The basis of the stock doesn't reset when it is gifted. For example if grandparents have owned stock that is currently worth $10,000 today, but they bought it decades ago when it only cost them $1,000; then if the new owner sells it today they will have a gain of $9,000. The clock ...


12

No they do not. From form 1040 instructions, a single, non-blind dependent under age 65 must file if the following are true: You must file a return if any of the following apply. Your unearned income was over $1,000. Your earned income was over $6,200. Your gross income was more than the larger of— $1,000, or Your earned income (up to ...


1

I've seen several questions that state CA taxes worldwide income for anytime spent living in CA. Where did you see that? That's not true. CA taxes worldwide income of its residents. As almost any other State in the Union.


3

If you buy foreign currency as an investment, then the gains are ordinary income. The gains are realized when you close the position, and whether you buy something else go back to the original form of investment is of no consequence. In case #1 you have $125 income. In case #2 you have $125 income. In case #3 you have $166 loss. You report all these ...


0

In November '14, I wrote TurboTax 2014 Marketing Mistake Shortly after writing it, a TurboTax agent wrote (on Amazon) to counter the complaints by saying that Deluxe has these forms but did not offer Interview help for them. As Ben notes in his comment on LittleAdv's answer. TurboTax issued an apology letter, which, in my opinion, didn't really set things ...


2

You will need Premier, since it is the first one to include Schedule E. Deluxe used to support Schedule E for investments, but not anymore. Most taxpayers know Schedule E as the schedule used for rentals, but you're going to need it to report your S-Corp income.


0

Sorry to say that I disagree with both of the previous answers to this question. I came up against a lot of similar "advice" when I was dealing with this issue personally. I know this is an old-ish question but hopefully this will help future searchers. (Added) The foreign income exclusion is currently $90k per annum. If your income is lower than this you ...


1

As you were more than 182 days out of India in the financial year 1-April-14 to 31-Mar-15, you would be treated as Non-Resident [NRI] for tax purposes in India. I am assuming that for the period you were in India, you were paid a salary, there would be deductions at sources and taxes paid. Even otherwise if you have been filing returns previously its ...


0

In the UK, I could start my own business - either as a self-employed person, or by starting a company. With a company, the company might have £50,000 income, £5,000 cost, and pay me a £45,000 salary. In that case the company has no profit and pays no taxes, but I personally pay income tax. Or I could pay myself any salary I like, say £20,000 salary, so I pay ...


1

The data provided in your question is irrelevant. The data that you provided in the comments (that you're physically present in the US while doing the work) is the only relevant information needed to answer your question. You will need to pay taxes in the US for the earnings. The company invoicing the US client will also need to pay taxes in the US for its ...


1

Since you are not (yet) legally married, he is a stranger to you and strictly speaking you don't need to worry about the tax impact of his income yet. File on your income alone. That said, you may have to address the money transfer aspect at a later date as banks are getting skittish around money laundering regulations. It's really best if he has his own ...


0

For the financial year 1 April 2014 to 31 March 2015, as you have [or will be] spent more than 182 days outside India, you would be treated as "Non-Resident" [NRI] for tax purposes. If you are NRI Show my Kuwaiti Income in my Income Tax Return? Pay any tax on the money that I am sending to savings bank accounts in India You need not Pay Tax on ...


11

To supplement @littleadv's answer, I discovered that our friends at both Skeptics Stack Exchange and Politics Stack Exchange have also addressed this question — at least a few times that I could find. Please refer to: Skeptics SE: Was the 16th Amendment (income tax) improperly ratified? ... with an accepted answer posted by Money's own ...


24

No, it is not true. That is one of the many "conspiracy theorists'" claims to not pay taxes, and is considered as frivolous (i.e.: punishable by very harsh penalties and criminal prosecution). Specifically to your question, the current Federal income tax framework was laid down in 1986, with the Tax Reform Act of 1986. It is codified under the title 26 of ...


2

Now assume these shares are vested, held for at least 1 year, and are then sold for $5 each. Everything I've read implies that the grantee now owes long-term capital gains taxes on the difference, which would be 10k * ($5 - $1). No. That's exactly what the SO is NQ for. Read more on the differences between ISO and NQSO here. Now assume these ...


-1

Go to a good bookstore and find a book about saving on income tax. Unlike other countries, where filling in your tax returns usually means you have to pay extra money, in Germany filling in your tax return usually means that you will be paid money, and the more tax deductible items you can fill in, the more money you will get back. At the very least, ask ...


0

Some advice from my side: - You can get your tax up to 4 years back, - The prices of tax advisory in Munich (for basic tax declaration) vary from 36 € up to 170 € - Depends how much your earn. Here you can calculate the the price for yourself: http://getdoido.com/tax_declaration If you want to know more how to do the tax declaration by yourself then check ...


1

Worksheets/ Documentation: (From my experience filing my business deductions through several tax preparers.) Keep all your calculations, but only submit the calculations and worksheets requested by the tax form. Most travel deductions are just a category total. If the IRS wants more info, it will ask for it. Information from the book Home Business Tax ...


0

What does it mean is that, for 1 000 000 € of revenue, you ll pay: First slice (0%): 0€ Second slice (5.5%): 328.85€ Third slice (14%): 2,049.46€ Fourth slice (30%): 13,429.50€ Fifth slice (41%): 32,718.82€ Sixth slice (45%): 381,960€ Total: 430,486.63€ But at 1M€ we don t enter the last slice, 75%, let s say we get 1.5M€ instead, the first six slice ...


5

IRS Publication 505 gives these guidelines: In most cases, you must pay estimated tax for 2014 if both of the following apply. You expect to owe at least $1,000 in tax for 2014, after subtracting your withholding and refundable credits. You expect your withholding and refundable credits to be less than the smaller of: a. 90% of the tax to ...


2

There are quite a few things you would need to do; Estimate how much you are earned, find out the tax liability and pay the tax in advance to Income Tax. You can do it online as well, go to the Income Tax website The interest you earn is also taxable and Bank would deduct a nominal amount, ensure that you have PAN registered with the Bank Account. You need ...


1

You're likely to be an Australian resident for tax purposes (see the domicile test here). Since you do not have a permanent place of abode anywhere else, and clearly you have ties to Australia (including property) - I'd say your domicile is in Australia. So you're paying taxes in Australia on your worldwide income. In addition, you pay taxes to the ...


0

You can claim all the 3 components: HRA under section 10(13A), you need to have the rent receipt for the period you have been in the rented house. Principal repayment claimed under section 80C up to 1.5L, you need a provisional certificate from the home loan provider to claim. Interest repayment claimed under section 24C up to 2L, you need a provisional ...


0

Allowances are calculated as your total deductions divided by the tax year's personal exemptions. As mentioned above it is a multiplier. For 2015 the standard deduction for a married couple filing jointly is $12,600 and each of you gets 1 personal exemption ($4,000 in 2015). That's a total of $12,600 + 2*($4,000) or $20,600. Divide this by the personal ...


1

Generally prepaid services should be capitalized over the period prepaid. But if it is up to a year - you can just expense them. As to the technicalities - you can contact Intuit support, but you should be able to put it in the same area where you put all your other business expenses. If you're a sole proprietor - that would be Schedule C.


3

Short answer: the company will give you a 2014 1099 form with the amounts paid, so make sure your tax return matches. Longer answer: contact their HR department and alert them of the overpayment, and ask if it's ok for you to reimburse them for the difference due (and then you'll be paid in full). Let them know you want to do this so all the income will be ...


1

First of all, the numbers you give are most probably nowhere near the total expenses you have/need to budget: There's no mention of the fix costs of the car (insurance, tax), nor are repairs budgeted. Which of heating, water, electricity, phone, TV, internet are accounted for? How much is the rest? What you call household costs is not in the 100 - 150 € ...


2

I'm not quite sure what you're asking. If your question is, Can you choose what marital status to put on your income tax form, no. If you are legally married on the last day of the year, then you must put married. Otherwise put single. (Or head of household if the rules for that apply to you.) You don't get to pick. If you mean, How does getting married in ...


4

You can change your W4 any time you want, that only affects your withholding. Your actual tax is calculated at the end of the year on form 1040, and if you're due refund - you'll get a refund.


0

The HMRC has a dedicated self-help/learning site that is helpful here: It's important to tell HMRC that you are self-employed as soon as possible. If you don't, you may have to pay a penalty. You don't want to pay more to HMRC than you have to as it is a waste of your money. Your business has started when you start to advertise or ...


0

The difference between a hobby and a business is income. Yes, every country I know of allows you to do something as a hobby until it becomes profitable and then change it into a business once it becomes likely to turn a profit. There's usually a limit in terms of how much profit or revenue you can make before it must be declared as business. I'm sure ...



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