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1

These horror stories are true. It depends on the countries involved and the treaties between them. You'll have to talk to tax accountants in Canada and in Ireland who are also well-versed in the Irish-Canadian tax treaty (if such exists). You may end up paying taxes in two countries for periods where you only live in one or the other. You may even end up ...


1

If they directly paid for your education, it is possible that it wouldn't count as taxable income to you according to the IRS, depending on the amount: If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. This means your employer should not ...


4

This is regular income to you (unless you meet some very narrow health-related field exceptions.) There's no "claiming of income" by you, it should be included on your W-2 as regular income where it will be subject to employment and income tax. Think of it like a bonus. It will bump up your income and make it look like you earn more money (because you did). ...


0

Remember to not only worry about taxes but also think about liability. If you have any chance of being sued, make a corporation and protect your assets.


3

The reciprocity agreement in the Washington DC area means that you only pay income taxes where you live, not where you work. Because you live in Maryland you only need to pay income taxes to Maryland. You need to do the following things. Have your employer stop sending tax money to Richmond VA. You owe Virginia nothing. But you will have to file again ...


5

Ultimately, you are the one that is responsible for your tax filings and your payments (It's all linked to your SSN, after all). If this fee/interest is the result of a filing error, and you went through a preparing company which assumes liability for their own errors, then you should speak to them. They will likely correct this and pay the fees. On the ...


0

I thought we had another question addressing this. Can't locate right now. In 2014, a withholding allowance is your way of saying "don't tax $3950 of my income." An allowance can represent a dependent, such as a child, or deductions above the standard deduction, such as mortgage interest and property tax. Hopefully, you know your bracket, i.e. the ...


3

For modifying your allowances you'll simply just need to fill out your W-4 again and give it to your employer. You should see the results on your next paycheck. For claiming allowances you are not legally allowed to claim any more than the restrictions allow, however given your situation--single and not claimed as a dependent on someone else's tax ...


2

Now i want to get this money in my new UK bank account, does this mean that gov will take taxes from this money as well. Yes that is income and you have to pay tax on that. But it might be a bit complicated than that, so I would ask you to call up HMRC or visit an accountant or maybe ask the finance people of your employer. Also one of my family ...


0

ITR-4 is for incorporated business. For freelancing, You can fill ITR 2 and declare the freelancing income as "income from other source". Refer to the Income Tax website for more details


0

If the person has come back for good, any assets or foreign earnings can be transferred tax free back to India within 7 years.


1

A computer is a special case because the IRS thinks that you might be using it for personal applications. You may need to keep a log, or be able to state that you also have another computer for non-business use. That said, if your schedule C shows a small profit then you don't need to itemize expenses, just state the total.


1

You can find a record of past tax returns on the Get Transcript page on irs.gov. I'm not sure why you think you might have to file again if you already filed. Do you expect you made an error when you filed your taxes previously?


0

The IRS has a website called Where is my refund? Get up-to-date refund information using Where's My Refund? or the IRS2Go mobile app. Where's My Refund? is updated once every 24 hours, usually overnight. Refunds are generally issued within 21 days after we receive your tax return. You should only call if it has been longer. I don't know what ...


0

From the US perspective, unless a tax treaty says otherwise, it would probably be better to invest as an individual rather than as a corporation. You need to check if the company as organized under the Malaysian law, is considered a corporation in the US. Most likely it is. Corporations pay corporate tax rates on their US-sourced income which may be higher ...


2

No, it doesn't. You are itemizing, your spouse has to itemize too. The tax benefit of the itemizing (or lack thereof) is of no consequence.


1

There is a possibility of misuse. Hence it should be shared judiciously. Sharing it with large / trusted organization reduces the risk as there would be right process / controls in place. Broadly these days PAN and other details are shared for quite a few transactions, say applying for a Credit Card, Opening Bank Account, Taking a Phone connection etc. In ...


0

In practice people will claim 'but we don't know how much was contributed ...". Without an audit and a lot of work, tax prepares have no way to counter that claim. So most often the split is 50:50. Once you choose that 50:50 though you cannot change it without raising red-flags. What will NEVER be tolerated is a split that changes yr by yr to optimize ...


0

I am assuming that you need to pay Income Tax for some additional income as your TDS was less. The challan to use is CHALLAN NO./ITNS 280; Further you need to select Tax Applicable: (0021)INCOME-TAX (OTHER THAN COMPANIES) Type Of Payment: (300)SELF ASSESSMENT TAX


1

If you didn't receive a 1099, just report it using 1040 schedule C. The IRS is happy to believe you when you tell them you earned some extra income--no need to twist their arm. Source at the IRS


0

Go to the notes on the Capital to see what the terms of those securities are. Without doubt those notes will also explain the negative amount. I think the label "Net(loss)income ..." was a poor choice of wording. That has probably lead to the OP's confusion. Notice how in both years there was Net Income without any losses, and that in both years the ...


2

My first question is do I have to pay tax in UK on the interest earned... Yes, you must declare your world wide income. From here: Since you are a resident in UK, you are required by UK tax regulations to show all global income on your UK tax return and claim a credit for taxes paid in India under the DTAA. According to UK tax regulations, those who ...


1

I would strongly suggest that you use Government's site for filing of returns. Why? These websites cannot be held liable if they make any mistake in calculation or generation of XML file. With government site you are at least sure they will be correct. Finally, its your choice.


0

If you are freelancing, the best form for you is ITR-4. With this form you can declare your salary income as well as your expenses related to your freelancing. And you should treat your freelancing income as business. That way you can get max deductions claimed.


1

There are a few tax-filing portals such as: Taxspanner.com Taxsmile.com hrblock Read this article for a comparison among the above 2.


0

Here's what the IRS pub 501 has to say on the matter: Separate return. If you file a separate return, you can claim an exemption for your spouse only if your spouse had no gross income, is not filing a return, and was not the dependent of another taxpayer. This is true even if the other taxpayer does not actually claim your spouse as a ...


0

I would look into the possibility that the promise "that no taxes will be withheld" is all about your status as a 'consultant'. They may be meaning you to be treated like a business they buy services from. In Canada the distinction is very watery and I presume the same in India. If you agree to become a business, then you must look into how that business ...


1

1.If the compensation that I receive is over 10 lakhs, how much would be deducted as tax No tax will be deducted by the company. You have to calculate the tax and pay in Advance by yourself. There are quite a few Banks that give you online facility to pay your tax. There is no service tax. Otherwise the tax slabs are right. The current budget has ...


1

I am assuming you are an NRI from tax perspective. Any income NRI earns is non-taxable in India. It is irrelevant whether the funds were transferred to India or not and whether they were transferred to NRO or NRE account is not relevant.


0

I think you are over complicating this. Currently your PF is lets say 0. The max exemption on investment into PF is Rs 1,00,000/- . So if you have 100,000 to invest into PF vs lets say a Bank FD for a year; You will get 12% [I think its 9% these days] on Rs 1,00,000/-. FD You will get around say 7% on 70,000/- [Balance 30 K is tax amount]. So for the ...


7

Short answer: Yes You have to report these benefits as income, whether you opt for gift cards or anything else (I'm not familiar with what possible options exist for cashing out points). If you redeem an aggregate of $600 or more throughout the calendar year, they will send you a 1099 to include with your taxes (and send a copy to the IRS). It's important ...


2

I think I understand your issue, but believe you are looking at it from the wrong angle. Say you have debt at 6%. Assuming you itemize or it's a deduction you can take regardless, while in the 25% bracket, the debt costs you 4.5%, in the 15% bracket, it costs you 5.1% net. The difference is too small to impact whether you pay it off sooner. To be clear, ...


0

What you are concerned about is optimization. You are concerned with, I assume, the most economical allocation of your earnings over your career to maximize your earnings. The general equation first divides your income, expenses, debt, and debt payments into taxable and non-taxable categories. This will provide your the percentage change in your net worth ...


6

Transfer of Money from you to Your Mother is Tax Free. i.e. This will not be considered as income for your mother as there is NO work done. This would be considered as Gift and would fall under Gift Tax. As per Gift Tax you can give unlimited amounts to close relative. Mother is considered as close relative. The tax rule is same whichever option you follow. ...



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