Tag Info

New answers tagged

1

There is no difference in taxation in India if you transfer every month or bulk. If you use specialized remittance services from leading Indian Banks, there would be little difference in fees. Assuming you are keeping the funds in NRE account in India and hold it in GBP, you get a slight better rate of interest that what you would get in UK. The interest ...


0

I'll break it down into steps. Buy 90 usd for 100 cad, no tax but record the adjusted cost base(ACB) of 90 USD as 100 CAD. Note, if you already had some USD, this is where the 'adjusted' needs to be done. Buy stock with USD, a disposition of USD which is a capital gain/loss. However, most people do this on the same day* so the proceeds of disposition (90 ...


0

How I should pay the due amount? You can pay by visiting the Income Tax office, collect a blank tax challan and depositing the amount in any Bank by filling your details in the challan. Alternatively most Banks allow you to pay via net banking. You can also pay via Govt website here. The Chalan used should be ITNO 280 Note that as you are late there ...


5

Yes, you still need to pay income tax on your capital gain regardless of whether you converted your USD proceeds back into CAD. When you calculate your gains for tax purposes, you'll need to convert all of your gains to Canadian dollars. Generally speaking, CRA will expect you to use a historical USD to CAD exchange rate published by the Bank of Canada. At ...


0

You are required to declare in a UK tax return any income you have earned from UK sources. As you are not resident in the UK (and have not been for some time), you are not liable to any UK tax on your global (non-UK sourced) income. If Amazon are paying money into a UK account, the HMRC may view this as UK sourced income - you would have to check with ...


1

The only ways to increase your after-tax income are to increase your tax-deferred savings (401k), increase your tax deductions, or increase your pre-tax income. Increasing tax-deferred savings is great for the long term, but will usually not result in a bigger paycheck (though net pay including the savings will go up). This is, however, probably your best ...


1

Don't worry about minimizing taxes too much - worry about maximizing post-tax income. Keep in mind that if you just got a job then it's likely that the taxes being automatically withheld are based on the assumption you've been earning this much all year, which could mean that you're likely going to be due a refund come April (basically, if you're making ...


0

Will I able to put the Rs amount back in the NRE account the same amount which I have paid against that house? If you have purchased the property by debiting an NRE account [you should have the paper trail], the same amount of funds can be transferred back to NRE Account. For example the house was for 50 lacs, and you paid Rs 30 lacs from NRE account, ...


3

Go for the safe harbor. Look at your total tax for the previous year. Not what you owed in April, or what you had withheld, but your total tax. Make sure you have 110% of this withheld this year. Making the safe harbor allows you to avoid penalties, and avoid the quarterly filing requirement. Just adjust the additional withholding once or twice a year to ...


0

Until there is an updated calculator or w-4 form to use, I would just reduce my 2015 values to reflect the 1.5% inflation that were calculated into the 2015 tax brackets. The IRS increased all of the tax brackets by 1.5% from 2014 to 2015, so a decrease of 1.478% on your 2015 values should put you comfortably back in the same number range as the 2014 ...


0

The line you are referring to says 5 U.S. taxpayer identification number (SSN or ITIN), if required (see instructions) It does not appear to be required in your case.


0

If you can provide evidence that you are the person who opened the account (which may be as simple as providing your signature, since this isn't really different from asking for a bank check or inter-bank transfer or ATM-network transfer), there should be no problem. Contact your bank and ask them what information they need to provide.


0

There might be a problem. Some reporting paperwork will have to be done for the IRS, obviously, but technically it will be business income zeroed out by business expense. Withholding requirements will shift to your friend, which is a mess. Talk to a licensed tax adviser (EA/CPA) about these. But the immigration may consider this arrangement as employment, ...


2

Ways salaried individuals can save taxes Salary Restructuring Utilizing Section 80C Public Provident Fund Life Insurance Premium National Savings Certificate Equity Linked Savings Scheme 5 years fixed deposits with banks and post office Tuition fees paid for children's education, up to a maximum of 2 children Options beyond 80C House Rent Allowance Tax ...


1

Income Tax would only be levied on the 10% commission that you earn and not on the total amount kept in the Escrow Account.


13

Generally incorrect. Some of your mortgage payment is interest, and some is repayment of principal. When it comes to deducting your rental property's expenses against its income, you generally aren't permitted to deduct the repayment of loan principal. So, no, $1600 rent and $1600 mortgage payment (ignoring all else) is not break-even — rather, you ...


0

Changes to UCCB benefits starting in 2015: The Universal Child Care Benefit (UCCB) that parents of children under 6 can receive will increase from the current amount of $100/month per child under 6 to a new amount of $160/month per child under 6. Parents of children age 6–17 can receive a new UCCB benefit of $60/month. Previously, UCCB benefits ended ...


2

I remember being told that purchases made in the last quarter of the year can't be deducted entirely in that tax year; instead, they have to be depreciated over their expected life span (5 years for computing hardware). Is this true? It is true. In fact - it doesn't matter which quarter you made the purchase in. Computing hardware has to be ...


2

It's not a "withholding tax" it's a "withholding tax amount". That is, they are not taxing you but they are holding back some of your withdrawal and sending it to the government to cover any taxes you will need to pay on the withdrawal. Same as your employer withholds some of your salary and sends it to the government for you. You won't claim it as a ...


2

The withholding tax is considerred income tax that is submitted early. Note that the above withholding tax amounts are only estimates, which you will show on your tax return as taxes already remitted. Taxtips website


5

You don't need to report that gift and neither does she, since it is below the gift exclusion amount of $14,000 per year. There's no need for her to pay gift tax on this gift and you will not owe income tax. She may wish to file a protective gift tax return if she has significant assets and intends to make these gifts to multiple people annually. Filing ...


15

While there are no direct tax issues when a US citizen gifts another US citizen under the 14,000 threshold in a year, but there may be some other issues to be considered. You do not have a job this year. Are there any benefit programs that you participate in that would be impacted by accepting a gift of this size? Is gifting cash to you the best way to ...


25

Your daughter can give you (and also as many other persons as she likes, for that matter) $14K or less each year as a gift without needing to file a Federal gift tax return. She does not have to report the money anywhere on her Federal income tax return or anywhere else. In particular, she does not get to deduct that money in arriving at what is called the ...


0

I am assuming that your spouse is a nonresident alien for tax purposes (the definitions of resident alien are really complicated, but it sounds likely that she is not). In order to file as Married Filing Jointly, both people must be residents for tax purposes. So as your spouse is a nonresident, that means you must file as Married Filing Separately (or Head ...


1

Should he file a tax return as single, married filling jointly, married filling separately, or head of household? You can elect to file as "married filing jointly", but then the spouse will be treated as US tax resident and will be taxed on his/her worldwide income. Otherwise - depending on the circumstances either "married filing separately" or, if ...



Top 50 recent answers are included