19
votes
Accepted
In US, is it a good idea to hire a tax consultant for doing taxes?
75k is short of the 'highly compensated' category. Most US citizens in that pay range would consider paying someone to do their taxes as an unnecessary expense. Tax shelters usually don't come into ...
- 2,855
12
votes
Applicability of form W-8BEN-E / W-8BEN to an Indian citizen
If you're working as an individual and not a company then you should submit W8-BEN. If you're invoicing the client as a LLC/Corp/Partnership or anything else other than your own private name - you ...
- 155k
9
votes
In US, is it a good idea to hire a tax consultant for doing taxes?
There are few things going on here:
Some people hire tax advisers some don't. It depends on your own preference and level of comfort with numbers.
A really good alternative is tax software for ...
- 7,545
8
votes
Accepted
Mother wants me to "be a consultant" for her as way to save on income tax
In reality, I do help her every now and then with various bits (specific to her work, e.g.: translation, graphic design, software tutorials) but I would not think of it as consulting...
But you are ...
- 50.1k
8
votes
Accepted
Bonus check or 1099?
This may not be entirely up to you and your employer. The IRS has rules that classify a job as employment (W-2) or independent contract work (1099) based on facts of how the job is performed and ...
- 29.3k
5
votes
Accepted
How to correctly deduct purchase of a laptop dedicated to my consulting work?
Look at taking a deduction under Section 179. Generally, you can deduct the entire cost of certain business equipment (up to a limit) in the year you purchase it, rather than depreciate it over time. ...
- 23.9k
4
votes
Accepted
Taxes and withholding on unpaid salary
As others have said, make sure you can and do file your taxes on a cash basis (not accrual). It sounds like it's very unlikely the company is going to issue you a 1099 for invoices they never paid you....
- 23.9k
4
votes
Accepted
How to handle taxes by using credit card app (Square)
Since you mentioned a W2, I'm assuming this is based in the United States.
If you're a consultant, you should receive a 1099 at the end of the year (assuming you did more than a minimal amount of ...
- 25.1k
3
votes
Accounting/legal service for small part-time consultant
I would start with a small business development center which is a program in the Small business administration:
The U.S Small Business Administration (SBA) administers the Small
Business Development ...
- 129k
2
votes
Can forming an LLC be beneficial when earning foreign income?
LLC is a liability protection tool and foreign earned income exclusion is a tax topic. They're orthogonal.
Regarding LLC you should talk to a liability attorney, since the main goal of the LLC is ...
- 155k
2
votes
Applicability of form W-8BEN-E / W-8BEN to an Indian citizen
According to this link, PAN in India is the TIN
https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/India-TIN.pdf
- 21
2
votes
In US, is it a good idea to hire a tax consultant for doing taxes?
It's going to depend entirely on your tax situation, its complexity, and your willingness/interest in dealing with tax filings. Personally I find that not only do I not enjoy dealing with figuring ...
- 463
2
votes
Bonus check or 1099?
Besides the excellent answer by @AK, the withheld tax on a bonus check can be calculated as if that is a paycheck and you make that much every period. It all depends on how your payroll department ...
- 50.1k
2
votes
Bonus check or 1099?
Is one method better than the other? (in terms of paying less taxes)
Yes, both would contribute to your income and tax liability. However, as a bonus check your employer pays through a W-2 and pays ...
- 328
2
votes
Working options for a UK company from India?
Please be sure this is not some kind of scam. i.e. you know the company very well and can verify independently that the offer is genuine.
Living in India, can I be a direct employee of the UK ...
- 56.9k
2
votes
Bonus check or 1099?
Nanoman's answer is great, but if both choices are valid then we need to assess which is better from a tax perspective.
Starting in tax year 2018 there is a 20% pass-through income deduction that you'...
- 67.9k
2
votes
Mother wants me to "be a consultant" for her as way to save on income tax
You can, but there are implications. Either:
You are self-employed. You must register with HMRC as self-employed and fill in a self-employed tax return and possibly also a self-employed National ...
- 709
1
vote
Accounting/legal service for small part-time consultant
I don't think this all-in-one service exists, because it includes accounting, insurance and legal services while excluding staffing services.
Your best bet may be to contract with a bookkeeper or CPA ...
1
vote
Mother wants me to "be a consultant" for her as way to save on income tax
"In reality, I do help her every now and then with various bits but I would not think of it as consulting... then again, "consulting" can be open to interpretation."
To me, this indicates that you ...
- 41.4k
1
vote
Receipt of Funds from Outside of India via International bank transfer - Purpose of Remittance
There is no minimum amount. Read the RBI Circular, if the amount is more that Rs 1,00,000; then purpose of remittance needs to be recorded. This link gives out the various purpose of remittance. It is ...
- 56.9k
1
vote
Accepted
Consultancy tax & VAT
Issue an invoice by writing down some numbers and presenting it to your client. What software you use to accomplish this is pretty much up to you. I keep the amounts in a spreadsheet and export the "...
- 7,546
1
vote
In US, is it a good idea to hire a tax consultant for doing taxes?
Good professional tax advice is expensive.
If your situation is simple, then paying someone doesn't give you more than you could get from a simple software package. In this case, doing your own ...
- 41.4k
1
vote
Accepted
Being a consultant in the USA
Couple of points about being a consultant in the US:
It sounds like the rules for what you can deduct may be more lax in Italy. For example, you can deduct a certain percentage of your home for work ...
- 15k
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