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With a basic salary of £2,200 per month, anything extra will always be taxed at the basic rate or higher. But if you earn £3,400 in one month, that’s an annualised amount of £40,800, still well below the £50,000 higher-rate threshold, so there should be no risk of any of it being taxed at higher rate. Your National Insurance will also be the same, because ...
8
Jon Schaub may have some valid advice, but there seem to be several critical defects with your interpretation of it.
You have to post income as income
You seem to labor under the impression that since your AirBnB revenue just pays your mortgage, that produces little or no income to tax. That would be the "in my wallet" accounting system, which IRS does ...
5
This HMRC page explains relief at source. The payment was taken from your pay after tax, not before tax. So the statement about not including it in self-assessment doesn't apply.
This page explains how to claim back the repayment. If you do fill in a tax return (i.e. use self-assessment) then you can and should put it there. If you don't fill in a tax ...
4
He can file his taxes as many years back as he pleases to. And further, he owes all those back taxes, if taxes are owed.
However, if he is owed a refund, IRS will not give a refund if your taxes are filed more than 3 years after the due date. They let you have holidays and weekends.
He will need Form 1099 or Form W-2 for each year that he had ...
3
The amount of social security income not subject to Federal income tax (at least 15%, but varying based on total base income) is not included in your AGI in normal annual filings.
On the current form 1040, total social security benefits are entered at the left on line 5a, while the taxable portion (85% or less) is entered at right in 5b per the worksheet on ...
3
The LLC has nothing to do with the property unless:
It owns the title to the property
It is the management company to maintain the property
You haven't specified either. You just opened an LLC and imagined its related to the property in some unspecified way?
The comments mention that you own the mortgage in your name.
A lot of problems here. The LLC ...
3
Since you're asking for Germany, the answer is specific to Germany of course.
The 1st scenario only pays off if your personal tax rate on income is less than 25 %. In that case, in your tax declaration you have to apply that your personal tax rate is applied to your capital gains.
If your personal tax rate is higher, German flat rate tax of 25 % should ...
3
Assuming you are not US citizen or tax payer.
Your visa is a business visa, then there is no taxes applicable for you.
2
The bank in Idaho requires you to "register" your company with the state of Idaho. In most states, the process of registering an LLC in a state requires paying an annual fee and filing annual paperwork. I don't know if registration is a requirement of this particular bank or the state of Idaho, but either way it is a nuisance for a small company to have to ...
2
tl;dr you've read the tax brackets wrong.
Your third source states that in 2010, you should've paid 5.05% on the first $37,106 of taxable income to the Ontario government.
Your mother's taxable income of $35k puts her well into the first bracket. In all likelihood, your mother will be able to benefit from the full amount. To ensure this is the case ...
2
I am not a lawyer; this is not legal advice.
But if they don't [list for rent and sale] this suggests that expenses which were previously deductible are no longer.
That seems reasonable. A few paragraphs earlier, that same page has (my emphasis):
Pre-rental expenses.
You can deduct your ordinary and necessary expenses for managing, conserving, or ...
2
You've got an interesting theory, but you likely won't be able to actually implement it. Essentially, the IRS wants your tax money during the tax year and not just when you file the return. In fact, the IRS refers to income tax as a "pay as you go" tax. Even self-employed individuals (who have no employer with whom to file a W4) are usually required to ...
1
It takes anywhere from few days to month.
You need not wait. You can manually add the BSR, date, Serial number and file the returns.
1
Best consult a CA. If the amount is less than Rs 50,000 it's not an issue. Any thing more the best way would have been to have a loan agreement. It can be done post facto as well.
1
My income is VERY variable from year to year, so some years I get pushed into ridiculously high tax brackets
Have you quantified this additional liability? This is the federal bracket table for 2019:
Rate Unmarried Individuals, Married Individuals Heads of Households,
Taxable Income Over Filing Joint Returns, Taxable Income ...
1
The bank said I need to file a "Foreign Registration Statement (Limited Liability Company)" in order to comply with the bank's membership guidelines, and the Idaho State Tax Commission said in response to my emailed query:
As long as you don’t have any Idaho source income, you don’t have an
Idaho filing requirement or tax liability. Just having an Idaho ...
1
First, for clarity the amount you are transferring is technically not '$750' [the net impact to taxes payable], you are transferring '$5000' [the gross amount of the tax credit].
So the question is, if you transfer $5,000 in tax credits to your mother, would she pay any Ontario tax? [Note: you must also transfer the federal tax credits separately - I assume ...
1
In your case, in order to pay no tax, you would have to bring down your taxable income to zero. Section 80C provides a maximum investment possibility of INR 1.5L. While there is no upper cap on how much you can invest in ELSS funds, it is important to note that since your deduction is limited to INR 1.5L, there is no reason for you to invest beyond 1.5L in ...
1
You can always ask the Finanzamt.
If the amount is small (say you make €100 a year) they might tell you "forget it" because the work handling your case costs more than the tax income. In the UK I think it is actually a low four digit number that you don't need to declare, Germany either has a similar limit, or there will be an amount where they are rather ...
1
Probably, yes:
Germany uses the world-income principle. I.e., if you are tax resident in Germany, you have to declare all (world-wide) income you have.
Some other countries tax certain types of income at the source, though. To avoid double taxation, Germany has tax treaties with many other countries. They usually work the way that any taxes paid in the ...
1
As you say, you do get to "restart" your depreciation schedule on the new property, however, your depreciable basis from the first property follows you to the next. I'm not an accountant, so caveat emptor, but my understanding is as follows:
If you buy property 1 for $50,000, own it for a few years, and during that time you deducted $10,000 of depreciation, ...
1
... as an independent contractor ... working from home
I am not US Citizen and my country has no tax treaty with USA.
I currently live outside USA and I do not plan to travel in near future.
Does IRS require the 30% ...
No. If you as a nonresident alien are paid (by a US entity) for services performed outside the US, the income is not US '...
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