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Form 16A will have the details only if tax is deducted. All banks are obligated to provide an interest statement free of charge. Walk into the bank and request for same. SBI generally gives it in few minutes over the counter upon request


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It would be considered as March income. Assessment year 2019 to 2020


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As per FEMA (Foreign Exchange Management Act) regulations, NRI can't hold savings account in India. Please get this converted to NRO. Can be done remotely. Most banks don't allow direct deposit into loan account. Check with your bank if they allow. There is no fax implications in India. You need to declare this in your US tax returns. It is advisable to ...


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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.


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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.


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Given the event occurred in the past, it might make sense to call HMRC (they are actually quite helpful) and sort out the formalities. According to HMRC: Employees’ rights Anyone you employ must: have an employment contract be given payslips not work more than the maximum hours allowed per week be paid at least the National Minimum Wage ...


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They want your current address. The purpose of the address is to know where to send correspondence to you (if they have any questions), as well as things like a refund check (if, say, a direct deposit failed for some reason, or your math was wrong and you get a refund you weren't expecting). It's not there to determine residency for tax purposes or anything ...


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Yes, there are several and more flexible ways you can accomplish tax deferral like a 401k. Yes, it can involve corporations created in a United State or a different Nation state, or a state within a different nation state (some countries have nation level incorporation like the Cayman Islands, some have state level incorporation like the United States, some ...


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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 ...


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You don't have to flee the country to smooth out the peaks and valleys in your income. Simply opening a business and paying yourself a salary rather than just passing the income through the company will do that for you. Opening an offshore business for tax reasons legally is going to be quite expensive and difficult. You're gonna need a tax specialist that ...


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As you live in California, you'll need to file the IT-2014 form for New York, and you will be considered a part-year resident for the time you spend there. Typically you'll want to claim the same number of allowances on your State (NY) form as you would with your Federal W4. When it comes time to file your taxes the following spring, you will be required ...


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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 ...


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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 ...


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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 ...


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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 ...


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In Canada, an individual CRA agent has a fair degree of leeway, in determining how charitable to be with a reassessment like this. This could be good for you, because there is no requirement for the CRA to accept refiled returns older than 3 years ago. But in my experience, it is quite likely they will, in a situation like this. I strongly advise you to ...


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This old question shown a common mistake made by many that rush to save their tax instead of inspecting the cost and risk of those "funds" they mentioned. Most active managed mutual funds around the world usually bait the investor with best case scenario prospectus, which the purchase price rarely match the existing market price for the investor. In fact,...


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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 ...


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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 ...


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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 ...


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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 ...


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Having lots of money lumped into one pay period rather than spread over several can cause more tax to be withheld, but should not increase the tax liability (which is how much you need to pay overall). So if, at the end of the year, you have more withheld then the tax due on your income, you should get that back as a refund


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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 ...


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Assuming you are not US citizen or tax payer. Your visa is a business visa, then there is no taxes applicable for you.


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I phoned the responsible people. And want to share the answer in case anybody has the same issue: Income not taxed in GER/EU/EWR is counted as zero. In other words the rolling average is still over 12 months whereas the foreign months are counted as zero income.


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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, ...


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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 ...


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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 ...


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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 ...


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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 ...


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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 ...


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... 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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You definitely need to find out what 'that person' ever did or didn't do. Nobody here can tell you that. Maybe he never filed your taxes Maybe he didn't file your taxes yet because he was too busy Maybe he is a scammer and took your refund and left Maybe he filed and mistyped your SSN / ITIN, or the amount. Maybe he filed late and the processing hasn't yet ...


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