Tax changes and deadlines for the 2011 tax year Tax changes and deadlines for the 2011 tax year A number of tax changes took effect on January 1, 2011, most of them affecting individual taxpayers. The more significant changes are listed below.• Federal Individual tax rates and brackets for 2011The indexing factor for federal tax credits and brackets for 2011 is 1.4%. Consequently, the following federal tax rates and brackets...more
The Role of Hypothetical Tax in Expatriate Assignment Pay Tax rates differ throughout the world. When an individual goes on an expatriate assignment they may move to a higher or lower tax regime. In some cases home country tax obligations may remain. If differences in tax are not taken into account by multi-national organizations, it becomes difficult to move individual expatriates to high tax countries, as they will all prefer...more
Author: James MiltonUtter the word "taxes" in front of people and you are sure hear a loud groan. Frankly, there are valid reasons behind this response: First of all, paying your taxes annually can be a financial burden, especially with the economic hard times which we are going through these days. You may feel like being taken to the cleaners after you view your paycheck after withholding of federal income taxes (not to mention state income taxes as well as Social Security and Medicare taxes).Second, tax laws are quite complicated and are constantly evolving. Did you know that the federal tax rules which used to consist of only 400 pages in 1913 have swelled up to around 80,000 pages in 2009?!! Congress changes the tax law to a greater or lesser extent every single year-and this year will be no exception!So how can you fight the feeling of dread which comes when you are doing your taxes? It helps to know that the income tax law is peppered with large number of tax breaks to which you may be entitled. Such tax breaks allow you to not report certain economic benefits you enjoy or to subtract certain expenses from your total income or even directly from your tax bill.In order to take...more
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The Pros and Cons of Back Taxes When the question of back taxes comes you don't feel embarrassed for you are not the last man there are so many people who never bother of owing back taxes. This is absolutely true if you need not pay the taxes you have enough money at hand and you may brood over the plan of saving money. But actually...more
5 tax reliefs for Enterprise Investment Scheme The Enterprise Investment Scheme (EIS) was designed by the Government to provide investors with an incentive to invest in shares in small, growing, unquoted companies. Unquoted in tax terms covers AIM and Plus-quoted shares.The tax benefits of EIS are only available when new shares are bought. If the existing shares of an EIS-eligible company are bought on the secondary market then none of the tax perks are available via EIS.There are five current EIS tax reliefs:- Income tax relief – Provided an EIS qualifying investment is held for no less than three years an individual can reduce their income tax liability by an amount equal to 20% of the amount invested. The minimum subscription is £500 per company and the maximum per investor is £500,000 per annum. Where an individual subscribes for qualifying shares before 6 October in a tax year, a claim may be made to carry back one half of the amount subscribed to the previous tax year, subject to a maximum of £50,000.- CGT Deferral Relief – Tax on gains realised on a different asset can be deferred indefinitely, where disposal of that asset was less than 36 months before the EIS...more
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