As there are online tax filing software and services are available, paying taxes has become easy and convenient. The IRS provides you with Free File tax preparation software that lets you do your taxes for free but the only thing is you need to qualify for it. Anyone whose income is less than $57,000 can be eligible for Free File program and file taxes for free. You can e-file your state or Federal tax return for free using online...more
With the European Union expanding and borders contracting, more and more people are entering the UK, with figures reporting over 1,500 migrants entering a day.Many foreigners believe they do not have to pay any taxes when working abroad. This is however, not true. If you work in the UK you have to pay the government a percentage of your income in taxes, if you earned over your tax-free allowance of 6,475 pounds. However, as a foreigner, you have...more
Corporate Tax Singapore has one of the most competitive corporate tax structures in the world. The corporate tax structure is a pro- business package inclusive of wide ranging stimulus such as income exemptions, incentives, generous capital allowance and a wide spanning network of double taxation avoidance agreements. Here is a preview of the chief features of our tax system. Singapore resident companies are taxed on chargeable income generated in Singapore or overseas income received in Singapore. Companies are generally taxed a flat headline rate of 17% but, this reduces significantly to as low as 8.5% for small and medium sized companies with less than S$300,000 as chargeable income, due to Partial Exemption Scheme. Partial Exemption Scheme Year of Assessment - 2010Headline Corporate Tax Rate - 17%Chargeable IncomeFirst S$10,000 - Effective tax rate is 4.25%Next S$10,001 – S$300,000 - Effective tax rate is 8.5%Above S$300,001 - Effective tax rate is 17% New Startup Companies Scheme This scheme is to help new companies in their initial years of establishment. Under this scheme qualifying companies in the first three years of filing, can enjoy an effective tax rate...more
With effect from 16.06.2005, Service Tax was levied on Club or Association Services. Club or Association was defined under Section 65(25a) as, Club or Association means any person or body of persons providing services, facilities or advantages, for a subscription or any amount to its members. The purpose of this paper to examine as to...more
Moving is an experience most people dread. Not only is it stressful, its expenses often run in the thousands of dollars. One silver lining is that those moving expenses are often tax-deductible. This article details the IRS guidelines on tax deductions for moving. IMPORTANT NOTE: These are guidelines based on material published by the Internal...more
Despite the new tax rate reductions of the Jobs and Growth Tax Relief Reconciliation Act of 2003, the top marginal tax bracket for many retirees is a whopping 46.3%. Why? Because Social Security benefits are subject to income tax. Those affected are Social Security recipients who have the good fortune (misfortune?) to be subject to both the 25% income tax bracket and the 85% inclusion rate for Social Security benefits. Here's how it works. First, you must understand how Social Security benefits are taxed. The income tax formula begins with the calculation of combined income. For all practical purposes, combined income equals adjusted gross income (not including Social Security), plus municipal income, plus one half of the taxpayer's Social Security benefit.So far, so good. If a married couple's income is under $32,000 ($25,000 for a single taxpayer), Social Security benefits are not taxable. If combined income is between $32,000 and $44,000 (or $25,000 and $34,000 for a single person), the taxable amount of Social Security equals the lesser of one half of Social Security benefits or one half of the difference between combined income and $32,000...more
Many writers among us are unfamiliar with what a sentence structure corrector is and its capability to aid us to produce high-quality text. Thanks to the internet, we all now practice the art of writing for us to convey our opinions...more
There are many things to consider after a successful turkey kill. Many hunters choose wild turkey hunting for a variety of reasons. After a successful turkey hunt, you will be faced with a variety of choices. If you are interested in...more
For the successful trader, the best tax advice is to incorporate.With the proliferation of online stock and option trading, traders are looking for tax advice on the best way to structure their trading business. This especially true for day traders,...more
Bloomberg's Global quarterly survey was polled by over 1,400 Bloomberg subscribers in six continents. New York topped the survey as the hottest place for financial services and it has sustained its supremacy in spite of being severely battered by the...more
Devendra JainIn a vastly populated developing nation, the parallel role of NGOs in public welfare is indispensable. The Income-tax Act, 1961 has recognized the importance of the very concept of charity in the Indian society. The income derived by...more
Ever want to know how social security tax rates have changed over the years? Let’s start by reviewing how money comes into the social security system. How Money Goes InIt all starts when a parent submits a social security card...more