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Tax Tips - Which Tax Form Is Right For Me?

Tax Tips - Which Tax Form Is Right For Me?

IRS Tax forms can be confusing.

Am I a 1099 or a W-2.
Do I need an 8832 or a W-7.
What the difference between an "S" corp and schedule "C" income?

Tax Secrets of the Rich Found Here

Our program is designed to teach you to build lasting wealth. In order to do so, we've got to start with a fundamental principle.

Stop focusing on IRS Tax forms and start focusing on generating income.

Asset Protection

I don't mean to be rude, but some people are so hung up on which form to use, they never really get out of the starting gates. So here's my suggestion ? get your business making money first and then worry about the IRS forms.

As you build your asset column bigger and stronger, you got to start surrounding yourself with competent advisors. I call this your wealth team. You need a great attorney (or two). You need a financial planner and probably an estate planner. And you need a knowledgeable C.P.A. that is familiar with the tax saving strategies we teach.

The truth is, you should never worry about which IRS forms to use. That's your accountant or C.P.A.'s job. Your job is to make lots of money and then structure yourself so that lawsuits and taxes can't take it away from you.

Tax Strategies

So, keep your eye on the ball. Stay focused on the right things and let your C.P.A. figure out which IRS forms to use.

All the Best, -Drew Miles

Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.

In The News:

Higher taxes, economic slump keeping global talent away from India: Indian Hotels Company MD BusinessLineThe recent decision by the Finance Ministry to levy higher tax on those earning over ₹2 crore a year is coming in the way of attracting global talent to India, say ...

2020 taxes, your TSP, mortgage and health premiums Federal News NetworkWhile some people are already working on their 2020 taxes there are probably many more still trying to figure out what they did right, or wrong, because of the ...

GST Council unlikely to back tax cuts for automobile sector: Reports Business StandardThe goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of ...

E-assessment scheme for faceless scrutiny of income tax returns notified Economic TimesThe finance ministry has notified the e-assessment scheme 2019 for conducting faceless scrutiny assessment of income tax returns (ITR). The scheme involves ...

After 40 years, UP ministers to start paying income tax Economic TimesYogi Adityanath has asked ministers to start paying their own income tax, ending the four-decades-old practice.

Uttar Pradesh not only state where state exchequer pays income tax for CM, ministers MoneycontrolThe state exchequer has been bearing the tax burden of the chief minister and council of ministers of Uttar Pradesh since the last 40 years, under the Uttar ...

Finance Minister announces new tax refund scheme, easy credit to boost exports Economic TimesFinance Minister Nirmala Sitharaman Saturday announced a slew of measures to boost the economy, including a new scheme to refund taxes and duties on ...

What to expect on personal taxation from the Direct Taxes Code BusinessLineThe report of the task force on Direct Taxes Code (DTC) submitted to the Finance Minister on Monday is yet to be made public. But sources say that the panel ...

Apple Says It Would Rather Not Pay $14.3 Billion in Back Taxes to the EU GizmodoThe European Union has ordered Apple to pay roughly $14.3 billion (13 billion euros) to cover back taxes the EU says is owed to Ireland. But Apple is putting up ...

New Income-tax law – third time lucky? Moneycontrol.comHimanshu Parekh. The current Income-tax Act, enacted in 1961, is nearly six decades old. With time, there have been a plethora of amendments making it a ...

Don't reveal PAN on social media, Income Tax department warns LivemintThe Income Tax department has asked all PAN card holders to not share their Permanent Account Number on social media.The I-T department has an online ...

Is interest paid on foreign home loan tax-deductible in India? Moneycontrol.comInterest on housing loan paid outside India can be claimed as a deduction in calculating income from house property, only if some important conditions are met.

Too many taxes, anti-rich mindset need to go for economy to be back on its feet Times of IndiaThe economy is in bad shape. There is no more debate about it. With a second innings of a super-stable government, we should be looking at a double-digit ...

Income tax department relaxes time for applying for compounding of offences LivemintNEW DELHI : The income tax department has relaxed time for applying for compounding of income tax offences by launching of a one-time facility. The Central ...

This key tax deadline is today. How to make sure you don't botch it CNBCGot some side income? Run a business? You're facing a tax deadline today. Individuals who pay the Internal Revenue *Service* every quarter must make their ...

Apple goes to court in world’s biggest tax case LivemintAn EU court will decide if regulators were right to slap a record $14.4 bn tax bill on Apple.EU competition commissioner Margrethe Vestager's tax probes are ...

How to correct mistakes made at the time of paying income tax Economic TimesAt the time of filing income tax return (ITR), if there is any income tax payable pending, then you are required to pay it before completing the process of ITR filing.

BAN proposes centralised system of tax collection Nagaland PostBusiness Association of Nagas (BAN) has proposed a centralised tax collection system with online payment facility in the State and suggested the government to ...

The new tax plan |India Today Insight India TodayThe Modi government considers a Donald Trump-style overhaul of India's direct taxes to increase compliance and reduce 'tax terror'.

Farm bodies exempted from 2% tax at source on payments above ₹1 crore LivemintNEW DELHI : To give relief to the rural economy, the government has exempted agriculture produce marketing committees (APMCs) from the purview of the 2% ...

New income tax rule on insurance maturity proceeds: 5 things to know LivemintThe new income tax rule on receipt of maturity benefits from insurance policy came into effect from 1st September.A higher TDS will be levied if the insurance ...

Income tax benefits on costs of education under Section 80E to Section 80 LivemintThe Income Tax Act allows tax benefits for a loan taker for higher education when certain conditions are met.Tax benefits have been laid down under Section ...

Be aware of the taxes to pay while buying, selling or letting out a house Moneycontrol.comCarefully preserve the records of your financial transactions relating to the house property, proof of payments, sources of investment etc.

Why so many non-religious Europeans pay church taxes The EconomistIN THE Old Testament, priests are told to take a tenth of every believer's crops as a tax to support the faith. In these latter days, they can outsource the job to the ...

Not just UP, five state governments bear tax burden of CM and ministers Times of IndiaIndia News: The state exchequer has been bearing the burden of income tax of the serving chief ministers and their council of ministers in five states, apart from.

What is the tax liability of buying a second house using a home loan? Economic Times"Income from house property is taxable once the taxpayer gets possession of the property."

CBDT launches one-time facility for compounding of income tax offences Economic TimesA one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT ...

Taxing wealth at lower rate than income is wrong, says thinktank The GuardianThe government could gain £90bn in extra revenue over five years if it taxed income from wealth in the same way it taxes income from work, according to a ...

Google will pay over $1 billion after French investigation over dodged taxes The VergeGoogle has agreed to pay a $550 million fine to settle an investigation in France over its tax practices, Reuters reports.

Government to tweak Income Tax Act, won’t replace it with direct tax code LivemintNEW DELHI : The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to ...

Govt hoping for windfall gains from tax amnesty scheme Business TodayAt a time when the government is scurrying for every penny that counts - because of fiscal uncertainty arising out of a slowing economy - it can hope to get some ...

The New Tax Math for People Living in High-Tax States The Wall Street JournalMore snowbirds are expected to make a permanent move as the curbs on state and local tax deductions are starting to be felt. The Tax Cuts and Jobs Act of ...

Climate change: Germany's conservatives mull doubling air travel tax BBC NewsOnly domestic flights will be affected, say the Christian Democrats, who govern in a coalition.

How to use NPS to reduce your income tax this year LivemintYou should start planning for income tax if you have not done so far. Among other options, you could closely look at NPS or National Pension Scheme to save ...

Wealth Tax - Constitutional Probably - Good Idea Not So Much ForbesCalvin Johnson makes a strong case that wealth tax would be constitutional, which does not mean it would be a good idea.

Tax task force recommends new tax slabs for individuals Economic TimesNEW DELHI: A government constituted Direct Tax Code task force, headed by CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals.

8 Years of Trump Tax Returns Are Subpoenaed by Manhattan D.A. The New York TimesState prosecutors in Manhattan have subpoenaed President Trump's accounting firm to demand eight years of his personal and corporate tax returns, according ...

Opinion | Auto sector tax rate cut demand has no moral or financial grounds Moneycontrol.comShshank Saurav. The Indian automobile industry, plagued by prolonged sluggish sales, is making a strong pitch for government support in the form of tax cuts.

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These states have the highest, lowest property tax rates: Report Fox BusinessHawaii reportedly has the lowest median property tax rate, according to a new report. Meanwhile, New Jersey reportedly has the highest.

Opinion | It’s time for a direct tax regime that’s growth-focused and fair LivemintA more efficient direct tax system can create space for a lower and less complicated GST that could boost economy activity.

Is it time to switch income tax with a sales tax? The GuardianIs it time for the US to consider switching from income tax to a progressive consumption tax as a way of addressing growing wealth inequality? Many economists ...

7 changes in income tax laws that come into effect from Sept 1 Economic TimesHere is the list of the seven main changes in tax laws that will come into effect from September 1.

Trump tax returns subpoenaed: New York prosecutors subpoena 8 years of President Donald Trump's tax returns – AP source CBS NewsThe Associated Press reports Manhattan D.A. Cyrus Vance Jr. recently sent a subpoena to Trump's accounting firm seeking the last eight years of state and ...

Investing in NPS via credit card allows you to save tax without money in hand Economic TimesYou must ensure that you have enough credit limit available on your card for the amount you are investing in NPS so as to get full tax-saving deduction benefit.

College student tried to hack into Trump’s taxes by creating a fake FAFSA application The VergeTwo college students are facing federal prison time for attempting to hack into President Trump's tax returns, as reported by CyberScoop. Andrew Harris, 24, and ...

GST Council meets next Friday; tax rate cut to hinge on revenue position Moneycontrol.comThe all-powerful GST Council will at its Goa meeting next week consider demands for reducing taxes on products ranging from cars to biscuits keeping in mind ...

Inheritance tax would be scrapped by the Brexit party – good news for the very rich The GuardianA minuscule number of wealthy people would benefit from such a move, says Torsten Bell of the Resolution Foundation.

Illinois offers one-time tax amnesty program for liabilities between 2011 and 2018 WLS-TVIf you incurred tax liabilities between July 1, 2011 and June 30, 2018, you may be eligible for a one-time tax amnesty program from the state of Illinois.

What to expect from the Direct Tax Code Forbes IndiaA report, which aims to overhaul the Income Tax Act, has not been released to the public, but its recommendations are expected to cover four primary areas.

Walmart dodged up to $2.6 billion in US taxes, former exec says QuartzWalmart, the world's largest company, “improperly avoided” up to $2.6 billion in US taxes through an elaborate tax dodge involving a “fictitious” Chinese entity, ...

Bill Gates sounds supportive of Elizabeth Warren's wealth tax The Week MagazineBill Gates knows a thing or two about wealth, and the Microsoft co-founder, who is one of the world's wealthiest people, says he'd be ok with a tax on his assets.

New income tax rules come into effect from September 1. Latest changes explained LivemintSome income tax changes announced in this year's Budget comes from September 1, 2019. The full Budget for this year was presented in July this year.

Delhi: ED raids income tax officer, books him for money laundering India TodayThe Enforcement Directorate (ED) said on Saturday that it has raided multiple locations linked to IRS officer Neeraj Singh, a commissioner in the income tax ...

TurboTax Glitch Led To $216 Million Tax Bill For Thrift Store Worker ForbesSmith, a part-time worker at a local thrift store, got quite the surprise when she opened a tax bill from the Colorado Department of Revenue to find that she owed ...

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Direct tax committee calls for major changes to reassessment rules Business StandardThe government-constituted task force for re-writing the direct tax legislation has suggested major changes in provisions for reopening and reassessment, in a ...

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Germany Unites Around New Taxes, Higher Airfares (But Protections For Lufthansa) Matthew KlintGerman aviation taxes would rise under a new government plan to double domestic taxes. But the move greatly benefits Lufthansa at the expense of others.

Income-tax return filings surge to a record LivemintTax returns filed on the final date surged 41% to 4.9 mn filings in 2019-20 assessment year from a year ago.There has been a sharp increase in filing returns ...

Glitch in Illinois Weed Law Could Delay Towns' Tax Revenue Bloomberg TaxA drafting error in the law legalizing recreational marijuana in Illinois starting in January may mean counties and towns have to wait an extra nine months before ...

Govt gets tax bonanza from online ads on Google, Facebook LivemintNew Delhi: Tax receipts arising from a levy on payments made to digital advertising platforms such as Google and Facebook from Indian entities jumped 59% in ...

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Pay penalty of Rs 10,000 for late Income-Tax filing after December 31 Business StandardI have received money from a friend abroad amounting to over Rs 2 lakh. He has said I can repay him at ease. When filing returns, can I declare it as a loan to ...

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Trump again dangles a promise of tax cuts CNNWashington (CNN) President Donald Trump is reviving last year's promise to slash taxes for America's middle class as he seeks to bolster his reelection bid ...

How to pay income tax online or deposit challan at banks LivemintYou have filled up your ITR form and then find out that you have to pay a certain amount of income tax that is due. The taxpayer can do it both online and offline.

Gov. says DRS was 'over reaching' on new grocery tax WFSBThe governor and the Department of Revenue *Service* said they're reviewing a new food tax law.

How to verify Income Tax Return (ITR) via Aadhaar-based OTP India TodayIn order to verify ITR using the Aadhaar-based one-time password (OTP), the candidate's mobile number should be linked to Aadhaar card and registered in the ...

Amid Slowdown, Cars Get Pricer Due To Road Tax Hike In 9 States ZigWheels.comPrice hike ranges from Rs 5000 to Rs 57000 (on-road) depending upon the model.

Tough to claim input tax credit for donated goods Economic TimesGST authorities have, based on the facts of the case, denied ITC claims, especially when the company was not distributing its own products.

Opinion | Common taxpayers suffered this tax filing season due to frequent changes LivemintNew tax law should ensure that laws and ITR formats are not changed every year.

Urgent need to cut both corporate and income tax: Saugata Bhattacharya, Axis Bank Economic TimesTax cut is the most effective way of getting out of this slowdown and the sentiment.

States opposing cut in tax rate on auto ahead of GST council meet India TodayWhile the government is keen to go for a reduction in GST rate cut from 28 per cent to 18 per cent for the auto sector, the move's negative fallout in the form of ...

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ITR processed? Here's how to request intimation notice u/s 143(1) Economic TimesOnce your income tax return (ITR) is processed, the tax department is required to send you an intimation notice under section 143(1). This tax notice will tell you ...

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Oil companies flag roadblocks in rationalising taxes on jet fuel Economic TimesNEW DELHI: Oil marketing companies have cited issues like sales tax as a barrier to the Civil Aviation Ministry's plan to rationalise additional charges that ...

Income tax benefits you get in sovereign gold bonds: 5 things to know LivemintSovereign gold bonds are a good option to take exposure to gold as an asset class, say financial planners. After from fetching 2.5% interest, sovereign gold ...

Reporting of foreign assets in income tax return: CBDT issues clarification Economic TimesCBDT has clarified that only foreign assets acquired as per the relevant accounting period of the foreign country have to be reported while filing ITR for FY ...

Small startups with turnover up to Rs 25Cr to get promised tax holiday: CBDT YourStoryIn a statement, the CBDT stated that startups will continue to receive the tax holiday as specified in the Section 80-IAC of the Income Tax Act, 1961.

India needs to move towards single corporate tax bracket of 25%: KPMG report Business TodayKPMG has said that India needs a single corporate tax rate of 25% sans any surcharge or cess above it. The accounting and advisory firm in a report has ...

New income tax rules that impact TDS: All you need to know Business TodayFrom increased TDS outgo on purchasing immovable property and life insurance maturity proceeds, to two new areas where TDS will now be slapped on, here's ...

Tax on snacks would have 'huge impact' on obesity, say experts The GuardianA snack tax of 20% on biscuits, cakes and sweets would have “a huge impact” on obesity levels in the UK and be more effective than the current levy on colas ...

How long do I have to keep filing federal tax returns? NJ.comQ. I moved to Puerto Rico eight years ago. I receive Social Security and a pension from New Jersey. I will be 66 soon. How long do I have to keep filing federal ...

Progressive tax-the-rich push gains momentum | TheHill The HillThe progressive push to raise taxes on the rich is gaining new momentum.

All tax refunds under new export scheme may be tough, says finance ministry Times of IndiaIndia Business News: As the government works on an “export package”, the finance ministry has said that it may not be possible for the government to shift all ...

McLean County Seeks 6% Budget Increase; Taxes Level WGLT NewsMcLean County Administrator Camille Rodriguez presented a $102.8 million budget proposal on Tuesday that would keep the property tax rate flat and give 1.5.

Tax Tips - Which Tax Form Is Right For Me?

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