Need an Offshore Sales Office in a Tax Free Environment?

The 100 year old investment-banking firm of Warburg, Dillon Read (on Park Ave. N.Y.) (now UBS Warburg) has offices in 39 foreign countries - including the Bahamas, the tiny Cayman Islands, Hong Kong and the Channel Islands. Makes you wonder why, doesn't it? Non-resident foreign companies,... Read More

Small Businesses Filing Amended Federal Tax Returns to Recover Money

Small Businesses Filing Amended Federal Tax Returns to Recover Money By Darren Oliver April 15th may be gone but, but certainly not forgotten ? especially if you, like millions of small businesses, unknowingly overpaid your federal taxes and can recover money... Read More

How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share

How Home-Based Businesses Can Avoid Giving Uncle Sam More than His Share By Darren Oliver With the rush to file your taxes by April 15th, you probably did not consider the possibility that you overpaid.... Read More

Alas! In E-Commerce Taxland

In trying to comply with tax laws for your e-business, you may find yourself falling down the rabbit-hole, going through the looking glass, and attending a Mad Tea-Party.Common sense, logic, and fairness never did apply fully to the field of taxation but this is especially true of e-commerce transactions.1. Canada... Read More

Rearrange Your Affairs For Maximum Tax Savings

One way to maximize your business profits is by reducing your taxes. Frequently, income and other taxes could be lowered significantly if only the taxpayer were willing to plan ahead. By taking some simple steps to rearrange your affairs, you could save a fortune!1. Are You Splitting Your Business Income?You... Read More

Organizing Your Taxes

Does this scene sound familiar? It's April 7. You haven't seen the top of your dining room table in two weeks because of the piles of paid bills, receipts, canceled checks, and unidentified cash register receipts covering it. Your head pounds and your stomach churns as the countdown to April... Read More

Seven Key Tax Deductions for the Self Employed

As a sole proprietor, it's wise to familiarize yourself with the some key deductions that may reduce your tax bill for 2004.Small-business consultants generally recommend that you hire an accountant to prepare your tax returns, payroll and financial statements. But you should also meet with your accountant well before the... Read More

How To Set Up A Tax-Saving Bookkeeping System

One of the most important, but least understood or appreciated aspects of any business is its bookkeeping or accounting system. And, because very few people know much about the reasons for a bookkeeping system, most people are frightened by the thought of the work involved in setting up such a... Read More

Knock-Knock-Knock

Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax for the self-employed is not far off. Network marketers who receive a form 1099 at the end of the year, and/or who are expected to owe $1,000 or more in taxes, must file a form 1040-ES Payment Voucher quarterly to... Read More

How to Reduce the Estate Tax Using the A-B Revocable Living Trust

In a past article I relayed the plight of the widow who stated:"I didn't realize what an A-B Revocable Living Trust meant and that it had to be divided between the survivor and the deceased spouse and that I am limited as to what I can use from his share."She... Read More

In The News:

How High-Tax Countries Tax  BloombergThey don't tax wealth much, their income taxes are high but not very progressive, and they rely a lot on consumption taxes.
I owe how much? Americans are shocked by the impact of Trump's tax law  CNBCThe first tax filing season under the new federal tax law is proving to be surprising, confusing — and occasionally frightening — for some Americans.
Bill Gates: Taxes on rich should be 'much higher' but capitalism still works — here's why  CNBC"My vote will be not to make a radical change" to the economic system of the United States Bill Gates told CNN's Fareed Zakaria.
Tax Day 2019: TaxAct review for filing 2018 tax return  Business InsiderI've been using tax filing software TaxAct for a few years now to file my taxes online, and I've found it to be straightforward and easy.
Democrats Want to Tax the Wealthy. Many Voters Agree.  The New York TimesA proposal to tax wealth finds support across party lines, along with the premise that the government should combat inequality.
Your parents, wife and children can help you save taxes. Here's how  Economic TimesSalaried individuals can save tax by paying rent to their parents and availing the HRA exemption benefit.
Top banks under taxman’s lens over service tax issue  Economic TimesNEW DELHI: The intelligence arm of the indirect tax department has asked three top banks to pay full tax due on fees paid to card and payment companies ...
Government relaxes norms, investment limit for angel tax concession to startups  Times of IndiaIndia Business News: A notification regarding simplifying the process for startups to get exemptions on investments under section 56(2)(viib) of Income Tax Act, ...
Fact-check: Does Amazon pay '$0' in taxes?  Times NowAmazon found itself in the headlines after suddenly pulling out of a planned New York City corporate expansion amid controversy over local tax incentives that ...
There's still time to slash your 2018 taxes. Here's how  MarketWatchHere are 4 maneuvers you can make to lower your tax bill before the April filing deadline.
Should you hire an accountant or do your own taxes?  MicAs Benjamin Franklin once said, “nothing can be said to be certain, except death and taxes.” For many of us, doing taxes can be so confusing, the former seems ...
Budget 2019: No marginal relief for taxpayers whose taxable income exceeds Rs 5 lakh  Economic TimesAlthough the interim budget 2019 has made income up to Rs 5 lakh tax free, the marginal increase in income above Rs 5 lakh will result in more tax outgo than ...
Amazon Paid $0 In Federal Income Taxes Last Year [Infographic]  ForbesDespite doubling its profits, Amazon has paid zero dollars in federal taxes for the second successive year. A recent report from the Institute on Taxation and ...
Taxes for senior citizens: Here's a list of benefits and exemptions available  Moneycontrol.comSeniors can claim deduction of up to Rs 50000 p.a. for medical expenses and/or health insurance premium.
Do your taxes for cheap! H&R Block Tax Software Deluxe is on sale for just $18  PCWorldThe tax deadline is still a few months away, but this deal for H&R Block Tax Software Deluxe can't be missed.
What Virginia tax changes mean for your state income tax return  WTVR CBS 6 NewsNow that the Virginia Department of Taxation has begun processing state returns, officials said taxpayers can expect "slower turnaround times for refunds" ...
High Dividends, Low Taxes: A Careful Investor's Guide To Preferred Stocks  ForbesLooking for a stodgy, somewhat safe and tax-favored income stream? Certain preferred stocks fit the bill. We'll show you which ones.
Budget 2019: Only those with income up to Rs 5 lakh to pay no tax, rates remain same for all others  Economic TimesUnion Finance Minister Piyush Goyal in his interim budget 2019 has proposed that individuals with taxable income up to Rs 5 lakh will get full tax rebate under ...
Married lesbian couple turned away by Indiana tax preparer  NBCNews.comThe tax preparer said she had denied the couple services because she's "a Christian" and believes "marriage is between one man and one woman."
Sir Dorabji Tata Trust contests R Venkataramanan tax order  Economic TimesSir Dorabji Tata Trust has appealed against the income tax department's order that stemmed from the salary of outgoing managing trustee R Venkataramanan.
5 tax breaks you can't get anywhere but the US  Business InsiderSome tax deductions and tax credits for businesses and individuals are unique to the United States tax code.
From tolls to the grocery tax, here’s what’s in and what’s out of Gov. Lamont’s budget  Hartford CourantWhat's in Connecticut Gov. Ned Lamont's budget and what's out?
Angel tax exemption may be hiked to Rs 25 crore  Economic TimesAngel tax is a term used to refer to the income tax payable on capital raised by unlisted companies via issue of shares.
Want lower taxes? Murphy should focus on pensions, aid to some schools, former candidate for governor says  NJ.comGov. Murphy, this is no time to pay for more things we can't afford.
Minnesota Gov. Tim Walz proposes gas tax hike, more money for schools, roads  Star TribuneHundreds of millions of dollars more for education, the expansion of a public option for health insurance and a 20-cent gas tax increase are key pieces of Gov.
Thanks To Trump Tax Law, The Time Is Ripe For This Roth Conversion Retirement Trick  ForbesBetween Trump's temporary tax cuts and the stock markets downswings, now could be the time to do a Roth conversion.
Government tweaks Startup definition, raises angel tax exemption limit. Check details  Times NowNow an entity will be considered as a Start-ups up to a period of ten years from the date of incorporation and registration. This period was earlier used to be 7 ...
Amazon's new Virginia data center is getting a bunch of tax breaks, and it gives insight into how the company reduces its tax liability  Business InsiderVirginia offers tax breaks to the biggest data-center operators. And it designated land Amazon was interested in as an "opportunity zone."
Tax on sugary drinks tops Lamont's list of new 'sin taxes'  The CT MirrorGov. Ned Lamont's first budget will include a series of new “sin tax” proposals, including levies on sugary drinks, electronic cigarettes and plastic bags, and ...
Putting the 'Trump tax cuts will pay for themselves' myth to bed | TheHill  The HillInstead of using tax reform as an opportunity to raise this revenue, however, we used it as an excuse to cut taxes.
Tax case: McKinsey has KPO in India not BPO, says Supreme Court  Economic TimesIn a setback to the global white shoe consulting firm the Supreme Court rejected a special leave petition (SLP) filed by McKinsey Knowledge Centre against a ...
GoM favours uniform tax on lottery, GST Council to decide rate on February 20  Economic TimesNEW DELHI: A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent or 28 per cent -- a final call on ...
Watch Out. Tax Season Is Even More Stressful Than Usual.  The New York TimesWith millions of people filing tax returns under a new tax law and after a long government shutdown, this is a challenging year. We offer survival tips and ...
The Constitutional Critiques of Elizabeth Warren’s Wealth Tax Plan Are Absurd  SlateOne of Sen. Elizabeth Warren's first proposals upon joining the 2020 presidential field was a wealth tax. Warren would impose an annual tax of 2 percent on ...
The 8 Most Common 2019 Tax Return Questions, Answered by Experts  The New York TimesThe most important changes to the tax code in decades have taken effect — and filers are confused. We asked CPAs and other tax-prep pros to simplify things.
MSPs approve Scottish government income tax plans  BBC NewsMSPs have voted to approve the Scottish government's income tax plans for the coming year. Finance Secretary Derek Mackay chose not to pass on a tax cut ...
Why Marco Rubio's Buyback Tax Makes No Sense  The Motley FoolThere's been a furor recently over companies taking their spare cash and using it to buy back shares of their stock. Many politicians on both sides of the aisle see ...
It’s income tax time: CRA opens electronic filing service for 2018 returns  Global NewsThe deadline to file your taxes is April 30, but there are a few advantages to getting your paperwork in much sooner.
Punjab budget for 2019-2020 includes no new taxes; proposes hike of 9-36% in funds for agriculture,...  FirstpostChandigarh: Punjab Finance Minister Manpreet Singh Badal Monday presented the state budget for 2019-20 with a total outlay of Rs 1,58,493 crore with no new ...
Harshad Mehta scam: Family free of over Rs 2,000cr income tax demand after 27 years  Moneycontrol.comThe tax refunds following favourable court orders would eventually pave the way for the custodian to release the assets of the Mehtas.
New Zealand plans new tax for giants like Google, Facebook  ETTelecom.comNew Zealand's government announced plans on Monday for a new tax targeting online giants like Google and Facebook that earn plenty of money in the cou..
B.C. government unveils budget big on social spending, low on new taxes  Vancouver Is AwesomeParents will receive a larger child benefit until their child is 18, students will no longer have to pay interest on B.C. student loans, and people on income ...
Tax Return trouble for large Utah families following Federal changes  KSTU FOX 13 Salt Lake CityUtahns have always been demographically unique, largely because of the fact that a majority of residents belong to the Church of Jesus Christ of Latter Day ...
A Man in Florida Mistakenly Received a $980,000 Tax Refund, and Officials Say He Tried to Keep It  The New York TimesThe average tax refund is usually a couple of thousand dollars, but a man in Florida who earned less than $3,500 mistakenly received a check for a much higher ...
4 Overlooked Tax Deductions That Could Save You Big Bucks  The Motley FoolTax season is upon us again, and with it comes a raft of deductions that can save you money and pump up any refund you may get from the Internal Revenue ...
Cashed-up retirees getting a refund for tax they never paid? We've hit peak rort  The GuardianSome of the wealthiest Australians pay negative tax and still get to call themselves self-funded.
Receiver of taxes announces bid to run for Town of Hempstead supervisor  News 12 Long IslandRepublican Don Clavin announced he's running for Town of Hempstead supervisor.
The 70% top tax rate, explained with potatoes  Vox.comA few weeks ago, Rep. Alexandria Ocasio-Cortez (D-NY) suggested that the top tax rate for the very rich should be 70 percent. The current top income tax rate is ...
Tax Department Seeks To 'Examine' Tribunal Orders Against It  BloombergQuintA recent office memorandum issued by the Central Board of Direct Taxes has perturbed tax practitioners across the country. The CBDT has set up a committee of ...
Income tax e-filing alert: Never share PIN, OTP, credit, debit card info, beware of fraud SMS, phishing emails  Times NowIncome Tax Department never asks for a PIN, OTP, password or access to similar information such as credit cards, debit cards, net banking details through ...
All Talk, Little Action: What to Expect on Tax Policy This Year  The New York TimesDon't count on big changes. But the heated debates in Congress and on the 2020 campaign trail give clues about legislation to come.
These three tax breaks for 2018 are still up in the air  CNBCWhether you own a home or you're shelling out for higher-education costs, Congress has yet to approve a package of breaks known as tax extenders.
No tax liability if your income is up to Rs 9.5 lakh, but conditions apply  Business StandardStressing that tax concessions have been provided with a view to help poor and middle-class people living on a tight budget, Finance Minister Piyush Goyal on ...
These red flags on your 2018 tax return could spark interest from the IRS  CNBCMost taxpayers will never face an audit or even receive correspondence from the IRS. Nevertheless, certain things on tax returns generate more attention from ...
Proposed tax changes could have a big impact on U.S. citizens living in Canada  The Globe and MailIf the new bill passes, it would give non-resident U.S. citizens exemptions from paying taxes in the U.S. on their foreign income.
MPs call for 1p clothing tax and darning classes in schools to cut waste  The GuardianUK fashion industry bigger source of carbon emissions than aviation and shipping.
10 Tax Breaks for the Middle Class  Kiplinger's Personal FinanceIf you believe that tax breaks are reserved for hedge fund managers and companies with offshore subsidiaries, you're probably paying too much to the IRS.
New tourist taxes from Venice to Bali aim to curb overtourism  QuartzCountries and cities have generally tried to encourage tourism—based on the premise that holidaying visitors and the money they spend fosters economic ...
Notional rent: How to calculate it and how much tax do you pay?  LivemintNotional rent was introduced to discourage taxpayers from leaving houses vacant and create supply of properties for tenantsNotional rent is calculated using the ...
The tax code treats all 1 percenters the same. It wasn’t always this way.  The Washington PostWhen we debate income tax policy in the United States, we typically focus on what's in the chart above, which shows the top marginal tax rate from 1913 to the ...
Alphabet unit seeks share of property taxes for Toronto smart city  ReutersAlphabet Inc's Sidewalk Labs unit is proposing it get a share of property taxes, development fees, and the rising value of Toronto city land as part of a deal to ...
The new tax law has a bunch of changes. Here's what you need to know as filing season begins  CNBCIt's time to sharpen your pencils and work on that 2018 income tax return. Just make sure you understand the new tax law first. After one year under the Tax Cuts ...
How to claim marijuana on your taxes  The GrowthOpWith Canada now raking in up to $100 million per year in pot taxes, some of that revenue will soon be heading right back to pot users in the form of ...
New Hampshire House Subcommittee Approves Bitcoin for Taxes Bill  Bitcoin NewsDuring the first week of the new year, two U.S. representatives from New Hampshire, Dennis Acton and Michael Yakubovich, proposed a bill that would allow ...
How Much Do You Have to Make to File Taxes in 2019?  TheStreetYour income, filing status and age all play a role in whether you have to file a tax return and what your requirements are. Here's what you need to know.
Budget 2019: Income up to Rs 5 lakh can pay zero tax but still need to file ITR  Economic TimesIf you thought that having a taxable income of up to Rs 5 lakh meant bye-bye to the tax department think again. You can avail of the zero tax benefit announced ...
Hyderabad HC rejects RTA's plea on life tax on vehicles' ex-showroom price  ETAuto.comRuling in favour of vehicle buyers and dealers, the high-court of Hyderabad have rejected the road transport authority (RTA) plea to collect life tax ..
After 27 years, Harshad Mehta and family free of tax cloud  Economic TimesMUMBAI: After 27 years of tortuous battle, involving claims, counter-claims, and cross-appeals, the income tax tribunal has scrapped almost the entire tax ...
How to tax the rich  The EconomistDURING HIS lesser-known run for president, which began in 1999, Donald Trump proposed levying a wealth tax on Americans with more than $10m. He may ...
How reachable is zero-tax income level of Rs 5 lakh using deductions, exemptions?  Economic TimesAnjali Behl has not been able to hide her excitement since the Budget was announced on 1 February. “My net income after all deductions will be below Rs 5 ...
Most Americans Support Increasing Taxes on the Wealthy: Poll  FortuneSupport for raising taxes is widespread, according to a new poll, which found that 76% of registered voters want the wealthiest Americans to pay more.
Cabinet approves abolition of Ombudsman for direct, indirect taxes  Economic TimesThe approval comes against the backdrop of people preferring online grievance redressal mechanism.
Taxes 2019: When to file and what big changes to expect  USA TODAYTax filers need to realize, though, that it won't be business as usual when it comes to filing their 2018 tax returns.
Would you pay a tax for every mile you drive on Illinois roads? Lawmaker says idea not ready.  Belleville News-DemocratA Chicago legislator has put the brakes on his idea to charge a 21-cent tax for every mile a vehicle drives on Illinois roads. Money needed as state's motor fuels ...
N.J.'s celebrity tax evaders: 16 famous faces who had to pay up  NJ.comA look at some of the most high-profile tax dodgers in state history.
HDFC Bank PPF investment: PPF rate 2019, income tax benefits, eligibility, deposit, withdrawal  Times NowHDFC Bank, India's largest private sector bank by asset size, offers the facility of Public Provident Fund (PPF) account under which an individual could save ...
Richest in U.S. Have a Few Tricks to Avoid Democrats' Tax Plans  BloombergIf Democrats want the wealthy to pay more into the U.S. Treasury, they'll need to contend with one fact: the rich are very good at dodging taxes.
Wealth tax calculator: Try your hand at taxing the super rich  Vox.comSen. Elizabeth Warren (D-MA) recently proposed a wealth tax on the very rich as a way to curb wealth inequality. It's a simple 2 percent tax on fortunes over $50 ...
Smaller Tax Refunds Surprise Those Expecting More Relief  The New York TimesMany early filers under President Trump's tax plan are surprised that their refunds are smaller or that they owe the I.R.S., even as their tax burdens have ...
UK's richest man moves to Monaco to 'save £4bn in tax'  The GuardianBrexiter Sir Jim Ratcliffe's company Ineos is working with PricewaterhouseCoopers to reduce bill.
Tax time: What's changed in Canada for 2019  CTV NewsIf you own an Airbnb rental, have a *service* animal or attend a post-secondary institution, then you may be affected by changes to Canada's tax code.
Federal tax changes could be why California’s budget is more than $2 billion below projections  Los Angeles TimesGov. Gavin Newsom's prediction of a record tax windfall for California's budget might hinge on whether the 2017 federal tax overhaul has simply left high-income ...
Want to reduce your taxable income to Rs 5 lakh? Here's a list of all deductions you can claim  Economic TimesInterim Budget 2019 has proposed rebate under Section 87A on full income tax liability for all those earning up to Rs 5 lakh taxable income for FY2019-20.
The super rich at Davos are scared of Alexandria Ocasio-Cortez's proposal to hike taxes on the wealthy  CNBCThe super rich attending Davos have misgivings about Ocasio-Cortez's proposal to boost the tax rate on earnings above $10 million to 70 percent.
Netflix 'didn't pay a dime in state OR federal income taxes last year and even got a $22m REBATE'  Daily MailThe Institute on Taxation and Economic Policy said corporations like Netflix are still 'exploiting loopholes' under the Tax Cuts and Jobs Act. The streaming giant's ...
Tax cuts could be the 'front line' of China's fight against slowing growth, experts say  CNBCTax cuts in China could be the center of Beijing's fiscal fight against an economic slowdown amid an ongoing trade spat with the U.S., experts said.
Frequent large cash deposits, withdrawals can lead to tax scrutiny  Business StandardFrequent deposits and withdrawals of large amounts can lead to an income-tax (I-T) notice during assessment of return. Recently, when a tax official scrutinised ...
Tax queries: Gifts received from a relative are tax-exempt  Economic Times"According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable. The specified list of relatives includes grandparents and ...
Alexandria Ocasio-Cortez’s Tax Hike Idea Is Not About Soaking the Rich  The New York TimesAlexandria Ocasio-Cortez has kick-started a much-needed debate about taxes. But the debate, so far, has been misplaced. It's obvious that the affluent ...
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Correspondence From The IRS ? Yikes!

It's a moment every person dreads. You pick up the... Read More

How Likely Are You To Be Audited?

Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing... Read More

Render Unto Caesar

Once a year Canadian taxpayers are required, by law, to... Read More

State Tax Information

All states also have their own tax system. Typically there... Read More

Take Control of Your Taxes

As everyone in the U.S. knows, we have just passed... Read More

Gambling Income and Expenses - Tax Requirements

Hit a big one? With more and more gambling establishments,... Read More

Business Tax Loophole: Leasing Assets To Your Corporation

While there are many equally valid reasons to incorporate, saving... Read More

Donating Cars To Charity - New Tax Rules

On June 3, 2005, the IRS released guidance on charitable... Read More

How To Get An Instant Pay Raise

As a gentleman was leaving my class recently, he wanted... Read More

Small Business Tax Deduction - Write-Off Bad Debts

Practically every small business has receivables that it cannot obtain... Read More

Access to E-records by Taxing Authorities: A Case for Pakistan (Part I)

Background issues of access to recordsTo assess the records at... Read More

Organizing Your Taxes

Does this scene sound familiar? It's April 7. You haven't... Read More

How to Donate Your Car to Charity and Get Tax Deduction

Donating your used car to charity is a win-win situation;... Read More

Tips and Simple Guidelines on How to Calculate Payroll Taxes

Managing a business small, medium or big requires you to... Read More

Truly Bizarre Taxes: The Tax on Illegal Drugs

One can never underestimate the enthusiasm that politicians have for... Read More

Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money

Why a Corporation Helps Save You TaxesThe Tax Rates (Notice... Read More

The Tax Man Cometh... To Search

You're at your office, or home, and the doorbell rings... Read More

How to Check the Status of Your Tax Refund Online

So, you were pleasantly surprised to learn that you are... Read More

Save Money on Taxes - Let Uncle Sam Pay for Your Fun!

"Deducting Meals and Entertainment"O.K. You've been working really hard on... Read More

Knock-Knock-Knock

Knock-Knock-KnockWho's there?The IRS!The next quarterly payment of estimated income tax... Read More

Some Folks Pay A Lot Less Tax Than Others On Very Same Income?Did You Pay Too Much Tax In 2004?

Someone once remarked, "Next to being shot at and missed,... Read More

Taxation of Isle of Man Companies from April 2006

At the present time a company incorporated in the Isle... Read More

Tax Audits: What Signs Make You More Likely to be Audited by the IRS?

It's a major fear for most Americans: A notice from... Read More

Getting A Second Extension to File 2004 Taxes

Millions of people file tax return extensions every year. The... Read More

How to Reduce the Estate Tax Using the A-B Revocable Living Trust

In a past article I relayed the plight of the... Read More