Financial Advisor

In order to qualify for Supplemental Security Income, you need to be able to prove that your income falls below a certain level. Currently, this level is at 2,000 a month for single individuals, and 3,000 a month if married. If your income is any more than this, then you are not eligible for Supplemental Security Income. Of course, the word “income” is relatively vague, and needs to be specifically defined so that individuals can determine whether or not they are actually eligible for the program. Thankfully, Supplemental Security Income has very strict parameters regarding what is income, and what parts count against eligibility for Supplemental Security Income.

What Do They Mean By “Income”?

“Income” is defined by the Social Security Administration as money you receive such as wages, Social Security benefits, and pensions. Income also involves items such as food and shelter. The amount of income you can receive each month does depend on where you live, despite the federal guidelines of 2,000 and 3,000 per month, as it obviously costs more money to live in New York City as compared to Omaha. In order to find the income limits in your state or area, be sure to call the Social Security office. Continue reading ‘What Is Income In Terms Of Supplemental Security Income?’ »

Taxes are utilized to benefit the whole citizenry. Tax collections support health care services, national defense budget, social services, and many more. To ensure a balance and continuous revenue, the federal government encourages taxpayers to responsibly pay in time. Otherwise, the law imposes penalties to all non- compliant individuals. To avoid tax problems with the Internal Revenue Service (IRS), it is highly recommended to file tax returns ahead of time.

Most of the citizens would probably undermine paying of taxes, failure to pay and its corresponding penalties. However, the government recognizes it as stealing from the national and local budget and so must be penalized by law. The deadline for filing income tax returns is on the 15th day of April. Failure to comply with payment means accumulation of debts to your account. The IRS begins to penalize you with interests and penalties on your unpaid taxes on April 16. Then your tax problems begin to amass. Continue reading ‘Avoid Tax Problems, File Tax Returns ASAP!’ »

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In March this year, about the same time Americans everywhere were thinking about income taxes, POTUS (President Of The United States) declared this: If anybody has any ideas about how to stimulate small business, he would listen.

OK Mr. President, here’s an idea: Get rid of the nearly 40% marginal federal tax rate paid by sole proprietors. Such a confiscatory rate saps the lifeblood out of small business and discourages expansion and job creation.

What they say and what they do are not related.

Members of Congress, both Democrats and Republicans, constantly exalt entrepreneurs often dubbing them the “engine of American capitalism”. But while the legislative side of government makes nice, the enforcement side, the IRS, sticks a hand in our entrepreneur’s pockets and yanks out nearly half their profit. Continue reading ‘How Our Tax Code Discourages Entrepreneurs’ »

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Last year American taxpayers received a hefty $328 billion in income tax refunds with the average refund around $3,000. It’s not difficult to see why the IRS loves for you to send them more money than you owe. And it’s fun to get a refund. But in exchange for the average refund, you give up control of $250 a month for an entire year. That’s $250 take-home.

You’re in control

The IRS does not prescribe “hard and fast” withholding rules. Their guiding principle is “pay as you go”. Self-employed individuals estimate and pay taxes quarterly. Employees file a Form W-4 on which they try to approximate a withhold number. But neither withholding nor quarterly estimate amounts are dictated as are the Social Security and Medicare taxes.

So you’re in control. However, if you end the year owing the IRS money you could be assessed a penalty. Continue reading ‘Withholding Tax: Increase Your Net Pay by Managing Your W-4’ »

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In 1936 California began requiring corporations which were controlled or owned by the same interests to file a tax return combining the operations and net income of all the entities within the group. A formula was then applied to the net income to apportion the income to the operations located within California. Thus, California could levy their tax on the net income deemed to be earned by the business in California.

This system evolved from a similar method of taxation imposed in the late 1800′s. When the railroads came out West the state sought to charge them property taxes, not just on the value of their track located within the sate, but also on their property located elsewhere. The state devised a method which involved determining the entire value of the company’s property located everywhere and then applying a factor with the numerator representing the miles of track located within the sate and the denominator the total miles of track. This system worked so well it was expanded to include telegraph, telephone and express companies. Continue reading ‘Historical Antecedents’ »

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Subpart F rules limit deferral of foreign income by owners of foreign corporations. Earnings of a foreign corporation owned by U.S. taxpayer(s) are generally not subject to taxes in the USA until remitted. This general rule is subject to several anti-deferral regimes, including Subpart F. U.S. shareholders (generally U.S. persons owning 10% or more of the vote) of a controlled foreign corporation (CFC) must include in their income currently certain types of income earned by the CFC, under the provisions of Subpart F. These inclusions are accompanied by a deemed-paid credit for corporate shareholders that operates identically to the deemed-paid credit for dividends. A Subpart F inclusion, however, is not a qualified dividend eligible for the reduced 15% tax rate. Continue reading ‘US International Tax Planning: Subpart F Branch Rule Causes Inclusions for CFC Shareholders’ »

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If you are a foreign resident taking up employment in Australia it is strongly recommended that you seek expert advice on your Australian Taxation obligations. Expatriates working here will usually be liable for income tax on their Australian sourced income. This not only includes wages and salaries, but also interest and dividends that have their source within Australia.

Whether you are a resident for Australian income tax law will depend on your circumstances and this needs to be reviewed on a case by case basis. Continue reading ‘Tax Tips for Expatriates Working in Australia’ »

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If you have offshore financial activity, the Internal Revenue Service (IRS) asks that you come forward with voluntary disclosure of this information. Taxes are required to be paid on the activity and coming to the IRS voluntarily eases much of the pain on both sides to get the taxes paid and the matter closed. This is done through the Offshore Voluntary Disclosure Program that the IRS offers each year. Yet, many choose to not participate with dire consequences once the IRS begins to examine them.

Detailed Examination
Whether you participate in the Offshore Voluntary Disclosure Program or not, you will have your offshore financial activity looked at. The difference is how the IRS approaches it. It can be extremely in depth when you try to avoid letting the IRS know of your financial activity. Continue reading ‘Results of Avoiding the Offshore Voluntary Disclosure Program’ »

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The Report of Foreign Bank and Financial Accounts Form TD F 90-22.1 (“FBAR”) is due June 30, 2011. This form must be filed by a United States person with a financial interest in or signature authority over a foreign financial account if the total value of all of the accounts exceeded $10,000 at any time during the year. This form is merely an information form. There is no tax due with this return.

This form must be received on or before June 30, 2011. There is no extension of time to file this return. Even if your individual income tax return is on extension, it doesn’t matter. Please note it must be received by June 30, 2011, not postmarked. File this form with the Treasury Department, not the Internal Revenue Service. Unlike income tax returns, this form cannot be filed electronically. It must be mailed in. Caution should be exercised to assure the form arrives by the due date. As with other returns and forms, it is recommended that you send it “Certified Mail, Return Receipt Requested”. Continue reading ‘How to File Your FBAR and Avoid Huge Penalties’ »

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