What Is A Tax Invoice? A tax invoice is a legal document that offers a look at what the GST is for a transaction. Read on to learn about your obligations for issuing, holding, and supplying the different types of tax invoices.You can easily learn what the general requirements are for keeping tax invoices and what you can do if you receive a tax invoice too late to claim a GST credit, as well as what the requirements are for issuing...more
Differences Between Various Federal Income Tax Forms The Internal Revenue Service (IRS) of the United States is constantly improving the taxation system thus a remarkable change has been seen in to tax payment as well as increasing numbers of taxpayers each year. Federal tax form is a widely used term hitherto puzzling in terms of the tax situation. In a simple manner it is understood by the IRS tax forms used by the taxpayers and...more
It Is the Season for Tax Breaks! With April 15 rapidly approaching many are scrambling to complete their taxes. For those who have recently bought or sold a home, there are a number of tax deductions that that may be available to them.Real estate broker's commissions, title insurance, legal fees, advertising costs, administrative costs, and inspection fees are all considered selling costs and may be used to reduce one's taxable capital gain by the amount of the selling costs. That could result in a big savings depending on the final sale price.Interest that is paid on a mortgage is also tax-deductible, within limits. A married couple filing jointly can deduct all their interest payments on a maximum of $1 million in mortgage debt secured by a first or second home.Buyers may also be able to deduct some of the interest they paid on a home equity loan or similar line of credit.One deduction that many buyers often overlook is points. Points or origination fees on a home loan that were paid during the purchase of a home are generally tax-deductible in full for the year in which they were paid.Refinanced mortgage points are also deductible but only over the life of the...more
Gibraltar as an offshore company tax haven A number of factors make Gibraltar attractive for offshore business conduct; good geographical location and bilingual (English and Spanish) territory; cost effectiveness and attractive fiscal regime for offshore investors; excellent reputation, stable government and special status within the...more
Common Reasons For Tax Rebates The tax rebate is one of those things that a lot of taxpayers wait for anxiously. Despite the fact that a lot of people do not take serious steps to ensure that they utilize their monies correctly, a good number of them are always eager to get the cash. However, although these people may genuinely be...more
Knowing When To Claim A Tax Rebate The truth of the matter is that there are so many people who deserve a tax rebate but who never take any steps to claim them. At the same time, there are many people who are very eager to claim the refund even when they know that there are indeed very few chances of them accessing the same. In this article, we are going to look at some times when you should be claiming a rebate. When You Are Leaving The United KingdomThe first case that should allow you to claim a refund is when you are leaving the United Kingdom. Although there is actually nothing special about those people who are leaving the UK, the fact is that such people usually do so within the financial year, hence they are not able to make full use of their personal tax-free allowance. You will realize that the personal allowance is meant for the whole year, but it usually happens that the annual personal allowance is divide by twelve, so that you as the taxpayer can base your monthly payments on the monthly salary. However, if it happens that you fail to work for the whole year, you will not be allowed to use the full personal allowance, and hence you should be able to...more
How To Apply For A Tax Rebate if you are employed If you suspect that you are due a tax refund but are not so sure on how you should proceed with the application process, then be my guest. Every year, millions of pounds go unclaimed by...more
How Not To Use Your Tax Rebate There are so many people who get their tax rebates but do not really know how they should use this money. They tend to use this money in a haphazard manner because they do believe that this money is "free...more
The Challenges In Applying For A Tax Rebate If you are applying for a tax rebate, you need to keep in mind the fact that the process will have its own challenges, and that you should be ready to deal with these challenges if you would...more
Advantages Of Filing Your Tax Returns Early The business of filing tax returns has become one of the most head-cracking activities ever since the concept of self-assessment was popularized. However, a good number of people are yet to...more
Life Settlements and How They Affect Taxes Understanding the tax implications of replacing or selling existing life insurance coverage will help shed some light on the options available to financial advisors and policy holders looking...more
How A Flexible-benefits Plan Gives You A Tax Break Flexible-benefits Plan (FBP) is an employee benefits plan which helps the employees' to save considerable amount of taxes by paying certain expenses from their pre-tax income. Some of...more