The Tax Questions Blog

Posts Tagged ‘wiki’

Question: A second jobs tax requirements?

I am considering taking up another job with a friend's company and i am (and he is) confused about the tax requirements (if any). in my first job i earn £12,984 PA and it is hoped i should earn around £30 per month from the second job.

My question is what rate of tax is used for this amount (if at all), the rate of NIC i pay and NIC my employer would pay?

Thanks everyone

Answer: You normally get a BR code for your second job. That means basic rate tax is deducted from all the pay from your second job. Any allowances and liability to higher rate tax are set against your main job. You pay full NI contributions on both jobs. At the end of the year, if you've paid too much you get some back - although from the numbers you've given you won't pay too much.

The week ahead (14/02 - 18/02/11)

It could be a case of bedsheets at dawn this week as two major hotel chains prepare to do battle. InterContinental Hotels Group is first up on Tuesday and is on track to deliver a solid set of results and an encouraging update on its trading outlook.

Nic Horton - www.arkansaspatriot.us

Question: I'm a owner of a small grocery store. How to files year end taxes?

I use hrblock online filing program for personal taxes. Can I still use it? My business will be opened to public from November. Is it better to give to an accontant?

Answer: I own a small hair salon and have been in business 5 years. I have found that getting an accountant or cpa to do my taxes really pays off. They can find deductions that we would never think of. It doesn't cost that much, and the fee is a tax write off for the next year!

'Fake' farms get tax breaks

Spotty enforcement and an outdated state law allow thousands of landowners to pay pennies on the dollar in property taxes.

Password protect Zip Folders and files with 7-zip File archive compression

Question: Americans who have successfully left America for another country - What are our American tax responsibilities?

How long must you pay American taxes and does Australia or Canada offer a tax credit for taxes paid to America?

Also, what are the consequences of stopping payment of American taxes if you immigrate legally and decide to pay taxes only to the country you moved to?

Any links of online sources would be appreciated.

Thanks.

Answer: US citizens are required to pay tax on worldwide income for as long as you are earning income and are a citizen. If you renounce your citizenship you become an expatriate. If the reason for renunciation is taxes, there are a lot of hoops you must jump through if you ever want to reclaim your citizenship. Details are available here:

http://www.irs.gov/businesses/small/international/article/0,,id=97245,00.html

If you work in abroad and meet certain requirements you can exempt up to $82,400 (double if you're married filing joint and both spouses work in a foreign country) from taxation. These exclusions and requirements are detailed in IRS publication 54:

http://www.irs.gov/businesses/small/international/article/0,,id=97245,00.html

There is also a foreign tax credit available for income taxed by a foreign government that is also taxable by the US. This is also covered in pub 54, page 32.

I'm not sure what the other countries do as far as foreign tax credit.

Rudd defends use of old tax data

Prime Minister Kevin Rudd has defended Treasury’s comparative analysis of corporate taxation, despite it being based on data that is six years old.

Migration to Australia not just cyclical

Question: electronic moving from US to Canada law?

If I wanted to buy a TV and a laptop from US and then move to Canada, What taxes do I have to pay during my passing at the border.? Is there any and how much?

Answer: The answerer above me is right... but only if you already live in Canada. If you currently live in the US and are moving to Canada that is a different story. I don't really know if you have to pay duties or taxes on them but this website might help you out. http://www.cic.gc.ca/english/index.asp

Edit: On the Canada border website I found this:

http://www.cbsa.gc.ca/publications/pub/bsf5082-eng.html#s2x1

"Personal baggage
As a visitor, you can bring certain goods into Canada for your own use as "personal baggage." Personal baggage includes clothing, camping and sports equipment, cameras and personal computers. It also includes vehicles, private boats and aircraft.

You must declare all goods when you arrive at the CBSA port of entry. Border services officers do conduct examinations of goods being imported or exported to verify declarations. If you declare goods when you arrive and take them back with you when you leave, you will not have to pay any duty or taxes. These goods cannot be used by a resident of Canada or on behalf of a business based in Canada, be given as a gift to a Canadian resident or disposed of or left in Canada."

Edit 2: Okay I found this for you. It is probably what you are looking for but it doesn't say the cost.

http://www.cbsa.gc.ca/publications/pub/rc4151-eng.html#P005

Ontario's Chartered Accountants: RRSP Decisions Matter

Top experts available for RRSP season interviews, articles

Investment TV-howto save Tax through Charity Donation

What is the importance of updating your blog often? Some might see no value in it; and might instead create multiple blogs, each of which they attend to for only minutes each week. Other blog owners see the importance of updating your blog often—and will spend 3-4 hours each day updating their blogs with news and ideas.

From both a technical marketing viewpoint and a social marketing viewpoint, updating your blog often is one of the best ways to maintain a constant stream of traffic.

From a technical viewpoint, new and unique content makes your blog look better to search engine spiders; this, in turn, gets your blog ranked higher. Additionally, from a technical viewpoint, updating your blog more frequently will allow you to get pings accepted more frequently, which means your blog will spend more time on the front page of blog directories.

The importance of updating your blog often also comes into play if you wish to integrate extensive social marketing into your overall blog marketing plan. Most people don't realize this, but marketing is often all about the human connections.

You don't need to be a technical wizard if you forget about profits for a few minutes and instead concentrate on making human connections with other blog owners who share similar interests. One of the best ways to achieve this is by keeping an updated blog, which will give other bloggers the incentive to drop by each day, post new comments on your blog, and refer their own blog readers to your blog. The importance of updating your blog often is crucial.

And there you have it: the importance of updating your blog often is paramount to success. Whether your goal is to use your blog for social marketing or technical marketing, you will have to update it often with unique and interesting content if you want to build an atmosphere that encourages return visits.

The Media Consortium: Weekly Audit: Geithner, Bailouts, and the Financial Crisis

By Zach Carter, Media Consortium Blogger The AIG bailout is one of the largest redistributions of wealth from ordinary taxpayers to bigwig bankers in history,...

The Downtown Lancaster Convention Center