For those who are familiar about blogging, you will know that John Chow is a famous blog monetizer & 5-figure pro-bloggers who is very successful making money online.
In his blog, he claimed that he is an accountant and that may lend some weights to the above topics. His articles may stir up some controversy in [...]
Leave it to the Democrat majority in New Hampshire to come up with anther way to put small businesses out of business. The state’s budget is in disarray because of last year’s spending spree, and in order to try to come up with more money the state legislature is looking at more new taxes instead [...]
The Rev. Gregory Clarke, pastor of New Hope Baptist Church, checked in to a federal penitentiary in Atlanta around 8 a.m. this morning to begin serving a 21-month sentence for tax fraud.Clarke walked into prison wearing a Crimson Tide jacket and baseball cap. He made the journey on a chartered bus, accompanied by about 50 church members. Other church members and supporters followed in vehicles.A federal jury convicted Clarke in July 2007 on charges he filed false income tax returns for 2000, 2001 and 2002. At trial prosecutors said Clarke underreported $110,000 in earned income and schemes to deceive the government about the money.Clarke has said he was singled out because of his friendship with former Alabama Gov. Don Siegelman, who is serving a prison sentence after he was convicted on seven corruption-related counts by a federal jury in Montgomery in 2006.Here is a video taken before the bus departed for Atlanta. Clarke tells reporters and supporters that he is ready to report and h
There was a very interesting tax case (T M Collins and the Commissioner of HMRC) recently. Very briefly, two individuals sold their shares; one for cash and one partly for cash and partly for a contribution to his pension fund. HMRC argued that the contribution was taxable as part of the consideration - and lost.
I’m not going to comment on the flag issue. It’s interesting to see that Obama’s supporters think of themselves as far-left extremists and I think it reveals a whole lot as to what sort of “change” Obama’s supporters may be hoping for (since Obama himself has yet to actually define any sort of legitimate “change”). [...]
Following my Blog of yesterday it now appears that the Chancellor has retreated on some of his proposals for the taxation of Non-Doms. Dave Hartnett, the Acting Chairman of HM Revenue and Customs has posted a letter on the Revenue website to clarify the Government's intention in four areas where concerns have been raised.
Cross posted at Grizzly Groundswell
The Union Leader recently ran this article about some questionable mailings that Rep. Paul Hodes (D-2nd district) and Rep. Carol Shea-Porter (D-1st district) sent out. A follow up article can be read here.
There would normally be nothing wrong with sending out these mailers using taxpayers dollars. I said usually, but their is some controversy [...]
Fidelity today announced the "Rs.33,990* Tax Advantage Contest" taking a novel route to raising awareness about the ELSS category of funds as a tax-saving tool. In what is possibly a first from a financial services firm / mutual fund, the contest, requires participants to answer four questions about ELSS after reading the information provided in the entry form and to say why ELSS is a good idea.Speaking about Fidelity's latest investor education initiative, Ashu Suyash, Managing Director and Country Head, Fidelity Fund Management, said, "Our aim in running this contest is to increase awareness of the ELSS category of funds which provide an excellent means for saving tax while contributing to investors' financial goals by creating wealth. Equities as an asset class outperform all other asset classes in the longer term. And so, as wealth builders, ELSS funds score over all other tax saving related investment avenues without sacrificing tax efficiency. The contest is an innovative way to
A members' voluntary liquidation ("MVL") can be a tax efficient exit option for the shareholders of a solvent company. Under current legislation shareholders receiving a distribution through an MVL or, where appropriate, using Extra Statutory Concession C16, may benefit from the business asset taper relief provisions.
MUMBAI (Reuters) - Kotak Mahindra Asset Management Co Ltd said on Monday it will pay a dividend of 3.5 rupees per unit in Kotak Tax Saver fund, an open-end equity scheme, and has set February 8 as the record date. The fund house managed assets worth about 223 billion rupees at the end of January, data from the Association of Mutual Funds in India showed.
Most in Massachusetts would never think there are actually tax programs available to save you money. After all we didn't get the name "Taxachusetts" for nothing.Lately, it seems everywhere you turn there is bad news. The local Real Estate market has been down in the dumps, the stock market has taken a fairly big hit, the cost of oil and energy in general is out of sight, and there is talk of a recession. With the exception of historically low mortgage interest rates, there have not been many reasons to get overly excited by the present shape of our economy. Taxes have been an issue for years in Massachusetts. Especially some of the towns located in Metrowest MA that have had extremely high property appreciation rates. Up until the last few years Real Estate in Metrowest Massachusetts was booming. Along with the increase in property values came higher tax bills. This has become a wide spread problem for the elderly and those on fixed incomes.In Ma
The European Court of Justice recently decided a case, Theodor Jager v Finanzamt Kusel-Landstuhl, regarding tax reliefs on inheritance tax. The Court held that making such relief was made subject to the condition that the asset acquired by inheritance be situated in the national territory constituted a restriction on the free movement of capital contrary to EU law.
This is another item that has fallen through the cracks (heavily into non-blogging mode and trying to squeeze in what I can for a few more days), but I want to get to it now.This link to a recent “Thumbs Up, Thumbs Down” segment in the Courier Times tells us that county Chief Operations Officer David Sanko recently locked new supervisor Diane Marseglia out of the county commissioners’ offices because Diane was guilty of a “security breach” by giving a reporter the combination to the office suite; Sanko had the lock changed as a result but neglected to tell her.Drat, that pesky government accountability again!And from the same link, fellow Commissioner Jim Cawley told a group of people gathered in Bristol, Pa. recently that “county money pegged for a three-hole golf course and driving range can be spent only for recreational purposes.” Diane said that that was wrong according to Guy Matthews, the county solicitor, though Matthews subsequently wrote to the Courier Times in
Last week, the Chancellor announced details of his so called "Entrepreneurs' Relief", the replacement for taper relief, for business owners facing an increase of more than 80% from 6 April 2008.
HMRC has recently confirmed one very important point on assets that have been owned for a number of years. Such assets will have accrued a substantial amount of indexation relief (over 100% to date on assets held on 31 March 1982). Where an individual owns such assets on 5 April 2008 the indexation relief is irretrievably lost.
The Chancellor's announcement of the new "Entrepreneurs' Relief" from 6 April 2008 appears to herald a marked change in the tax position of owners of commercial property. Though the details have yet to be formalised, it seems that unless the property is let to the owner's business - or to a company in which the owner has at least a 5% shareholding - the minimum tax rate on selling that property will increase to 18%.
Today, most people are finding that they can securely prepare and file their own tax return in minutes through the internet. The e-file system allows taxpayers to send their taxes directly to the IRS. When filing online you do not have to worry about bulky software to download or install and because everything is web based you can access your return wherever and whenever you choose. Once completed, the IRS provides an official acknowledgement that the online tax was received. If you owe money, you can authorize an electronic funds withdrawal from your savings or checking account or use a credit card. By e-filing you can receive your refund in about half the time that it used to take. Because computers handle the calculations and automatically check returns for accuracy, you do not have to worry about any errors occurring. Using e-file you are even helping to save resources now and for future generations. Express1040.com is the perfect place to e-file online. They are an authorized IRS
You can read in this article about a lawmaker in New Mexico, a Democrat of course, who is proposing an additional excise tax on the purchase of televisions, video games, and video game accessories.
“I have asked our legislative council service to prepare the “Leave No Child Inside” bill and am hopeful that it will be [...]
Are you excited about receiving your tax credit?
Don't get too excited just yet until you read the "small print", especially if you're single...
You will receive a tax credit of $600 if your adjusted gross income (AGI) is up to $75,000.
While married couples filing jointly with an AGI up to $150,000 would receive $1,200
If you live in California, it's not unusual for a single person to make over $75k or a professional couple to make over $150K.
So again, the middle class gets screwed. Yes, it's pretty Phucked Up!
Remember, if you like our article, DIGG US!
Today the House and President Bush agreed on an economic stimulus package. This package includes tax rebates. This is the first thing that the House has gotten right since Democrats took control in 2006.
There is one aspect to this that I find interesting. For years we have heard from Democrats that the Bush tax cuts [...]
Code Pink Uses MLK Day For Anti-War Propaganda:As we honor Martin Luther King, Jr.'s birthday, we want to celebrate his legacy not just with words, but with action. We ask you to join us in taking one of the strongest stands you can against war: refusing to fund it with your money.Former Secretary of State Alexander Haig once said "Let them march all they want, as long as they pay their taxes." Well, we have marched, we have vigiled (sic), we have sent letters and phone calls and faxes, but Congress continues to fund Bush's war. In the spirit of Martin Luther King, Jr. and as part of the American tradition of non-violent civil disobedience that goes back to Henry David Thoreau, now is the time for us to take the matter of war funding into our own hands and stage a tax revolt....Our Don't Buy Bush's War campaign calls people of conscience to take a stand against the war in Iraq or the threat of war in Iran by signing a pledge that when joined by 100,000 other signatories, they will refu
Bahamians encouraged to join fight to keep Fla. tax exemption:
By INDERIA SAUNDERS,Guardian Staff Reporter -
Nassau, Bahamas:
A hike in prices on goods imported from the Sunshine State may be looming as Florida legislators debate repealing an exemption on the six-percent sales tax directed at foreign importers — a concession that has made Florida the top supplier to Bahamian businesses.
The legislative move may come as early as this year and in the midst of an economic downturn in the state's economy, said Adam Hasner, the Majority Leader in the Florida House of Representatives
He was in Nassau yesterday trying to enlist the help of local businesses in the fight against the Democrat-led initiative.
He fears that if the concession is removed and enough regional importers decide to take their business elsewhere, his state's economy will fall further into what increasingly appears to be recession.
At a Bahamas Chamber of Commerce luncheon, Hasner argued that possible develop
The Chancellor has just announced a new capital gains tax relief for entrepreneurs to ameliorate the effect of the new 18% flat rate that comes into force from 6 April.
NEW DELHI (Reuters) - Indian companies have to mandatorily pay income tax electronically from April, the finance ministry said on Wednesday. Businessmen with a turnover of 4 million rupees and professionals with income above 1 million also need to pay the taxes electronically, a finance ministry statement said. "Tax-payers can make electronic payment of taxes through the internet banking facility offered by the authorised banks. They will also be provided with an option to make electronic payment of taxes through internet by way of credit or debit cards," it said.
NEW DELHI (Reuters) - Employee share option schemes offered by foreign firms in India will attract fringe benefit tax from April, the finance ministry said on Wednesday. "The amended rule will take effect from 1st April, 2008 and will, accordingly, apply in relation to the assessment year 2008/09 and subsequent years," it said in a statement. In the budget for 2007/08, the government had levied a 10 percent fringe benefit tax on employee share option schemes, or ESOPs, offered by Indian companies. An official with the Central Board of Direct Taxes told Reuters that it was not clear whether shares obtained by employees of foreign firms operating in India would also come under the tax. So the tax board has notified the new rule which will bring shares of foreign firms offered as ESOPs under the tax, he said.
NEW DELHI: The travel industry may take an investment dose this Budget. The ministry of tourism has proposed to the finance ministry to reintroduce section 80 HHD of the Income-Tax Act in the forthcoming Budget. Under this section, 50% of profits earned by hotels and tour operators are exempted from income tax and the balance 50% is exempted if it is reinvested in the tourism sector. "This will help in creating infrastructure for the tourism sector and also bring in the investment this industry needs," said a tourism ministry official. The section, which was earlier applicable to the tourism industry, was withdrawn almost three years ago. Tour operators across the country have been demanding a reintroduction of the provision. "It's an important catalyst for infrastructure development. From late 1990s to the time the section was applicable, it spurred investments in the sector. Its reintroduction is one of the best ways for capacity building," said Arjun Sharma, president of Indian Asso
According to the Financial Times - there is a meeting today finally to decide on the much heralded (and on which the details are long awaited). We will report on the changes once they are eventually published - watch this space.
It occurs to me that perhaps every one is going about their retirement planning in the wrong way. You see I’ve been looking at factors around retirement to determine which ones are really significant. Like what happens to your plan when your rate of return on your investments is only 6% when you planned for [...]
NEW DELHI (Reuters) - India's direct tax receipts crossed 2.17 trillion rupees by middle of January, more than 81 percent of annual target, the finance ministry said on Friday. The finance ministry said in a statement receipts from corporate taxes were up by 37.22 percent at 1.33 trillion rupees until January 15, while that from income tax grew by 50.15 percent to 838.97 billion. Receipts from securities transaction tax rose 78.19 percent to 67.93 billion rupees, while that from fringe benefit tax grew by 65 percent to 51.21 billion rupees. Tax receipts have risen on robust profit growth of the corporate sector, increase in voluntary tax payment by individuals and a booming stock market. An official at the Central Board of Direct Taxes said the collection this year was well ahead of historical trends and the government may end the fiscal year with a receipt of 3.08-3.1 trillion rupees as against a budget target of 2.67 trillion rupees for 2007/08. Normally, the government collect
WASHINGTON (AP) - With recession fears rising and the stock market tumbling, President Bush on Friday called for up to $150 billion in tax relief for consumers and business - and said there was no time to waste.
Bush’s urgent remarks gave fresh impetus to congressional leaders already hard at work on an economic rescue package [...]
Just when we thought Fabio Capello can instill greater discipline into the England team and make role models out of the players. Yet his moral image has suffered a dent as he is now implicated in an...
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This is my third and final post today on the idiocy of New Hampshire lawmakers. I have to say that my blood is beginning to boil. It was so nice having our legislators on recess, but now they have come back with a fury and are looking to make up for lost time.
The point of [...]
New Hampshire lawmakers will be debating HB 503. This is a bill that will implement a sales tax on bottled water, soft drinks, energy drinks, and baby formula. Naturally the cowards won’t call it a tax, they prefer the term “fee”, but it is a tax.
They are using a cute little ploy to try and [...]
Why is the Government of Canada funding "internet directories" ?
The Government of Canada Launches Podcasts.culture.ca Website, the very first directory of Canadian cultural podcasts
Ottawa, January 16, 2008 - The Honourable Josée Verner, Minister of Canadian Heritage, Status of Women and Official Languages, and Peter Herrndorf, President and Chief Executive Officer of the National Arts Centre, launched the Podcasts.culture.ca website, the Government of Canada's very first directory of Canadian cultural podcasts.
From the new podcasts.culture.ca site:
Editorial Process
For both the creation of content and the selection of links for its database, Culture.ca uses a 'deferred publishing' approach. This means that content that is suggested to be included and/or created for the Culture.ca portal is often vetted beforehand by trusted partners who have agreements with Culture.ca. For example, before a Web site link is included in the Culture.ca database it first must b
KIEV, Ukraine -- The philanthropic practices of Ukraine’s most generous donors are receiving more attention as NGOs and businesses work together to promote the practice of corporate philanthropy within the nation’s business community.
Novynar, the Ukrainian-language sister publication of the Kyiv Post, named the top-15 Ukrainian philanthropists of 2007 in its first ever Philanthropist ratings
surveys - Take Our Poll I have mixed emotions upon hearing this Additional SMS Tax issue, too bad and yet a realistic fact that government are becoming desperate about additional taxes and another additional funds for there projects.Question is, where this additional taxes really goes? Lawmakers’ pork barrel?I'm not in favor of this additional Text Message Tax, how about you?
Brett asks:
I bought a new car last year and I think I'll get a larger deduction if I deduct my sales tax instead of my state income tax. When I calculate my sales tax deduction do I get to include all the sales tax I paid on my gasoline?
My reply:
Hello Brett! Interesting question. The tax on gasoline isn't just one tax - it could be several different kinds of tax. First you have your
The main question lingering in any one's mind is that can non US citizens use an S corporation when they invest in United States.The S corporation allow people with US income to minimize income taxes. In order to qualify for the tax exemption the owners must be permanent US citizens.Non US resident citizens have a better choice of investment.forming an llc should save business owners and investors tax and they also reduce the legal liability.You can form llc by simply making use of simple forms available in state websites.*This is a sponsored post
Alaska – has a state corporate income tax
Florida – has a state corporate income tax. Once had tax on “intangible personal property” held on the first day of the year (stocks, bonds, mutual funds, money market funds, etc.) but was aboli...
A Dutchman was explaining the red, white and blue Netherlands flag to an American. "Our flag is symbolic of our taxes. We get red when we talk about them, white when we get our tax bills, and blue after we pay them." The American nodded. "It's the same in the USA only we see stars too!"
There is a possibility that, as currently drafted, the new income shifting provision could affect an individual who transfers ownership of half of a property together with the rent generated to a spouse or partner.
I have an impression our tax situation in Singapore as it is in Hong Kong are a lot more forgiving. But our American friends may not escape a truth that all sizeable income are taxable, online or not.
And so to clear the mist over taxation, Tim Knox created this product with CPA Kristine McKinley in [...]
By Niu Shuping BEIJING (Reuters) - China's decision to impose quotas and tax exports of wheat flour surprised most exporters, who are expected to cancel some shipments to buyers in southeast Asia. China's commerce ministry announced on Tuesday export quotas on flour made from wheat, corn and rice to help stabilise domestic grain prices and guarantee the country's grain security. The policy change highlights Beijing's mounting concern over its supplies and rising food prices in a tight global wheat market after drought cut production in major producing countries, including Australia and Canada. "It will be a bad year for us. The policy was a complete surprise. Many mills will have to breach contracts," said Dong Yuefei, a sales manager with Shandong Banqiu Flour Mill, a major exporter. Reduced exports from China could raise prices of staples like flour and bread in southeast Asia, which already faces reduced shipments from drought-hit Australia, the world's second-lar
A group of UK companies is considering appealing to the European Court of Justice (ECJ) against tax charges imposed on UK businesses that relocate their tax residence to another EU member state on the grounds that this is a breach of European Community Law.
Florida residents have the opportunity on January 29,2008 to reduce their real estate tax bill by voting "Yes" on Amendment One. The bill is not perfect and in my opinion does not go far enough, but it is the only property tax referendum on the ballot. If it is not approved, it will be one year before another amendment could be placed on the ballot. If approved, property owners will start to see
My husband has been urging me to write on this topic for a long time now. It is targeted to UK readers. When I started my first job as a Software Engineer in Millennium Software, I didn't know anything about tax. I worked on their flagship product, HRMS, Human Resource Management System. Mostly, I worked on Payroll module which included computing salary, tax, loans deductions etc. It took me months to get the hang of tax module. Some facts and definitions are.Tax is computed on annual salary.Taxable income is the income that you get after deducting the exemptions and on which tax is computed.Tax Slabs consist of minimum and maximum limits and define the percentages of tax.Tax for the whole year is computed, divided into 12 months and deducted each month. It is computed each month, so if you have done some overtime in that month, it will be added into your taxable salary. It is possible that you have paid more tax than you should. You might have switched jobs (less paid job), or become
I am sure you already know this - but just in case - HMRC allows companies to spend £150 per head per year on staff parties, tax-free for the employees.
The Province of Ontario has just announced that it is extending the land transfer tax refund for first time buyers of newly constructed homes to now include resale homes. This means that first time home buyers can now save up to $2,000 on a resale home purchase. The legislation for this rebate has not yet been passed, but any first time home buyer that enters into an "agreement to purchase and sale" on or after December 13th, 2007 is entitled to a rebate of up to $2,000 once the legislation is passed.The City of Toronto has also up dated their new land transfer tax so that first time home buyers should not have to pay the land transfer tax on the first $400,000 of their home purchase at all. Previously any first time home buyer who is buying a home that is priced over $400,000 had to pay the full tax up front and then get a rebate for the tax paid on the first $400,000. Under their new system, which they hope to have in place before Feb 1st 2008 when the tax starts, first time home
I have long held the belief that global warming was a hoax designed to tax the shit out of us. Have you ever noticed that all of the solutions to global warming involve you and I paying more taxes? Now the UN has said that a global carbon tax is needed to save the planet.
A [...]
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