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What are the main differences between Canadian and US tax systems?About 72 hours…That is the difference in time it takes me to file taxes. As a dual citizen I have the fun of filling taxes for both Canada and the US each year. Typically the Canadian taxes take me about 30 - 60 minutes for myself and my wife. Most of that time is spent looking up my RRSP information and finding all the tax forms sent by mail. The tax software is unambiguous. The only thing is I don’t bother with the form for deducting my home office, because the time it takes to fill it out and have my boss sign it, is beyond what it is worth for me.For US taxes, my average time is about 3 days. Some years I am much quicker, and some years much slower. In the end I’m never certain if I’ve done everything correctly. However, there are HUGE fines if I get it wrong. For example, $10,000 for each of my Canadian bank accounts I forget to declare, or accidentally supply slightly wrong information for. The tax software does not help much, unless you already know EXACTLY what you need to file. For example, I know I am required to file Schedule B because I have more than $10,000 in foreign bank accounts. I have had years where not only would the tax software not tell me to select schedule B, but once I managed to find a way to fill it out anyway, the software would drop the form from my results.The US tax system is very largely punitive. It is design overly complex deliberately so law enforcement can easily charge anyone on a tax related crime, if they can’t find anything else. The Canadian tax system is more just designed as a way to collect money.Neither is a good tax system. In the end, the government is collecting your money. They have the software that tells them exactly how much you owe, what you owe it on, and to automatically notify you when you make a mistake. Why in the world do I need to spend a week each year filing the information the government already knows? Instead they should just send me a statement, and I should only have to file if I need to supply a correction.I thought maybe it was just because my taxes are more complicated than the average tax payer. But this year I had to file my mother’s taxes for her. She is not a dual citizen, and lives in the US. It only took about 3 hours to file her taxes. But really 3 hours, when she just has social security and two pensions? In the end the tax software still was not right. It would have had her paying a huge amount in state taxes, if I didn’t already know her income was exempt from state taxes. It took me about an hour of fiddling to find the correct way to file with her state tax exemption.To the state’s credit, they actually have a law that says she does not have to file state taxes at all, because there is no money due. But the tax software was not about to tell me that, when they could potentially collect a fee to e-file state taxes. I still filled out the state taxes though, because she needed a copy of her state tax return because it is easier to supply a tax return to government agencies that request one than try and convince them the law didn’t require one to be filed.
How do you fill out tax forms?I strongly recommend purchasing a tax program, Turbo tax, H&R block etc.These programs will ask you questions and they will fill out the forms for you.You just print it out and mail it in. (with a check, if you owe anything)I used to use an accountant but these programs found more deductions.
Do I need US EIN taxpayer ID to properly fill out a W8-BEN form?Since I have asked this question, I believe that I should share the knowledge I have managed to collect in its regard.So, it appears that you should file a SS-4 form to apply for the Employer Identification Number (EIN). To this successfully you will need to have a contract signed with customer in the USA. You will have to show given contract to the US IRA.The downside of this method is that:It requires for you to sign contract with US party prior to the acquiring the EINYou will have to mail originals of your Passport/Natinal ID and contract to the IRA.Instead of going that way, I have decided to register my own "Disregarded entity"-type LLC.If you are also considering going that way, please note that the most popular state for registering such companies (namely, Delaware) is not necessary best for your particular case.AFAICK, tax-wise, there are two top states:Delaware (DE): Sales Tax = 0%, Income Tax = 6.95%Nevada (NV): Sales tax = 7.93%, Income Tax = 0%You will need to find registered agent to register your LLC properly.
How do I fill out 2013 tax forms?I hate when people ask a question, then rather than answer, someone jumps in and tells them they don't need to know--but today, I will be that guy, because this is serious.Why oh why do you think you can do this yourself?Two things to consider:People who get a masters degree in Accounting then go get a CPA then start doing taxes--only then do some of them start specializing in international accounting. I've taught Accounting at the college-level, have taken tax classes beyond that, and wouldn't touch your return.Tax professionals generally either charge by the form or by the hour. Meaning you can sit and do this for 12 hours, or you can pay a CPA by the hour to do it, or you can go to an H&R Block that has flat rates and will do everything but hit Send for free. So why spend 12 hours doing it incorrectly, destined to worry about the IRS putting you in jail, bankrupting you, or deporting you for the next decade when you can get it done professionally for $200-$300?No, just go get it done right.
Why don't schools teach children about taxes and bills and things that they will definitely need to know as adults to get by in life?Departments of education and school districts always have to make decisions about what to include in their curriculum. There are a lot of life skills that people need that aren't taught in school. The question is should those skills be taught in schools?I teach high school, so I'll talk about that. The typical high school curriculum is supposed to give students a broad-based education that prepares them to be citizens in a democracy and to be able to think critically. For a democracy to work, we need educated, discerning citizens with the ability to make good decisions based on evidence and objective thought. In theory, people who are well informed about history, culture, science, mathematics, etc., and are capable of critical, unbiased thinking, will have the tools to participate in a democracy and make good decisions for themselves and for society at large. In addition to that, they should be learning how to be learners, how to do effective, basic research, and collaborate with other people. If that happens, figuring out how to do procedural tasks in real life should not provide much of a challenge. We can't possibly teach every necessary life skill people need, but we can help students become better at knowing how to acquire the skills they need. Should we teach them how to change a tire when they can easily consult a book or search the internet to find step by step instructions for that? Should we teach them how to balance a check book or teach them how to think mathematically and make sense of problems so that the simple task of balancing a check book (which requires simple arithmetic and the ability to enter numbers and words in columns and rows in obvious ways) is easy for them to figure out. If we teach them to be good at critical thinking and have some problem solving skills they will be able to apply those overarching skills to all sorts of every day tasks that shouldn't be difficult for someone with decent cognitive ability to figure out. It's analogous to asking why a culinary school didn't teach its students the steps and ingredients to a specific recipe. The school taught them about more general food preparation and food science skills so that they can figure out how to make a lot of specific recipes without much trouble. They're also able to create their own recipes.So, do we want citizens with very specific skill sets that they need to get through day to day life or do we want citizens with critical thinking, problem solving, and other overarching cognitive skills that will allow them to easily acquire ANY simple, procedural skill they may come to need at any point in their lives?
How do I schedule a US visa interview of two people together after filling out a DS160 form?Here is a link that might help answer your question >> DS-160: Frequently Asked QuestionsFor more information on this and similar matters, please call me direct: 650.424.1902Email: firstname.lastname@example.orgHeller Immigration Law Group | Silicon Valley Immigration Attorneys
How do I fill taxes online?you can file taxes online by using different online platforms. by using this online platform you can easily submit the income tax returns, optimize your taxes easily.Tachotax provides the most secure, easy and fast way of tax filing.
How do I fill out the income tax for online job payment? Are there any special forms to fill it?I am answering to your question with the UNDERSTANDING that you are liableas per Income Tax Act 1961 of Republic of IndiaIf you have online source of Income as per agreement as an employer -employee, It will be treated SALARY income and you will file ITR 1 for FY 2017–18If you are rendering professional services outside India with an agreement as professional, in that case you need to prepare Financial Statements ie. Profit and loss Account and Balance sheet for FY 2017–18 , finalize your income and pay taxes accordingly, You will file ITR -3 for FY 2017–1831st Dec.2018 is last due date with minimum penalty, grab that opportunity and file income tax return as earliest
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People also ask
Is Schedule E income considered earned income?Think of earned income as business income. ... IRS Schedule E is used for supplemental income which is generally considered passive income. As an investor, this is important because rental real estate generates passive income and, as such, we will report the income and loss from rental real estate on Schedule E.
What is Schedule E form 1040?If you answered \u201cyes\u201d to any of those questions, you'll need to become familiar with IRS Form 1040 Schedule E. Schedule E is used to report income and losses from rental property, and income from trusts, estates, partnerships and S-corporations. This article focuses on income from rental property.
Where do I put royalties on my tax return?You report these on Schedule C of IRS form 1040. If you earn more than $400 through self-employment, including royalties, you must report that income on your tax return. Royalties from one-time earnings (a gig that isn't your primary job), or mineral interests, are reported on Schedule E of IRS Form 1040.
What income is reported on Schedule E?Use Schedule E (Form 1040) to report income or loss from rental real estate, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs. You can attach your own schedule(s) to report income or loss from any of these sources.
What is the difference between a Schedule C and a Schedule E?The difference is in the type of income you are reporting. Schedule C is the attachment to a Form 1040 that's used by a self-employed person to report revenue and expenses from a business. ... Schedule E would be used for rental income from real estate and/or income from partnerships, S Corporations, trusts, etc.