2011 USA Income Tax Filing Deadline Is April 17, 2012
2012 Cross Border Tax
USA income tax filing deadline is approaching soon. The Internal Revenue Service opened the 2012 tax filing season to report taxpayers’ 2011 income and pay taxes by announcing that taxpayers have until April 17 to file their tax returns which is just about a week away.
more »
Another Tax Grab by Government Foiled by Indian Small Business Owners
Import Tax on Gold
The minister also raised the import duty on gold for a second time this year as part of measures to rein in the current account deficit, partly stoked by record bullion purchases. The precious metal has been climbing for a 12th year as the sovereign-debt crisis in Europe and concerns that global economic growth may slow spurred demand for a protection of wealth.
Mukherjee raised the import duty on gold bars and coins and platinum to four per cent from two per cent, after doubling the tax in January.
more »
US Tax Grab Is Targeted At Canadian Real Estate Investors
Buying a House - Pay Cross Border Tax
Canadians, have been investing at an increasing rates in the US rental and vacation properties since the US housing market took a dive in price in 2008.
IRS tax law for off-shore investors (Canadians) states that, gross rental property income should be taxed at source @ 30% rate by the property management company and remitted to the IRS each month. Only filing a Non Resident USA tax return, Canadians can get back some of the rental income deducted at source. Since most Canadian does not have any mortgage, they cannot claim mortgage interest expense against their rental income, and almost 100% of the income is taxable in USA.
more »