File Your Self Assessment Tax Return Online
Accountant Forums » Tax
by affotax
4d ago
Time is running out! Submit your Self Assessment tax return electronically for a quicker and easier process. This guide explains how to file online, including deadlines, eligibility, and step-by-step instructions. Don't risk penalties - file your return today ..read more
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MFS Return - Texas
Accountant Forums » Tax
by mparacha
1w ago
In Texas, when spouses file separately and one spouse claims Head of Household status, the other spouse typically files as Married Filing Separately (MFS). However, the income splitting allocation (50/50) on Form 8958 applies even if one spouse doesn't disclose their income. So, in this scenario, the husband should still file with a 50/50 income allocation, even if the wife has filed as Head of Household without disclosing his income on Form 8958. Any advice would be appreciated ..read more
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Tax Return for non US Citizen?
Accountant Forums » Tax
by felipe vera
3w ago
Hello, I live in Chile, I have received income for some years through Google Adsense. I have had to pay taxes to the USA, and from what I have read, I can claim this income back, but I cant find how to do this... All I have are the 1042-s Form for 2021 and 2022 sent to me by Google (with details of the amount withheld) Can you please give me some advice? thanks ..read more
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Reverse charge mechanism - how does it work?
Accountant Forums » Tax
by GSC
3w ago
Hi, My company GSC (vat registered in England) just signed a contract with an Irish vat registered company (from now on Company A), we will need to provide some editorial services to them. I would like to know more about tax implications for Company A in Ireland. I won't add vat to my invoices due to the reverse charge mechanism and what I would like to know is the following: if I charge Company A £1000 (without vat), do Company A needs to pay vat in Ireland? And if they need to pay vat... Reverse charge mechanism - how does it work ..read more
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Recycling Instruments for Donation
Accountant Forums » Tax
by BluesDude
1M ago
I'm a sole proprietor & established L3C in Illinois. It is not a Non-Profit, it is a Low Profit Limited Liability Company. I'm engage in the business of recycling guitars. I have folks donated guitars to me in poor to good condition. I make minor to major repairs and then donate them to someone who may need it. I donated one to a missionary, one to an individual child in need and donated to a non-profit Autistic kids with a music program. Can someone help me figure out how to account for... Recycling Instruments for Donation ..read more
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Tax overpayment explained. Panic!
Accountant Forums » Tax
by Peterkern23
1M ago
I filled out my tax return waaay back in September. Just being nosey I have looked at my account tonight and found that I have an overpayment due on 31st jan. what does that mean specifically, as I am 100% certain all my tax is up to date. See image. Anyone know specifically what “overpayment” means and why it would appear at the end of jan ..read more
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Tax on Director's Loan?
Accountant Forums » Tax
by Rahamut
1M ago
I am the director of a small business in the UK. Can someone tell me the tax details if I take a loan ..read more
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Form 1041
Accountant Forums » Tax
by CAS
2M ago
A couple of friends own a home together and put it in a living trust with the stipulation that if one dies the other can continue to live there until they die or become disabled. One friend, Abby, dies in 2020 and the other friend, Gail, lives there until she needs to move into assisted living so the home is sold. The proceeds are divided between the 2 owners or grantors to the living trust, Abby and Gail. When Abby died in 2020 they did an appraisal of the property at that time. Now that... Form 1041 ..read more
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R&D Tax Credit
Accountant Forums » Tax
by Rahamut
2M ago
If I have a tech start-up, how can I start processing to get a R&D tax credit and what will be the steps ..read more
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401k rollover at year end
Accountant Forums » Tax
by McMike
2M ago
If a 401k rollover is initiated from one 401k account to another 401k at a different trustee at the end of the year in December, does it matter if the rollover deposit is not credited by the "new" trustee until January of the following year? (i.e it is done by check and the check is in transit). (It's technically a "transfer" I suppose) Does this have any impact on the 1040 for either year ..read more
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