One of the many benefits of using tax professionals for advice and return preparation is to ensure that income is attributed to the correct source on an income tax return. A commonly made error is incorrect sourcing. For example, many taxpayers incorrectly assess...
IRD has released an exposure draft seeking comments on whether state income tax paid in the United States qualifies as a foreign tax credit in the New Zealand tax return. The deadline for comment is 10 October 2012. The issue affects New Zealand tax residents...
Unbeknownst to many people, self-employment tax is a Federal tax that is imposed on net self-employment earnings. This is the case even when those earnings come from sources outside the United States. The rate (normally 15.3%) is reduced by 2% for the 2011 calendar...
Now that the US tax season is well underway with the first due date (without extension of time for filing) less than three weeks away here is a timely reminder about record keeping. The following guidelines as regards record-keeping dovetail into the statute of...
