Tax - News .com: Thailand aims to Corporate income tax Cut

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Reduction turned Thailand to tax the income of corporations, by Mary Swire, tax - News .com, Hong Kong
19 November 2010

Ministry of finance Thailand?s is undertaking a review of the structure tax country?s, which could see a significant reduction in the company and the revenue associated with an increase in the rate of value added tax rate tax (VAT).

While it has been said that the review is still at an early stage, its objective would be to increase the international competitiveness of Thailand?s and thus stimulate investment in the economy, as well as to rebalance the government?s tax revenues.

The tax reform package would include a substantial reduction in the rate of tax on the income of the current 30% to 18%, to harmonize its level with other rates established in the région.Cela could also mean that the highest rate of income tax is reduced to 25% 37% at the present time.

However, to balance these reductions, it would be necessary produce other sources of income ? perhaps by increasing the rate of the TVA.Il was reported that each point percentage cut in corporate and personal income tax will reduce public by some THB6bn (USD200m) revenues while one percent of the sales tax rate increase would provide an additional THB60bn to the coffers of the government?s.

The tax reform proposed, which could be broad and includes, for example, re-jigging Investment?s, Council tax incentives is supposed to be ready early next year.

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Children's tax may apply to investment income

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"If your child has a 2010 investment income over $ 1,900, their tax obligations in General must be included on the form 8615 and according to the rules of" tax "child", "will be subject to tax exceeded $ 1,900 on your highest tax rate rather than the speed of your child'S tax applies. children under the age of 18 years and also for the children, who at the end of the age of 18 or full-time students under the age of 24, if their income is earned by more than 50% of their total aid per year."

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Reporting the income of a deceased spouse

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Canadian income tax forms

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Posted on 22 October, 2010. Tags for canadian income tax forms: canadian, income, forms,

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How to File an Income Tax Return Extension Form

It is a situation we all try to avoid: April 15th is upon you, and your tax return is not done. Yet, every year, millions of Americans find themselves in just that predicament. While procrastination is often the primary  reason for not filing on time, not having the proper documentation runs a close second. When you realize your tax return will not be ready, there really is no need to panic, because your friendly Internal Revenue Service offers you Form 4868, which allows you more time to file your return. There are usually many questions surrounding the form: here are a few answers.

MY TAX RETURN WILL NOT BE READY IN TIME. DO I ALWAYS NEED TO FILE FOR AN EXTENSION?
Absolutely. Even if you think you are getting a refund, you must file for an extension. If you do not, and you file your return after the deadline, you face penalties for filing late, even if the government owes you a refund. You can file anytime before the filing deadline.

WHAT FORM SHOULD I FILE? CAN I FILE AN EXTENSION ELECTRONICALLY?
Individual filers who use the 1040 family of forms can file Form 4868 by mail, which must be completed and postmarked by the filing deadline. You can also file Form 4868 electronically, so consult your tax software program or preparer for more information. Please note that if you do file electronically, you will need to have a copy of your 2004 return available. The IRS will require specific information from your 2004 return, like your adjusted gross income, to verify your identity. Most preparers and IRS offices will have Form 4868 on paper if you prefer to file by mail. If you are filing a business or corporation return, there are different forms you must fill out, including Forms 7004 and 1138. Please consult with a tax professional for more information.

Published by Victor Medina Victor has served as a Community Voices columnist for THE DALLAS MORNING NEWS and editor of the NORTH TEXAS HIGH SCHOOL SPORTS REPORT. He has been featured in THE WALL STREET JOURNAL & several national magaz...  View profile

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How to E-file Your Income Tax Return

68.5 million Americans e-filed their income tax returns in 2005. If you weren’t one of them, 2006 is your year to cut out the tax middle man and go paperless with e-file!  Using an e-file service for

 your income tax return is fast, easy, and free.

Allow us to introduce the beauty of the Free File Alliance.The Free File Alliance was formed in 2002 when the IRS partnered with a group of tax software companies to help promote their e-file program. Companies like the ones listed below signed on with the IRS to give themselves free public exposure, which means you get free tax preparation and a faster refund without having to leave the comfort of your home. 

There are now more than 17 authorized IRS e-file providers for you to choose from. Follow these simple steps to e-file your income tax online and get your refund direct deposited in a week or two. 

What You’ll Need to e-File Your Income Tax Return

-  W2 form

-  Social Security numbers for yourself, your spouse, and any dependents

-  1099 forms for Dividends, Retirement, or other income, or any 1099 forms with Income Tax Withholding.

-  your bank account (checking or savings) #

-  your bank’s routing #  (which can be found at the bottom of a check or by simply calling the branch you deal with)

-  Receipts for expenses for Itemized Deductions (Schedule A).

-  Receipts and records for other income or expenses. 

Choosing the Best e-File Website

Now that you have all your documents, choose the site you like best. Each site is designed to be intuitive and user-friendly. Some even have a list of FAQs and pop-up definitions for tax terms. IRS links directly to the following pages for free and secure e-file returns:  

http://www.esmarttax.com 

http://free.number1tax.com/

http://www.lamsontech.com/1040now/freefile.htm

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Should I Include My Child's Investment Income on My Tax Return?

If you have a minor child under age 14 who has investment income, such as interest, dividends, or capital gains on investments that are in an account in the child’s name, you may be able  to include that income on your income tax return, instead of filing a separate return for the child. But it may not necessarily be to your advantage to do so. You may avoid having to file another tax return, but you may end up paying more tax. And, if the child’s total investment income is over a threshold amount, the “kiddie tax” applies, and part of the child’s income will be taxed at the parent’s rate. 

General Rules

There are two rules that apply to the investment income of a minor child: 

1. If the child’s total investment income is less than $8,000 (effective for tax year 2005), the income can be included on the parent’s return rather than filing a separate return for the child. The child’s income must be only from dividends, interest, capital gain distributions (such as from a mutual fund), and Alaska Permanent Fund dividends. If the child has capital gains or losses from the sale of stock, the parent cannot include the income and a separate return must be filed for the child’s income. If the child’s investment income is more than $8,000, a separate return has to be filed for the child, regardless of age. And, if any tax was withheld on the child’s income, or if estimated tax payments were made during the year on that income, a separate return would have to be filed for the child and the parents could not include the income on their return. 

2. If the child’s investment income is more than $1,600, part of it may be subject to tax at the parent’s rate. The $1,600 is the threshold amount for having to pay tax at the parent’s rate, and is two times the amount allowed as a standard deduction for a dependent who has only investment income to report ($800 for 2005).

Published by Kevin Hagen Born in Minnesota, USA in 1955; studied Business Administration - Accounting, graduating in 1977 and obtaining CPA license. Worked in corporate accounting environments, eventually becoming a technical trans...  View profile

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