The Tax Preparation Blog

Question: How will inland revenue find out that i dont pay taxes on salary from abroad?

say i work for a company in Holland, but live and work in UK, where this company has no offices. i get gross salary transfered to my account and should pay taxes myself in UK. if i dont, what is the way it can be detected?

Answer: When the inland revenue receives the tax you pay on your bank account they will realise you have more income than you are admitting to. This happened to my brother in law who did a private job for £12,000 eighteen months later he got the fine of £20,000. Its up to you if you want to take the risk – even the small fish get fried.

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Tax Accounting Manager

Question: claiming Zero on taxes?

I claimed 0 last year on my taxes. I work two seperate jobs. one job i made 36,000 and the federal witholdings were 3750. My other job I made 23,000 and federal witholdings were 3400. I have to owe quite a bit like over 2 grand when using the tax calculator. I thought claiming 0 would take the most taxes out. could this be because I am working two seperate jobs, what can I do to minimize my total? I live in california and am unmarried.

Answer: Withholding tables are set up assuming that there is only 1 job. In most cases, the first $ 8,000 or so of income will be tax-free due to the personal exemption and standard deduction. When you work multiple jobs, each job’s withholding table assumes they are the only job. The result is under-withholding.

You need to revise your w-4 and ask that an additional amount be withheld every paycheck for federal taxes, OR you must make quarterly estimated tax payments to the IRS throughout the year to “keep current”.

Fell free to call if you have any more questions.

Kim Normand
Normand Foster Tax Service
214-250-0575

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Question: Isn’t taxation to fund the military, for the good of all citizens, a classic example of socialism?

Isn’t the military a socialist institution? If it were not, it would be privately run and for hire. As it is, it’s run and owned by the state, payed for by the tax-payer… for the good of the country and all it’s citizens.
Canada has many socialist institutions that are profitable. So do many other countries. That has nothing to do with whether they’re socialist. The profits simply benefit the society.
Dan, that’s pure socialism. There are almost no examples of that on the planet. I’m talking about social Democracies like Holland, France, Canada, Sweden, etc. Pure socialism exists nowhere of importance.
BG, appropriate name. The function is socialist in nature, no matter how you want to dress it up.

Answer: everyone is so scared of socialism. but it does exist in may ways here already and is necessary for our country to run. the fact that we pay an apportioned tax to the state that fixes our roads pays welfare and pays firemen cops and judges . the point of government is meant to find a fair way to serve the people. we pay taxes we drive on nice highways thats what seperated us from 3rd world countries . the ability to ban together for a common goal of improvement.

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Police State Canada: G8/G20 to cost tax-payers over 1 billion dollars

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8 resolutions for retirement savers in 2011

Many Americans go off the grid in the final weeks of the year, but now that 2010 year-end statements are arriving in the mail it’s time to get back on the grid – and to make sure you start 2011 on the right foot, especially with your retirement accounts.

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Question: My Federal withholding tax seems very low. I’m in the Military and was in a tax free zone for 6 months. ?

I got married the beginning of last year and went on a deployment and received tax free benefits for 6 months. since i started paying taxes again my federal tax is around 3% my monthly taxable pay is $2243.53 and i’ve been paying about $69.88 a month. I’m also claiming me and my wife in the exemptions? I think it has something to do with the exemptions but it still seems very low.

Answer: The more exemptions you claim, the less they withhold. And because you were deployed for 6 months, you were only taxed on 6 months worth of wages. I was told by an accountant to have the least amount of money withheld (based on actual exemptions). The common misconception is that the more you have held, the more you get back in your refund. But this isn’t necessarily true. The two are not dependent only upon each other. It sounds like you’re right on track.

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