PUBLISHED: 06:00 13 April 2019 Carl Lamb Carl Lamb, managing director of Almary Green Archant This week, our reader wants to know how she and her partner can recieve tax benefits if only one of them is working. Carl Lamb of Almary Green responds. Reader question: My husband is working and getting an income of £31,000 a year but I’m a stay at home mum at the moment – I’m not planning to return to work for about seven years when the children have all started school. We understand that he could pay less tax because I’m not working. Can you explain how we do that, please?MORE: Ask the Expert: Does my employer still have to contribute to my pension when I’ve reached retirement age?Almary Green responseThere is a tax arrangement that will be of benefit to you if you are not using your Personal Allowance for income tax purposes. The Marriage Allowance permits you to transfer some of your unused Personal Allowance to your … [Read more...] about Ask the Expert: I’m a stay at home mum, can I apply for tax relief?
Can i pay income tax online
Big companies have long relied on strategies to reduce their tax bills. But the new tax law is making it even easier, with a new analysis finding that 60 profitable Fortune 500 companies paid no taxes on a total of $79 billion of profits earned in 2018. The companies, which include tech giants such as Amazon and Netflix, should have paid a collective $16.4 billion in federal income taxes based on the Tax Cuts and Jobs Act's 21 percent corporate tax rate, according to the left-leaning Institute on Taxation and Economic Policy. Instead, these corporations received a net tax rebate of $4.3 billion. The analysis is based on the corporations' annual financial reports, which were filed earlier this year to report their 2018 results. Defenders of the corporate cuts under the tax law that took effect this year, which lowered the rate companies pay to 21 percent from from 35 percent, contend they will plump profits, drive investment and boost economic growth. Opponents say the drop in … [Read more...] about 60 of America’s biggest companies paid no federal income tax in 2018
Big companies have long capitalized on business-friendly laws to minimize their tax liability. Now, President Trump's tax law is making it even easier for profitable corporations to reduce what they owe the government. Case in point: Companies ranging from internet giants Amazon and Netflix to industrial bellwethers General Motors and U.S. Steel could end up paying as little as $0.00 in federal income tax this year despite recording hefty profits. Some companies will also collect large tax rebates.Defenders of the corporate cuts under the tax law that took effect this year, which lowered the rate companies pay to 21 percent from from 35 percent, contend they will plump profits, drive investment and boost economic growth. Opponents say the drop in corporate income tax revenue will grow the deficit and make it harder to fund public programs. There is no suggestion that companies seeing a dramatic dip in their tax obligations are doing anything against the law -- indeed, it is the … [Read more...] about Some of America’s biggest companies paid little to no federal income tax in 2018
As France's landmark income tax reform comes into effect this month and people have started receiving their January payslips, many taxpayers have been in for a bit of a shock. French media have even carried reports of a 'tough psychological shock' felt some taxpayers when they opened their first altered paycheck and saw their new reduced pay for the first time. "The difference is crystal clear, on the bottom right of my payslip," a stunned French taxpayer called Sandra told Europe 1. She earns €4,500 a month and has seen €1,000 shaved off her paycheck this month as a result of the new reform that sees income tax paid at source for the first time, rather than a year later. "I'm really going to be very careful now not to be in the red," she said. However, no major problems have been reported since the new tax rules were implemented although taxpayers have been advised to look at their new payslips carefully. … [Read more...] about Workers in France given salary shock as new income tax rules kick in
Tax season is right around the corner, and this year could be a doozy. Congress passed the Tax Cuts and Jobs Act in December 2017, which means there's a host of new rules and regulations for the 2018 tax year. The laws were already complicated -- and now we have new tax rates, new rules for the standard deduction and a slew of other changes. Oh, you have questions? Sorry, the federal government is shut down.Despite the fact that the IRS has closed its doors and phone lines, there are resources to help you navigate the process of filing your taxes for 2018. The IRS published a 12-page PDF covering the major changes that took effect in 2018, and there may be answers to some questions on the IRS website. Plus, CNET has taken a fresh look at how the different online tax prep services stack up this year. We present here some answers to common questions about when to pay, how to pay, who to pay, where to send your payment -- and, if you happen to … [Read more...] about Taxes 2019: When they’re due, how to file online and more