Do foreigners that want to start a business really receive $40K from the US Govt when they move here?
I dunno.
Do immigrants live tax free for 7 years if they open a business in the US?
Urban Legend. I am an immigrant and I started my own business, and I NEVER heard of that. It's just hate speech to make you hate immigrants for being hard-working and successful. Before I was naturalized, I had to pay even more taxes than now, and I had to pay social security even though I was not entitled to collect it.
Is income which was earned in a foreign country tax free if brought back to India?
Hi, in India tax on income will depend on your Residential Status as per Income Tax Act,1961. A person is an Indian resident for a particular financial year:If he/she is in India for at least 182 days during the financial year orAn individual lived in India for at least 60 days during the previous year and have lived for at least 365 days during the last four years.However, only the first condition is applicable if you are an Indian Citizen working abroad or a member of a crew working on an Indian ship. Which means if you spend at least 182 days in India during the financial year, you are a resident Indian.So, if you are a resident of India, your global income will be taxed in India whether it is earned in India or outside India subject to DTAA(Double Taxation Avoidance Agreement) with the foreign countries.For example: In Financial Year 2015-16, you have stayed in India from 12-6-2015 to 31-3-2016. You are a resident of India since you have stayed for more than 182 days in India. Than in that case, even if you bring back your income earned outside India to India it will be considered as your global income and taxed to you subject to DTAA with that foreign country.And if your status is Non-Resident of India, than in that case only the income which is earned or accrued in India will be taxable in India. Some of the examples of Income earned or accrued in India are: Salary received in India, rent income from House Property in India, interest income on bank account in India etc. So any income earned by an NRI outside India will not be taxable in India. Hence the income earned in the foreign country and remitted to India will not be taxable in India. Here, is the guide for NRI Taxation.
Can a U.S. citizen get a tax refund if their only income for the tax year was from student aid?
First, most forms of student aid are not “income”. Student loans are not income; they’re loans, which must be repaid. Loan payouts are not income and are not taxable. (They only become income if and when they are forgiven without being repaid.) Similarly, most scholarships are not income; legally, they’re gifts, which are excluded from income. The only forms of student aid that are “income” for the purpose of taxation are work study programs that result in paychecks (from which taxes will be typically withheld) and certain types of assistanceships and fellowships typically only available to graduate students and post-docs (which may or may not be taxable).Second, you can only get a tax refund if you had taxes withheld. Taxes are not withheld from loans or from scholarship payments because these payments are not taxable income and are not subject to withholding.Thus, if your only source of funds for a tax year is various forms of student financial assistance, the only component that would be taxable or subject to tax withholding would be any payments that are directly tied to labor you perform (such as an on-campus work study job, or a teaching assistanceship). If you have income of this sort, and taxes have been withheld from payments arising from such activities, then you may qualify for a tax refund if the amount withheld exceeded the amount of tax that you were actually required to pay on that income.Tax refunds are not, in general, “free money from the government”; they’re simply a refund of prepayments of tax in excess of one’s actual tax debt. If you made no prepayments of tax and had no taxable income, you will not be eligible for a refund. (It is possible to get a refund even if you had no prepayments of tax if you have taxable income, because of the Earned Income Tax Credit, which in some situations results in a taxpayer having a net negative tax rate.)
I've been abroad for 10 years working for cash and haven't paid the irs. should i just fill out 10 2455 forms
The IRS only requires that you file the last three years in most cases (very high earners are asked for six years). Read the following from the London US Embassy's IRS FAQ: "I am a U.S. citizen who moved to the U.K. several (or many) years ago and thought I did not have to file U.S. tax returns any longer. Now I have learned that information was incorrect. What do I do? "This is a common misunderstanding among Americans abroad, and should not create anxiety for those who find themselves in this situation. Generally, you should file returns for the past three years, taking the foreign earned income exclusion, the foreign tax credit, or both. It would be extremely unlikely that there would be any late penalties assessed, since penalties are computed as a percentage of tax owed, and only the rare taxpayer would actually owe tax in this situation. "You may contact us for prior year tax forms, or download them from the IRS web site. To find older forms, enter the year required in the Search for... box on the top-left of the page. The search typically returns Forms and Publications for the year on which you will have searched." The forms you need to start with are 1040 & 2555. You can download these for free from the IRS website or buy older versions of Turbotax online. If you earned more than $90,000 annually, you will also need 1116, 6251, 8801, and a real tax accountant to do the work for you (s/he has all the forms already). If you have a foreign bank account with balances >$10,0000, you'll need Form TD F 90-22.1. If you own >10% of a corporation or partnership, you'll need Forms 5471 and/or 8865. If you, your spouse, or your beneficiaries are the settlors, grantors or beneficiaries of any trusts, even if you get no income from the trusts, you'll need Forms 3520 and/or 3520A. If you gave more than $10,000 to any foreigner, or received more than $10,000 as a gift from a foreigner, there's more paperwork. There are tax specialists who handle cases like yours. If any of the extra bits I mentioned apply, you should see one of them.
How can i get my taxes refund in Orlando Florida?
Hello there! I Will be visiting Orlando next month. Mi not live in usa, im a tourist and i know that in some states (Texas) taxes are refund but is there a booth in the Orlando airport or a company that refunds the tax? I have Also heard that showing my passport in some stores they dont aplly taxes to my shops but i dont know. For that ask a question to you that live there. Thanks in advance. Bye Bye.
As a foreign national working in UK, can I claim my National Insurance back when leaving the country?
tl;dr - no, it's a tax, and you have to pay it as long as you're working in the UK.Theoretically, you might end up entitled to a pension, assuming no government changes the rules between now and your pension age. I don't know anyone who works in finance who believes that the rules won't change over the next 5 years, let alone over the coming decades.In addition to the EU, though, there are a list of countries with "bilateral social security agreements" with the UK. You may be able to persuade the UK tax office to credit the tax office for you in one of those countries... but not you directly.The countries involved are as follow. You say in the question details that you are from an "Asian country" - I've put them in bold :-)Barbados, Bermuda, Bosnia-Herzegovina, Canada, Chile, Croatia, Guernsey, Israel, Jamaica, Japan, Jersey, the former Yugoslav republic of Macedonia, Mauritius, Montenegro, New Zealand, Philippines, Republic of Korea, Serbia, Turkey, USA.