Americans Living Abroad Are Acting Like Superman
A year ago, in Action Comics, Superman declared plans to renounce his U.S. citizenship.
Now, I did not know that. But a year ago, I advised few of my clients that renouncing their American citizenship might be the only way to keep IRS and USA government off their back.
According to a news report, in 2011, almost 1,800 people followed Superman’s lead, renouncing their U.S. citizenship or handing in their Green Cards. That’s a record number since the Internal Revenue Service began publishing a list of those who renounced in 1998. It’s also almost eight times more than the number of citizens who renounced in 2008, and more than the total for 2007, 2008 and 2009 combined.
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In Ontario, Canada Super Rich are now the Super Villains
If you live in Ontario and one of 23,000 Ontarians who is making over $500,000 you are branded as Super Rich by the
Super Rich Are Target of New Tax
The new tax would move Ontario income tax rate to 48.5 per cent for the Super Rich.
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2011 USA Income Tax Filing Deadline Is April 17, 2012
2012 Cross Border Tax
USA income tax filing deadline is approaching soon. The Internal Revenue Service opened the 2012 tax filing season to report taxpayers’ 2011 income and pay taxes by announcing that taxpayers have until April 17 to file their tax returns which is just about a week away.
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Another Tax Grab by Government Foiled by Indian Small Business Owners
Import Tax on Gold
The minister also raised the import duty on gold for a second time this year as part of measures to rein in the current account deficit, partly stoked by record bullion purchases. The precious metal has been climbing for a 12th year as the sovereign-debt crisis in Europe and concerns that global economic growth may slow spurred demand for a protection of wealth.
Mukherjee raised the import duty on gold bars and coins and platinum to four per cent from two per cent, after doubling the tax in January.
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US Tax Grab Is Targeted At Canadian Real Estate Investors
Buying a House - Pay Cross Border Tax
Canadians, have been investing at an increasing rates in the US rental and vacation properties since the US housing market took a dive in price in 2008.
IRS tax law for off-shore investors (Canadians) states that, gross rental property income should be taxed at source @ 30% rate by the property management company and remitted to the IRS each month. Only filing a Non Resident USA tax return, Canadians can get back some of the rental income deducted at source. Since most Canadian does not have any mortgage, they cannot claim mortgage interest expense against their rental income, and almost 100% of the income is taxable in USA.
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