When to Use W-8BEN and Other Types of W-8 Tax Forms Do I qualify for US tax treaty benefits? There is no definitive answer to this question as it depends on a number of factors, including your country of residence, your citizenship, your tax status in the US, and the specific provisions of the tax … Read more
What is a non-qualified stock option, and how is it used? What is difference between qualified and non qualified stock options? The biggest difference between qualified and non-qualified stock options is that non-qualified options are not subject to the same favorable tax treatment that qualified options are. When you exercise a non-qualified stock option, you … Read more
A tax shelter is an investment or arrangement designed to minimize or defer taxes. The term can also refer to a legal entity created for the purpose of tax avoidance or evasion. The term “tax shelter” is most commonly used in reference to investments, such as real estate, that are used to minimize or defer … Read more
Progressive tax is a tax where the tax rate increases as the taxable amount increases. The tax rate may be fixed at different levels for different ranges of taxable amounts. A progressive tax is generally based on the ability to pay, so that those who can afford to pay more taxes are taxed at a … Read more
Income tax payable is the amount of money that a person or organization owes to the government in taxes, based on their income. This can be calculated by subtracting any taxes that have already been paid from the total amount of taxes owed. For individuals, income tax payable is typically calculated using a tax return … Read more
S. Individual Tax Return Definition, Types, and Use. Form 1040: Definition, Types, and Use of the U.S. Individual Tax Return What are the 3 tax forms? There are three main tax forms that individuals can use to file their taxes: the 1040, the 1040A, and the 1040EZ. The 1040 is the most comprehensive of the … Read more
A breadwinner is a person who earns an income that is used to support themselves and/or their family. The term is most often used in reference to the primary wage earner in a household. What is the meaning of Patrones? Patrones is a Spanish word meaning “patterns.” It is also used to refer to the … Read more
The Notice of Assessment (NOA) is a document that is issued by the Canada Revenue Agency (CRA) after an individual or business files their income tax return. The NOA indicates the amount of taxes owing, if any, and the individual or business’s tax bracket. What’s another word for self assessment? There is no other word … Read more
Form 843: Request for Refund or Abatement How do I fill out form 843? Form 843, Claim for Refund and Request for Abatement, is used to request a refund of taxes, interest, or penalties paid to the Internal Revenue Service (IRS). It can also be used to request an abatement of taxes, interest, or penalties. … Read more
That Depends. Income is money (or other economic benefits) that a person or business earns. It can come from employment, investments, or other sources. The term “income” can have different meanings, depending on the context. For example, in the context of taxes, “income” refers to the money that a person or business earns that is … Read more
