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Hello Connections !!! After a long weekend and the festivities of Holi here is the Tax titbits for this week.... Lets talk about some requirements of NR Aliens Filing Individual Tax returns Form 8843 - Form 8843 is a tax form used by nonresident aliens in the United States to report their presence in the country. Nonresident aliens who are present in the U.S. under certain visa statuses are required to file this form to maintain their nonresident status for tax purposes. Some key points about Form 8843: It is not an income tax return but rather a statement of days spent in The United States by certain nonresident aliens. Form 8843 is used to determine whether a nonresident alien meets the Substantial Presence Test, which is used to determine residency for tax purposes. Nonresident aliens who are present in the U.S. under certain visa statuses, such as F, J, M, or Q visas, are generally required to file Form 8843 if they are not exempt under certain treaty provisions. Certian requirements about North Carolina Residents - Form D-400 is a tax form used for filing North Carolina individual income tax returns. Residents of North Carolina use this form to report their income, deductions, credits, and calculate the amount of tax they owe or the refund they are entitled to receive. Some key points about Form D-400: It is used by individuals who are residents of North Carolina for tax purposes. The form covers various types of income, including wages, interest, dividends, and rental income, among others. Taxpayers must report their income, deductions, and credits accurately to determine their North Carolina state income tax liability or refund. Both Form 8843 and Form D-400 are important tax forms used for compliance with U.S. tax laws, but they serve different purposes and are applicable to different taxpayer populations. It's important to consult with a tax professional or refer to the IRS instructions for each form to ensure accurate completion and compliance with tax requirements.

What are the most common way taxes are filed? Here's 5 ways to file your taxes for FREE.

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Have you paid the fourth installment of advance tax? If not, do it now. Not adhering to the deadline can lead to penalties in the form of interest under sections 234B and 234C of the Income Tax Act Find complete guide on advance tax here Surbhi Gloria Singh #advancetax #taxes #installment #incometax

The always helpful, ever informative Piketon-based PTG Accounting & Tax Consulting just published a great new blog post about determining whether an individual needs to file a tax return that you can learn more about by clicking below.

Upon delving into the intricacies of this matter, it becomes evident that Nigeria's current approach to governance often provides leeway for individuals to effect amendments, which, regrettably, may not always be in the best interest of the taxpayer. This situation underscores the need for a more balanced and equitable approach to tax compliance. What we are looking for in Nigeria is where systemic decisions regarding tax Voluntary Compliance reflect a harmonious synergy between the government's fiscal needs and the taxpayer's interests. Achieving this equilibrium is not just a fiscal necessity but a cornerstone in the establishment of a fair and prosperous society.

US TIN AND ITIN United States, both TIN (Taxpayer Identification Number) and ITIN (Individual Taxpayer Identification Number) are important for tax purposes, but they serve different segments of the population: TIN (Taxpayer Identification Number) : TIN is a broader term that encompasses various types of taxpayer identification numbers used by different entities for tax purposes. The most common type of TIN is the Social Security Number (SSN), which is issued by the Social Security Administration (SSA) to U.S. citizens, permanent residents, and certain other individuals authorized to work in the United States. Another type of TIN is the Employer Identification Number (EIN), which is issued by the IRS to businesses, estates, trusts, and certain other entities for tax reporting purposes. ITIN (Individual Taxpayer Identification Number): ITIN is specifically designed for individuals who are not eligible to obtain a Social Security Number (SSN) but have U.S. tax filing obligations. ITINs are issued by the IRS to individuals, including non-resident aliens, resident aliens, and their dependents, who are required to file a U.S. tax return but are not eligible for an SSN. ITINs are used solely for federal tax purposes and do not confer any legal immigration status or right to work in the United States. In summary, while both TIN and ITIN are used for tax identification purposes in the United States, TIN is a broader term that includes various types of taxpayer identification numbers, whereas ITIN specifically serves individuals who cannot obtain an SSN but need to fulfill U.S. tax obligations.

**Navigating the Tax Year 2024: Essential Tips for Taxpayers** As the tax year 2023-2024 comes to a close on June 30, 2024, it's crucial to stay informed and prepared for filing your tax returns. At Shamiha Tax Consultancy Services, we aim to simplify the process and ensure you meet all necessary requirements. Here are some key points to keep in mind: **Understanding Your Filing Obligations** Individuals with an annual income exceeding PKR 600,000, registered taxpayers with the Federal Board of Revenue (FBR), owners of cars with an engine capacity of 1000 cc or more, and homeowners with properties of 5 Marla (125 square yards) or larger need to file tax returns. The tax year runs from July 1 to June 30, and filing for the previous year begins on July 1 and ends on September 30. Late filings post-September 30 can incur penalties unless an extension is granted. **Maintaining Active Filer Status** Ensure you remain an active filer to benefit from zero tax on cash withdrawals, reduced taxes on property transactions, banking profits, commission income, car purchases, and services, as well as easier visa processing. To stay active, file your returns within the specified period. If you become inactive on March 1, regain your status by paying a PKR 1,000 surcharge. **Why Choose Shamiha Tax Consultancy Services?** At Shamiha Tax Consultancy Services, we offer expert guidance and support to help you navigate the complexities of tax filing. Our goal is to make the process smooth and stress-free, ensuring you maximize your benefits while staying compliant with FBR regulations. Stay informed, stay compliant, and let us assist you in achieving a hassle-free tax filing experience. For more insights and assistance, visit our website or contact us directly. Let's make tax season manageable together! Contact no: 0348 2936826 Email: info@shamihataxservices.com

SUMMER TIME IS IN THE HORIZON BUT PREPARE FOR FILING SEASON. While some countries are preparing for summer with the summer solstice coming on June 21 or 22, Nigerian businesses (with a December FY end) are preparing for corporate tax filing season with the deadline for filing being June 30 (June 28 being the last working day of the month). Typically, large scale businesses and corporations are aware of their tax obligations, small and medium-sized businesses in Nigeria should be made aware of the upcoming corporate tax filing season. Understanding the tax laws and deadlines is essential to ensure compliance and avoid penalties or legal issues. During the tax filing season, businesses need to gather all necessary financial documents and ensure accurate reporting of income, expenses, and deductions. Keeping detailed records throughout the year can streamline the tax filing process and help businesses take advantage of any available tax benefits or incentives. Seeking professional assistance from tax consultants or accountants can also be beneficial in navigating the complexities of corporate tax filing. Failure to file taxes correctly and on time can result in hefty fines and legal consequences for businesses. It is important for small and medium-sized businesses to allocate sufficient time and resources to prepare and file their corporate taxes accurately. By staying informed about the tax regulations and seeking guidance when needed, businesses can ensure compliance and financial stability.

Ocean View Group-Tax Unit We are so delightful to announce that the Tax Unit of Ocean View Group has been established. When individuals migrant to the United States, the first thing they may consider is why tax may play a role when the tax law may not have been strictly executed in his/her home country. The answer is simple, the more free services one resident of a given country is entitled, the more entitled, the government deserves of some sort of tax income. “What if what I have made is exactly what I deserve?” “There is a compromise procedure with the IRS.” “These all lies, they basically tell me that I need to pay more!” “Not really, time plays a role. Imagine, there is only $ 5,000 in your bank today and you are required to pay $ 4,500 out of pocket and tomorrow, the next year of this time, there is $ 5,000 in your bank and you are paying $ 300 each month while maintaining the same balance.” “I can make $ 55,000 next year!” “Yes, and then you can set off the rest of the balance and move on with life while purchasing an expensive insurance to cover the risk of hospital emergency. I know you have been working hard.” Sometimes being the therapy of the clients are necessary, because, you do not understand the issues they are facing then, you cannot help with what they need. “So what should I do next?” “File the applications with IRS and if there are something wrong, Tax court.” “But my budget is limited!” “Well, you can try to do it you own or ask whether you are qualified for our free services. Remember, if your income is not below the federal poverty line, this consultation is all you got for free.” “………” That’s how our Tax unit is born. Free consultation for clients who are confused about Tax filing procedures. Especially for the new immigrant to the United States, when one judge views Tax as the important credential showing you are a law abiding resident, that’s an important gate which may lead to the Permanent Residency legal status. Ocean View Group Tax Unit, we are here to help.