More and more companies are stashing their cash offshore, and they’re doing it at alarming rates. Why? Put simply, it’s about eluding the tax man. Learn more about the tax havens of the wealthy and powerful in the following infographic by Online Accounting Degrees.
If your full time occupation is blogging, you may not be aware of all the tax deductions you should be keeping track of when filing your tax returns. TheySmell.com has come up with the following infographic that offers a quick list of tax deductions bloggers can utilize to reduce their taxable income.
Most in the UK lose approximately one fifth (20%) of wages to Income Tax and National Insurance contributions: in tax year 2013/14 the first £9,440 of everyone’s earnings are entirely tax free. The more they earn, the more they pay: employees start paying 40% on all earnings above £32,000. For earnings above £150,000, you can expect to pay 45% (these figures for tax year 2013-14 are applicable after 6 April). In addition, during tax year 2012/13, the UK government collected more than £91 million in National Insurance payments from the country’s workforce.
Facebook, Google, Apple – three big name companies you have all heard of and know well. But there are a few “shady” things about these companies you may not know. For example you may not know that they send a portion of their profits overseas rather than being taxed in the US. This scheme has been nicknamed Double Irish.
The following infographic from A#1 Air features energy efficient home improvements and energy efficient appliances that come with tax breaks. It also provides some suggestions as to what you can do with all those savings!
If you’re one of the 1% of Americans who control over 40% of the country’s wealth, life is full of choices. Among them — how best to keep all that money away from the government. The U.S. economic system offers no shortage of loopholes allowing the ultra-rich to shortchange Uncle Sam. This infographic from Top Accounting Degrees reveals some of them.
Want to learn how to cut your tax bill? Who doesn’t want to save money on their taxes due! This infographic from GreeNEWit describes how homeowners and businesses can receive tax rebates and save money by purchasing energy-efficient devices for their homes.
There are many mistakes that people make when filing their taxes, and familiarizing yourself with these common mistakes can help you avoid them and eliminate the chance of fines. Common mistakes include not filing taxes on time, reporting the wrong information or even simple math errors. People also commonly forget to keep their old returns and their old receipts, which they could need in the future.
This infographic from Health Insurance Resource Center helps Americans determine whether they will be eligible for a health insurance premium subsidy under the Affordable Care Act aka Obamacare. The original piece accompanies a story by blogger Maggie Mahar, who explains not only how eligibility for health insurance tax credits is determined, but also how much recipients should expect to receive.
Certain people get audited by the IRS every year. There are things that may trigger an audit and make the chance of being audited more likely. The following infographic by Florida Tax Solvers reveals some of the top reasons that are triggers for an IRS audit. To avoid being audited by the IRS, even if you are innocent, follow the tips below.
Tax season leads many of us to wonder what we should do with our refund, that is for those of you that get refunds. Should we save it, pay down debt, or see it as “free money” and buy whatever we want? While no one answer is right for everyone, looking at potential outcomes for the different ways you could spend it will give you perspective on what the best use of your refund might be. The following infographic from Jemstep takes a look at this question.
With tax season upon us, have you ever wondered how much people pay in taxes in other countries? Turbotax has put together an interactive infographic that compares personal income tax rates around the world. You may be surprised by which countries have the lowest and highest income tax rates.
Moving from one location to another typically requires a lot of work, money and even emotional energy. The good news is that moving for any number of reasons can trigger new tax eligibilities. This infographic from MyMove.com educates movers about the ways that moving can help them to save money at tax time.
The concept of a soda tax (which is an additional tax) is very controversial in America and it’s an issue that has yet to be resolved say John Block, MD, of Harvard Medical School, commenting on whether states should increase taxes on soda in order to reduce obesity. But is this the real reason behind this tax? The following infographic published by Turbo Tax explores the issue.