The recent plan to turbocharge Missouri’s economy is not only set to reduce the top personal income tax rate and offer a special non-refundable credit to certain low income earners, but also the tax plan would cut the corporate income tax rate from 6.25% to 4.35%. This change would mean that Missouri has the second-lowest corporate income tax rate in the county among states that impose corporate income tax.
To achieve a revenue neutral tax plan, Governor Eric Grietens has proposed to eliminate certain tax breaks and close certain tax loopholes. These include eliminating the 2% discount that is allowed when vendors file their sales and use tax returns or employers file and pay their withholding taxes in a timely manner.
In addition, all corporate taxpayers would be required to use single-sales factor appointment.
Missouri is one of the very few that states that allow individual taxpayers to deduct federal income paid from state taxable income. Under the Governor’s new tax reform, the 50% corporate tax deduction for federal taxes would be repealed, and the individual deduction would be phased out based on the tax payers income level.
With the income tax rate being slashed by 10%, this reform is likely to eliminate taxes for over 380,000 Missourians.
If you have made energy saving alterations to your home during 2017, you are able to claim costs of the alterations on a Form 5695.
As an American living abroad it is essential that you stay in like with your US tax obligations in order to avoid unnecessary penalties and stress. This article offers a guide on what documents American Expats need in order to file their US expat tax returns. These documents are not only necessary to finalize your US expat tax return, but also to protect yourself in the event of an Audit from the IRS.
As a American living in the UK it is normal and expected to become homesick from time-to-time. While the Americans and English have many similarities in terms of lifestyle and interests, there are always going to be some differences that are likely to make any American feel slightly homesick.
Britain may well have one of the best tea selections in the work, however many Americans wake up craving nothing but an an omelet and a hot cup of filtered coffee.
Below we have put together a guide on London’s top spots for any homesick American living in the London:
Under the Tax Relief and Job Creation Act of 2010, the energy efficient appliance credit was modified and extended. This means that tax credit can be claimed for each type of qualified energy efficient appliance produced by the taxpayer during the 2011 calendar year ending with or within the taxpayer’s taxable year.
As an SME in the Creative Industry in the United States, they are eligible to certain tax reliefs. Like all SME’s in the US, an enterprise is eligible to a tax deduction for qualifying charitable donations.
As a US accountant to creative industry professionals, we understand that travel and varying bases is a huge factor of many creative industry jobs. Whether you’re an actor who has had to move to the other end of the country for a production contract, or a musician that is touring the US, we are expert in your tax matters.
On May 25th 2018, the IRS announced several changes in the Tax Cuts and Jobs act that affect moving, mileage and travel expenses.
We would like everybody to take a moment for everyone to watch this thought-provoking video put together by Marketing Agency BMB for Campaign to End Loneliness.
Just like US Citizens and Green Card holders, US businesses must report and pay tax on their worldwide income. The individual filing requirements of each entity can be dependent on a number of factors. This article aims to break down the basics of the filing requirements for common types of foreign entities.