In Rev. Rul. 2011-19, the I.R.S. held that the U.K. Remittance Basis Charge (“RBC”) is an income tax for which a credit is allowable under Code §901.
The U.K. generally allows individuals who are U.K. residents but who are not domiciled in the United Kingdom (i.e., do not intend to live in the United Kingdom permanently) (non-domiciliaries) to elect each year to be taxed on an alternative basis. The default basis of taxation for non-domiciliaries – as it is for any U.K. resident individual – is to pay U.K. income and capital gains taxes on their worldwide income and capital gains (gains), which is known as the arising basis of taxation.
The alternative method of taxation is the remittance basis, under which non-domiciliaries with non-U.K.-source income or gains can elect to be taxed on their non-U.K.-source income and gains only when they are remitted to the United Kingdom. Remittan
Full article…
“I don’t have an estate in California big enough or worth doing any planning for.” This often stated comment is many times the wrong reason for not having a living trust, a will, a power of attorney for property management or an advance health care directive.
The word “estate” simply refers to the things you own, your assets. For example, money in a checking account is an asset you own. If you have a checking account, you have an asset and you have the beginnings of an estate. Equity in your house or ownership of a life insurance policy or anything else you own are additional assets making up your estate.
Depending on what property makes up your estate, when you die California may require that ownership over it can change only with the court’s oversight. To avoid probate in California, a living trust which owns your property should be prepared; the living trust doesn’t change very much the power you still have over your property so you often have nothing to lose by getting a living trust.
Call an experienced estate planning attorney in Los Angeles who is able to help you no matter where in California you may live. Call Mitc
Full article…
There is a common misperception that major price drops in the stock market means that a lot of businesses are on sale. The market moves down from 12,500 to 10,700 so there must be lots of bargains, no? Not so fast, grasshopper. Price movement down 20% by itself only means a lot of good businesses got cheaper. It doesn’t necessarily mean they are on sale.
You must know the value of the business you are buying irrespective of what Mr. Market is paying for it. As it stands now, you might find a few bargains but at 11,400, but a 10% discount to the old price isn’t much of a discount unless it was almost on sale at the old price.
Patience is a virtue for Rule One investing. The major danger to Mr. Market’s prices is not past us. We are, as a nation, like a drunk walking on thin ice; unless there are really huge entitlement cuts, we’re going to have to fall through the ice before we get serious about our situation.
When we fall through the ice, we will see a whole bunch of businesses really go on sale. We’re a lo
Full article…
If you have several credit cards with high interest rate, you can opt for credit card consolidation. This helps you to lower the interest rate on your credit cards and reduce the number of debts that you have. Thus, it becomes much easier for you to manage and pay off the credit card debt. So, what are the options that you have with debt consolidation? In order to consolidate your debts, it is important for you to know the details of debt consolidation.
What are your options?
There are two main options through which you can consolidate your debts. You can consolidate credit card debts on your own or else you can try to get the help of a credit card consolidation company. If you opt to consolidate the credit cards on your own, you can do balance transfer, you can take out a secured consolidation loan or else you can also try to get an unsecured consolidation loan. Full article…
The tax season is a stressful time for everyone. Between keeping track of all the paperwork, not forgetting to file on time and checking that everything is correct; this is something we often want to finish quickly. Unfortunately, there are cases where we can find that owe piles of money to the IRS. So the help of tax debt relief specialists is essential.
First, you need to assess how much money you need before looking at the available tax debt relief options. You can certainly talk the IRS by yourself and it’s an easy task if you have the amount less than $ 10,000. If the owed amount ranges from $ 10,000 to $ 25,000, you may want to seek advice from a tax adviser. If it’s more than $ 25 000, you definitely want to have a professional on your side to help you understand what the best options.
After you have either made the decision to do it alone or have a professional assistance, you can watch what your options are. Full article…
I get this question a lot because couples often wonder what is acceptable to spend on different purchases. Its natural for people to compare themselves to others, but the problem is you do not know everything going on in their lives. They might make way more or way less income than you think. Spending is not a sign of wealth! Most people think a person driving a $60,000 vehicle with a $500,000 house is wealthy, but all it really shows is that they know how to spend money, not that they necessarily have money. So, here are a few guidelines for knowing how much to spend:
I know this sounds really obvious, but most people dont actually put it into practice. If they did, we wouldnt have the debt problem we have today. That is how debt happens. You spend more than what you make and use credit cards, home equity loans, payday loans, etc. to pay for it. So, the best way to determine if you should spend money or not is to ask yourselves if you have the money in the first place. Not if yo
Full article…
Below is the latest snap shot of our personal net worth. I share these numbers so that you will encourage me and keep me accountable. Also, I share so that you can see how the information on this blog ties into my actual strategies for building wealth (aka security and freedom).
This personal net worth statement includes Mrs. PT’s stuff, but it doesn’t include my business data. I will attempt to update this each month and thus, let you guys in on my progress. After all, net worth isn’t worth much on it’s own (for all you know, I could have inherited this money). Thus, net worth should primarily be used to gauge if you are moving in the right direction.
Check back next month to see how I’m doing.
(notes to explain some of the accounts)
Checking – Nothing too exciting here. We do most of our spending using our Chase Freedom cash back credit card. The way we have our bank accounts set up, the credit card is paid off automatically, in-full each month from this checking account. We also pay
Full article…
Recent Comments