tax time

[David]

Now the US tax time (April 15) is approaching. Did you know that all US citizens (and Green Card holders) must file tax returns? The newly issued US passports, on the last page, state, “All U .S. citizens working and residing abroad are required to file and report on their worldwide income.” Any assets or accounts that you maintain in the US could be frozen or transactions delayed if you don’t file the tax.

Americans living overseas may owe taxes to the US on their foreign earned income if it is higher than certain amount. Just a reminder.

[David]

For America, now is the most dreaded of days. It is often a day of frustration or an exhausted day after being up all night.
The number of words dealing with income taxes in the Internal Revenue Code and IRS regulations rose nearly tenfold between 1955 and 2005, from 718,000 to more than 7 million

Jay Leno says: "Worried about an IRS audit? Avoid what's called a red flag. That's something the IRS always looks for. For example, say you have some money left in your bank account after paying taxes. That's a red flag."

Fran Lebowitz: "If you are truly serious about preparing your child for the future, don't teach him to subtract - teach him to deduct."

Harvey Mackay: "Day in and day out, your tax accountant can make or lose you more money than any single person in your life, with the possible exception of your kids."