Offshore bank accounts must be declared to the holder’s home country for tax reasons; however, some countries allow foreigners to earn capital gains tax-free. Individuals may choose to keep their money offshore if there is instability in their own country, and they fear losing their investments.

What is not sales taxable?

Some items are exempt from sales and use tax, including: Sales of certain food products for human consumption (many groceries) Sales to the U.S. Government. Sales of prescription medicine and certain medical devices.

Do you have to pay taxes no matter what?

Not everyone is required to file an income tax return each year. Generally, if your total income for the year doesn’t exceed certain thresholds, then you don’t need to file a federal tax return.

How long does an offshore employee have to be in the state to pay taxes?

We have been assessed state taxes in our state of residency on all income he’s earned, but he is physically only in the state for anywhere from 35 to 49 weeks per year so not even half of the time… and doesn’t earn ANY income while he’s in the state. Does he owe state income taxes? How does this work?

What is the penalty for not filing sales tax?

If tax is due, both a failure to file penalty of 5% per month or fraction thereof with a maximum of 25% and a failure to pay penalty of 10% will be due. Interest is due on the amount of tax due from the date the tax was due until it is paid. How do I change my name with the Department?

When do you have to file sales and use tax?

A person who, on two or more occasions within a twelve-month period, either makes taxable sales to users, consumers, or non-registered merchants or makes purchases subject to use tax is not engaged exclusively in the business of making wholesale sales and must begin filing sales and use tax returns.

Where can I find answers to my tax questions?

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