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A husband and wife may each give gifts so in that event, $26,000 may be given by a married couple. Cash gifts are not the only kind that are subject to the Gift Tax. If real estate, fine art or precious jewellry is given, they also fall under the same dollar limits as cash gifts.
The federal government has successfully taken UBS which is the Union Bank of Switzerland to court in an effort to force the foreign bank to give up the names of American citizens maintaining overseas bank accounts, technically known as non-disclosed accounts to the American government.
If you don’t file your personal return by April 15 or an extended due date, the penalty is usually 5 percent of the amount due for each month or part of a month your return is late, unless you have a reasonable explanation.
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The exchange rate that should be used is the prevailing rate at the time the income is received or the expense is incurred. If you owe taxes on your return, you must also pay what you owe in U.S. dollars.
If your online sales are a hobby, the expenses cannot exceed the income from sales for tax loss purposes. Although an itemized deduction on Schedule A might be taken by some aggressive individuals.
The Internal Revenue Service (IRS) has some specific requests you need to fulfill when starting a new business. This checklist is a good place to start implementing your action plan.
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