Not Living on the Earth? You Still Have to Pay Your Taxes on Time
You gotta hand it to the IRS for being thorough. They’ll leave no stone unturned in an effort to make sure that every taxpayer files their return. That’s even true of very big stones, otherwise known as asteroids. In other words, even if an astronaut wanted to hide behind an asteroid or a moon rock, he or she would still have to file a tax return on time.
That’s right, when it comes to filing taxes, unless you go through the proper channels and file for an extension, then you must pay your taxes on time, even if you’re an astronaut in the middle of space from January 1 to April 15. So what is a space traveler to do if he or she ends up in orbit when taxes are due?
Well, like any other traveler back here on the ground can do, they need to contact a good accountant. Although this situation may not apply to a lot of people right now, as more and more people and businesses in the private sector delve into space travel it could definitely come into play more often and for more people, including the ultra-wealthy who are behind these new space travel endeavors.
Meantime, there are many other world travelers that spend many months at a time abroad. Just like astronauts, they too need to make sure they file their taxes on time. If you count yourself among the many who spend a lot of time away from home, including some of the very wealthy, then make sure you don’t overlook your tax planning and preparing duties. Contact GROCO and you can have peace of mind that your taxes will be taken care of, whether you’re in Europe, Asia, and Australia or even in space.
What Is Section 1202 Stock?
The Protecting Americans From Tax Hikes Act of 2015 (PATH Act), which was signed into law late last year, finally made several temporary tax breaks permanent. Among the tax breaks included is the Small Business Stock Gains Exclusion, known as Section 1202. So what is the Small Business Stock Gain Exclusion? Section 1202 is designed…
Some of the Most Amazing Tax Deductions Ever
At GROCO, we have been doing this for more than 50 years. That means we’ve heard just about every crazy tax story you can imagine. With tax season now officially in full swing we thought we would share some of the craziest tax deduction stories we’ve ever heard; and they’re all true. A gas station…
Is The U.S. Really a Low-Tax Country?
Many U.S. taxpayers feel that our country’s taxes are too high, no matter which economic class you’re in. Likewise, regardless of which side of the political world you rest, most people would agree that the U.S. tax system needs some serious upgrading, and not just some fine-tuning. However, it appears that compared to many of…
Will Your Tax Return Draw the IRS’s Attention?
No one wants to experience a tax audit. The good news is that most people never will have to go through that experience. The IRS simply doesn’t have the time and resources to audit every tax return. In fact, the IRS only audits about 1 percent of all returns. That means most people don’t have…