Author: News Desk

Being self-employed comes with numerous benefits, but it also brings the responsibility of managing your own taxes, often at a higher cost. As a freelancer, contractor, or small business owner, you are responsible for covering expenses that an employer would typically pay, including Social Security and Medicare taxes, office supplies, and even a company vehicle. However, there are many tax deductions that self-employed individuals can take advantage of to reduce their taxable income. Below are five key deductions every self-employed person should know for 2025. 1. Home Office Deduction: Save on Utilities and More If you run your business from…

Starting from January 2025, Aruba has approved changes to the income tax and payroll tax rates that will significantly affect both employees and employers. The new regulations bring about a reduction in tax rates, meaning a majority of taxpayers will pay less tax in the coming year. The reduction is especially impactful for employees receiving wages and for business owners operating one-man businesses, ensuring that they retain more of their earnings. The tax-free sum has been increased to Afl. 30,000, meaning individuals with annual income up to that amount will be exempt from paying both income tax and payroll tax.…

Living as a U.S. expat in Hong Kong presents unique tax challenges. Despite Hong Kong’s low tax rates, the tax system there is notably different from the United States, and American expats must carefully navigate both jurisdictions. To help you understand and manage your tax responsibilities, we’ve outlined 12 essential topics every U.S. expat in Hong Kong should know in 2025. Whether you’re new to the region or already established, this guide will assist you in optimizing your tax situation, from understanding Hong Kong’s territorial tax system to navigating the complexities of U.S. tax obligations. 1. Do Expats Pay Tax…

Starting in 2025, all commercial rental properties in Anguilla will be subject to the Goods and Services Tax (GST) under the GST Act. This requirement applies to both GST-registered and non-GST-registered individuals or businesses whose rental income meets or exceeds the threshold of EC $300,000.00. What Properties Are Considered Commercial Under GST? The GST applies to any rental space used for business purposes in the following categories: Important Exemption: Agricultural or farming spaces are exempt from GST registration under Schedule 2, Part 2 (k) of the GST Act. Why Is GST Registration Important? Failure to comply with GST registration requirements…

Understanding the GST Controversy The latest round of trade disputes has put Australia’s Goods and Services Tax (GST) under scrutiny, with the US claiming VAT systems like the GST create unfair trade conditions. But is GST a tax or a tariff? Understanding this distinction is crucial in grasping its role in international trade and why it has become a contentious issue in US trade policy. What is the GST and How Does It Work Australia’s GST is a broad-based consumption tax of 10% applied to most goods and services consumed domestically, whether produced locally or imported. Unlike tariffs, which exclusively…

The Kalamazoo City Commission has unanimously approved a new tax-exempt zone aimed at spurring housing development in the city. The zone, called a Neighborhood Enterprise Zone (NEZ), will provide developers with significant tax benefits and incentivize revitalization efforts, especially for historic buildings. The first project to benefit from this initiative will be the development of four new apartments in downtown Kalamazoo. What is a Neighborhood Enterprise Zone (NEZ)? An NEZ is a tax exemption area created by the state of Michigan to encourage the development of housing and the rehabilitation of older buildings. Once designated, the NEZ can offer tax…

Michigan has launched a groundbreaking tax incentive program designed to boost innovation and drive business growth. The new 2025 Michigan R&D Tax Credit and Michigan Innovation Fund aim to lower costs for businesses, create jobs, and position the state as a leader in technology and manufacturing. What’s in Michigan’s 2025 Innovation Tax Program? Michigan is making a historic investment in research and entrepreneurship by introducing two major initiatives: 1. Michigan 2025 R&D Tax Credit Key Benefits: Why It Matters: Michigan now joins 36 other states in offering R&D tax incentives, making it a more attractive hub for high-tech businesses and…

As South Africa prepares for the 2025 Budget, the Democratic Alliance (DA) has outlined its expectations for what should be a turning point in the country’s economic recovery. After a decade marked by sluggish growth and escalating debt, the DA advocates for bold, reform-driven policies to unlock private sector job growth, boost infrastructure investment, and contain the rising cost of living without resorting to new taxes. The DA’s stance is clear: the budget should prioritize sustainable economic growth, fiscal responsibility, and efficiency. A key part of the DA’s proposal is to avoid further burdening South African households and businesses with…

In 2025, significant updates have been made to the deductions and scales applied to personal and corporate earnings. The Customs Collection and Control Agency (ARCA) has released the new guidelines, which cover tax deductions for personal pay from January to June 2025, updated income tax scales for individuals, and an increase in the income deduction for retirements, pensions, and withdrawals. These changes will also impact businesses, with new tax scales being implemented for legal persons (corporations) starting fiscal years from January 1, 2025. What Are the Key Updates for 2025? Why Are These Changes Important? These updates are essential for…

If you’re a US citizen living abroad, you may qualify for a significant tax break: the Foreign Earned Income Exclusion (FEIE). This provision allows you to exclude a substantial portion of your foreign-earned income from US taxation—up to $126,500 in 2024. However, qualifying for this exclusion involves meeting specific requirements, such as passing the Bona Fide Residence Test. In this guide, we’ll walk you through what it means to be a bona fide resident of a foreign country, how you can qualify, and how the Bona Fide Residence Test compares to the Physical Presence Test (PPT). We’ll also explore the…