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Tax planning to infinity and beyond...
Another year has come and gone and what’s really changed? Are you sitting in roughly the same place you were last year at this time with respect to your taxes–wondering what you could have done differently in your business to positively affect your year- end tax bill? All too often, when individuals and closely-held business owners begin discussing tax planning, what they really end up referring to is the process of tax compliance. Tax compliance is the process of reporting your income to the Internal Revenue Service and, hopefully, accurately ensuring that your tax preparer takes advantage ...

Use Child Tax Credit for Tax Savings
Now, here’s a real tax savings to the individual taxpayer with dependents. The child tax credit is a direct federal income tax credit based on the number of dependent children in your family. This federal tax credit is available to provide credit to taxpayers with income below certain established levels. Started in 2003 and going to 2010, the maximum credit per child is $1000 and is first applied to reduce or eliminate the taxpayer’s federal tax liability. In 2011, the Sunset Provision will decrease the tax credit unless the credit is extended or made permanent. How does this federal ta...

What Is The Fair Tax And Why Should You Care?
The U.S. Federal Income Tax Code is a tax on the income of American companies and citizens enacted by the government. The U.S. Constitution gives Congress the power to impose taxes, duties, imposts, and excises.The purpose of the Tax Code is to provide income for the operation of the government. The Tax Code is found in Title 26 of the U.S. Code of Federal Regulations (CFR).Any U.S. citizen who has filled out a federal tax return knows how confusing the current U.S. Tax Code is. Additional layers of complexity appear if the taxpayer itemizes deductions, deducts home business expenses, or h...

Tax Debt: It's Time for Some Tax Assistance
It has become more common for individuals and small businesses to incur tax debt due to the down turn in the economy. What is important is to ensure that you keep all your tax obligations (including lodgement) up to date. The first step is to ensure your tax returns and activity statements have been lodged in a timely manner. The next is dealing with the Australian Tax Office. Once the quantum of tax debt is ascertained it is then necessary to contact to the Australian Tax Office and try and enter into a payment plan. Subject to the dollar amount, the Tax Office will generally oblig...

Good and Services Tax
Goods and Services Tax (GST) is a new type of tax imposed by the Indian government to replace all other indirect taxes. GST is a kind of tax imposed on usage of goods and services, sale, and manufacturing of goods and services.  According to the government goods and service tax (GST) is applied to goods and services nationwide for achieving overall economic growth. The goods and services tax is particularly designed to replace the indirect taxes imposed on goods and services by the Centre and States governments in the country. GST is a kind of value-added tax imposed by the...

Home Loan Tax Benefits and Exemptions
Home Loan Tax Benefits and ExemptionsHome Loan Tax Benefits and Exemptions Buying a dream home nowadays is not as difficult as climbing a tricky hill, home loans make it quite easier for us. Manage to buy home from one’s own savings seems next to impossible, even for high worth individuals. Loan is the only safe option. Banks provides various home loan schemes and you can choose one of them, which we had been discussed previously. But it always makes an individual under high burden, and there is no wheeze to make individual free from paying high return of loan. There is a way when yo...

Your Tax Return - How the Tax Return Process Works
An income tax return is a system where taxpayers announce their taxable deductions, income, and tax payments. The process of filing income tax returns is mentioned to by way of income tax filing. However filing the actuals, the whole amount that must go to the administration as income tax is deliberate. If you have paid additional tax than required for the financial time, you will be repaid through the income tax division.Occasionally, you can also find that you have poorly paid taxes for the time. In such cases, you need to pay the balance of the tax, and file your Income Tax Return Victori...

How Wealth Tax Is Better Than Income Tax
Wealth TaxDo you want to move money from the wealthy to the poor? Well, tax wealth.Wealth tax causes far less market distortion, and hence, much fairer than income tax. Wealth tax hurt productivity less. If you live in a capitalistic country, then your income is yours fairly. However, Bob’s wealth might not be traceable to productivity. Bob might have gotten his wealth through inheritance gained through slavery, or genocide. The link between wealth to productivity is less than the link between incomes and productivity. Hence, wealth tax discourages productivity less than income tax.Wealt...

Tax Agents Can Help Lodge Business Tax Returns without Any Hassle
Most countries including Australia have imposed tax regulations for both individuals and registered companies. Both corporations and registered companies are liable to file business tax returns. A company includes corporations governed by law outside Australia and entities registered as companies in Australia. The companies are broadly classified into residential and non-residential company. The company tax is collected and handled by the Australian Taxation Office. Taxes are paid in various forms such as Company Tax, Goods and Service Tax, Payroll Tax and Capital Gains Tax. All compani...

Improve Profitability And Avert Tax Audits By Doing Proper Tax Planning
Regardless of their scale or size of operations, nature of the business, bookkeeping processes, payroll managers, an accountant in organizations, auditors for streamlining regulatory and financial records of daily transactions, and other in-house accounting requirements. With augmented workload, most of the businesses are depending upon tax planning services to evaluate their tax details. The accounting service providers have experience in dealing with tax details using latest software and tools.Why Is It Important To Consider Tax Planning?Tax planning is same as that of financial planning...

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