Every taxpayer is required to file an accurate Income Tax Return (ITR) so that the correct amount of data can be collected by the Income Tax Department and contributed to the government revenue. The process of filing an accurate ITR is not that simple and demands the presence of mind & adherence to the norms & guideline set by the Tax Department. Any errors or faults occurred out of negligence…
Tax
10 Corporate Tax Deduction Tips for Business Owners
Deductible business expenses help businesspersons with many of the costs of running a company. Business owners know that most expenses can be written off, although there are some limits and timing issues. So what are the most common tax deductions for small business? The IRS allows business deductions for general and essential business expenses. Current expenses are needed to keep the corporation running, and these expenses are fully tax-deductible. You…
Negating Common Tax Misconceptions amongst New Yorkers
Most New Yorkers see tax as the financial burden but sadly, like the rest of us, are enforced by law to pay them. Whether an individual does or doesn’t like paying taxes, they constantly search for better understandings of the amount of money they owe to the government and ways to legally reduce their tax bill. With each passing year, it is increasingly difficult to keep hard-earned dollars in our…
Tax Savvy or Terrified of Taxes?
Tax is a terrifying word for most people. When is the due date to file tax? How much tax do I need to pay this year? What if I may not be able to pay? How many penalties will be imposed? And if I couldn’t pay penalty, would I be going to jail? So many questions spring to mind and people envision all kinds of frightening possibilities when they think…
Transferring Property Ownership After Death
Read the infographic guide below to understand more about how to transfer ownership of a property following the death of the owner. When a person dies, any property they own will need to be transferred to a beneficiary. The personal representatives (PRs) of the deceased will act as Executors of the Will, as such they will be responsible for transferring ownership of the property. Understanding Ownership of Property It’s also…
Top 8 Ways to Save Tax for a Business Owner
As a business owner, when you look at your tax bill and find a high payable amount, you wish if you could save some of it. And to your surprise, you could actually save some of that money. There can be multiples ways, but here are the top 8 ways to help you save tax and utilize that money to upscale your business. Use Tax Credits to your Advantage: The…
8 Need-to-Know Expert Tricks to Sort Your Taxes Out Properly This Year
I don’t think there is an American out there that doesn’t want to reduce their tax liability when tax season rolls around. Every year between January and April, folks are organizing receipts, computing income, searching for deductions and credits that will help us to pay as little as possible to the IRS or get us a larger tax refund. 1. Don’t Miss the Deadline One of the biggest and most…
Choosing a QuickBooks Online Accountant in Canada
A small but growing business needs to outsource their financial management to operate more efficiently. Your aim is to find an accountant with the traits that fit your interest, so you could work together and strengthen your small business. Accountants that work closely with technology and software such as through cloud computing are now in demand. Furthermore, countless accountants are using a free platform called Quickbooks Online Accountant, which means…
Here’s What You Need to Know About Income Tax Investment Proof Submission
Salaried employees get their TDS (Tax Deducted at Source) deducted from their income every year and it is the most dreadful feeling especially when they do not know whether the deducted TDS was of the correct amount or not. It is a requirement for all of the employers to deduct TDS every year from the salaries of their employees. An employer may deduct either more TDS or less than that…
Small Business Tax – What You Can & Cannot Deduct
If you run your own business, paying tax is something that cannot be avoided, yet with expert help in the form of an experienced accountant, your tax bill can be significantly lowered. Of course, the average person would not know what can be deducted and what cannot, and with that in mind, here is a list of items that a small business can claim tax deductions for. Home Office – More…