Published Sunday August 29 2010
If you're a sole proprietor, here's the lowdown on three small business tax deductions you can report on Schedule C. They all start with the letter "A".
1. Accountants. The fees you pay your accountant are generally tax-deductible on Schedule C, provided the fees are for services rendered on behalf of your business. So, if you pay an accountant to prepare your income tax return, that tax prep fee is deductible to the extent it applies to the forms required for your sole proprietorship, such as ...
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Posted in: Finance
Published Saturday August 28 2010
Starting a Business - (2 - 3)
When we last met, I went over some of the need for licenses and
permits, as well as how to locate which one are right for you.
You may already have a plan and the form of your business entity
set and if you do great, if not, I'd like to share a few things
with you.
Form of Entity?
All offer advantageous to you when you start a business, however
there are disadvantageous too.
- Sole proprietorships are the most simple for a business owner.
A sole proprietor does not ...
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Posted in: Business
Published Friday August 27 2010
Well, here we go again. It's that time of year - the time when your taxes are due. If this is your first time filing a tax return, or even if you're an old pro at it, you may want to consider using the e-tax option for this year. E-tax is an electronic lodgement system that is available through the Australian Taxation Office website http://www.ato.gov.au.
The e-tax system is very easy to use and be downloaded simply by visiting the site. This user-friendly program has numerous benefits that ...
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Posted in: Finance
Published Thursday August 26 2010
Something about tax and its tradition
Tax is termed as that part of income which an earner has to pay as a part of his liability towards the Government. The payable amount is decided by the Govt. depending upon the income earned. This is calculated annually and at the end of a financial year the return is filed. The tradition of tax payment is very old. Earlier it used to be some part of the total outcome a farmer got of his field. But as soon as money got introduced, it the ...
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Posted in: Finance
Published Wednesday August 25 2010
Real estate taxes Similar to state income taxes, for Regular Tax purposes you are allowed a deduction for property taxes that you pay. Under the AMT, however, you are allowed no deduction for property taxes. This problem affects 94 percent of all folks stuck in the Alternative Minimum Tax, so it is something that you definitely need to look at. This also represents one of the
easiest AMT planning opportunities. Property tax assessment and billing cycles vary among the states, but the ...
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Posted in: Finance
Published Tuesday August 24 2010
Many small businesses tend to procrastinate when it comes to filing for taxes. They behave in this manner for many different reasons. Some are uncomfortable in this unfamiliar territory, so they keep putting it off. Others, caught up in the daily operational issues of running a business, simply can't find the time to sit down to tackle the tax issue. But filing for taxes is no small matter. It is required by law, and there is a dateline for filing taxes. Therefore, small business owners should ...
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Posted in: Business
Published Monday August 23 2010
Why are there so many people due an income tax refund?Some folks say that it is simply because the Government wish to hold on to taxpayers hard earned money as long as they can. I doubt that, I think it is simply that they are not geared up enough to be able to correctly assess the tax in the first place and then again it just takes them far to long to generate a repayment.I rang the paye tax help line recently and the recorded introductory message advises that refunds are taking ...
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Posted in: Finance
Published Sunday August 22 2010
In the initial two parts of this article I talked about some of
the steps necessary in starting a business; Licenses and Permits
and the Form of Business Entity.
I would like to conclude this article with a mention of the
Accounting and Taxation needs of your business.
Accounting / Bookkeeping
The business entity concept provides that the accounting for a
business or organization be kept separate from the personal
affairs of its owner, or from any other business or organization.
This means that ...
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Posted in: Business
Published Saturday August 21 2010
Those of you who are new to the real estate development
business, need to understand what each Design professional
contributes to the development team and the specific services
they are capable of delivering for you.
Knowing what they do for you ... what you are paying for is
vital.
This is part of a series of articles I am writing for you to
explain what each profession does in some detail.
So far I have covered:
. The Architect and Real Estate Development . The Structural
Engineer and Real ...
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Posted in: Business
Published Friday August 20 2010
Terms of its extensive whistling face of global financial tsunami, the Chinese government decided to swim out of prudent and flexible "freestyle." To raise export tax rebate rate to stimulate exports, is the "mid-stream splashing into the water" and struggling to a plan.
The Ministry of Commerce and various trade associations and was informed that a category contains more than exports, and tax items of export tax rebate adjustment proposal, submitted by the Ministry of ...
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Posted in: Business