Category Archives: Taxes

IRS tax

4 Ways To Avoid Waving Red Flags At The IRS

A buddy of mine owned a business back in the day that he was pretty proud of. It was a car repair shop, and he had started it from scratch. It was nothing fancy, just a local, honest shop that people really began to trust over time. He had developed quite a solid customer base over the few years he was open, and then out of nowhere, he shut it down.

tax guide

A guide to good tax and record keeping

Keeping good finances is never easy but it is important. Money is something that everyone deals with but not everyone is good at the more technical aspects of money management.

Likewise, there are additional costs, such as taxes, that need considering. As each financial year comes around it’s important to keep these costs in mind and here are a few ways to help smooth your finances and make a reliable money plan for the future.

tax evation

How To Gather Evidence For Tax Evasion

Tax evasion has become a hot global topic, especially with the big cheaters. A former Chief Justice in the Philippines is being investigated for tax evasion in his country. UBS, a unit of Swiss Bank, is under investigation in France for designing

buy-a-new-car

How to Buy Your Dream Car this Year

In these tough economic times, your idea of a ‘dream car’ may have changed somewhat. Ten years ago you may have been dreaming of a top of the line sports car replete with convertible roof and capable of tearing up any motorway. Nowadays though it’s more likely that a ‘dream car’ is one that just simply works without breaking down and doesn’t cost the earth to run.

pension plan

Things You Really Need To Know About Your Pension

Pensions are a type of savings for one’s retirement and can offer tax advantages. When the beneficiary retires or reaches the designated age of retirement, the basic pension begins to pay a regular income that continues for the remainder of one’s life.

Many businesses are obliged to give employees access to a retirement plan or point them to a financial advisor who can help with the details of all the options that are available.

Tax Avoidance

Offshore No More? A Guide To Tax Avoidance 2012

What is corporation tax?

According to the HMRC, Corporation Tax is ‘a tax on the taxable profits of limited companies and other organisations including clubs, societies, associations and other unincorporated bodies.’ In other words, companies that make profits in Britain are required to pay a certain percentage of those profits back to the government in tax.

Taxable income includes profits from trading and investment. These profits are called ‘capital gains’.

Income-Tax-Proposals

Obama and Romney Income Tax Proposals

Federal income tax cut does not necessarily mean more money to the citizens. More often than not it is a mere deceptive political tactic to woo voters and has been long in use during the election season. In 2012 campaigns, both Romney and Obama pledged to extend the famous “Bush tax cuts” with Romney proposing close to a 20% reduction to have the top rate recede from 35% to 28%.

tax time

3 Ways to Avoid Tax-Time Stress in Small Business

When you run a small business, tax time can be an incredibly fraught season. Suddenly, you have to remember where you put everything, you need to produce plenty of records and of course, you need to make sure that you have enough  in the bank to pay off the taxes themselves! Whether you take on the task of the taxes themselves, or you hand them over to an accountant, you’ll find that there are some things that you can do that will help file an accurate tax document.

tax planning

Effective Tax Planning : 5 Ways To Keep Your Books In Order

Bookkeeping is probably the last thing most small business owners want to do. However, keeping your books in good order is critical to ensure that your business stays on a profitable path. A good record keeping system is also necessary to help at tax time to not only fulfill your legal obligations but to reduce your tax bill as much as possible. Without proper records of your income and expenses, it will be very difficult to file your tax returns on time or fully take advantage