Taxes Articles

Finance » Taxes | By Terry Cartwright @ Monday, 26th May 2008 @ 12:10 AM

Allowable costs for tax purposes include the cost of goods bought for resale including the cost of raw materials and all costs of production after adjusting the cost of sales for changes to the opening and closing stock of stock including stores being held, work in progress and finished stock. The adjustments of opening and closing stock values being to adjust the cost of sales to represent the cost price of the goods included in sales turnover. Also included in the calculated cost of sal... more...

Finance » Taxes | By Terry Cartwright @ Sunday, 25th May 2008 @ 4:28 AM

Tax authorities are often relaxed about the need for small business to prepare and produce formal accounting records. Often the requirement is simply that each business retains sufficient financial records to support the accounts submitted. Such advice from tax authorities places a burden upon small business in that the vast majority are honest hard working people who are meticulous about keeping accounting records of sales made during the financial year. Unfortunately many small business... more...

Finance » Taxes | By Ramapati Singhania @ Friday, 23rd May 2008 @ 4:38 PM

When you incorporate an offshore company in Seychelles, there is no such thing as a Seychelles Tax! Information Seychelles: Located in the stunning waters of the Indian Ocean, northeast of Madagascar and 1,600 from Kenya, the Republic of Seychelles is a paradise in many ways. There are 115 small islands that make up Seychelles, and these islands are unknown to many people today. Seychelles offers a wealth of prospects in terms of investment opportunities, recreational activi... more...

Finance » Taxes | By Terry Cartwright @ Sunday, 18th May 2008 @ 1:42 PM

Anyone in business in the UK who is not incorporated into a limited company must complete a tax return of their financial affairs each year. For a number of years the specific tax return to be completed by everyone self employed was the self assessment tax return. The new self employed tax returns were introduced quite late in the reporting process being published at around the end of the financial year, to which they relate, 2006 07. This should not be a problem to those familiar with th... more...

Finance » Taxes | By Ray Eddings @ Sunday, 11th May 2008 @ 9:14 PM

We have all heard the claims of being able to settle tax debts for "pennies on the dollar". It sounds great, but does it really work? It may seem too good to be true, and the truth is that it is not for everyone. But for those who qualify, it can be a real lifesaver. An Offer in Compromise, or OIC, is an arrangement with the IRS that allows an individual or business to negotiate a settlement amount that is less than the total amount owed. It is important to realize that the... more...

Finance » Taxes | By Catherine Harvey @ Sunday, 11th May 2008 @ 8:54 PM

In heritance tax has undergone some changes of late that make it a much simpler process to leave your money and property to your children without them paying the penalty of inheritance tax quite so soon. Will writing is sometimes a complicated business and people do not always realise the implications of what they leave to the people they leave it to. Anything over 300,000 pounds for an individual would incur inheritance tax and combining a couple's nil rate allowance was a little co... more...

Finance » Taxes | By Jim Williams @ Sunday, 11th May 2008 @ 9:05 AM

It is no wonder that so many hard working Americans have a difficult time making ends meet. It is hard enough to have a small business these days and it is not any easier for those who work for others. We have a large amount of any money we make going to all kinds of taxes every time we turn around. It is not that we Americans mind paying for the things we need to run our country, but sometimes it seems like the bureaucracy of the our governments are running us .We actually have very litt... more...

Finance » Taxes | By Art Gib @ Thursday, 24th April 2008 @ 4:32 PM

With expenditures rising in almost every category when it comes to consumerism in the U.S., it's no wonder that property tax is in line with that trend too. Although it's not the most expensive thing a homeowner has to pay with a house, it can add the extra sting to mortgage payments or a seemingly bigger sting if you pay the total amount at the end of the year. This article will go over some of the options for senior home owners, by the state, that offers savings in property ta... more...

Finance » Taxes | By Gregory Smyth @ Thursday, 24th April 2008 @ 2:19 AM

A new Corporate Income Tax Law ("CIT Law") was passed by China's legislature, the National People's Congress. The new law was launched on March 16, 2007 and it takes out many of the tax incentives that had specifically been provided to foreign invested manufacturing companies. However, it decreased the current corporate income tax rate from 33% to 25%. The new law which is set to take effect on January 1, 2008, makes a precautionary attitude towards foreign investment wh... more...

Finance » Taxes | By Gregory Smyth @ Thursday, 24th April 2008 @ 2:12 AM

Hong Kong's top financial officials have put forward some amendments aimed at bringing back wealth to people, including tax cuts and other compromises. The package of measures and compromises are offered to help the disadvantaged, improve Hong Kong's economical stability and guarantee lasting development. The government has predicted a surplus in the Consolidated Account of 115.6 billion Hong Kong dollars ($14.8 billion) and a surplus of 63.7 billion HKD (about $8.19 billion) in... more...

Finance » Taxes | By Ranju Kumar @ Wednesday, 9th April 2008 @ 2:47 PM

Every individual once in a while has to think about paying tax. It has been a very important matter to each and every one. As people are more and more concerned about the amount of taxes to be paid, they generally forget that it will always boomerang in the form of services which will most certainly make the world the most wonderful and enjoyable place to live in. Most of the people try and misjudge tax policies. As a result, they find new and difficult methods to save their money from ta... more...

Finance » Taxes | By Terry Cartwright @ Tuesday, 8th April 2008 @ 1:40 AM

When a business buys a long term fixed asset it is normal to depreciate that capital asset over a number of years to smooth out the effect on net profit. Depreciation being a management decision is not allowed as a deductible taxable expense and while being deducted to arrive at the management net profit is written back in the accounts for the calculation of tax. Capital allowances are set by the government at fixed rates at which a business can claim the expenditure on fixed assets again... more...

Finance » Taxes | By Molly Winters-Hughes @ Friday, 4th April 2008 @ 11:37 PM

April 15th can be the most stressful day of the year for many Americans. The date when federal taxes are due can strike fear into the hearts of the most serious taxpayers. Writing that yearly check to Uncle Sam can be quite distressing, especially if we find we owe more than we thought we would. What can be especially troubling is that the stress can stay with us, year in and year out. However, for many people, the stress begins long before the filing deadline. It may occur as early as De... more...

Finance » Taxes | By Molly Winters-Hughes @ Thursday, 3rd April 2008 @ 11:14 PM

Therefore, it is the dreaded tax filing season again, and you are faced with many questions. How should I prepare my return? Should I itemize my deductions? In addition, (if you are lucky enough to get a refund) how should I receive my refund? In addition, although you do not really have a choice when it comes to paying your taxes, you do have options for receiving your refund. Some are: 1. Paper Check: If you prefer the old-school method of a paper check, select this option. You ... more...

Finance » Taxes | By Ray Eddings @ Thursday, 3rd April 2008 @ 6:47 PM

With the tax clock ticking down lots of people are finishing up their tax returns. A common question that comes up during this joyous time of year is, "How can I avoid an audit?" Fortunately for most taxpayers the question is far more common than an actual audit. Only around 1% of all taxpayers actually end up facing an audit. Comforting as that fact is, it is in no way instructive. Knowing what is more likely to trigger an audit can go a long way to avoiding one. Avoiding th... more...

Finance » Taxes | By Molly Winters-Hughes @ Thursday, 27th March 2008 @ 7:53 AM

Tax season can take its toll on tax preparers and individuals scrambling to decipher all of the forms and rules and regulations set out by the IRS. With changes to laws and calculations each year, how is one to stay up to date on the latest and greatest? The answer: Tax Preparation Software. There are several types of Tax Preparation software on the market. There are packages for individuals and CPA's and a number of online sites to help walk you through the tax preparation process... more...

Finance » Taxes | By Jude Wright @ Wednesday, 26th March 2008 @ 2:21 PM

It's tax season. Are you done with your taxes or are you just panicking about all of the unfamiliar terms? Let's take one of those terms, tax status, and try to make some sense of it. There are five tax classifications to consider when you are filing your income taxes: single, married filing jointly, married filing separately, head of household or qualifying widower with dependent child. You may think you know which one applies to your situation, but are you sure? The fir... more...

Finance » Taxes | By Low Jeremy @ Friday, 21st March 2008 @ 3:10 AM

Law abiding citizens are required annually to file the income tax returns with the IRS. For years, this was done manually by reviewing old receipts and using a calculator or with the help of a tax specialist. This usually takes hours but there is an easier and faster way to do this, which can be done with income tax software. This is finally available because software companies have partnered with the IRS to make this all possible. The individual can buy the CD, which is available in var... more...

Finance » Taxes | By Low Jeremy @ Friday, 21st March 2008 @ 3:09 AM

Every year, taxpayers have to pay the appropriate dues to the IRS. This is so that the government has money to spend various services that are beneficial for the citizens. But citizens are not the only ones required to do it because business also have to do the same thing. The ones in charge of the business usually have certified accountants doing the books. The documents are probably reviewed before these are submitted to make sure there are no mistakes. Checking the expenditures ... more...

Finance » Taxes | By Low Jeremy @ Friday, 21st March 2008 @ 3:09 AM

Income tax is a means for the Federal Government to be able to pay for improvements in government services. The payment of individual or corporate income tax is used for the country's infrastructure, developmental projects and just about anything that will be for the betterment of the country and the lives of its citizens. Despite all the benefits that the collection of our income tax brings, it does not take away from the fact that the process for filing income tax can be very deman... more...