Nobody wants to spend time out of their day figuring out taxes. It’s not that fun determining how much of your hard-earned money is going to the government, after all. However, there are ways to make tax season less of an emotional drain and hassle. Armed with the right information, you can face tax season with peace-of-mind and calm. We can’t guarantee you’ll ever be “happy” … [Read more...] about How to Prepare for the Upcoming Tax Season
How to Reduce Tax
Lowest Corporate Taxes in the World
Among the countries with the lowest corporate taxes in the world, we can mention a number of Eastern European countries as well as the countries that are perceived as tax havens because they have a 0% corporate income tax (Anguilla, Bahamas, the Cayman Islands and others). At the other end of the spectrum, we can mention the United Arab Emirates, Brazil or Japan. Below, … [Read more...] about Lowest Corporate Taxes in the World
4 Tax Changes in 2018 and 2019 for Small Businesses
The tax landscape is ever-evolving for business owners. As a small business owner, you're responsible for keeping pace with the changes and how they impact you. These are the key tax changes for 2018 and 2019 that you need to know. Photo by rawpixel on Unsplash The Qualified Business Income Deduction Was Introduced As we welcomed 2018, we also welcomed the Qualified … [Read more...] about 4 Tax Changes in 2018 and 2019 for Small Businesses
How Are Gambling Winnings Taxed? 3 Things You Need to Know
Source: Pexels.com Pixabay CC0 License Believe it or not, gambling winnings in the United States are taxable. In an ironic twist, winners may become losers if they fail to pay Uncle Sam. Why? Because gambling income is 100% taxable according to United States tax law. According to the IRS, with topic #419 (gambling income and losses), ‘… Gambling winnings are fully … [Read more...] about How Are Gambling Winnings Taxed? 3 Things You Need to Know
The Dangerous Consequences of Ignoring Your Taxes
There are many things in life you can ignore. Taxes simply aren't one of them. If you fail to file or pay owed taxes, you can expect to experience consequences, some of which might be pretty serious. Understanding the Difference Between Not Filing and Not Paying There are more than a few people each year who blow off their taxes and don't file. Either they think it won't … [Read more...] about The Dangerous Consequences of Ignoring Your Taxes
How to Save on Tax as a Home Business Owner in Australia
Saving on tax means big business savings when you work from home. If you’re interested in working out deductions and doing tax yourself, rather than going to an accountant or tax expert, or you simply want to get a better idea of the deductions you can claim when you work from home, there are numerous ways to save on tax in Australia when you work in a home-based … [Read more...] about How to Save on Tax as a Home Business Owner in Australia
5 Tips for Small Businesses During Tax Season
Tax season can be a headache for small business owners. No one will ever contradict that statement as you try to comply with different state and federal tax policies through a very complicated tax system. Small business owners can be very organized, maintain good books and even get the best accounting software available but still, that isn't just enough. Below are some … [Read more...] about 5 Tips for Small Businesses During Tax Season
Paying Sales Tax in Different States
QUESTION on Paying Sales Tax in Every State My partners and I recently started a business selling IT products and services. I live in Colorado, my partners in Maryland and Virginia. For various reasons we registered our Company in Delaware through MyCorp services as a corporation. We have just received our first purchase order and are about to invoice our first sale. The sale … [Read more...] about Paying Sales Tax in Different States
Non-Traditional Tax Deductions: Successes and Failures
Starting a business is not for the faint of heart. Business owners often need to pour thousands upon thousands of dollars to get their business venture off the ground. The costs can be never-ending. (Rent, website design, marketing, hiring and paying employees, legal fees, and insurance fees are just a few of the costs that can sink business owners into debt.) Federal and … [Read more...] about Non-Traditional Tax Deductions: Successes and Failures
3 Organizing Tips for Tax Time
Can you believe it's now April? It feels like time flies after the New Years Day and before you know it, you'll be filing your taxes again. Today I am sharing with you the things you should start doing RIGHT NOW to avoid stress when filing your income taxes at tax time: Have a plan One helpful hint I've learned from my business coach is to turn big projects into smaller, … [Read more...] about 3 Organizing Tips for Tax Time
