Category
Tax
Figure Out How to Pay Bigger Chunks of Taxes at Once
I got a big chunk of money and I need to pay a big chunk of taxes. What are my options? 1: wait until next year, get another big chunk and pay the next big chunk at once. 2: do a series of smaller transactions over several months or years. 3: some other way? There […]
Tax Saving Ideas
There are many tax saving ideas and many ways to save taxes. The simplest and the most effective way of saving taxes is: claiming home expenses. As per the income tax act you can claim 60% of your home expenses in section A. This can be done in form 16 when you file your returns. […]
Do You Really Need to Pay Tax?
You can avoid paying tax legally. But you still have to pay it. When I started my first business, a chain of toy stores, I was the sole owner. When I sold it, I paid capital gains tax on the money I made. The buyer offered me a choice: I could sell the company for […]
How an Accountant Can Save You Thousands in Taxes
Accountants are the people who do the books for almost every business in America, including yours. And they have a lot of power. Accountants have power because they have secrets. They know how to legally reduce your tax bill with so many tricks that it is hard for anyone else to compete. And they are […]
Use These Services to File Your Taxes, Even If You’re on a Small Income
If your taxes are simple or you have a commercial tax-filing service, then you can file using the instructions in the back of the 1040 instruction booklet. If your taxes are more complicated, you may need to pay a tax preparer or use a special product. The IRS offers a list of free products and […]
Find Out If You Need to File at All
The first thing to understand is that most people don’t need to file, ever. The only people who have to file are those with earnings over a certain amount. So the first thing you have to do is find out what that amount is. If your income was below the threshold, you don’t have to […]
The Easiest Way to Do Your Taxes Is to Have a Simple Individual Tax Return
A simple individual tax return is one that lists all your income and expenses, but where you don’t have to calculate anything. Instead the government does all the calculations for you. An example of a simple return is the 1040EZ form in the United States. To use it you only need to give your name, […]
Get an accountant to help you in Tax
You can get an accountant to do your taxes. Why not get one to help you with your business? Accountants are trained in business, and it is their job to think about how businesses make money all day long. They know what makes a good business. This is one of those things that sounds easier […]
Maximize deductions for self-employed individuals
If you’re self-employed and pay for your own health insurance and/or work-related expenses, be sure to maximize your deductions. Here are some key points: Regarding Deductions Related to Business Expenses: Itemize deductions rather than take the standard deduction. Self-employed individuals are allowed by the IRS to deduct many expenses that regular employees cannot claim. For […]
Take an Active Role in Your Tax Preparation
It is amazing how many people, even those who think of themselves as business-savvy, don’t take an active role in preparing their annual tax return. Many people sign and send back the returns prepared by their accountants without checking to see if they made sense. While you should listen to your accountant, and know what […]