Accountant Log
The Journal
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 […]
Don’t Let Your Personal Finances Get Tangled Up in Your Business’ Finances
As a business owner, you will spend a lot of time dealing with financial matters. The way you handle them can make a big difference in how successfully your business succeeds. The first step is to separate your personal finances from those of your business. You may be tempted to use the money for your […]
A Chartered Accountant, All You Need to Know
A chartered accountant is a kind of accountant who is a member of a professional body. Chartered accountants use a different kind of language from most other accountants. If you are about to interview a chartered accountant, you should know what to expect. Chartered accountants (from the Institute of Chartered Accountants in England and Wales) […]
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 […]
Practice Keeping Track of Your Personal Expenses
Try to keep track of your personal expenses for a few days. You’ll probably find it surprisingly hard. Here are some reasons why: We don’t notice small expenses. When was the last time you had to stop and think about whether you could afford a $2 cup of coffee? We don’t notice large expenses. When […]
Understand Your Finances: Make Good Decisions About How to Spend Your Money
Personal financial planning is not necessarily about managing money effectively. It’s also about understanding how you are managing, or mismanaging, your money. This is because financial plans are normally about the future, which is always uncertain. The dice are rolled every day, but the outcome of each roll depends on an enormous number of variables […]
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 […]
Put Together Your Net Income
Put together your net income for the year. If you had some big expenses, like a car or a home, be sure to include them.Now subtract the following things: – income tax – insurance – social security – phone That is your net pay. How much of that do you get to keep? If you […]
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, […]
Manage Your Money Better by Keeping Track of Where It Goes
Keeping track of where your money goes is a useful discipline. Sometimes it will reveal ways to save money; sometimes it will alert you to ways you are wasting money; and sometimes it will show you that you’re doing things that don’t make any sense at all. I never found a four-leaf clover, but I’ve found […]