Many individuals look to April 15 every year with dread. For small and large corporations, it's not any different. No matter what type of taxes you're filing, there are many ways to make the process easier. Here are seven keys to success with corporate tax preparation.Know Your DeductionsBusinesses can deduct all "ordinary and necessary" business expenses. In order to take advantage of these write-offs, make sure to keep track of all your...more
A great fantasy football team is comprised of having the best pick of players from the National Football League (NFL). We're here to help you, as an owner of a future fantasy football championship team, make a clear decision on whom to pick for your team. It should be anyone from this pool of top fantasy player rankings. Now, a fantasy football owner must have a top fantasy player ranking roster and it should include all the NFL positions...more
The S corporation is great for small businesses due to the fact that it eliminates double taxation of the standard corporation. S corporations get some appealing tax benefits while at the same time allows business owners to avail of liability protection of a corporation. In this form of company organization, the income as well as losses are passed through to shareholders and are included on their individual tax returns, thereby causing just one level of federal tax to be paid. The S corporation should not have more than 75 shareholders with a husband and wife shareholding couple counting as one shareholder. In addition, the following entities only can count as shareholders: individuals, estates, certain trusts, tax-exempt charitable organizations, certain partnerships and finally, other S corporations, though only when the S corporation is the sole shareholder.There are certain contents that are common to the S corporation shareholder's agreement and they include an explanatory statement, consent to S election, restriction on sale of common stock, restrictive legend, request to transfer, transfer by reason of death, transfer in violation of agreement, stock issued or transferred in...more
Similar to state income taxes, for Regular Tax purposes you are allowed a deduction for property taxes that you pay. Under the AMT, however, you are allowed no deduction for property taxes. This problem affects more than 90 percent of all folks stuck in the Alternative Minimum Tax, so it is something that you definitely need to look at.Property...more
Even though tax season has come and gone, it is never too early to begin thinking about next year. Many have probably already gotten their tax returns and will not even think about the entire filing process until next April.For those procrastinators out there, you probably will not even be interested in reading this. But as a fellow procrastinator...more
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Tax- a part of income accounted as deductionEvery earning above the rebate able limits is taxable. This limit is decided by the finance department and revised annually. It is counted in deductions made on the income of a person through any source....more
China's new Customs tax on personal mail, which begins September 1, will effectively end the practice in Hong Kong of earning commissions for sending packages to Mainland China.The new regulations will impose an import tax on personally mailed...more
If you think your SMSF deed allows you to circumvent excess contributions tax - think again. The ATO has recently published a Taxpayer Alert which examines the effect of provisions in some SMSF deeds that attempt to avoid excess contributions tax....more
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As has become customary, the President and the Vice President have released their recently-filed tax returns. You can find these tax returns on the White House blog by doing a search for "tax returns." An interesting thing to note is that Vice...more