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Turnover tax was introduced by the South African Revenue Service to be an all-in-one tax. SARS designed turnover tax specifically for small businesses to reduce the administrative burden on small businesses and to encourage entrepeneurship as small businesses has the potential to grow the economy and reducing poverty by creating jobs. Turnover tax is therefore a tool for small businesses to help streamline their tax oblications. To find out more on turnover tax go to the AFS website.

Ok, Ok, I know Taxes. Bleh. Taxation, double bleh! It is a hassle and it seems like the more we do or own the more we have to pay. Some people would even say that it is punishment for being successful. With that said there are options and some relief out in the world today that can help us with this situation.

One major help that a lot of people are taking advantage of are dependent care tax credits. By meeting certain requirements like have a dependent child or children credits. A couple of situations are if you have a child that is being taken care of by a non spouse or any children over 19 you may be eligible. There are also a few other situatios that may apply to that will provide you and your family with the child care tax credit.

The nice thing is that if you do meet some of these requirements, there should be no reason why you shouldn’t qualify then. With a little research on your part, or contact a individual that specializes in taxes you should be able to take advantage of these tax credits.

Although these opportunities are out there you should make sure that you are eligible for them. Remember to always speak to a financial or Tax Professional for any legal advice on your taxes or tax credits. You don’t want to be unnecessarily giving yourself credits when you shouldn’t be. The IRS would definitely be knocking on your door at that time.

a Small Business Corporation can be described as a close orporation, co-operative or a private company, which adheres to all the following requirements for taxation purposes:
* All the shareholder/members must at all times during the year of assessment be natural persons (individuals);
* Shareholders/Members may not hold any shares/members interest in equity of any other company/close corporation. However a share or interest in the following entities are excluded from this requirement:
1. Listed Companies;
2. A participatory interest in a collective investment scheme;
3. A company contemplated in section 10(1)(e) of the Act (body corporate);
4. Less than 5% of the interest in non-business co-operatives such as consumer buy-aids, social co-operatives (such as child nursery facilities) or burial societies;
5. Friendly societies; and
6. Less than 5% of the interest in a primary savings co-operative bank or a primary savings and loans co-operative bank as defined in the Co-operatives Bank Act, 2007.
* The gross income for the year may not exceed R14 million;
* Not more than 20% of the total of all receipts and accruals (other than those of a capital nature) and all the capital gains may consist collectively of investment income and income from rendering a personal services.

Investment income includes interest, dividends, royalties, rental in respect of immovable property, annuities or income of a similar nature, interest contemplated in section 24J of the Act, other than
interest earned by a co-operative bank, amounts contemplated in section 24K of the Act and proceeds derived from investment/trading in financial instruments/marketable securities/immovable property.

Personal services are services in the field of, for example accounting, real estate, consulting, attorneys, auditors, engineers, sport, journalism and secretarial services which are performed personally by a person holding an interest in the Small Business Corporation.

A Small Business Corporation which is engaged in the provision of personal services will still qualify for the tax relief if it throughout the year of assessment employs three or more full-time employees who
are on a full-time basis engaged in the business of the Small Business Corporation rendering that service. This business may not be an empoyment company. Read more on taxation of Small Businesses in South Africa. AFS Financial Services will supply you with the right advice.

It’s that time of year again with tax season is just around the corner and what ultimately comes to mind is “what tax deductions can I claim on my tax return?”

If you are self employed and own a home based business, then you may be interested in a brand new article I just posted on my website – It is all about self employed tax deductions for owners of home based businesses.

In this particular article there is also an important video about a wide range of claimable home business tax deductions, plus the article includes other relevant posts about self employed tax write offs to help you discover exactly what you, as a home business owner, can claim on your tax return for this year.

If you would like more information on claimable income tax write offs and a list of tax deductions, then head over to my website, WhatCanIDeductOnMyTaxes.com and maybe you will find some deductions that you didn’t realize that you are entitled to!

If you need professional Boulder CPA, tax, bookkeeping, or accounting services there some guidelines to help you make an informed decision. You should look for a professional who is a licensed CPA and offers the professional services that you need to reach your goals whether they are business accounting, personal tax returns, filing back taxes, or Boulder business bookkeeping.

You should work with someone in the Boulder area who is committed to the highest standards of integrity, ethics and accounting standards who is responsible to their clients, and the Boulder they serve. They should take professional and ethical seriously and not take shortcuts or give you advice that will put in the gray areas of accounting or tax laws.

If you own a home-based business then you may be missing out on some of the tax deductions offered. Since your goal as a home-business owner is to strategize on how to take advantage of these tax benefits, it would be wise to consider how to go about it. Before starting up a business, there are a number of considerations that can be taken towards this goal. Consult a tax accountant or an attorney and try to find out how you can benefit as a sole proprietor from what the state has to offer in tax deductions.

Learn more about the tax benefits for a home-based business and click: Federal tax deductions Tax Benefits for a Home-Based Business at Wall Street Journal Subscription Federal Tax Deduction link.

No matter where you live, you may require help with your personal or business taxes. Of course, when you consider the cost of doing business in South Africa to be one of the lowest in the world it is no surprise that people are moving their businesses. Whether you are a small business or an individual working and living in this country it is important that you have the most up to date information on taxation in South Africa. From completion and submission of a simple income tax return to tax planning and advice, you can find it all at: AFS Financial services website

Find Out Useful Information About Tax Credit
In a concerted effort to promote the economy by jumpstarting Littleton real estate sales by first time home buyers, Congress recently enacted a bigger tax credit of up to $8,000 for qualified first-time home buyers purchasing a primary home on or after Jan. 1, 2009 and before Dec. 1, 2009. A tax credit is significantly [...]

Post from: Cap Star Realty Group

There’s a great site for tax lien purchasing that will give you the advantage over other real estate tax lien opportunity seekers.

Enjoy

Ordinarily people are looking for ways to cut down the quantity of tax they pay off. To virtually all individuals, this action is quite bitter given the amount of money involved. Luckily, there are some ways that exist in order to cut down the amount of tax we pay. One way is to invest in spheres that offer tax rebates possibility. One example will be the case of France through its programme de robien. There are likewise some nations where contributions to some establishments permit you to benefit from a tax freedom. It is thus important that you find information on the opportunity that exists in your state. There are also some other ways that you can get tax benefits. One French article that I have discovered recently and handling this issue is epargne handicap and this should help you.

There are actually numerous legitimate uses for offshore bank accounts, which is why More …

No one likes the fact that they have to pay taxes but it is a fact of life that we have to deal with. You can make the burden of paying taxes easier by using ways to reduce your taxes. For example you can contribute more to your retirement accounts than the minimum that may be required by your employer. This means that amount isn’t going to be considered taxable income. You will pay taxes on the funds later when you start getting allocations from the retirement fund.

If you have income tax deductions, you must keep records in receipts of everything. Even if you go to a tax professional to get your taxes done, you still have to keep a hold of each and every receipt you ever get. If that receipt is related to an income tax deduction then you must have it if the IRS asks to see it. Most of the time if your taxes are simple enough, and you have gone to someone to prepare your taxes, the IRS will not bother to audit you. However if something seems to be askew in your income tax return or when your income tax deductions, you can bet they may be paying you a visit very soon.  

Full article at: Tips for Income Tax Deductions. For more information,please visit my website: Finance Articles.

When Gordon Brown became Chancellor, one of the first things he undertook was a major reform of CGT including introducing taper relief to reduce the gain on assets. The first thing his successor does is kick all that into touch, abolish taper relief and introduce a flat rate of 18%. He has also abolished indexation allowances that allowed you to adjust the cost of assets based on inflation and reduce the gain in that way. There are some winners, but mainly losers. Chancellor Darling has significantly increased the burden of Capital Gains Tax.

For more information please contact Source Independent Financial Advisers

 

The car fuel benefit is set to increase considerably from 6th April 2008.  With such large increases in the pipeline, thought needs to be given by employers and employees as to whether the employee would be better off if they provided their own fuel and claimed a mileage allowance from their employer for business travel.

As the costs of motoring and fuel increase, businesses need to consider their car policies prior to April 2008.

For more information please contact Source Independent Financial Advisers

In his last Budget speech, Gordon Brown announced certain changes to Capital Allowances for Plant and Machinery and to Industrial Buildings Allowances and Agricultural Buildings Allowances.

Although many of the rules are not yet finalised, we now know a lot more about how the changes will operate and felt we should keep you abreast of developments.

You can read more about Capital Allowances by visiting Source Independent Financial Advisers

Mr MacDonald is a widower and has one son who is the managing partner in a local firm of Accountants. The son is separated from his wife, has two minor children and like all managing partners likes a drink.

For these reasons Mr MacDonald is understandably reluctant to make over to his son any interest in the land. He would however like to make some provision for his grandchildren. His son is the sole beneficiary under his Will.

Please visit Source Independent Financial Advisers or call 0845 686 3838

It needs to be borne in mind that when considering making a gift of assets for Inheritance Tax (IHT) purposes there is a general requirement that the person making the gift should not derive any continuing benefit from the asset(s) given away. Alternatively, they may pay a market rent to the extent that they continue to benefit.

 For more information please visit Source Independent Financial Advisers

Care needs to be taken when advising in relation to lifetime gifts of assets qualifying for BPR. It is often necessary to consider the circumstances of the transferee.

The reason is that, should the transferor die within 7 years of the gift, it is necessary to consider whether or not the relief continues to apply. If not the value of the gift will be brought back into the charge to IHT.

For more information please visit Source Independent Financial Advisers

Currently individuals resident but not domiciled in the UK are only chargeable to offshore income and capital gains to the extent that the income or gains are remitted to the UK. For the purpose of quantifying presence in the UK for residency purposes the days of arrival and departure are ignored. For inheritance tax purposes individual’s acquire a ‘deemed’ UK domicile it they have been resident in the UK in 17 of the last 20 tax years prior to the relevant event, such as death.

 For more information visit Source Independent Financial Advisers