The Small Business Tax Help Blog

Posts Tagged ‘accounting’

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Question: Is this fair to tax workers and employees but close eyes on business enterprises not tax them?

The Malaysian Government never fail to tax poor workers and employees. If we workers or employees buy new car or house, income tax ask us where we earned the money to buy a car or house. But how about many eatery shops (makan stalls) earning daily few hundreds and thousands a month are who owns a chain of restaurants in Klang valley so filthy rich? I heard many restaurent owners submit false income tax returns because they engage accountants who submit manipulated accounts for the rich restaurent owners? How far is this true?

Answer: I fully agree with you. Many of these own businesses especially eateries are making tonnes of money but they know how to find ways to under declare their profits. Not only on tax evasion but the government seems to take more harsh action against individual tax defaulters ( which most don't owe that much probably in few thousands only ) than big companies. Individuals who fail to pay their tax after a few years get the risk of being barrred from leaving the country but look at Air Asia. The company collected airport tax from it's passengers but the tax ( in millions of ringgit ) but failed to pay to Malaysia Airport. No action was taken against the company. One of my friends who works ( senior position ) with Malaysia Airport told me that the company was unable to do much because of involvement of politics. If you or me failed to pay a few thousands, we won't be able to go overseas anymore.

UAB School of Business Students Providing Free Tax Preparation

Student members of the University of Alabama at Birmingham (UAB) School of Business chapter of the National Association of Black Accountants (NABA) will provide free tax-preparation services to qualifying members of the greater Birmingham community on the upcoming Saturdays of Feb. 20 and March 6 and 27.

Tax Accountant & Tax Planning For Attorneys

Question: Where can I get information about opening a small business in Dallas, TX?

I have extensive knowledge of immigration law and one of my friends has a certificate in bookkeeping and tax preparation. We want to join our knowledge and experience to open a small business in Dallas, TX. We are both students in college in our respective degrees.

Can you please advice as to where I can get information to open a small business: Information on permits, business loans, etc.

Thanks beforehand!
The business will be like a notary kind of business, with the difference that my friend and I know and have experience in our fields!

Answer: http://www.bigd-ed.org/small_business.html Read the two links that they provide. After that you will know exactly what type of permit you need. I'm not exactly sure what you are trying to start so that's just about all I can give you at this point. The Dallas Department of Economic Development will be the perfect place to point you in the right direction! Best of Luck!
EDIT: wow...it looks like you have alot of spammers below me. As far as loans go consult your bank (we use Bank of America and are loving it). If by notary business you mean what I think it means...It's a good thing that you are already enrolled in school...there are actually notary classes (maybe you have taken) where you can get licensed as a notary. Which will be required when you go to get your small business license. Again Best of Luck!

Alpharetta CPA, Bob Butts/Tax Shop, Offers North Fulton Residents and Business Owners Experience, Individual Attention ...

Alpharetta, GA (February 3, 2010) - Preparing your own tax return can be a daunting and anxiety-ridden experience. Tax laws change every year, the paperwork is confusing, and just keeping up with all the new deductions each year is enough to put the average Atlantan over the edge.

Time-saving Tax Preparation Tools in WorkingPoint

Question: Question about CANADA self-employment & income tax!?

I am sick of reading and going through tons of forms and websites, so if someone can give me a more realistic answer I would appreciate it.
I have just started a new job (SELF-EMPLOYED) doing translations and I will be earning about 3000 dollars a month.

Could some one tell me how much in all (maybe a percentage) of my monthly earnings I would have to pay as income tax, CPP, EI and the likes?

I live in Halifax, Nova Scotia.

Thanks!

Answer: EI - you're EI exempt since you're self employed, so you don't pay EI, nor are you entitled to claim EI.

CPP - you have to remit 9.9% of your income to the CRA for CPP. The first $3,500 of income you earn is CPP-free and everything from $3,500.01 to $44,900 is subject to the 9.9% tax

Finally income tax is remitted using the formules laid out by the CRA. Probably the easiest way to calculate it is from the CRA's calculator at http://www.cra-arc.gc.ca/eservices/tax/business/pdoc-e.html

Also you're going to have to register your self-employed business with the CRA.

Saputo Inc.: Financial Results Fiscal 2010 Third Quarter, Ended December 31, 2009

MONTREAL, QUEBEC-- - Saputo Inc. - We are presenting the results for the third quarter of fiscal 2010, which ended on December 31, 2009.

I pledge to Stephen Harper

Question: I am self-employed as a medical transcriptionist. The first company I contracted with had enough work to last?

2 months of 2008 (August and September), but only had a few hours of work for me in October, and no work at all during November and December (although they said they were doing marketing for new accounts). Needless to say, I moved on to a company (this year) with more hours available. When filing my tax returns for 2008, do I include business expenses for October through December since I was “available” to work? What tax forms do I need to fill out other than the Federal 1040 with Schedule A? And, is there any good tax software program for dummies like me for reporting my self-employment income, business expenses, and paying self-employment taxes? I would like to KEEP IT SIMPLE so I don’t get overwhelmed ) Thanks!

Answer: Schedule C is used for self-employment income. Business expenses while you were looking for work from October through December are deductible (but other than some car expenses and office supplies they are probably rather minor). Turbo Tax can handle your situation, but also go to www.irs.gov and download Schedule C AND THE INSTRUCTIONS. That will give you a detailed list of what expenses are deductible. If you work at home, your home office or work area can also be deducted.

Return preparer review leads to recommendations for new requirements

What is the Return Preparer Review? In June 2009, IRS Commissioner Doug Shulman called for a comprehensive review of the paid tax return preparer industry, drawing on all relevant data and input from interested parties. The goal was to produce a comprehensive set of recommendations to better leverage the tax return preparer community, fostering higher compliance with the law by taxpayers and ...

Track Your Trades -- generate IRS Schedule D for your tax return

There are some common myths that are related to business process outsourcing. Some of the myths are completely untrue and have no direct effect on a nation’s economy. Read this article to know more about common BPO myths.

There are number of myths that are related to business process outsourcing. As the BPO firms have mushroomed across the globe a number of myths have been associated with it. In order to get the maximum benefits from BPO’s these myths have to be dispelled. Given below is the list of popular outsourcing myths

1. Americans are becoming unemployed: The fact is that more Americans are getting employed than ever before. According to the household survey of Americans there are about 1.9 million more Americans that are employed since the recession has started to cease. Today there are more than 138.3 million workers in the U.S economy. Therefore this myth is completely untrue.

2. Business process outsourcing excludes many discouraged workers: The fact is that, unemployment is reducing despite a surging workforce. The unemployment rate has been low at 5.6 percent and the workforce is growing. Now there are 2.03 million more people in the labor force. Therefore there has been no evidence of growing discouragement in a work place.

3. The growing number of call centers will lead to job losses: This is one of the common myth associated with outsourcing, in fact it has little impact and represents less than 1% of gross turn over. Over the past decade, the people in United States have lost an average of 7.71 million of job every quarter. This is one of the most alarming situations of jobs lost. This estimates that 3.3 million BPO jobs will be outsourced between the year 2000 and 2015. This means that only 0.71 percent of all jobs lost per quarter.

4. BPO jobs have led to economic freedom: This has led to free trade, free labor and free capital. This is necessary for new jobs and higher standards of living. The countries that adopt policies antithetical to outsourcing freedom and try to protect jobs from being outsourced tend to retard economic growth. This in return leads to fewer jobs.

5. Any job outsourced leads to a job lost: This is completely untrue as outsourcing means efficiency. It means getting better final output with lower cost inputs. This in return leads to lower price for all US firms and families. Lower prices directly leads to higher standards of living and more jobs in growing economy.

6. BPO is one-way street: In fact it works both ways. The number of jobs coming from other countries to US is increasing at faster rate than the jobs lost overseas. According to Organization for International Investment the number of manufacturing jobs insourced are higher than those outsourced by 82 percent. The insourced jobs were higher paying than those outsourced.

7. The manufacturing jobs in US are moving to poor nations: US alone is not losing its manufacturing jobs but even countries like China too. China has sharper decline and has lost 15 percent of its industrial jobs.

8. Only large companies benefit from outsourcing: This is not right all companies whether big or small benefit from outsourcing. As the cost decline every consumer benefits from outsourcing

9. US government should ban companies that outsource jobs: History says that protectionism is isolationism and leads to failure. The proposal to punish business houses that outsource jobs, change in tax rules, and introduction of high tariffs will lead to unintended consequences. Such measures would injure US firms that export goods and services and erode the growth of US economy.

10. BPO’s just make and receive calls: This is not true because a call center has different motive altogether. It is set with a purpose to provide customer service which in return helps a company to gain maximum profits.

These are some of the common BPO myths. Due to economic meltdown the negative impact of business process outsourcing has already been exaggerated. Therefore the benefits of outsourcing have to be brought in the front line.

A tax regime that works | Nizar Manek

Speculation is growing that the next budget will narrow the gap between the rates of income tax and capital gains (CGT). This might seem irrelevant to most taxpayers, but the

Tax Return Services Lubbock TX Century Small Business Solutions