How Soon Do You Need to Start Preparing for Tax Season

Tax Season
Although it may seem like tax season just came and went it is fast approaching. Start preparing for the next tax season before it is too late. You will find it easier to get all your documentation together and organized before the scramble begins. Start preparing now and take the steps necessary to help things run as smoothly as possible this coming tax season. Government shutdown This past year a...

What are some of the different forms of tax that people must pay in the UK?

people must pay in the UK
There are a number of different types of tax that people who are living in the UK must pay. Some of these forms of tax are based on a person’s employment status and how much they are making or have made in the last year, while others may be based on other things, such as the purchases that a person is making. Every person must pay the correct amount of all of the different taxes that are relevant...

UK Child Care Tax Scheme: Winners And Losers

UK child tax credit scheme
By Kirk Eason The government has unveiled a proposed expansion to the childcare tax credit scheme that would set up an online voucher exchange program worth up to £1,200, per child, to help fund childcare services for working families.  The potential law could have major ramifications for both working parents and those in the childcare industry. The new law will be beneficial to care providers, as...

UK To Impose New Tax On Non-resident Property Owners

Non-resident Property tax
Chancellor George Osborne is set to impose Capital Gains Tax on foreign owners of property in the UK. Those who will be taxed will not be residents of the UK but will buy and sell property within the country. Currently, non-residents do not pay Capital Gains tax but those who do live within the country pay 18% when their home is sold and 28% if the property is not classed as their main home. The Chancellor...

Small Business Tax Deductions And Write-Offs You Can’t Afford To Miss

Small Business Tax Deductions
Missed deductions can increase a business’ tax bill unnecessarily, and claiming deductions you either do not qualify for or doing so inaccurately can trigger a stressful audit. Small business owners should know which tax deductions they qualify for and how to accurately claim them on quarterly or yearly tax returns. The most common small business tax deductions are easy to understand and important...

IRS Interest & Penalties

IRS Interest & Penalties
There are many reasons why a person might owe interest or penalties to the Internal Revenue Service. Many of them involve paying too little in taxes or paying them too late. Others relate to providing the IRS with inadequate documentation. It’s important to avoid these mistakes when making payments and filing annual tax returns. Insufficient Payments Paying Too Little Taxpayers can be fined...
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