CorporateTax Service For Everyday People

June 23, 2012 · Posted in Accounting · Comment 

The state does not always do things that we are in agreement with. But you must realize, the state shields us from many things that can prove difficult. The government gives us social safety and unemployment benefits to tide us over in hard days and even health care, free of charge. The government takes care of us, so we should also take care of the state. Otherwise, we would be the one to suffer.

To do this, we should pay the state through taxes. The state depends on our taxes as its lifeblood. Without it, they cannot fund their projects. They can’t make it develop through investing. The people’s needs would go unanswered and unheeded.

However, there are still plenty of people who do not file their taxes correctly, simply because they can’t. Processing your taxes could be a complicated process and requires a thorough accounting of a year’s incomes and expenses. Fortunately, there are several accounting Singapore firms that offer tax service.

The tax service involves specialists taking care of your tax forms for you: what must be listed and what can be taken out. You just have to provide them with your financial info for the year and they will be the ones to account for what you will have to pay and what you can deduct. They are also capable to give advice on what could be filed as benefits for even more deductions.

Filing for deductions means that you do not pay more than what you owe and that could save you hundreds of bucks. There are a lot of available tax deductions out there, for betrothed people and those with kids, and also for single people. The imperative thing is that they be filed properly, because you will be asked to pay more, should you misfile your taxes. A big amount could even land you in a lawful mess. This is why it’s imperative that your taxes be as accurate as probable.

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Should You Pay Taxes Or Not?

October 7, 2011 · Posted in Finance · Comment 

The first try to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of income, customs duties on imports, which obstructed trade and wound up yielding much less revenue than the prior lower rates.

And to think that the Revolution was started due to Tea Taxes in Boston?

Excise taxes were imposed on goods and commodities, and housing, slaves and land were taxed throughout the war. After the war ended in 1816, these taxes had been withdrawn and instead high customs duties were passed to retire the accumulated war debt.

What is Taxable Income?

The amount of income used to get to your income tax. Taxable income is your gross income minus all your adjustments, deductions, and exemptions.

Some specific taxes:

Estate Taxes:

1 of the oldest and most typical forms of taxation is the taxation of property held by a person at the time of death.

The US still has Estate Taxes, even though there are proposals to do away with them.

Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the deceased’s entire estate, regardless of how it’s disbursed. An option form of death tax is an inheritance tax (a tax levied on beneficiaries receiving property from the estate). Taxes imposed upon death offer incentive to transfer assets before death.

Canada no longer has Estate Taxes.

Most European countries have Estate Taxes, one prime example is Great Britain which has such high Estate Taxes that it has just about wrecked the monetary well-being of most of Britain’s Nobility which has been forced to sell vast Real Estate holdings over time.

Such a tax can take the form, among others, of estate tax (a tax levied on the estate before any transfers). An estate tax is a charge upon the decedent’s entire estate, regardless of how it is disbursed. An alternative form of death tax is an inheritance tax (a tax levied on people receiving property from the estate). Taxes imposed upon death provide incentive to transfer assets before death.

Capital Gains Taxes

Capital Gains are the increases in value of anything (including investments or real estate) that makes it worth more than the purchase price. The gain might not be noticed or taxed until the asset is sold.

Capital gains are normally taxed at a lower rate than normal income to promote business or entrepreneurship during good and bad economic periods.

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