When determining what one owes in taxes, the government will often use two different methods: self-assessment and third-party assessment. With self-assessment, taxpayers are responsible for providing their own financial information to the government in order…
1. Maximize Profits: Through careful consideration of deductions, credits, and other strategies, companies can significantly reduce their taxable income and maximize their profits. This allows them to re-invest those savings back into their operations or…
One of the most significant benefits of undergoing a tax audit is catching errors or discrepancies in your taxes before they become costly problems down the road. Even if you’ve conducted thorough self-audits throughout the…
One of the most significant benefits of paying taxes is that the government uses these funds to invest in public goods and services like infrastructure projects, schools, and hospitals. These investments are designed to improve…
The first step in financial tax planning is understanding federal taxes. Federal income tax applies to most income sources including wages, pensions, investments, self-employment earnings, etc. The amount of taxes paid depends on your filing…
1. Gather all necessary documents - Before you start filing, make sure you have all the required paperwork in order. This includes income statements, expense reports, balance sheets, employee records, bank statements, and any other…
1. Get Organized The first step in maximizing your tax refund is getting organized. Gather all of your documents from the past year, including any W-2s, 1099s, or other income information as well as receipts…
The amount of corporate income tax varies between countries, but it typically ranges from 15-35%. Generally speaking, companies with higher incomes tend to pay higher rates of corporate income tax than those with lower incomes.…