Tax filing is an important obligation for every individual/companies. It should be done according to the taxation rule to avoid problems or rejection of forms after filing. Late payment of taxes forms lead to fine worth more than the actual payment. This is why taxation experts need to be hired by the company to process the forms and file to the government immediately. Taxpayers using the traditional method of filing the forms are finding difficult in finishing the forms immediately. It is costly, risky and takes lots of time for the tax payers. This is why the companies are using the online media in filing the forms immediately to the internal revenue service. Using the online media, the taxpayers can easily file the forms after processing with the help of experts. Further, edits for the forms can be easily done in the online media preventing mistake and rejection of forms. This is why more than 75% of taxpayers are using online media in filing the forms immediately.

Businesses involving in numerous transactions during the year are facing lots of problems in showing the exact statement. The statement should be correct and in accordance to transactions done during the year. This is why every minute detail should be checked to avoid problems later after filing. This is why businesses are hiring taxation experts from the market immediately to process the forms. It is essential to show the exact statement without delay to avoid penalty. E-file for business 1099 forms to show the taxable income of the companies throughout the year. To file the forms immediately the businesses are filing the forms through online media to avoid problems. Filing the forms through traditional media is very risky and takes lots of time.

Skilled professionals are required in companies for carrying out the work in office during the tax year. Acknowledging the contribution of employees, companies are monthly remuneration along with the miscellaneous incomes. The different miscellaneous incomes paid to the employees are social security, renting, royalties, medical insurance, and awards. But, the total miscellaneous incomes paid to employees must be show to IRS if it is more than 600 dollars annually. File 1099 misc form to show the total miscellaneous income to the government immediately. After filing this form, the taxpayers can file for tax return immediately. This is why taxpayers are filing the forms through the online media instead of traditional method.

Companies require lots of money in carrying out the work effectively. But, most of the companies face cash constraint in carrying out the work effectively. To maintain the work, money is taken from the financial institute during the tax year. But, the companies need to return the cash with a fixed rate of interest before end of tax year. File form 1098 online to show mortgage statement of the companies immediately. The companies need to file the taxes forms through online media to avoid problems in the transaction.  One can take help of taxation experts found in market to process the form immediately by outsourcing the work. Provide the tax detail to the taxation experts and rest of the work will be done immediately. Take help of our taxation experts in filing the forms at affordable price. 

Taking into consideration the confusing and complex nature of tax, taking the help of tax advisors is a must. Millions of people every year require filing their taxes. This is a specific time of the year, which most people dread, but this is the law which has to take place. Tax time for the majority is nothing less than a nightmare and it is important to rescue them from this. It is the entire year’s most nerve wracking time. When it comes to paying taxes, people get frightened. If they make even a minor error it is likely to cost them thousands of dollars and in worst conditions they may be even put behind bars. To keep away from such situations it is best to join hands with the best tax advice experts in Ivanhoe. They are adept in the ABC of tax laws, so people will be confident that their taxes are correctly prepared. The tax is very intricate due to all the laws. Possessing the knowledge and skill to utilize them all, a professional tax advisor will be of great help. So to keep away from such unnecessary headache, consult a tax advisor right away.

Benefits of tax returns

Every person residing in Ivanhoe must pay taxes. But towards the year end, people get anxious or excited as tax period will arrive promptly. If a person fails in filing income tax returns in Ivanhoethey are likely to face undesirable penalties. Below are the benefits of filing tax returns,

• An income tax return can create a good financial background for an individual by assisting them for hassle-free fund procurements.
• People can enjoy easier refund claims.
• There will be no threat or pressure from the ITD (income tax department) in the likes of raids, search or scrutiny notices.
• It will ensure that a person is compliant with different tax laws.
• This will act as one’s standard income proof.
• People can get their loans sanctioned easily and quickly.
• People can open bank accounts, trade in stocks, make investments and get bank credits and everything with ease by filing their tax returns.
• People can claim their refund for taxes paid in excess or deducted of their tax liabilities.

Investment is crucial from different points of view. It can help a person in the future only if they invested properly and wisely. In fact, every person should plan for investment. As everyone is well aware of the fact that the future always is uncertain, so it is essential to invest smartly to avoid any form of financial crisis. This will help one in bringing a secure and bright future along with controlling their spending pattern. There are many choices today when it comes to investing in Ivanhoe of which the best includes real estate, fixed deposits, bonds, stock market, commodity market and mutual funds. Most importantly at the time of investment understanding the market trend and the need is quite essential to enjoy maximum benefits.

Just like with every freedom comes duty and responsibility for a citizen here in UK; with every income or profit come tax payments and refunds associated with it. Either into any business or a salaried person; it is the first and foremost duty for an individual here, to follow a proper and authentic tax payment process. However, proper maintenance of which can be well implemented with expert and professional advisory. As related to financial and monetary issues, every crucial point attached with it must be taken into account. With those solely dealing with it, tax planning only gets smoother and easier.

As UK’s economy and capital market is followed worldwide, authorities are into rigorous process of maintaining bona-fide tax return policies. Following of which is mandatory for one and all. Failure of which is often considered as a grievance. Thus tax solutions are the ultimate option available. Either one is linked with any sort of financial crisis or the other, every bit of tax payment issues and modes gets well solved with the UK tax solutions providers. Thus, the best possible option available is to appoint a coherent person or a group (depending upon the requirement) for the same.

Rather than moving to further point of discussion, distinct field or types of tax present here at UK are:

• Personal Tax which includes:

          Income Tax, Inheritance Tax, Council Tax etc.

• Sales Tax combining of:

          Value added Tax, Motoring Tax, Excise Duties, and Stamp Duties etc.

• Business Tax associated with:

          Corporate Tax, NICs, HMRC and others

Types of tax exemptions present here are:

• Gilts
• National Savings and investments
• Pension funds
• Personal Savings
• Enterprise investment schemes
• Insurance Bonds
• Venture Capital Trusts and others

As tax of an individual or that of a large entity is a wholesome wide field, every specific details related with it must be given a special significance. This is just impossible to follow and maintain without proper consultation. Vivid idea about the GDP to the fiscal economy must be coherently granted before planning a proper tax returning. Being a crucial and critical process itself hiring the efficient personal for the same is the best available option!

From the specific amount one need to invest to the expenditure one is possible to afford is very well connected with the tax planning. Hence minimising the amount of tax payment within the legal limits comes in the priority list among all. Blended with it is the recession and inflation phenomenon of economy. Immense knowledge of economy to every change in rules and laws must be explicitly followed by the tax payer. It only gets emulsified; with the proper guidance and help of the tax consultants of UK. Even the firms solely dealing with the professional expertise teams of tax accountants and tax consultants can well fulfil the needs of the tax payers. Tax and monetary solution provider being the main purpose; these firm can assist the tax payers with best of the best UK tax solutions. Expanding the profit of the entity and future saving of an individual is the first and foremost thing that these firms follow. Some of the other advantageous strings attached with it are:

• Accounts maintenance related to tax
• Financial planning for each firm and individual
• Investment and expenditure procedures

With the honorable Prime Minister announcing the StartUp India Action Plan on 16th of January 2016, all the young entrepreneurs have got wings to their dreams. It’s probably the best initiative by the government of India to boost Startups in the country. The plan lists a number of benefits that a Startup can get for its growth, but not all are eligible to receive it. The government has also set up an elaborative eligibility criterion that a Startup needs to meet in order gain from the benefits and schemes that have been announced.
So if you’re among the thousands of entrepreneurs who want to know whether their Startup is eligible or not, here is a way to help you out. The eligibility criteria listed below will help you to answer all your queries.

• Your entity should be registered as a Private Limited Company under the companies Act 2013 or Registered Partnership firm under the Indian Partnership Act, 1932 or Limited Liability Partnership under the Limited Liability Partnership Act, 2008.
• Entities that are registered for not more than five years are only eligible for this action plan.
• Entities with annual turnover less than or equal to 25 crores can only qualify for the scheme.
• The entity should be entirely new and must not be formed by the splitting up or reconstruction of some old business.
• The business should be innovative and must focus on developing, deploying and commercializing new products, services, and processes or significantly improving the existing ones.
• The entity that is engaged in developing product, services or process that are undifferentiated, have less potential for commercialization, or have low incremental value for customers cannot qualify for the Startup India Action Plan.
• The most important eligibility criterion is to have a certificate from the Inter-ministerial board that ensure your entity have an innovative nature.
• Your entity should fall under one of the following categories:
• Supported by a recommendation, in a format specified by DIPP, from an incubator established in a post-graduate college in India.
• Supported by an incubator which is funded from GoI as part of any specified scheme to promote innovation or from an incubator recognized by GoI.
• Funded by an Incubation Fund/Angel Fund/Private Equity Fund/Accelerator/Angel
• Network duly registered with SEBI that endorses innovative nature of the
• business.
• Funded by the Government of India as part of any specified scheme to promote
• innovation;

Or have a patent granted by the Indian Patent and Trademark Office in areas affiliated with the nature of the business being promoted.
The criteria are very simple and justified with an aim to give a chance to the small scale entities to grow and show their capability to the world. Though getting the certificate from the Inter-Ministerial board could be a tricky and time taking process. But once you’re done with it, you can get the ball rolling in your court.

So is your Startup eligible for the plan? Let us know too.

Examining your tax returns with a keen eye for details becomes mandatory often, especially in the case of business organizations both big and small. You can be able to cut down costs by far when you are going to appoint the right professionals to come for your ready assistance in that way. Quality, experience and the up to date knowledge of the tax consultants has a key role to play here. Stick to the best Tax assistance in Johannesburg always, to ensure that you are on the profitable side always.

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Mobile Accessories turns expensive

An article by:-

CA Pradeep Jain

CA Neetu Sukhwani &

Monika Tak

Introduction:-

With the hype created regarding implementation of revolutionary taxation reform, i.e., GST in the financial year 2016-17, the government attempted to mentally prepare the assessees as regards substantial reduction in the exemptions available. This is reflected by the levy of excise duty on jewellery except pure silver jewellery. Furthermore, government has also withdrawn exemptions on charger/adapter, battery, wired headsets/speakers etc. usually accompanied by the mobile handsets. This article is an attempt to present the excise duty rates applicable to parts and accessories of mobile handsets.

Glance at the erstwhile provision:-

S.No.

Chapter Heading

Description of goods

Rate

Condition

272

85 or any other chapter

(a) Parts, components and accessories of mobile handsets including cellular phones

(b) Parts, components of battery chargers and hands-free head-phones and PC connectivity cable of mobile handsets including cellular phones;

(c)  Sub-parts of (a) and (b)

Nil

2

Condition no. 2:- Where such use is elsewhere than in the factory of production, the exemption shall be allowed if the procedure laid down in the Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2001, is followed.

Glance at the amended provisions:-

S.No.

Chapter Heading

Description of goods

Rate

Condition

272

85 or any other chapter

(a) Parts, components and accessories excluding Charger or Adapter, Battery, Wired Headsets and Speakers  of mobile handsets including cellular phones

(b) Parts, components of battery chargers and hands-free head-phones and PC connectivity cable of mobile handsets including cellular phones;

(c)  Sub-parts of (a) and (b)

Nil

2

Apart from above, new serial entries have been inserted with respect to charger, adapter, battery, wired headsets and speakers which is reproduced for the sake of quick reference as follows:-

S. no.

Chapter or heading or sub heading or tariff items of first schedule

Description of excisable goods

Rate

Conditions

“263B

8504

Charger or adapter for manufacture of mobile handsets including cellular phones.

2%

2 and 16

263C

85 or any other Chapter

(a) Inputs or parts for manufacture of charger or adapter of mobile handsets including cellular phones

(b) Inputs or sub-parts for manufacture of parts mentioned at (a) above

Nil

2

263D

8506, 8507

Battery for manufacture of mobile handsets including cellular phones

2%

2 and 16

263E

85 or any other Chapter

(a) Inputs or parts for manufacture of battery of mobile handsets including cellular phones

(b) Inputs or sub-parts for manufacture of parts mentioned at (a) above

Nil

2

263F

8518 30 00

Wired headsets for manufacture of mobile handsets including cellular phones.

2%

2 and 16

263G

85 or any other Chapter

(a) Inputs or parts for manufacture of wired headsets of mobile handsets including cellular phones

(b) Inputs or sub-parts for manufacture of parts mentioned at (a) above

Nil

2

263H

8518

Speakers for manufacture of mobile handsets including cellular phones

2%

2 and 16

263I

85 or any other Chapter

(a) Inputs or parts for manufacture of speakers of mobile handsets including cellular phones

(b) Inputs or sub-parts for manufacture of parts mentioned at (a) above

Nil

2

For the exemption following conditions should be fulfilled:-

Condition no. 2:- Where such use is elsewhere than in the factory of production, the exemption shall be allowed if the procedure laid down in the Central Excise (Removal of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2001, is followed.

Condition no. 16:- If no credit under rule 3 or rule 13 of the CENVAT Credit Rules, 2004 has been taken in respect of the inputs or capital goods used in the manufacture of these goods.

Analysis of the amendment:-

In Budget 2016-17, excise duty exemption has been withdrawn on accessories i.e. charger/adapter, battery and wired headsets/speakers for use in manufacture of mobile handsets including cellular phones. However, concessional rate of 2% only if used by mobile handset manufacturers but this concessional rate is not applicable in case where charger/adapter, wired headsets/speakers etc. are sold in open market. Moreover, the exemption is continued on Inputs or parts for manufacture of charger or adapter, battery and wired headsets/speakers of mobile handsets including cellular phones.

Furthermore, the reduced rate of 2% is applicable on accessories subject to the condition that Cenvat Credit on Inputs and Capital Goods has not been availed.

It is worth noting that similar changes have also been made in Customs. Basic Customs Duty, CVD and SAD exemptions are being withdrawn on charger/Adapter, Battery and Wired Headsets/Speakers for use in manufacture of mobile handsets. Furthermore, Basic Customs Duty and CVD are being exempted on inputs and parts for manufacture of charger/adapter, battery and wired headsets/speakers of mobile handsets including cellular phone and inputs and sub-parts for use in manufacture of parts of charger/adapter, battery and wired headsets/speaker. Consequently, these goods will also be exempt from SAD.

Good bye words:-  The manufacturers of mobile handsets including cellular phones have the option to clear mobile handsets at the concessional excise duty of 1% provided no cenvat credit on inputs/capital goods is being availed. Now, concessional rate of 2% without cenvat is being specified for adaptors, chargers, wired headsets/speakers etc. Hence, the mobile manufacturers may either opt for cenvat credit facility by paying excise duty at full rate or adopt the practise of expensing the concessional excise duty without availing any cenvat credit.

   Tax preparation deals in filing income tax returns by individuals and businesses to pay taxes as early as possible. Income taxes are based on a person’s gross income or salary. The calculation of tax preparations deals with how much of the expenditures will be deducted from your gross salary or income. It is beneficial to keep organized records to make tax preparations much easier.

Organized records are important to pay tax on time and stay financially strong. Keeping good records helps to claim tax amount on right time to the government. Maintaining good records helps in filing your return a lot easier and remember transactions that you made during the year.

Keeping accurate records can avail to get all tax benefits and also prevent you from having to pay additional taxes and penalties from the government. When preparing your tax return, having copies of your bookkeeping records and financial statements makes easier to pay the correct amount of tax. Many companies in Ipswich provides services to pay tax return on time.

Appoint a trained and professional bookkeeper to manage and handle all your accounts, records, book, journal entries, cash flow management, profit and loss statement, and balance sheet. If you are using a bookkeeper make sure that the bookkeeper must have all knowledge and trained to have theses documents prepared for when you meet with your tax accountant. The maintained records should show the purchase price, sales price, and commissions, dividends received in cash or reinvested, bill details, payment entries, and stock management.

Maintaining a monthly record of the expenses to make it easier while calculating the tax return amount. Most of the expenses require proper documentation for verification in the future to detect fraud, theft and errors. It is important to keep records and give them to your accountant when preparing for your tax return. While paying the tax amount verify the deductions to keep track of how much is your income and what amount is getting deducted from your salary.

Keeping good records and getting it verified by an auditor helps in documenting your expenses. Auditors take care of your order, invoice, receipt or check and keep track of have kept all the documentation relating to the purchase or sale. This detailed important information your accountant will need for completion of your year-end tax return.

While filing the tax return take into account the bank deposit slips, receipt books, invoices, canceled checks, cash register receipts, and invoices. The purchase and sales invoices, real estate closing statements and canceled checks can be useful for preparing documents necessary in paying tax return. Accurate and organized records can be achieved by companies hiring expert Accountant that make it quicker to prepare your accounts and help to monitor your company’s cash flow in and out.

Hiring a professional bookkeeper can determine what specific records you need to have to prepare your tax return. Many firms have a checklist to use while preparing documents to repay the tax amount on time. The bank statements, investment earnings statements, purchase and sales statements, contracts, credit statements, lease and loan agreements are important. All payment records, deductions such as charitable contributions, medical expenses, and business expenses must be maintained to know where and how money is spent in a specific time span.

In addition to providing reasonably comprehensive tax information for American Expats, we seek to provide the best resources for US Expats, to help them save up on their tax payments. Here, we will inform you about the Bona Fide Resident Test that can help you attain exclusion from foreign

earned income and foreign housing. Yes, you absolutely have to take the bona fide resident test, because you won’t automatically gain the bona fide residence test by residing abroad for a year or more.

How can you qualify for it?

To qualify for the bona fide residence test, you have to be a bona fide resident of a foreign country for a continuous uninterrupted period. This period should last the duration of a complete tax year, i.e. January 1 – December 31. Thus, when you go to a foreign country and you know that your stay is going to span an entire tax year, you must establish your residence in that country.

You must beware that you must not ma

ke a statement to the authorities of a foreign country that you are not their country’s resident, because the authorities may then determine that you cannot be subjected to their income tax laws.

However, you must bear in mind, that you are only eligible for this test if you are a US citizen, or are a US resident alien. This must be the case despite of you being a national of a foreign country, which has an active income tax treaty with the US.

Factors in consideration

US Expats simply do not get a bona fide resident status by virtue of their US citizenship; it differs from case to case. The IRS takes into account other factors as well. The IRS considers the prime purpose of your visit to a foreign country, the length of your stay in that country, and the nature of work that you do there, before determining your applicability for the bona fide residence test.

You must hence report to the IRS that you have been in effect, a bona fide resident of a foreign country throughout the duration of a whole tax year, and report all the facts to them on Form 2555. The IRS will then evaluate your case according to their criterion.

Benefits of the Bona Fide Residence Test

You might be wondering why you absolutely need to apply for the bona fide residence test – well, first of all, expats can really gain from getting the status of a bona fide resident. It helps them save tax by maximizing exclusion from foreign earned income and foreign housing. This essentially assists you to avoid double taxation.

Even if you leave the foreign country for short business trips or vacations, you can still qualify for the test, as long as you fill all the other relevant criterion.

If you are a resident alien, you have sufficient time at hand to check out your circumstances. You can utilize this time and see if you can be eligible to apply for the bona fide residence test this tax-year. Feel free to contact us if you have any queries, or need more information regarding the test at Expatriate Tax Services

When divorce is imminent, the last thing on most people’s mind is taxes. This is completely understandable, as other issues like children and immediate financial security take immediate priority.

However, failing to understand certain tax pitfalls, can create bigger problems down the road.

Who Gets the Dependency Exemption for the Minor Child

The IRS presumes that the custodial parent will receive the dependency exemption for any minor children of the divorcing couple. A custodial parent is defined as the parent who has the minor children for the greater portion of the calendar year. This presumption can create a situation where one parent always gets the deduction, year after year, providing significant tax savings to him or her.

However, the dependency exemption can be allocated by agreement of the parties or by court order. In such cases, the parent relinquishing the dependency exemption is required to sign IRS form 8332, which is then attached to the non-custodial parent’s tax return in each year that he or she claims the exemption.

Alimony is Taxable to the Recipient

With some exceptions, spousal support paid by one party to the other is usually considered a taxable event for both. This is crucial to understand because it causes a tax liability for the payee spouse and a tax credit for the payor spouse.

The IRS sets forth specific criteria in order for a payment between spouses to qualify as alimony:

• The spouses do not file a joint tax return with each other
• The payor spouse pays in cash (including checks, bank transfers or money orders)
• The payment is received by (or on behalf of) the payee spouse
• The divorce or separate maintenance decree does not state that the payment is not alimony
• If legally separated, the former spouses are not members of the same household when the payment is made
• There is no liability to make payments after the death of the payee spouse
• The payment is not treated as child support or part of a property settlement

How The Property Division Can Impact Taxes

For most divorcing couples, the majority of their marital estate is comprised of retirement accounts. In most cases a Qualified Domestic Relations Order (QDRO) is required to effectively divide these assets. However, there are tax consequences for a spouse receiving a share of the other spouse’s retirement accounts. It is important to fully discuss the potential tax liability – and ways to avoid them – with your divorce attorney or financial planner.

The Filing Status to Use While the Divorce is Pending

Many people inaccurately believe that once a divorce is filed, they are no longer entitled to file as “Married Filing Jointly.” This it not true. IRS code allows a taxpayer who is married on the last day of the calendar year to file as either Married Filing Jointly, Married Filing Separately or, in some cases, Head of Household.

The IRS makes no distinction for people going through a divorce in any given year. Even if the final court date is scheduled for January 2 of the following year, so long as the parties are still legally married (with no legally binding divorce decree or separation maintenance order in place) on December 31 of the current year, they are entitled to file as Married Filing Jointly. This can be beneficial, as most married couples enjoy greater tax benefits when filing under this status. At the very least, this will shave off a bit of tax liability for the current tax year.

Some Legal Fees Can Be Deducted

One of the most common questions asked by divorcing parties is whether they can deduct their legal fees on their tax return. Unfortunately, while the IRS does allow for the deduction of legal fees related to tax advice from your divorce lawyer, the balance of his or fees is non-deductible.  For this reason, it is critical to ensure your divorce lawyer prepares an itemized invoice, as it is your responsibility to provide support for any deductions you take.

If you own a business, then you know about the nightmare that is paying taxes. You’re paying everything from income tax, to self-employment tax, to employment tax, to sales tax, to utility sales tax, and more. Most of those taxes must be paid and cannot be exempt in any way, except for the utility sales tax in certain states. To have a tax be exempt means you either get to pay a reduction of what you normally would, or you don’t have to pay it at all. This is great news for anyone who owns a business or is thinking about owning a business in Indiana, because all you have to do is fill out a form and get an exemption for those taxes, and there are places that can do it for you.

Filing taxes can be a complicated and time-consuming thing for someone who already knows how to do taxes. For those who don’t know how, the job would not be impossible, but extremely difficult. People take courses on how to do taxes, and it is not something you can learn to do overnight. Thankfully, there are companies whose job it is to do other people’s taxes, whether that be for an individual or for a business. When you own a business, you already have a lot on your plate. While you do have people working and doing different tasks for you, everything will eventually fall on you. Something that doesn’t have to fall on you is doing the taxes for your entire company, which is why it is important to find a company that specializes in business taxes. A service like this can help you with all of your tax needs, including sales and usage, real property, personal property, and utility. Not only can they help you do these taxes, but they can help you get an exemption for some of them. If you have a company in Indiana, they can help you get an exemption on utility taxes, because their job and their aim is to save your company money. 

Utility sales tax exemption in Indiana is a wonderful thing. If you don’t already know, when you have a business that uses utilities of any kind when it comes to manufacturing, you’re being taxed. That means that if at any point you use electricity, heat, water, fuel, gas, etc., you’re going to have to pay a tax for it. Unfortunately, it is impossible to not use any of these utilities, which is just one more thing to worry about paying for. If you’re trying to get your business off the ground, you might not even have the money to pay all of these taxes, but if you fill out an exemption form, you can potentially eliminate a lot of them. The process goes like this: someone will examine your form, analyze your utility use, and decide if your company qualifies for the exemption. All of this is a painless process for you, and if you make the cut, then you can save a ton of money and time and put it all towards your business. With everything else that you have to do for your company, it just makes sense to eliminate this potentially troublesome task.

Not all states apply for this exemption, so if you have a business in Indiana, it would be beneficial for you to take advantage of this. Utility sales tax exemption in Indiana should not be passed up if it is an option for you and your company. There are important things to spend your time, energy, and money on, and utility taxes is not one of them.