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April 23, 2018

Self Assessment – Do I need to complete a Tax Return?

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What is Self Assessment?Self assessment enables an individual to prepare details of their incomes and relief’s for HMRC. HMRC will then calculate the tax liability based on these figures. These figures will not be checked until later in the tax year.  However tax law is vast and confusing so it is always best to instruct an accountant to prepare this on your behalf to ensure you don’t end up paying too much tax or too little. Also HMRC can impose penalties if you provide incorrect or fraudulent information. The first Self Assessment tax return was issued in April 1997. The Self Assessment tax return is made up of a basic core return together with separate supplementary pages – which ones you get will depend on your circumstances and the type of income you receive.

Do I need to complete a Self Assessment Tax Return?A wide range of individuals in varying circumstances need to complete a Self Assessment Tax Return. Normally HMRC will inform you if you need to complete one. However they can’t inform you if you have not completed the appropriate forms necessary to make them aware of your circumstances. Generally speaking an individual or partnership will need to complete a Self Assessment Tax return if income is received that does not have tax deducted at source or if they are a director of a Company. However even if all your income is taxed at source, you may still be required to complete a Tax Return. You should contact an accountant if you are unsure.

More information on Self Assessment can be found in a free Online Accountant Knowledge Bank. Alternatively, for up to date information and advice, based on your specific circumstances, contact an online accountancy firm.

April 20, 2018

Preparing State Corporate Tax Returns

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The key to efficient corporate tax returns is to utilize a Certified Public Account (CPA) who will develop a tax strategy that will minimize your company’s tax liability in the short and long term while minimizing the impact on cash flow.

A corporation can file their tax return based on either a Calendar year, beginning January 1 and ending December 31, or a Fiscal year, any 12 month period ending on the last day of the 12th month, except for December. Many corporations that use a fiscal calendar year start in October and end in September.

When preparing for your tax returns, the corporation must report income and deductions based on the annual accounting method used for their calendar year. The general accounting methods used is either Cash Basis or Accrual. The cash basis method of accounting reports income in the tax year it was received and deducts business-related expenses in the tax year it was paid. The Accrual method of accounting reports income in the tax year it was received and deducts business-related expenses in the tax year those expenses accrued.

To prepare for your state corporate tax return, you will need the following documents: A copy of last years state tax return, the filing receipt from the state where your company is incorporated as well as the State Identification Number, the documents filed and accepted by your state if the corporation files as an S corporation, and a copy of your state sales tax certificate. You will need supporting documentation for all gross business income received including interest earned in all business savings, checking, and investment accounts. You will also need either a year end worksheet which includes a trial balance, adjustment entries, income statement, and balance sheet, or a list of itemized business-related expenses which the company has paid or incurred during the year. The itemized expenses would include employees W2 and W3 forms, 1099 forms, and copies of sales tax returns and the corresponding payments.

Rischall is the CPA behind the CPABookkeepers site which has a wealth of information
about audited financial statements as
well as all services provided by a Certified Public Accountant.

April 18, 2018

Online Income Tax Return – File Taxes Online

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Income taxes need to be filed within the specific time period, so that unnecessary penalties and problems can be avoided. Doing taxes is one of those issues that need to be done properly. You have to deal with various forms, documents, receipts for the whole year, and other required information. In order to avoid complexities, you can consider doing your taxes online using software programs available.

During the tax season, most of the accounting firms have heavy load of work. Also, you will see that the majority of the certified public accountants are busy in paper work. With online tax return preparation and e-filing option, things have come a bit easier and faster. You do not have to rush to your accountant now and then for seeking his or her guidance. You can do it easily and conveniently using software online. Using internet facilities, you can contact a certified public accountant and send your tax details online.

There are numerous websites offering online income tax preparation and e-filing options. You will be able to save your valuable time as well as your money if you choose to do your task online. Most online tax filing companies provide the facility of calculating or estimating the exact amount of taxes that need to be filed.

Now preparing and filing return online is not only easy but also free. You can visit the IRS website to avail the benefit of using Free File software when it comes to filing online federal tax return. If your AGI income is something less than $57,000, you can use this free file option. If you do not qualify for using this software, then you can consider Free File Fillable Forms to prepare and file your return forms electronically. Most tax return preparation and e-filing firms provide services at a reasonable rate. Calculating tax amount using online calculators and filing your return online is easy now.

Onlinetaxspecialist.com provides Online Income Tax preparation and e-filing services. Prepare your Online Tax Return with us and e-file electronically to get faster refunds.

April 15, 2018

Free Federal Income Tax Return Preparation And E-Filing Option

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Everyone wish to file his or her own federal income tax easily and hassle-free manner. And therefore, either they get a professional tax preparer to do it for them or they prefer to do it with the help of online software or e-filing services available. Now you can prepare and file your income tax return for free. Find out the best company that offers you free e-filing option and submit your return electronically in timely manner.If you wish to avail the benefits of Free Federal Income Tax preparation and filing, you should visit the IRS website. Through a partnership with some private software companies, the IRS provides Free Filing program using which you can prepare and file your federal return for free. If you qualify for it, then you can use it and to be eligible for using it, your adjusted gross income should be something less than $57,000. Also there are other IRS approved companies that you can go for. It is very easy to choose a company that you can seek help from for doing your task. Just visit the IRS website and go to the Free File option where you will see “Help Me Find A Free File Company” which will help you find out choosing a company for you.Once you choose your free federal tax return preparation company, you can start planning out your taxes. Though the online software will do all sorts of math and calculations for you, you need to have all the information and required documents close by so that it will become easy for you to provide information asked by the software at the time of preparing your return file online. You need to provide the right information so that your return file becomes accurate and authentic. You should be cautious about the fast that you may get penalized if your return file found to be fraudulent.Using software online, you will be able to do free federal tax filing easily. If you follow the step by step instructions and provide the software proper answers and information, you will be able to complete your task within an hour or even less span of time. At last, e-file your return availing the advantage of direct deposit option to get your refunds online. Using direct deposit feature, you will be able to get your refund money as few as 10 to 14 days.

Free Federal Tax preparation offers Free Federal Return preparation and e-filing services for your federal and state income taxes. File your Free Federal Tax Online free at free federal tax preparation.

April 12, 2018

An Easy Guide to Filing Free Federal Tax Return Online

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Would you like to prepare Federal taxes for free? One of the best options for filing free Federal tax return is to use Free File program provided by the IRS. It is the quick, easy, and free mode to prepare and e-file your federal taxes online. Suppose your adjusted gross income that means AGI is less than $56,000, you’re eligible for this Free File program to your Federal taxes for free.You do not have to worry much if you don’t meet the requirement for being qualified for Free File program. There are many IRS approved free Federal income tax preparation services you can work with. You should visit the IRS website irs.gov to learn about the tax preparation e-filing services before choosing one.One of the basic things that you should check out while choosing a tax preparation service is whether it is IRS approved or not. You should easily prepare and access your taxes online. You can do your taxes with Free Federal Tax Preparation (freefederaltaxpreparation.com) due to couples of reasons apart from benefitting from Free Federal Tax Preparation online.You can do your tax return easily with Free Federal Tax Preparation due to its easy-to-use tax software program. The tax program covers the most commonly filed Federal tax forms as well as schedules. You can choose, self-prepare taxes, and e-file your 1040, 1040 A and 1040EZ return. Some tax related questions are asked by the program and you have to put your answers on the right forms. Your federal tax return is prepared easily and quickly and can be submitted electronically to the IRS following the step-by-step procedure. You can avail the advantage of free Federal tax filing online at just some easy clicks.You can e-file your Federal tax return to the IRS easily with direct deposit feature that will allow you to receive your refunds quickly into your bank account. Online Federal tax filing is not only trouble-free but also can be done anytime – day & night, and anywhere in the world if you have internet access!

The Free File Alliance provides Free Federal Tax filing and preparation at no cost to those who qualify. he new Free File Alliance agreement continues to provide Free Federal Tax Filing to those who have an adjusted gross income (AGI) of $52.000 or less.

April 11, 2018

How Will You Get Benefit from Free e-file Tax Return?

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Most taxpayers undergo a trouble for paying their taxes because of the hassle during the tax season. You may find it difficult to get an expert tax professional to file your tax return. In such cases, you can think of filing taxes on your own using available sources on the internet. You can visit the IRS website irs.gov to learn about how to file taxes easily and accurately.

For any taxpayers, there are two options for filing taxes; either paper filing or electronic filing. Paper filing taxes is somewhat tedious process and you may end up making some mistakes. Compared to paper filing, electronic filing is much easier and can be done anywhere and at any time convenient to you if you have internet connection.

If you visit the IRS website, you will see that you can avail the benefit of filing free efile tax return on your own. The IRS, with a partnership (that is known as the Free File Alliance LLC,) with a group of private sector tax software companies provide the Free File program. Using this program you can easily prepare and online submit efile tax returns. You need to just check out whether you are eligible for using the Free File program or not.

If your adjusted gross income (known as AGI) is $56,000 or less in 2008, then you can use this Free File program provided by the IRS to prepare and submit free tax efile. If your gross income is above the limit set by the IRS, you can think of online tax preparation services. Some may charge you for the tax preparation but the cost will be nominal.

It will be easy for you to prepare your taxes online if you have simple tax return. Online tax preparation software programs are easy to use for doing your taxes. They allow you fill up the forms just like the same you find paper form. The program will ask you some simple questions regarding your personal and taxable financial issues. By answering those questions your taxes are prepared. Online programs also provide you options for tax deduction that you may qualify for. Thus, it is easy to follow the tax program and you can do taxes on your own.

Once you prepared your tax return online, you can e-file choosing the direct deposit option so that your refund will directly go into your bank account. Online tax filing is accurate, easy and fast compared to paper filing. You can get your refund faster with e-filing your taxes.

Do you want to get benefit from E-file Tax Returns? Visit Freeefiletax.com to learn more about Free Tax File and other related to tax.

April 9, 2018

Reasons To File Your Tax Return Sooner Than Later

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Avoid the Crowds

The last two weeks before April 15th tax preparation companies, accountants, and tax professionals become extremely busy. If you want to avoid waiting hours inside a crowded office then you should get your returns filed before busy season begins.

Time for Credit, Deduction Research

When you choose to prepare your return last minute, it can be too easy to miss a tax deduction or credit that could put extra money in your pocket. Starting early gives you enough time to relax and spend enough time on your return to find all available deductions and credits.

Reduce Stress

There is no denying that filing taxes can be stressful, and that stress is only likely to increase as the deadline gets closer and closer. Having your return filed early will reduce this stress, and allow you to relax while all of your friends and coworkers scramble to get their returns prepared.

Better Professional Services

If you have a trusted tax preparer – someone you have been going to for years – then you may feel comfortable waiting until the last minute to drop buy and get your tax return filed. However, the longer you wait, the busier accountants and tax professionals will be, meaning they have less time to focus on your return. This could result in a miscalculation, or overlooking a valuable deduction.

Faster Refunds

Obviously, one of the biggest advantages of getting your return filed early is the fact that can you get your refund faster. The IRS processes returns as they come in, and the sooner your return is there, the sooner it can be processed. Since most Americans wait until closer to the April deadline, your return will get processed quickly, and you will get your refund faster then if you had waited another month or two.

Post Dating

One reason many taxpayers choose to wait on their taxes is because of a lack of funds to pay their tax bill. Luckily, the IRS will allow you to post-date a payment until the April 15th deadline. Meaning you will have more time to put money into your account, without having to worry about a late fee from the IRS.

No Extra Paperwork

If you do wait until the last minute to prepare your return, you may have a last minute emergency, or realize you have forgotten something with no time to make a correction. You will then need to either file a request for an extension, or an amendment to your return, both of which result in extra unnecessary paperwork.

The Tax Lady Roni Deutch and her law firm Roni Deutch, A Professional Tax Corporation have been helping taxpayers across the nation find IRS tax relief for over seventeen years. The firm has experienced tax lawyers who can fight IRS tax liens on your behalf.

April 6, 2018

Federal Income Tax Return – Calculate Returns Using Efiling

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For more information on Federal Tax Forms and Federal income tax returns, please visit our websites.

April 3, 2018

The how and why of Income Tax Return

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Income Tax Return is the legal obligation for every individual whose annual earnings for the previous year are more than the maximum limit of exemption for the payment of Income Tax in their respective category. The whole issue come under the provisions of the Income Tax Act 1961. ITR is filed when the particular entity has earnings have exceeded the levels mentioned in the Income Tax slabs according to the Income Tax Department. Earlier, filing ITR was used to be a very complicated process and used to took days for the entire process to execute in a smooth manner. It also required a host of documents and certificates for verification purposes making it a very confusing and tedious process. But now with the introduction of online process of filing tax returns, submission of IT forms has become faster and more efficient. It saves the time of the claimant and the filing process becomes much easier for the Income Tax Department to handle. The amount of paperwork involved also has reduced drastically.Income Tax Return has to be filed through a different Income Tax Form for every entity which is not confusing at all thanks to the persistent efforts of the Government to simplify the tax submission process. There are in total eight forms for the submission of Income Tax. Every type of entity has to file the Income Tax Return through a different Income Tax Return form(s). Following is the list of forms explained in the simplest manner to clear all the doubts in the minds of people who are due to file returns but are yet to identify the correct form to do so – ITR-1 is for Individuals having Income from Salary/ Pension/ family pension & Interest ITR-2 is for Individuals and Hindu Undivided Family (HUF) not having Income from Business or Profession ITR-3 is for Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship ITR-4 is for individuals & HUFs having income from a proprietary business or profession ITR-5 is for firms, Association of People (AOP) and BOIs ITR-6 is for Companies other than companies claiming exemption under section 11 ITR-7 is for persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) ITR-8 is for the Return for Fringe Benefits There has been a new form introduced called the ITR V through which all the data of the Return of Income/Fringe Benefits in Form ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-8 transmitted electronically without digital signature. This form was specially introduced to cater to the needs of the filers who intend to use the online submission process. The whole proces of Income Tax Return filing can now be performed online. The amount of Income Tax can be calculated with the help on Income Tax Calculator and then the submission made online through the Income Tax Return forms online. The task of filing returns has now been made considerably easier and less time-consuming which is why people are all gung-ho about it.

Know more on Income Tax and Income Tax Return Forms at www.paisawaisa.com.

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