Taxes

How To Ensure That Your Tax Calculations Are Right

Taxation is quite a complex topic and unless you are properly trained or your taxes are being handled by trained personnel, you can easily end up on the wrong side of the law. On the other hand, the taxation agency will not come to you and tell you that you have overpaid your taxes. It is therefore your responsibility to make sure that you pay the right amount when it is due.  Read more...

Capital Gains Tax In Australia

Capital gains tax is the tax that you will be required to make whenever you make a capital gain. This tax is common in many of the developed countries in the west and but quite rare in countries that are not developed. This means that people who come from developing nations and such can find the concept of being taxed on capital gains to be quite strange, if not offensive, especially when it gets into interpretation of gifts and inheritance.  Read more...

Get the IRS to Waive Fees on Your Offer In Compromise?

In 2003, the Internal Revenue Service (IRS) instituted a non-refundable $150 application fee to apply for an Offer in Compromise (OIC). There are a couple of ways to waive the application fee. When you are applying for an IRS OIC and claiming a “doubt as to liability,” the fee is not applicable. If your household income falls to or below the poverty level, you can file a petition to have the application fee waived.  Read more...

Australian Income Tax Basics

In Australia, the amount of income tax that you are supposed to pay is calculated by the Australian Taxation Office, rather than self-assessment. This therefore requires that you report all taxable income to the Australian Taxation Office who is then to determine the tax amount.  Read more...

6 Things Tax Reform Activities Should Aim For

All over the world, people talk of tax reforms and governments outline steps that they are taking to improve there tax systems. But how can one measure what a good reform agenda should be when it comes to tax reforms?  Read more...

Understanding EA Test Questions – Qualifiers

One of the best things you can do for EA test prep is answer as many questions as possible leading up to the exam. If you intend to pass the IRS EA exam, familiarity with the question format is important to your success. The IRS does not ask each question in the same way. On occasion, the format can be tricky, causing you to miss a question that you could otherwise answer correctly. Here is a tip you may not find in your EA training course.  Read more...

Ten Signs A Small Business Requires A Chartered Accountant

Here are the Top Ten Signs that your business could benefit from the services of a Chartered Accountant.

1. You do not understand the company’s financial statements. Financial statements should be accurate as these important documents help owners determine how profitable and financially strong their business has been. In the event that this statement seems flawed, one should hire a Chartered Accountant for further verification.  Read more...