Tax Consultant – What Are They?

Tax is one of the biggest expenses that a person has to make, depending on the country where he lives. You paycheck is a total amount of your salary minus taxes; the commodity that you are paying for has tax; the investments that you are going to make has tax; and the services that you need has tax. However, there is a way to get rid of all these expenses or at least minimize the amount that you have to pay. This article will be explaining to you some of the things that you need to know about hiring a tax consultant, including the advantages that you can get from it.

A tax consultant is a person who is very familiar with tax laws and rules that you need to follow when spending your money. If you are going to hire a tax consultant, you will be able to determine the things that you need to take in order to reduce the tax that you have to pay and to have more expendable money in your pocket. With the help of an expert, you will be able to reduce the amount that you have to pay without getting in trouble with the government.

There are a lot of loopholes in tax laws, but you need to make sure that you have the guidance of an expert in order to be sure that you are safe. A tax consultant is very familiar with the things that you need to do, and the loopholes that you can exploit in order to reduce the amount of tax that you need to pay. He will be explaining to you why it is safe and why it is a good option for you. This will save you from all the troubles that you may encounter whenever you are trying to minimize your tax.

Tax consultants can offer their service on a “per consultation” basis or on a monthly basis. The type of service that you need will depend on the level of income that you current have. You can also contact a tax consultant in order to determine which option would be best for the income that you have. Contacting them will also help you determine the best service that suits your needs and your budget. Just make sure that you will be talking to a reputable tax consultant to be sure with the advice that you will receive.

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Tax Consultants – To Put an End to Tax Disputes

It is the duty of every citizen to pay the Tax. The Tax that you pay plays an important role in the development of your Country (say) better roads and the development of new projects. People often think that paying some cash as Tax is not a big deal at all. However, paying Taxes has some disputes too. You’d have noted that several disagreements arise while paying taxes every year. Starting from the late payment of Tax to the extra amount taken from your account, there are many disputes which come in the way. This is where the tax consultants come into play. The tax consultants will be able to provide you with a clear plan to manage the Taxes every year without any disputes.

Keeping track of the taxes is a major problem. Tax disputes arise if you fail to pay any particular tax in the given time. As you will come up with different taxes like property tax, road tax and so on, it will be very much difficult to maintain a record of the taxes you pay. Moreover, you should also know the right time to pay the taxes because the property tax is collected once in a year whereas the road tax will be collected each time you cross the toll gate. Hence it is very much essential to hire a professional tax consultant to keep a track of the taxes and pay them in time without any disputes.

Maintaining the tax records in corporate offices will even harder. You will be well aware of the fact that big corporate companies will have to pay countless number of taxes. Moreover, the corporate Tax rates will be changing very frequently. Hence it will be a neck breaking job to keep a track of all the taxes and the updates. Thankfully there are some corporate tax consultants who are ready to help these corporate companies. Surveys indicate that the corporate tax consultants play an important role in the innovation of the companies. As the corporate Tax consultants help the companies in preparing a very effective budget plan, they help the companies to grow rapidly.

The main function of these tax consultants is that they will check and ensure that you are paying the Taxes only for what you have to. They will also keep you informed about any updates in the Tax rates. Hence you will not be losing even a single penny as extra Tax. Moreover, these Tax consultants will also let you know what items are subjected to get sales Tax. For example, sales Tax is applicable only to the items that you can handle (say) computers, groceries etc. You don’t have pay any Tax for services (say) haircuts etc. Tax Consultants will let you know the Taxable items and hence you can save a great deal of money while shopping. The corporate Tax consultants also prevent the Taxes from accumulating and hence they will provide a stress-less working environment for the finance manager of the Corporate.

Considering all the above mentioned facts, the help of Tax consultants is indispensable for maintaining personal and corporate finances.

Article Source: http://EzineArticles.com/2096321

The ins and outs of capital gains tax

Although most property transactions will not be subject to capital gains tax (CGT), it is still important for prospective sellers to understand the implications that it could have on their sale, should their home be sold for more than the primary residence exclusion threshold.
The ins and outs of capital gains tax
© Alexander Raths 123RF.com
In addition, the government has proposed that CGT inclusion rates be raised from 33,3% to 40% from March 1 this year.

“Capital gains is payable when the individual’s income tax return is submitted at the end of the financial year during which the property was sold. All records should therefore be kept for at least four years after the date that the income tax return reflecting the capital gain or lose is submitted,” says Adrian Goslett, CEO: Re/Max of Southern Africa.

Where proceeds exceed base cost

The tax pertains to the disposal of an asset such as an immovable property or any capital sale of assets globally, where the proceeds exceed its base cost, and applies to South African resident taxpayers, trusts and companies.

For a seller to determine the capital gain or loss made during the transaction, they need to deduct the selling price of the home from the base cost of the property. The latter is determined by combining the original price paid for the home, along with all costs incurred acquiring and selling the property. These costs would include transfer cost, transfer duty, agent’s commission, advertising costs, VAT and any professional fees.

Homeowners should also keep accurate records of the money they spend on their property, such as receipts for the costs of improvements, alterations and renovations – routine maintenance, insurance and rates and taxes may not be included. If they are unable to prove any costs through their records, they will not be able to deduct them from the proceeds to determine the capital gain.

Once the base cost has been determined, it is then possible for SARS to calculate the CGT to be paid based on the net profit realised.

Property tax is complicated

Non-residents are liable for CGT only on the sale of their immovable property in South Africa. Additionally a withholding tax applies to non-resident sellers of immovable property in terms of section 35A of the Act. The amount withheld by the buyer serves as an advance payment towards the seller’s final income tax liability.

There are numerous capital gains or losses on the disposal of an asset that are subject to taxation, there are instances where transactions are exempt due to certain concessions. The conditions pertaining to these exclusions are found in the Eighth Schedule to the Income Tax Act, 1962 (the Act), which determines a taxable capital gain or assessed capital loss.

“Property tax can be highly complicated, so it is always advisable for sellers to seek the advice of a professional tax consultant who can point them in the right direction regarding CGT,” advises Goslett. “An expert tax consultant or conveyancing attorney can offer invaluable guidance through the submission process.”

Onus is on home owner to prove tax deductions

When it comes to tax deductions, the onus falls on the taxpayer to prove that a particular amount is deductible, as well as justify the claim by showing the calculation of how they arrived at the deduction figure.
Onus is on home owner to prove tax deductions
© Andriy Popov – 123RF.com
Regional director and CEO of RE/MAX of Southern Africa, Adrian Goslett, says that although many home owners will qualify for a tax deduction, it is sometimes a difficult task for them to establish the amount of interest on their bond that is tax deductible.

“In certain situations, however, simple they may seem at first, there can be complications and queries that could possibly arise. Therefore a home owner needs to make sure that they know what they are doing, or if they are in doubt they should consult with a professional tax consultant.”

Working on a home purchased for R1m, Goslett says that if the home owner works from home and uses 20% of the property as a home office based on the square meterage calculation, they will be entitled to a tax deduction based on the interest charged on the remaining outstanding bond amount.

Interest on bond

“If the home owner has paid off a portion of the bond and currently owes R800,000 and the interest on the bond is charged at 14%, they will be charged R112,000 interest for the year. Because 20% of the property is used as a home office, the home owner would be entitled to claim 20% of the R112,000 as a tax deduction in the production of their income,” explains Goslett.

He adds that it is important to remember that a home owner will only qualify for a home office deduction if they are employed, working for a salary and a condition of the employment is to carry the cost of keeping a home office as the home owner’s central business location.

If the home owner owes R800,000 on the bond and then decides to draw a further R100,000 to finance personal expenses, they will not be able to take into account the tax amount on the additional money taken, as this is not in the production of income.

“Any interest that is charged on the additional R100,000 will be excluded from the calculation of deductible interest from the time it is taken, going forward for all the years that the home owner carries the bond. Essentially what this means is that a smaller percentage of the initial 20% of the interest reflected on the bond statement is tax deductible from then onwards,” Goslett explains.

The percentage of deductible interest will continue to change as the home owner makes further withdrawals from their bond account for other non-income producing purposes.

Payment into bond

According to Goslett, on the flipside of the coin where the home owner would like to make a substantial payment into their bond, such as an inheritance payout for example, they will not have the option to only allocate their money to the 80% private portion on the bond and not impact the other 20% that is regarded as business use.

“A home owner may want to only pay the money towards the 80% to maintain the value of the deductible portion of the bond. However this is not possible as the bond is regarded as one account that cannot be divided or proportioned into separate segments. Regardless of how the home is divided and what percentage is for personal use and what percentage is for business use, the bond is over the entire property. This means that any money that is allocated to the bond account will reduce the balance of the bond in its entirety,” explains Goslett.

For this reason, if the home owner has any other loans that are not tax-deductible, it might be a better option from a tax planning perspective to allocate the inheritance to pay off those loans instead.

Handbook provides expert advice for property investors

The current weak economic outlook has resulted in many South African investors now seeking opportunities for economic growth outside the country’s borders.
Handbook provides expert advice for property investors
© Robert Wilson – 123RF.com
“With this background of currency volatility and decline in business confidence, a new investment strategy that focuses on greater global exposure makes good sense for high net worth South Africans,” says Sandra Woest, senior manager at Henley & Partners South Africa.

“Considering the current economic outlook for the country, it’s wise to review your investment strategy and to reassess where you invest, both in terms of the location of the investments and in regards to asset classes,” advises Woest.

Insight into international real estate

Henley & Partners’ International Real Estate Handbook (IREH) provides insight into this complex area of international real estate for individuals buying property abroad, as well as their private bankers, tax consultants, lawyers and fiduciaries. For those with the means to do so, acquiring property in another region, such as Europe, is worth considering.

In addition to an investment in a solid asset class known to perform over time, you may be able to acquire a passport or residence permit from the destination country. “This offers major benefits to those who travel regularly or who have business interests across borders. Residence or citizenship in the European Union (EU), for example, allows you to travel to all 28 member states without the delay of applying for visas and can give you extensive visa-free travel in many other parts of the world,” Woest continues.

For instance, Malta, a Mediterranean archipelago consisting of five islands with a small population of just 400,000, is one of the Eurozone’s better performing economies, with a growth expectation of over 3% for 2015. The Malta Individual Investor Programme (MIIP) offers investors the opportunity to gain an EU passport, with visa-free access to more than 160 countries.

Country-specific chapters

The handbook provides 18 country-specific chapters, unique tables with international overviews and comparisons, covering topics including purchase costs, tax rates and inheritance laws relating to real estate, and other relevant aspects.

“This is a really useful tool for anyone exploring the idea of acquiring property outside South Africa. You’ll gain an understanding of the tax issues and inheritance laws applicable and an overview of some of the key residence and citizenship programs, so it’s a good starting point when carrying out your research,” Woest concludes.

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Tax Consultant Sydney Knows The Better About Taxation

Sydney is the perfect place where you can run your business very smoothly. All the facilities are available in here that means you will get your necessary help from the experts from here and you can fully rely on them for your necessary. For running a business you need to have full knowledge accounting or you need to appoint an expert? This country always maintains a good law where you need to follow that strictly. You can conduct with a consult for making your details very clear. Tax consultant Sydney can help you very cordially what you actually want. They are professional and that’s why you can trust on them for superb service. All the issues of this sector will be solved by them.

Expert persons are available in here for making your business very comfortable. You no need to be worried about the accounting issue. Actually their standard level of skill will make you charmed. This task is very difficult to manage the issue economical sector for making your business profitable. Business accountant Sydney can handle all the issues very smartly. You just need to have trust of their quality. Not only they will run your business but also will help you to make good contract with other business partners. All the idea about this is very clear to them.

Sydney is the place where live the top quality persons who have great knowledge in business. Chartered Accountants Sydney is the most specialists’ person in the world for business. The most knowing person become the member of it. People from all over the world come to take the advice of business issue from them. They are the most skillful person of the world and you have chance to take the guidance or service from them for running your business.

Domane tax and accounting company provide the opportunity to directly contact with their best accountants of Sydney through a phone call or through website. Customers have to mention their email address, phone number, name and question. By doing, so customers will be able to get appointment with the best Sydney accountant. Domane tax and accounting company is responsible to provide a wide range of services for the residents of Sydney like accounting, tax planning strategies, tax return preparations, book keeping and BAS, self managed super funds, new business in-corporations, trust accounting, negotiation with tax office, selling a business, business start up and proactive taxation services. The relevant skills and experience of these accountants help to tailored financial decisions in the way that suits the business.

SMSF accountants have full knowledge about the business. They actually know how to complete their tasks. It is very important to know details of the works. Only professional persons know that and they always do that in their working time. These accountants can do this work very skillfully. You can take all kinds of help from them. You can share your views and can take help of them for making your business. You can consult about your details with them and you can expect very better solution that will bring speed in your business. So make the consult and enjoy your business life with them.

Avoid Business Tax Debt With Self-employed Irs Strategies And Small Business Tax

If you want to reduce Business Tax issues, Small Business Tax Guidance and Self-Employed Internal Revenue Service Tips are important. It’s simple to land in Business Tax problems when you do not have the top Small Business Tax Assistance on your side. Believe it or not, the IRS focuses on Small Business owners, making it close to out of the question to prevent Business Tax Troubles not having the proper Small Business Tax Assistance.

Small Business Taxes
Business Tax varies according to the type of Business you have. Quite a few small business entrepreneurs usually are not incorporated, so the entire Business Tax Debt falls on their shoulders. Before you embark on a business venture, it is smart to investigate Self-Employed IRS Tips or Small Business Tax Help if you would like steer clear of Business Tax Debt.

Advice for Small Business Tax Situations

Use a Certified Public Accountant: The first piece of Small Business Tax Assistance in order to eliminate Business Tax concerns is to hire an Accountant. No one can run an entire business on their own. An Accountant to handle your numbers will help your focus on your business. You’ll have more success with this targeted interest, and with quality Small Business Tax Guidance on your side from an accountant, you are likely to reduce Business Tax Issues along the way.
Always Keep Great Documents: Retaining great documents is imperative if you’d like to avoid Business Tax Complications. Keep all receipts and vital company details. Once again, it is possible to hire quality Small Business Tax Help to assist with this, like a Bookkeeper.
Send Your Taxes on Time: The best Small Business Tax Help you’ll be able to receive is to be sure you submit your taxes by the due date. Nearly all Business Tax problems result from filing quarterly taxes late. It is vital that taxes are submitted on time if you don’t want a Business Tax Debt.

Contract Work Internal Revenue Service Tactics
It is not easy being Self-Employed. You’ll need discipline and enthusiasm if you want to eliminate the Small Business Tax Challenges that plague small business proprietors. Some Self-Employed IRS Guidelines to help you avoid Business Tax predicaments are listed here.

Make the most of the Available Tax Write offs: A large Self-Employed Tax Tips that will save you 100s and help you to avoid Business Tax Difficulties is to make use of business deductions. You will find many deductions out there for Self-Employed individuals. The bulk of the funds spent as part of business functions will be deductible.
Receive the Right Small Business Tax Support: A Self-Employed person, just like a Small Business, needs the right aid from specialized Tax Assistance to reduce Business Tax Debt. Make sure to use an accountant, a bookkeeper, and/or a tax preparation specialist when needed. An accountant can keep your money in check, while a bookkeeper can keep all of your valuable records organized. A tax consultant should file your tax return with your write offs incorporated so you receive the most accurate Small Business Tax Help.

Take the Necessary Techniques to avoid Small Business Tax Debt
It is tough to prevent Small Business Tax Debt, particularly when the Internal Revenue Service targets your business. Below are some Self-Employed Internal Revenue Service Advice that may help you avoid Business Tax Debt

Be wise with your Deductions: We promote you to make use of all Write offs possibilities; this can be the best Small Business Tax Assistance benefit in your arsenal. However, only declare deductions that have relation to your your particular business. You must never claim your own expenditures. It is okay to get a little fresh, but the IRS probably will sense something fishy in the event you get carried away.
Submit Your Documents on Time: Brushing off your Tax Filing obligations is the quickest way to land in Business Tax Debt. You must submit your taxes in a timely manner to help keep yourself free from Business Tax Debt.

You can avoid common Business Tax Predicaments with proper Small Business Tax Help. Be sure to speak with an expert Tax Debt analyst assuming you have just about any Business Tax inquiries.

The Smart Way To Find The Tax Services You Need

The Federal, State, and local Governments have established a long list of publications to help taxpayers learn about the tax system. Businesses need access to a variety of tax services to perform daily business operations and these publications will teach small business owners how to fill out tax forms correctly. Tax services are provided free of charge to those that contact the Government agency for guidance by telephone or through regular or electronic mail services.

Government agencies will provide tax services such as audits when discrepancies are noted on individual or corporate tax returns each year. This is one tax service that every American wants to avoid because penalties can be accessed for errors and audited tax forms usually mean that the taxpayer will owe additional monies. Some people might rely on a tax consultant for advice before they will attempt to file taxes on their own and this expense is justified by corporations who amass millions of dollars in revenue each year.

Accountants will use these tax forms throughout the year to ensure that all taxes are paid on time because late payments will accrue late charges that could result in the company paying thousands of dollars in penalties. The publications will contain tax schedules that might seem confusing at times, but with one simple telephone call the accountant can verify if the tax computations in use are the correct ones.

Millions of people in the United States will order publications to help them prepare tax returns every year. The Internal Revenue Service provides a limited amount of tax services directly with the public but will provide publications that explain tax-filing procedures completely. Many publications will contain sections for handling frequently asked questions and taxpayers can contact the Internal Revenue Service by email if some information is still unclear.

Tax laws change every year and preparing tax returns can be perplexing to many people. Many taxpayers will place the responsibility for preparing tax returns each year in the hands of a tax services specialist. Every tax specialist is thoroughly trained in business and individual tax filing needs and those that prefer to fill out tax forms on their own can arrange to attend classes on tax preparation. Accessing information about these classes is as easy as reading advertisements in local papers.

Taxpayers who prefer to file taxes electronically have access to a wealth of information on taxes in the database contained on the tax preparation software. The databases will clarify every factor concerning taxes in a block-by-block breakdown. The computer program will query taxpayers on the information that is needed to complete tax forms such as personal information requirements, business assets, incomes, inventories, and charitable contributions.

Accessing information about tax services through the internet search engines is an easy way for taxpayers to keep current with the current tax structure. Some taxpayers need more information on paying a tax debt and through the internet they can find tax service help that is provided by financial professionals that were previously employed by the Internal Revenue Service and are thoroughly familiar with the way audits are done.

By: Frankie Zimmerman

Get Tax Debt Help With Online Companies

Several tax relief opportunities are available that can help the taxpayer resolve the overdue taxes. If you are having difficulties with a substantial Internal Revenue Service tax balance to be paid, then it’s time to take tax debt help intended for solving tax problems.
The tax lien sale is an outcome of the negligence of property owners in paying their taxes. If these taxes are not paid, then they result in legal financial issues. The government takes the owner’s legal property right by issuing a lien against the property thus giving birth to the IRS tax lien sale.

A taxpayer should pay back taxes due to the IRS within the stipulated time after receiving a demand for payment. If he fails to pay back in time the IRS places a federal tax lien against your property. This ensures in claiming the owed money by a taxpayer. Tax lien destroys your credit and you will not be able to borrow against your assets or purchase a new home or car on credit.

To get all information on tax issues, you can visit various websites. You can get tax debt help from these websites as well. They also prevent IRS bank and wage levies, prevent or lift tax liens. Various seasoned IRS tax experts also provide IRS help to taxpayers on payroll tax problems. You can also hire a professional tax relief attorney for good sound advice. These websites also provide information and tips on how to avoid IRS tax bankruptcy. There are attorneys who struggle with the IRS and negotiate to minimize your unpaid taxes and tax penalties.