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Fiscal Deity: Tax Consultant

Fiscal Deity: Tax Consultant

Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money where it earns you the most.

If you aren't aware of it yet, Uncle Sam pays no interest. If he deducts your tax payment monthly or quarterly, and takes more than his fair share, he doesn't give you anything back for the privilege of using your hard earned money. By the same token, if you don't pay in enough, he charges you a penalty and interest.

As a W-2 wage earner, if you are over paying your tax debt, you may be considering it a 'forced savings plan', but you gain nothing, using that particular plan. By putting the same amount in savings every year, earning interest on the balance, and continuing to regularly invest in your savings fund, you may be able to utilize the retirement savings plan reducing your tax debt significantly. With the advice of a competent tax consultant, your savings can become an investment with a tax reduction at the end of the year.

As a business owner paying tax quarterly, over paying your taxes can cost you considerably more. Your tax debt may actually be borrowed money, on a line of credit from the bank where you pay interest for the use of the money. If tax planning were part of your business expenses, you get to deduct the amount paid to the tax consultant from your business, you don't have to pay interest on more than you need to pay in (if using a line of credit to pay taxes), and any saved money can be placed in a retirement fund or savings plan to draw interest for you. Once again, a tax consultant can save you money.

These are just a couple of ways you can save money by hiring a tax consultant. So, who is your Tax Deity? Your tax consultant or Uncle Sam?

Tax planning is an important part of setting up your business, working your job, or living in a world where taxes are a fact of life. Consider saving money on your taxes this year, by planning well, and paying yourself first. Visit eBiz Brand Performance for more information.

In The News:

Airtel Niger faces shutdown over non-payment of taxes Business TodayThe General Tax Directorate of Niger ordered the closure of the offices of Airtel Niger, seeking tax amounts that have been disputed by Airtel.

EDMC proposes two new taxes, education cess in 2019-20 budget Times of IndiaNew Delhi, Dec 10 () Cash-strapped East Delhi Municipal Corporation (EDMC) on Monday proposed two new taxes and an education cess in its budget for ...

Climate change: Protecting the poor from green taxes BBC NewsHas President Macron's controversial fuel tax set back carbon taxes globally?

Net direct taxes collections up 14.7 percent in April-November BusinessLineRefunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal.

Hired a nanny this year? Claim this tax credit for 2018 CNBCAs you prepare your tax documents for the end of the year, remember to get right with your nanny. That's because if you're paying her under the table, you won't ...

Withdrawals Under National Pension Scheme To Be Tax-Free BloombergQuintWithdrawals made by subscribers of the National Pension Scheme at the time of retirement will be made tax free.

Taxpayers Alert! Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to chall... Zee BusinessAlthough one would not like to share their income and income from other sources with authorities, however, it comes as a helping hand for government in ...

Altoona taxes to drop | Front Page Leader-TelegramHomeowners in Altoona will receive an early Christmas present in the form of lower property tax bills, thanks in large part to the largest lottery credit in state ...

Kansas, Missouri have high taxes on cell phones, report says The Wichita EagleKansas, Missouri and Nebraska all ranked high in a report tracking tax rates on wireless *service*.

Beware! These tax-saving investment mistakes can sink your finances The Financial ExpressIt's said, if you fail to plan, it means you plan to fail. So, it's better to plan before you make your tax-saving investments, so that you may reach your financial goal ...

It may be time to stop itemizing your taxes New Jersey HeraldAround this time of year, many taxpayers begin the annual ritual of pondering The Big Question: Do I take the standard deduction or spend time hunting for ...

Good jump! Corporate tax collection up 18 per cent in April-November, fastest in five years The Financial ExpressCorporate tax collection grew an impressive 18.3% in April-November of FY19, the fastest pace in at least the last five years.

Govt says no scope for corporate tax cut in near future LivemintEuropean Union and the US cutting corporate tax rates not sufficient to sway India, says CBDT.

No tax on up to Rs 50,000 interest for senior citizens Times of IndiaIndia Business News: In a notification issued on December 6, it has clarified that no TDS has to be deducted under section 194-A of the Income Tax (I-T) Act in ...

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Taxmen catch buffalo meat, slap Rs 25 lakh in taxes, penalty Economic TimesThe Commercial Taxes department officials in Belagavi have collected Rs 25 lakh in GST levies as well as penalty after intercepting four trucks mounted with ...

UK Parliament Member Wants You to Pay Your Taxes with Bitcoin CCNEddie Hughes, a member of Parliament in the United Kingdom, wants locals to be able to pay their taxes with bitcoin, the largest cryptocurrency.

Construction resourcing boss banned for failing to pay correct taxes GOV.UKBoss of Bolton-based company that supplied construction workers has been disqualified for seven years for failing to declare all the company's tax liabilities.

How to save tax on capital gains arising from selling a house Economic TimesMy 71-year-old father had purchased a house in 1972 for Rs 1,000. Now he is planning to sell it for Rs 28 lakh. What will be his capital gains tax liability?

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Investing solely to avoid taxes is a bad, wasteful strategy: View Economic TimesWhile many opt for creative accounting of expenses and tax deductibles, these practices also needlessly complicate matters for inheritors.

French lesson for Modi: Don't raise fuel tax Economic TimesRIOTERS IN PARIS Last weekend, demonstrators turned Paris's wealthiest neighbourhoods into a battle zone to make themselves heard. Until Saturday ...

Central govt staff can now save tax via NPS with only 3-year lock-in Economic TimesSubstantially reducing the lock in for availing section 80C tax benefit on NPS investment the government has brought it on par with one of the most popular tax ...

What Are the 2019 Tax Brackets? Motley FoolHere's a look at the tax brackets for 2019 and what they could mean to you.

Californians Face Tax Deadlines After Devastating Fires NPRProperty taxes are due in California Monday. In Butte County, people who lost their homes to fire are rushing to defer taxes and get their property reassessed.

How State Taxes Could Affect Where Bryce Harper and Manny Machado End Up Sports IllustratedManny Machado and Bryce Harper face enormous decisions about their baseball futures, but how might state taxes steer their final free-agent decision?

Property owners in Washington could soon see an increase in taxes CIproud.comMonday night, the Washington City Council held a Q and A session with residents about the $1.6 million tax levy they are proposing.

India's tryst with taxes Forbes IndiaWhile the rich pay a bulk of the income tax paid by individuals in India, many wealthy people do not pay their share of taxes.

Leominster residential taxes rising average $127 Sentinel & EnterpriseLEOMINSTER -- Residential property owners can expect to see a slight bump in their tax bill next year while owners of commercial and industrial properties can ...

How Much In Taxes Will I Owe When Selling My Home? ForbesWill you owe capital gains taxes when selling your primary residence? Is selling a home tax free? We walk you through what you need to know before selling a ...

How high are wine taxes in Alabama? AL.comAlabama's has one of the highest excise taxes on wine in the country, according to the Tax Foundation.

The 13 N.J. counties where undocumented immigrants pay the most in taxes, ranked NJ.comThough they are living here illegally, undocumented immigrants are paying millions in taxes, according to estimates.

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French taxes cut as Macron caves in to rioters, admitting he is 'partially responsible' Sky NewsBy Alix Culbertson, news reporter. Emmanuel Macron has promised to raise the minimum wage as he acknowledged he was partially responsible for weeks of ...

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Northern Wisconsin bands sue over land tax Duluth News TribuneFour northern Wisconsin bands have filed a federal lawsuit against Gov. Scott Walker, the state and town officials over the taxation of reservation lands.

Taxes Up, But No Service Cuts as St. John's Tables Heavy Budget VOCMResidents and businesses are going to be paying more in taxes next year as the capital city feels the pinch from declining residential property values.

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Paris Is Burning Over Climate Change Taxes -- Is America Next? ForbesThe bottom line is this: economic freedom—the kind you get with a large middle class—leads to prosperity, economic growth, and technological innovation.

NJ marijuana legalization: What will NJ get from legal weed taxes? Asbury Park PressWhile New Jersey marijuana legalization may be inching loser to reality, legal weed taxes are not likely to create a revenue windfall.

France drops fuel tax as “yellow vest” anger persists The HinduThe movement began with the aim of highlighting the squeeze on household budgets caused by fuel taxes but morphed into a broader, sometimes-violent ...

Hammered for rising property taxes, Ald. Tom Tunney runs for political cover Chicago Sun-TimesSome long-term Lake View residents say they are being punished for working hard to revive their neighborhood, Ald. Tom Tunney (44th) said.

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Going Through Divorce? Start These 3 Steps Today To Save On Taxes ForbesThe Tax Cut and Jobs Act eliminated the alimony deduction for divorces after 2018. The new law will mean less money for expenses of the two household.

Property taxes to stay the same in Conception Bay South CBC.caConception Bay South politicians announced Monday that the town's budget has no increase in taxes to residents or businesses and includes no increase in ...

Niger government orders closure of Airtel arm over unpaid taxes Economic TimesKOLKATA: The Niger government has ordered the closure of Bharti Airtel's whollyowned arm in the African country for nonpayment of over $107 million (about ...

How senior citizens can avail tax break on interest income under Sec 80TTB Economic TimesBudget 2018 introduced a new section, 80TTB, under the Income Tax Act which allows senior citizens to claim tax break on specified interest income up to Rs ...

Taxes could present 'significant problem' for Trump, says ex-federal prosecutor | TheHill The HillFormer federal prosecutor Gene Rossi on Monday said that taxes could present significant legal hurdles for President Trump after federal prosecutors in New ...

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Taxman starts questioning & issuing notices to BPOs Economic TimesIndustry trackers fear that more and more companies may now be issued notices and questioned.

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The Tax Cuts And Jobs Act: 3 Changes You Should Know ForbesTax season is coming more quickly than you might think — has the Tax Cuts and Jobs Act affected you? Read here to discover more!

Japanese Regulator Aims to Reduce Crypto Tax to Revitalize the Market CCNIn October, Japan hinted its plans to ease the process of taxing crypto investments to refrain from impractical policies affecting the local market.

"Positive Impact Of Notesban": High Growth Rate Highlight Of Tax Report NDTVThe Income Tax Department has mopped up over half the kitty of the targeted direct tax revenue for this fiscal -- at more than Rs 6.63 lakh crore -- riding at a ...

Trump's China tariffs are a regressive tax on Americans and risk a recession The GuardianBy imposing tariffs, Trump has in effect raised taxes on most Americans and made them poorer.

'Generational divide': UK split by age over tax rises for public services The GuardianUnder-45s list climate change, Brexit and technology as bigger priorities than healthcare.

Could high gas tax get higher? WJAC JohnstownWe've been hearing from people in person and online telling us they've heard the gas tax in the commonwealth is going up next year. 6 News contacted the ...

10 properties confiscated over tax dues Times of IndiaPUNE: The Pune Municipal Corporation (PMC) has confiscated 10 properties from across the city for non-payment of the property tax dues. The action was ...

US State of Ohio Accepts Bitcoin for 23 Types of Taxes Bitcoin NewsThe U.S. state of Ohio has set up a cryptocurrency payment portal and reportedly starts accepting payments in bitcoin for 23 types of taxes this week. “Ohio has ...

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Murphy and N.J.'s top D.C. Democrats met, talked property taxes, health care and other big issues. Then came a little surprise. NJ.comA majority of New Jersey's soon-to-be Democratic-heavy congressional delegation elected in the Trump midterm huddled behind closed doors Monday with Gov ...

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Sorry France, but fuel taxes are a bitter pill we must all swallow New ScientistThe reversal of France's fuel tax sends a worrying message to world leaders meeting this week in Poland to firm up climate commitments, says Olive Heffernan.

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Single, married or cohabiting: Who pays the least tax? The Irish TimesNot getting married could cost you more than €400000 in extra tax over 40 years.

Are the French hit especially hard by fuel taxes? The GuardianA planned rise sparked the gilets jaunes protest – here's how their fuel costs compare with the rest of Europe.

Blockchain and Crypto in the Labor Market: Overview of Salaries, Taxes and the Most In-Demand Jobs CointelegraphJob seekers' interest for positions related to blockchain and cryptocurrency has declined, while employers' interest only rose in 2018. How do cryptocurrencies...

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Slight increase to mill rate, residential property tax in Corner Brook CBC.caThe City of Corner Brook unanimously passed it's 2019 budget on Monday featuring a slight increase in both spending and residential property taxes.

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5 tips for saving money on your 2018 tax bill USA TODAYWith the changes in tax law approved last year, here are some things to do -— and not do — by Dec. 31 to save money on your taxes.

Make the Most of Potential Tax Deductions Under the New Tax Law Kiplinger's Personal FinanceWith some year-end planning, you may still find it worthwhile to file an itemized return to lower your 2018 tax bill.

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Herbert proposes $200 million tax cut — but also new taxes to 'broaden' Utah's shrinking tax base Deseret NewsIn a year with more than $1 billion in new state revenue, Gov. Gary Herbert is proposing a $200 million sales tax cut to help Utahns keep more money in their ...

Why greens are turning away from a carbon tax POLITICOPutting an economic price on greenhouse gases is proving a hard sell with the public, even as time to head off climate change shrinks.

Trump’s Tax Promise of Trillions Back to U.S. Fails to Materialize BloombergThe amount of offshore cash U.S. corporations have returned home so far this year is just a fraction of what President Donald Trump had promised.

Tax saving feature and decent returns make NSC an attractive investment option Moneycontrol.comIt is December and if you are procrastinating investment in a tax saving bank fixed deposit because of low interest on offer, here is an alternative in the form of ...

How to avoid tax saving traps set by unscrupulous wealth managers, bank officials Economic TimesAn average investor neither has the time or the inclination to go into the finer details of the policy.

Expect councillors to question proposed transit tax and fare increases Ottawa CitizenIs a proposed 3.5 per cent transit tax increase a sign of things to come?Expect councillors to ask that and other questions during a meeting Wednesday as ...

Australian Tax Office contractors accused of links to tax havens The GuardianReport queries arrangements at Stellar, Serco and Outsourcing Inc, which provide labour or help run ATO call centres.

Niger shuts Airtel telecom offices over unpaid taxes The Financial ExpressNiger on Saturday ordered the closure of the offices of the country's biggest telecoms operator Airtel, a subsidiary of India's Bharti Airtel group, for unpaid taxes of ...

Fiscal Deity: Tax Consultant

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