Tax Made Easy – 7 Usefull Tips For Business

For many businesses, especially small businesses, taxes can be quite a handful. Moreover, it’s not just paying taxes, it’s knowing what can be taxed and/or deducted. So, we made a list of things every business should know about taxes, along with various tips for your business tax. This will help make our tax life a lot easier.

Make sure you keep Track of Everything

While we realize this may seem like one of the most obvious tips for your business tax, many businesses forget to keep track of everything. Every expense, purchase, deduction, refund and even car mileage –  keep track of them all. This helps you file accurate taxes. Remember, an inaccurate tax filing can lead to legal problems.

Separate your Expenses

One of the most important tips for your business tax is to always set apart your business expenses from your personal ones. Your personal expenses are not … Read the rest

Business Owners Leaving California Due To High State Taxes

Bailing On California Due To High State Taxes

Many top-earning residents in California are ready to leave for good due to the excessive taxes they are required to pay. From winery owners in Napa Valley to popular sports figures, high-income residents who have been loyal to “The Golden State” are simply fed up.

Golfer Phil Mickelson has openly voiced his feelings about the issue and did not hesitate to disclose that he has considered leaving California, although he later regretted being so vocal. Other top earners are also speaking out about their plans to leave the state, and these residents have plenty of options that will be much easier on their pockets.

The southern state of Texas is a very attractive option for many high-income residents of California. The income-tax rate in this state is zero, which is a huge difference from the excessively high 13.3% tax rate … Read the rest

State Income Tax Worries On The Rise

State Income Tax

State Income Taxes Could Possibly be Eliminated by Selective States:

Many States are hoping to experiment with their plan to eliminated State tax returns. The States which consist of mainly Republicans are clinging tightly to this idea praying that it is a success.

Across the U.S. as well as the South and Midwest, numerous Republicans have gained a majority of control when it comes down to state legislatures and governorships, thus gaining the power to test highly debated tax ideas.

Republican Governor Bobby Jindal of Louisiana, for example, has called on ending Louisiana residents income tax as well as corporate taxes, leaving sales taxes to make up for lost profits.

One thing is certain and that is that Tax Filing is becoming a hot topic for many individuals of the United states. Some say cutting Tax Refunds will eventually help all of America, while others see … Read the rest