tax Archives

May282022 by Paul LinusNo Comments

Financial planning: Saving is key to stable income for life

Finance

Smart financial planning revolves around saving money from your income. Fundamental financial wisdom for centuries has been to spend less than what you earn. But many people around the world either do not save at all, or even spend more than what they earn. So they borrow money on interest and accumulate debt. The result is that instead of earning interest on investments, they end up paying interest on borrowings. That creates the opposite of wealth creation, which is wealth erosion. Save a Percentage of Your Income You always have two choices in life. The first and the most tempting choice is that you spend all that you earn and live for today. But tomorrow when you retire, or go through a rough financial patch even before you retire, you will not have a financial cushion to sof...

Nov272021 by Paul LinusNo Comments

How to calculate taxes withheld from a paycheck

Business

The law requires employers to withhold income taxes from employees’ paychecks. The tax withheld depends on the type of tax. The employee can generally control federal income tax withholding because it is largely based on his filing status, income and number of allowances. However, the government sets the Social Security and Medicare tax amounts. Figuring payroll taxes can be confusing, but once the process is understood, the withholding can be determined. Federal Income Taxes on a Paycheck Use Form W-4 and the IRS withholding tax tables to determine federal income tax withholding. The filing status and number of allowances from are on the W-4. Then, use the withholding tax tables (Circular E) for the appropriate tax year to perform the calculation. If the employee has 10 or fewer...

Nov242021 by Paul LinusNo Comments

A proven guide to tax free savings

Finance

The interest rates on savings accounts aren't currently that impressive. Consumers with money to save often find that a lot of the interest that they can earn gets eaten up by the tax they have to pay. There are, however, a range of tax free savings options that may be worth considering to avoid this happening. ISAs (Individual Savings Accounts) ISAs have been around since 1999. These accounts allow an individual to save money and/or invest in the stock market in specially designed accounts. Any interest that is earned from ISA accounts is paid tax free. These accounts have savings/investment limits imposed on them. So, for example, an individual is given a tax free ISA allowance of up to £7,200 a year. Up to £3,600 of this can go into a cash ISA. The rest, or alternatively so...

Sep62020 by Paul LinusNo Comments

Flat Tax vs FairTax

Finance

The Flat Tax and FairTax are thought of by many civic-minded people. The Flat Tax will tax all income above $25,000 for singles and $30,000 for families of four or more at a rate of 15%. This rate would also apply to corporations. The FairTax has a flat rate as well, but it does not apply to income. The FairTax proposes to levy a 23% inclusive tax on all goods and services, meaning that a cart of groceries today costing $77 before tax will cost $100 with the FairTax. Corporations would pay the same taxes as everyone else, just as the rich would. With both of these tax plans appearing to have so many similarities, it is important to note some differences. The Flat Tax Taxes Income While the FairTax Taxes Consumption To clarify the biggest difference between these two plans, it...

Dec172017 by Paul LinusNo Comments

What Can A Bailiff Take From My Home

Home & Garden

A bailiff is someone with, amongst other things, the legal authority to enter your home and seize goods for sale at auction to clear a debt. Debts which are subject to a County Court Judgment (CCJ) may be referred to the bailiffs, as may tax debts including poll tax, council tax, unpaid self employed tax debt and so on. This right is granted by the granting of a so-called 'distress warrant'. Most of your possessions may be seized, after which the bailiff is legally obliged to sell them on for the best possible price at auction and use the proceeds to pay off what you owe. When a bailiff gains entry to your home, he will make a list of all your possessions which may be seized, and their approximate value. These goods can then be taken away immediately, or alternatively the bailiff...

Dec12017 by adminNo Comments

How to Turn Your Home to a Vacation Rental

Real Estate

Renting out your home or condo can be a way of making a little extra money. Whether it is renting your home for a few weeks while you are on vacation or a longer term rental, it is important to take the right approach to protect one of the largest investments you have, your home. There can be a lot of work preparing and renting out your home. The benefits include generating extra income and meeting people from different walks of life. Investors planning on renting out a condo like the development by Pinnacle International to short or long term tenants typically follow the steps covered in the following outline. Getting Ready to Rent The first step is to assess if your home is actually rentable. Are you in a good location, near attractions and do you have the features that make it inte...