Sales Tax is collected by the state and is utilized for the improvement of the infrastructure and public organizations. Online sellers are enjoying great profit margins by avoiding sales tax payments. There is no positive impact of retailing on the economy of the community because these online stores do not give any taxes and keep all [...]
Fact No. 1: The premium that you pay on your personal life insurance is your personal expense and cannot be deducted. IRS regulations clearly state: “premiums paid for life insurance by the insured are not deductible.” It does not matter that the premium was paid by the insured by some other person. [...]
The benefits of online retailing vs. brick-and-mortar store We have always known that a physical store presence has a greater positive impact on the consumer than an online store. But the case is totally different if we look at it from the Tax lens. According to the rule the retailers are suppose to collect 10% [...]
What is a Sales Tax? In simple terms Sales tax is the tax levied on the sales. If you live in a state there is no legal way through which you can avoid sales tax. What’s the Law? The consumer pays a large share of sales tax, which is incorporated in the bills [...]
Tax payment is a bitter truth of every American’s life. No matter how much you want to run away from this responsibility, you still have to fulfill the Tax requirements. The month of April only rings bells in the ears as it’s the deadline time for filing your tax returns. Many people delay the [...]
Identity theft is the biggest ongoing crime these days. You need to carry out all precautionary measures to prevent identity theft from happening to yourself and your organization. Hackers and criminals have the ability to steal your data. It is really important that you carry out measures to protect your personal information. You [...]
One of the major ways to avoid identity theft is to keep your electronic information safe. Fraudsters try to steal your personal information by hacking your system or accessing your information from a public or official computer. They use this information for their personal benefits. Here are a few ways to avoid identity theft. How [...]
What is Business Identity Theft? Business identity theft is a new avenue in corporate crime. The identity thief uses your business identity to establish lines of credit with banks or retailers. The thief will use your credit lines for his personal advantage such as: Purchasing home improvement items Commercial electronics Gift cards Any other [...]
Understanding business taxes can be difficult. The tax system applied by IRS is complex and often unfair. Some tax reforms have a huge negative effect on the small businesses. Let us discuss a few small business tax issues: […]
There are many tax issues that business owners face when filing their tax returns. Some of the major tax issues include; Affordable Care Act and the tax extenders, tax and wage legislation changes etc. Let us discuss the Affordable Care Act and the issues related to it. […]
