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Tuesday, Oct 29th

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Taxes

File Your Taxes For Free

File Your Taxes For FreeTaxpayers with simple returns now have numerous new ways to file federal taxes without having to pay so much, from tax prep firms to filing online IRS forms. These tax filing options whether online or through tax prep firms, not only complete the hard work for taxpayers but also save their valuable time and money. According to a survey conducted by National Society of Accountants (NSA) in 2011-12, the average cost of an itemized form with a Schedule A and a state tax return was $233, which was 1.7 percent more than what recorded in 2009. The same tax preparation cost in case of non-itemized taxpayers during the same period was $128.

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Top 5 Inheritance Tax Planning Tips

Top 5 Inheritance Tax Planning Tips

Inheritance tax is a source of mystery for many of us. It can be defined as tax paid by the beneficiary if he/she receives an inheritance due to someone’s demise. Whether inheritance happens as per a will or intestacy, it is applicable or in latter cases, it is comparatively higher.

It is possible, however, to mitigate inheritance tax liability by doing proper tax planning in advance. To properly allocate your assets or minimize amount of tax liability on it, it is best to seek expert inheritance tax planning advice.

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Independent trustee services

Independent trustee servicesWhen the trustees board of a UK company's pension scheme finds the going just a little bit too much to handle then what should it do? Time surely to be thinking about the expertise which perhaps only independent trustee services can bring to bear to resolve any difficulties. And given how the pensions landscape is rapidly changing at the moment, it could turn out to be one of the best moves the trustees board makes all year!

Whether scheme member or employer, the world of pensions is a complicated business at the best of times. It can also be time consuming, too, with hurdles and pitfalls always ready to ensnare the unwary. Trustees certainly need to be on their toes. Otherwise the consequences could be disastrous, not only from a personal point of view, but also for the members of the pension scheme they are legally bound to protect. Perhaps that's why more and more schemes are turning to pensions professionals to provide expert advice and guidance.

There are independent trustees throughout the UK which deal with all sizes of pension scheme, from those run by small companies to the larger schemes operated by major public companies.

The range of services provided by such trustees covers the whole gamut of the pensions industry, from wind-up exercises to dispute resolution. Some firms are specialists in particular areas, whereas others operate as 'one-stop shops'.

Often trustees will only ever consider using the services of pensions professionals when the scheme they're managing slides into real difficulty, perhaps because the company has become insolvent, for example. In such a scenario, the Pensions Regulator becomes involved in the process, and the pension scheme's trustee board will have to decide whether they can handle the increased responsibilities or hand the extra work load over to a trustee company who have a real track record in aspects of the Pension Protection Fund (PPF) assessment process.

The first schemes were transferred to PPF in 2005. Since then, many companies have been successfully steered through the long and highly complex process by independent trustees. Some firms have specialist PPF teams that handle all aspects of the assessment process including administration and accounting.

Dealing with the PPF requires people with "experience and a clear understanding of its ever evolving processes".

The role of the Independent Trustee

The role of the Independent Trustee

As the law and regulations relating to pension schemes have developed, independent trustees have become increasingly in demand. An independent trustee can be elected by members of the scheme, or appointed by management. As independent trustees, they are free from vested interests (lay trustees may, for example, also be beneficiaries of the scheme) and they are required to adhere to the official Codes of Practice as laid out by the Pensions Regulator.

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Payroll Tax

Payroll Tax

Payroll tax is a tax imposed by the Federal government on both the employer as well as the employee. This is done in order to fund Medicare and social security which provides benefits to retirees, children of deceased workers and the disabled. Hence, in other words payroll tax is used for the benefits of old-age people and for health benefits.

The rules and regulations regarding the payroll tax and its deductions are very strict and even a small miscalculation regarding the taxes can cause serious trouble. One should, therefore be very careful in all the proceedings regarding payroll tax calculations. The first step is to get all the employees to fill up the W-4 form. The form helps in calculating the taxes on the basis of marital status of the employee and the number of dependants.

At present, the social security tax that is withheld from the wages of the employee is calculated at 6.2% of total salary of his. The same amount is contributed by the organization.

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