Income tax isa direct tax that a government levies on the income of its citizens. ... Income does not only mean money earned in the form of salary. It also includes income from house property, profits from business, gains from profession (such as bonus), capital gains income, and 'income...
Small business owners and self-employed individuals can use a Schedule C form to report profits or losses from a business. When you file your taxes, you can attach Schedule C to your regular 1040 form. If you recently became self-employed or started a bu
What is self-assessment in income tax?TaxationTaxation is the authority of a government to assess and impose taxes on its constituents. Taxes can be imposed on income, sales, privilege of conducting business, or the practice of a profession, among others....
Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries. learn about our...
Freelancers have to pay FICA taxes (for Social Security and Medicare) as both the employer and the employee because the IRS considers them to be self-employed. This obligation is referred to as the self-employment tax. Freelancers don't receiveW-2 formsfor income tax purposes. They're instea...
Petrol, diesel and other motor fuels are subject to this tax on fuel. Typically, it is imposed to pay for transportation infrastructure and deter excessive fuel use. Additionally, fuel excise taxes may promote cleaner fuels or aid in developing renewable energy projects. Excise automobile taxes are...
Even within the financial profession itself, there is consternation over what a financial advisor actually does and what others expect them to do. First and foremost, financial advisors work with clients on their money flow. They want to maximize the amount coming in the door, minimize the amoun...
If you’re an individual or Hindu Undivided Families (HUFs) earning income from sources other than their business or profession you can file Form ITR-2. This form is also suitable for NRIs and individuals earning money from a job, property, capital gains, or other sources. ITR-3 If ...
Business income is a term commonly used intaxreporting. According to theInternal Revenue Service (IRS), business income “may include income received from the sale of products or services,” such as “fees received by a person from the regular practice of a profession...[and] rents received ...
Smoothing income by abusing the leeway in accounting principles is unethical and does a disservice to the users of the financial statements. Accountants should follow the profession’s basic guidelines including: Consistency Comparability Neutrality Full disclosure Related Questions How do the income stateme...