top of page

Basic Things You Will Learn In Income Tax Seminars

 

Ignorance is not an excuse of breaking the law especially the income taxation laws. Depending on your accountant too much will not free you from civil liabilities or breaking the taxation law. It is time you knew important basics regarding to your income taxation. The bureau of internal revenue and many other institutions conduct income tax seminars annually. This to break many misconceptions like you have to be a graduate to understand matters of income tax. It is good to know the basics of income tax as it is very helpful. You need to attend this seminars but here are some of the basics you learn on attending the income taxation seminars. Know more about CPE Hours here.

 

Types of tax

Different income tax have different tax rates. Therefore it is good for to know all types of income tax lest you find yourself on the other side of law.  Also, know which type of income tax and when you are supposed to pay it,

 

Individual and corporate income tax

Individual and corporate are treated as two independent entities. It is good to understand the key regulations governing each tax as there are many different ways in the way income taxes are calculated.

 

Deductions on income tax

Bureaus of revenues are very strict lot in allowing deductions. it is very crucial to have sufficient and validated documentation. Understand the difference between a receipt and invoice and when to ask for them during your business transactions. View this website!

 

Optional standard deduction

Many people go for this as it sounds as the best option especially for people in the service oriented businesses and professions. Going for the optional standard deductions, that is if applicable, means you can adopt all your expenses as just forty percent of your complete sales or receipts for individual or gross income for a corporate. Calculate and see whether it has more advantages than listing all your expenses which can very wanting and tiring.

 

Representation expense.

Representation expense could be part of and crucial to the business, many tax bureaus do not allow deductions for representation going beyond some limits. The capping of limits will depend on the nature of your business.

 

Matters regarding to the income taxing are very important to be left to your accountant. Do not fall a victim of your own ignorance. It will be for your own good to try all your level best to attend the income tax seminars that come to place near you. You may further read about tax at http://www.dictionary.com/browse/tax.

bottom of page