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Tax Planning Process

Question: How much is the Philippine custom tax rate on imported tv set: color, size 45-56inches?

We are planning to buy a TV set from the US for personal use. Do you know how much is the Philippines tariff rate for a TV set: color, 45-56 inches?
Does the tax rate vary with the country you’re importing it from; i.e, is there a lower tax rate if we import it from Japan instead of US?
How is the customs clearing process on this item; do you think it’s gonna be a hassle?

Tnx

Answer: I heard its about $1,200

Collection Appeal Process (CAP Appeal)

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Tax Planning Guides

Taxes are one of the major contributors to national treasury of any country. These in turn are utilized to carry out all the developmental activities for the benefit of the general masses. Individual taxes and corporate taxes are forms of direct taxes levied by the government. Every country has its financial head in the form of Finance Minister who frames laws concerning the nation’s budget. Each year, these laws are revised to meet the needs of current financial trends. It is mandatory for both individuals and business houses to file their annual tax returns. While it may be quite simple in case of individual returns, it can be quite complex when it comes to accounting for large scale business enterprises. Besides these innumerable financial entries, there is an exhaustive list of legal formalities which have to be complied with. With so many aspects to be taken into account for the calculation of tax, chances of errors are quite high. This is why most business units hire or employ the services of tax return specialists to ensure that errors are avoided. Individuals and small business units, household ventures who do not wish to spend large amount of money in hiring professional tax consultants can refer to tax planning books the fill up their tax returns on the basis of information provided in them. Since tax rates are subject to revision every subsequent year, tax planning may vary from one financial period to another.
Tax planning books are useful business books which specially cater to the needs of calculation of corporate taxes. Small business tax planning is all the more crucial for small businessman, as they cannot afford to take huge risks and push the firm into financial crisis. Thus, they too can refer to tax planning books besides small business books to have a better insight into tax exemptions and rebates to save some amount of their funds. Business books related to tax planning are in huge demand these days as every organization employs information contained in them to avoid getting into legal muck. Be it registration of trademark or patents or filing of taxes; innumerable firms have fallen prey to legal proceedings.
Tax planning are specifically published business books to comply with tax regulatory authorities governing that country. Any discrepancy in this regard may subject the defaulting company to unnecessary legal proceedings. Small business tax planning is essential if the small business owners intend to make their business a profitable venture. Tax planning books give entrepreneurs an opportunity to compute their firms’ annual tax returns using easy step wise guidelines. These business books prove to be beneficial for all kinds of business entities irrespective of the size and scale of operation. These books are not only informative but also serve as wise mentors guiding business owners on crucial tax related issues.

About the Author:

About Author: To know more about tax planning books and small business books, visit 30minutes books!

Article Source: ArticlesBase.com – Uses of Tax planning books

William Hesch WCPO 8AM 1 25 09 Tax Planning Tips for 2008 Tax Returns

Tax Planning Spreadsheet

Question: Do I really need a Family budget spreadsheet?

Please help me?
I am an engineer and getting monthly around £1,700 after tax, my wife also works part time and gets around 5 to £600 a month, we also have other incomes, around £300 a month.

However, we are strugling to keep it up.
My monthy rent is £550, live in a 2 bed flat and have a car.
We don’t actually live a high standard life, but at the end of the day we are spending too much.
We do not take any notes how much we spent. My wife will do her shoping, I will do mine, there is no coordination.
I do not smoke, but my wife does. We do not go out that often either, but we spend a lot anyway.

Can any one help me please?
Do I really need a family budget and plan?

Thanks a lot in advance

Answer: Yes, you do need a family budget and plan. The first thing I suggest is to track every cent that you spend for a month. This will be hard, but stick with it! This will show you exactly where your money is going. Also, list all of your monthly expenses, including utilities, groceries, etc. and your monthly revenue. List all of your due dates and compare that to when you get paid. Once you do this, compare your budget to what you tracked for the month. This will show you where you need to cut back your spending. You'll probably be very surprised at how fast the little things that you buy add up each month. Then, once you have your budget, track and see how much you are over or under for a couple of months and this will really help you improve your financial situation.

Session7: Personnel Plan

Tax Planning And Tax Management

Many work hard and meet with success, as they batter through storms, handle market swings and keep consumers satisfied. You achieved all this for yourself and your family. But have you spent one minute and thought about what would happen to your business when you are not there? If you haven’t, then it is high time you gave it a serious thought. So here are some simple business succession and estate tax planning strategies.

According to a market survey, 25 percent of the family business shareholders who are senior citizens have not thought of any estate succession planning other than writing a will. They have not bothered to conduct any research. If you are one of them then wake up, succession planning for business involves more than just deciding whom you intend to give your assets to, after your death.

Basically, succession planning is like a road map for successors, heirs and partners to follow when you are no more or when you are unable to handle the business issues due to disability or old age. This plan can include the business stock distribution, assets and life insurance distribution details. It can also include debt retirement services, buying and selling agreements between heirs and partners, division of responsibility allotted to successors and any other aspects that would be related to the business. The plan can also establish the value of the business.

So where should you start from?

A succession planning strategy must clearly explain your objectives and goals as well as your company’s present financial resources and the current human resources. It should also explain your stand in the company and the details of the stock you hold. You can also mention the person whom you feel can manage the business once you are out of the picture. Calculate if you have enough assets to pay estate tax so as to balance the estate and keep the business and the monetary resources you need to reach your financial goal. Don’t forget to clarify each goal and you should be open to communicate and share your vision with partners, key players, and family.

How to develop a sound succession plan?

. A succession plan should be flexible- Your plan must be easy to amend and modify as business, family and health situations are dynamic.

. Select the right individual to handle the company in your absence- Select a person, whom you find capable to navigate through the minefield. This is necessary if you have more than one qualified successor. Distribution of money and assets among the siblings sometimes can be really discordant.

. Knowledge of federal estate tax- Economic Growth and Tax Relief Recognition Act of 2001 attempted to eliminate or reduce the federal estate tax transfer system, but instead it created a tax system that features repeal, relief and reappearance. From 2004, the gift tax exemption was freezed at $1 million. Thus, a businessman can easily pass on more assets after his death than during his lifetime.

Learn about various exemptions, deductions, exclusions- You can reduce the estate tax by adapting the annual gift tax exclusion in which you can relax the gift tax to the tune of $11,000 per year.

About the Author:

Sacramento CPA Firm Murray and Young offer Tax Representation by a former IRS auditor. For useful articles and tips by Sacramento Estate Tax Planners, please visit our website at http://www.april15.com.

Article Source: ArticlesBase.com – Business Succession And Estate Tax Planning Strategies

GROCO Accounting – Top 10 Year End Tax Planning Tips

Tax Planning In India

Question: I have a 401K that is vested. I plan to go to India and cash it. How to do without paying much penalty and tax

I have a 401K that is vested for around 100000 US$ and I am allowed to take it after I leave the employer. I do plan to go back to India. Is it possible to take 15,000 $ per year and avoid paying federal and state taxes ( Since Iam out of country and not a resident + it falls with less income per annum). Is there a penalty that I have to pay while taking money out. I will have closed all my bank accounts except this IRA/401K account and so how would I pay the penalty and any taxes that might occur. Please advice.

Answer: The others hit it right on the 59 1/2 age thing but also since you will be out of the country the mandatory withholding goes up to 30%. Yes, by minimizing the distribution amount you can lower your tax but you'll still need to file US returns to get that extra money back. If you don't live in the states you won't have any state tax.

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