'Calculate Income Tax Refunds Revenue Reclaims'
Tax exemptions and rebates is one of the benefits of your own business but remember to avoid tax is legal, tax evasion isn’t. So being tax savvy in your small business or personal affairs is vital if you want the refunds.
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Knowing the ins and outs of the tax system is
beneficial to the health of every small business.
Virtually every decision a business makes has tax consequences that
can affect its bottom line.
If you’ve chosen to work from home
you can put this to your advantage in
being able to claim tax refunds, exemptions and
relief against the money you earn.
Costs incurred running your business from home, heat, electricity, home maintenance, cleaning materials, home insurance and the use of your vehicle etc can all be defrayed.
The first evidence of tax being paid was in Egypt around 3000BC.
In the Bible in the story of Joseph it mentions about when the crops came in a fifth (20%) had to be given to the Pharaoh.
In the Roman Empire, Caesar Augustus was considered by many to be a most brilliant tax strategist. During his reign the cities were given the responsibility for collecting taxes. He also instituted an inheritance tax of 5% to provide retirement funds for the military.
From this, modern taxation systems and complicated tax exemptions and refunds have evolved.
It is well known that the people, who complain about taxes, can be divided into two classes, men and women.
And that Ben Franklin was right, “In this world nothing is certain but death and taxes.”...
... However you can save income tax and collect refunds.
Average taxation among OECD members hovers around the 35 to 40% mark.
Double what the Pharaoh took.
Ronald Reagan summed it up by saying,”A taxpayer is someone who works for the government but doesn’t have to take a civil service exam.”
Wherever you have taxation you will have avoidance and evasion.
One is legal and one isn’t.
Be sure not to get them mixed up.
Always get good tax advice to minimise tax and claim refunds.
Recent events in Germany and big tax evasion schemes has led to more cooperation between countries to clamp down on tax evaders. But it also remains true that there is nothing wrong in tax exemptions or in seeking refunds.
No person or business should pay more taxes than the law allows.
Refunds should be sought.
The four biggest tax havens in the world Switzerland, Monaco, Liechtenstein and Andorra are on course to clash with the European Union over banking secrecy and tax evasion or is it avoidance? Will they have to refund revenue?
Make sure you stay within the law and persue the refunds to which you are entitled.
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