How a Skilled Bookkeeper Can Save You Money and Time
Having a bookkeeper do the bookkeeping for you is not only a good idea for the time and money they save, but also for the sake of your business. A skilled bookkeeper is not only a member of a statutory association, but also an expert in financial reporting. As a result, they can identify unnecessary expenses, help you increase profits, and help you save money. Xendoo is a small business bookkeeper Xendoo is an online bookkeeping service that specializes in small businesses. They offer bookkeeping and tax services, and can also help you with payroll processing. They also offer a Xero subscription, which allows them to seamlessly integrate with your accounting software. They integrate with QuickBooks and Xero and offer affordable bookkeeping. Their team of bookkeepers will digitally reconcile your books weekly and provide financial reports. They can also help you clean up old errors. With a small monthly fee, you can hire a dedicated financial team and save a ton of time. Xendoo works with Xero bookkeeping software and has CPAs and EAs on staff who will be your personal bookkeeper. In addition to bookkeeping, Xendoo offers tax consulting and yearly planning. Managing your small business finances is essential
read more →US Expats Living in the UAE Can Benefit From Efficient USA Tax Solutions
US expats living in the UAE have specific filing obligations. Careful tax preparation and taking advantage of the foreign earned income exclusion could save thousands in US taxes. Based on the article from US taxation service (Dubai, UAE) Htj.tax about US expat tax preparation in UAE , even though the UAE doesn't impose income tax, Americans still need to file a federal return in order to claim benefits like foreign earned income exclusion and deductions. An experienced firm providing US individual international taxation could help with this task. 1. Tax Software Dubai and the UAE (United Arab Emirates) can be an amazing experience, yet their tax rules can be complex for Americans and green card holders working there. Filing US expat taxes correctly without professional help may prove daunting. Htj.tax in the UAE provide individuals and businesses with the support needed to navigate this complex tax environment with ease. From filing US tax returns and managing VAT compliance, to information on FATCA/FBAR rules, our experienced U.S. expat tax consultants are here to provide all of the help you require in terms of filing requirements and compliance issues. Our team can also assist in the design, selection and implementation of tax
read more →
Form 706-NA Explained: Key Considerations and Requirements for Nonresident Alien Estate Tax Filings
Today, we're sitting down with my good friend and USA tax expert in Singapore, Portugal, Dubai and Internationally Derren Joseph from HTJ.tax . And the topic of our discussion is Form 706-NA AKA Form 706NA which has comprehensive coverage here in this article . For nonresident alien deaths, their estate must submit Form 706-NA and determine whether any assets located in the U.S. qualify as treaty-exempt assets to avoid estate tax liability. Unfortunately, nonresident domiciliaries' estate tax exemption amounts are quite limited - only $60,000. Therefore, filing a 706-NA return becomes almost inevitable for many families. The Decedent’s U.S.-Situs Assets For estate tax purposes, executors of deceased estates must account for all property he owned or had interests in at the time of his death, including tangible and intangible assets such as cash and securities, real estate, life insurance policies and trusts. This list is known as their "gross estate". When making their valuation determination it is essential that fair market value as of date of decedent death be taken into consideration instead of original costs or values at time of acquisition. As part of its estate and generation-skipping transfer taxes filing requirements, an estate
read more →
Form 706-Na: The Essential Guide To Estate Tax For Non-Resident Aliens
Estate tax is an important consideration for anyone looking to pass along their wealth to their heirs. But for non-resident aliens, the process can be even more daunting, as the rules and regulations are often complicated and confusing. Fortunately, a comprehensive guide about form 706-NA to understanding how estate tax applies to non-resident aliens has been already written. In this article, we'll explore what Form 706-NA has to offer and why it's essential for non-resident aliens who are looking to plan their estates accordingly. The Internal Revenue Service (IRS) requires that all US citizens and resident aliens file a Form 706 when estate tax is due on assets transferred at death. However, if the deceased was a non-resident alien at the time of death, then they must instead file Form 706-NA with the IRS. This form outlines how estate taxes apply to property owned by non-resident aliens in the United States and any income generated from that property in addition to providing instructions on filing requirements. Form 706-NA may seem intimidating at first glance, but it's an essential tool for anyone who wants to ensure their estate is properly handled upon their passing. With its detailed breakdown
read more →
Navigating the Tax Implications of Remote Work
The COVID-19 pandemic has accelerated the trend of remote work, with many companies and employees finding it to be a viable option for continuing their operations and maintaining productivity. However, remote work also brings with it a new set of tax implications that individuals and small businesses need to navigate. One of the most significant tax implications of remote work is the potential for state tax implications. Many individuals who work remotely are no longer tied to a specific location, and as a result, may have income tax obligations in multiple states. This can be particularly challenging for small business owners, who may have employees working remotely in different states. The taxation of remote work income varies by state, and small business owners should consult with a tax professional or the state tax agency to understand their obligations. Another tax implication of remote work is the potential for individuals to be classified as independent contractors rather than employees. Independent contractors are self-employed individuals who are responsible for paying their own taxes, including self-employment taxes. In contrast, employees have taxes withheld from their paycheck and their employer is responsible for paying a portion of their
read more →The Top Tax Deductions for Small Business Owners
Small business owners have a lot to keep track of when it comes to taxes. From understanding deductions to navigating the tax code, it can be overwhelming. However, knowing the top tax deductions available to small business owners can help make the process less stressful and potentially save a significant amount of money. One of the most common deductions for small business owners is the cost of goods sold (COGS). COGS includes the direct costs of producing a product or providing a service, such as materials and labor. This deduction can be applied to businesses that sell products and those that provide services. For example, a manufacturer can deduct the cost of raw materials, while a consulting firm can deduct the cost of employee salaries and benefits. To calculate COGS, small business owners should keep detailed records of their expenses, including invoices and receipts. Another important deduction for small business owners is the home office deduction. This deduction allows small business owners who use a portion of their home exclusively for business purposes to deduct a portion of their rent or mortgage, as well as utility and maintenance expenses. To qualify for this deduction, the space must be
read more →