Should you move about ahead and profile a toll return even if you have no income?
Are there any benefits to file under those circumstances? When you claim indigency etc food stamps you usually enjoy to have proof of income don't you?Answers: If you have no income, what are you filing taxes on? In other words no income no taxes to record.
lol..food stamp is NOT TAXABLE..its a free money for the low income family or no income at adjectives.
As a sole trader, should pension contributions apear on the Balance Sheet or Profit and Loss Statement?
Answers: For tax purposes, those who have said that pension contributions form part of your drawings are correct. And your drawings account appears in the balance sheet.
However for internal purposes, when determing how well your business is doing, your drawings are the equivalent of your wages and should be accounted for as a separate Profit and Loss item underneath an account for normal drawings.
Come the end of the year - when filling in your tax return - you add back these two items (drawings and pension) to your net profit to give your taxable profit.
You also need to get a statement from your pension provider at the end of each tax year. This statement should show your gross contributions, and any tax credit, so that you can complete the part of the form which you need to complete to gain tax relief.
i just know some ex know it all ex accountant/tax inspector TOP CONTRIBUTER is gonna upstage me but as a sole trader in my case..the law changed in about 90/91 and some pensions were claimed as an expense and not profit but when you draw the pension like i did at 50 then you are taxed at the usual rate which last year was 22%
i am in England by the way so may not be the answer you require
Sorry Foxy!
You don't say if these are your contributions or contributions made on behalf of an employee as part of their remuneration.
If they are, then they are a P & L account charge.
If they are your own contributions then they should be charged to Drawings.
How can i find out if the person that did my tax refund did it correctly?
Answers: You'd have to look over all the forms, look at the numbers the person entered, and verify that they're correct. If you read the instructions and read what each line of the form says, it's not that difficult to figure out what numbers should be there. You can also re-check the person's math with a calculator to make sure they did their math right.
Or you could just go to TurboTax or one of the other online tax prep sites and enter the numbers yourself and see if they come out the same.
LOL. You can only have the return analyzed by another 'competent' tax preparer for accuracy. There is only ONE accurate way to do a return correctly, but many are not done exactly as they should be.
If you have doubts as to the accuracy of your return, seek the advice of a qualified tax preparer and have them examine what was submitted. If it's faulty, you have the opportunity to file an amended return within three years of your original due date.
I'm not sure there's a practical way.
You could check it yourself, but that kind of defeats the purpose of having someone else do your taxes for you.
You could hire a second person to do them, and see if the answers agree, but that would cost more money.
Your best bet may simply be to go with someone who is known and trusted by others, who has a good track record, and maybe even gives some kind of guarantee (like, they'll pay the penalty portion if they make a mistake).