Tax basically means a form of financial levy or charge that the government gets from its citizens and eligible taxpayers within its boundaries so that it can raise funds for running its operations as well as for public expenditures. Legal punishments and consequences can apply to an individual or organization that fails to pay the required amount.There are two types of taxes that are direct and indirect. On the other hand, the tax can be paid using money or by the use labor. On the other hand, the system and mechanism that a country uses will vary from one country to the other.
On the other hand, bookkeeping involves keeping a record of personal or business financial transactions. It is one of the accounting procedures that an organization or individuals use to keep records of the financial transactions that have already taken place.This the activity involves different methods and standards such as single and double-entry book keeping methods. However, according to Bookkeeping Irving, this can be termed as any process that one will use in order to keep his or her financial transactions records safeguarded.
Irving Business and Individual Tax Services have characteristics that appear similar but when properly analyzed, there exists certain differences. Therefore, businesses tax services will have some differences when compared to individual tax services. Some of the differences that exist include.
A. The forms used when filing tax.
Individual Tax Irving Services requires the person making the file to use form 1040 when making submissions. On the contrary, according to Irving Business Tax submissions, will be filed using 1120, 1065 and 990 for corporations, general partnerships and nonprofit organizations respectively. Sole proprietorship falls under personal income and therefore its tax files are done using form 1040.
B. Deadlines for submitting returns.
Filling business or cooperate tax follows certain imposed deadlines contrary to individual tax returns. The deadlines imposed are in terms of annual, quarterly and monthly payroll deadlines. If the payments have to be done on quarterly deadlines, the first quarter is in January, second in April, Third in June and Fourth in September.Annual payments submitted in March, April, and May.
C. The deductions made.
various deductions are made on business tax. This form of tax contains different deductions made on almost every payment that is made. Unlike in business, the personal tax will have write-offs or relief that at times may not even be offered. Individual tax does not have more options, unlike business tax.
D. Tax rate.
The rates charged are obviously different. Sole proprietorship attracts individual tax rates. The rate does not fall below ten and does not exceed thirty-nine.Corporate tax rates range between fifteen and thirty-nine.