Tax preparation is complex and often confusing, even when you’re filing individual income tax as an employee with a single source of income. When you’re a first-time entrepreneur, however, the complexity increases exponentially.  With so many income tax forms published by the Internal Revenue Service, and so much riding on getting your tax returns right, it’s […]

About 40% of people who receive Social Security benefits pay taxes on that income. While that comes as a surprise to many, there are ways to bring down the rate at which you are taxed. Here’s how to know whether 50% or 85% of your benefits are taxed, and how you can keep more of

1.   Get your benefitsIf you’ll soon be turning 65, make sure you have applied to receive your Old Age Security and, if you haven’t done so already, consider applying to Canadian Pension Plan (CPP). The default age to claim CPP pension benefits is 65, but you can choose to begin receiving your pension benefits as

I recently spoke with a prospective client who was adamant that he would not have to pay taxes in retirement. He read and printed an online article which indicated, “You will not owe these taxes in retirement.” That myth was reinforced when his employer’s human resources associate person told him that he would not have

It’s not just accountants who are busy this tax season, it’s online hackers too – and they’re preying on both individuals and small businesses. This is “not from the ‘mob’ or street criminals,” writes Jess Coburn, a data protection expert, in CPA Practice Advisor. “These criminals are likely sitting behind a desk, glued to computer monitors,

Abuja – The Akwa Development Union, Abuja branch has expressed displeasure over acclaimed delay by Nigerian Bar Association (NBA) to treat a criminal petition it filed against an Abuja-based Legal Practitioner, Taiye Ahmed. Chief Chris Ndibe, President of the union expressed the displeasure while speaking with News Agency of Nigeria (NAN) on Thursday in Abuja.

The Central Bank of Nigeria (CBN) on Thursday said it had returned over N60 billion excess charges deducted by banks from the account of customers back to them. The apex bank said it received 13,000 complaints from customers over illegal charges being imposed on their accounts by banks. Therefore, the CBN’s Consumer Protection Department commenced

Taxpayers who have slipped into willful or inadvertent dormancy have been charged to resume their payment of relevant federal taxes to avoid paying the steep penalties for tax default contained in the 2019 Finance Act. Chairman, Federal Inland Revenue Service (FIRS), Mr. Muhammad Nami, offered this advice in Lagos on Thursday as he concluded his

The Federal Inland Revenue Service has assured taxpayers who pay their tax returns three months before their due date, that they will get the benefit of early payment and prompt action by receiving a 2% reduction on the amount payable. Chairman of the Service, Mr. Muhammad Nami, disclosed this on Thursday in Lagos as he

SACRAMENTO —   OK, I’m waiting to hear about the tax increase that will be needed to pay for Gov. Gavin Newsom’s ambitious plan to solve homelessness. A tax hike is inevitable, but the T-word was conspicuously missing from Newsom’s frequently applauded State of the State address on Wednesday to a joint session of the California Legislature,