Jacob E. on LinkedIn: MSN | Outlook, Office, Skype, Bing, Breaking News, and Latest Videos (2024)

This is a reminder that there are many legitimate ways to reduce your tax bill. Cheating is not one of them. Do your best to get it down, follow the rules, and pay your taxes. It's important to have a forward-thinking tax advisor, not just a tax preparer, and of course, plan, plan, plan. While we may not like paying taxes, it's important to remember that it's still a necessary evil.Do the work & you can save money and avoid cases like the Naples man who made the 2023 IRS list by hiding millions. Let's work together towards a more responsible and honest tax system. #taxresponsibility #IRS #honesty #responsibility #taxmitigation

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It's no secret that taxes are generated by producers, but as Margaret Thatcher famously said, "you eventually run out of rich people's money." According to IRS.gov, our tax system is very progressive where the highest earners pay the most in proportion to what they make. https://lnkd.in/eBCXmG3cFor those who believe in taxing producers, maybe it's time to consider moving to a blue state. However, it's important to remember that socialism does not work, and having bureaucrats or politicians picking winners and losers is a recipe for failure. In fact, 90% of what the government touches fails. The idea of success for the government is not whom it benefits, but how much money they can steal from it. It's worth taking a look at the ones who are making the rules - they are often rich and control all the cards, convincing us that they know what's best for us. If you're considering a move to a blue state, it's worth noting that California recently implemented an exit tax for those leaving the state. You can read more about it in this article from msn.com.

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Assets such as computers, televisions and bicycles thatare made available to employees can createcertain tax, National Insurance and reporting obligations. There is no requirement to report anything to HMRC if the asset is office equipment only used for business use. Assets that are made available as part of a salary sacrifice arrangement will usually need to be reported to HMRC. #Tax #EmployeeBenefits

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do not exceed £7,500. The tax exemption is automatic if you earn less than £7,500 ;there are no specific tax reporting requirements. If required, homeowners can opt out of the scheme and record property income and expenses as usual. #RentARoomTaxScheme #LettingARoom

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. #PropertyAllowance #TradingAllowance

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. #PropertyAllowance #TradingAllowance

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If you are an employee and use your own money to buy things you need for your job you can sometimes claim tax relief for the associated costs. Usually, it is only possible to claim tax relief for the cost of items used solely for your work. #ReclaimingTravelCosts #CarExpenses