Beginner – s Tax Guide for the Self-Employed – TurboTax Tax Tips


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Beginner s Tax Guide for the Self-Employed

The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.

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  • New tax system for self-employed will – seriously harm economy #money,self #employed


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    New tax system for self-employed will ‘seriously harm economy’

    26 March 2017 • 6:50am

    P lans to force millions of self-employed people to file multiple tax returns each year become reality from next week in the face of blanket opposition from taxpayers, business groups and senior political figures across all parties.

    Worst-hit will be the self-employed with turnovers of more than £85,000, who from April 2018 will have to file at least five returns per tax year. That will be in addition to regular VAT returns.

    Accountants predict that under the new regime – called making tax digital – those affected will face a tax deadline of one sort or other in most months of the year.

    The scheme begins this April with a pilot ramping up to include hundreds of thousands of businesses , according to the Treasury.

    Individuals and landlords with turnovers lower than £85,000 were given a reprieve in the Budget earlier this month. They will only move into the system from April 2019, Philip Hammond said.

    Groups representing creative arts, farmers, landlords and small businesses across other sectors have attacked both the plans and the rapid timetable of introduction, even with this Budget concession.

    Michael Grade, former head of ITV and Conservative peer, told the Sunday Telegraph. The creative sector of our economy drives social mobility, jobs, exports and tax revenues. Now HMT has come up with the idea of making all their lives impossible with a new system for filing their tax returns on a quarterly basis. I can find no evidence from any informed source that this is anything but damaging to our creative population.

    T he National Union of Farmers, the Residential Landlords’ Association and a number of representatives of the accounting profession are also among those objecting to the plans.

    The Federation of Small Businesses says HMRC has significantly underestimated the costs to business and wants the new regime to be on an opt-in basis.

    Earlier this month an influential House of Lords committee, whose members include former chancellor Norman Lamont, added its criticism, saying the Government’s proposals were based on fragile and inadequate evidence.

    Leftwing tax academic Richard Murphy, Professor of International Political Economy at City University in London, said this attack on the self-employed was the latest in a series of moves aimed at cutting costs at HMRC.

    HMRC has clung to a naive belief stemming from the Blair era that technology can solve all problems, he said. This policy will be whacking those who are already complying with tax rules or at least partially complying, rather than going after that large population who aren’t paying tax at all.

    By Prof Murphy’s calculations quarterly reporting will cost businesses several days of lost work per year. This will deliver a hit to GDP with no benefits at all to the Exchequer, he said. The tax authorities are entirely out of touch with how businesses work.

    A leading accounting group, Smith Williamson, put the cost per small business client at around £2,000 per year.

    H MRC argues the shift will be coupled with software which will assist businesses make efficiencies.

    The Treasury maintains Mr Hammond’s delay by one year for 3m smallest businesses addresses critics’ concerns.

    It said quarterly returns will be light-touch, including only summary information, and will be produced direct from the business’ digital records.

    It maintains the reason for implementing the change is to capture tax lost to errors made by small businesses, which it estimates would mount to £8bn per year by 2019-20.

    A spokesman said: HMRC published its impact assessment for the programme in January outlining that there will be an average one-off transitional cost of £280 per business, followed by small ongoing annual savings. This is in addition to the benefit to businesses of having a clearer in-year view of their tax position and more confidence they have got their tax right.


    Tulsa Workers Compensation Lawyers: Tulsa Lawyers: Injury While Working: Oklahoma Attorneys #workers’


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    If you have been injured on the job or suffered a short term disability from work, contact a Tulsa Worker’s Compensation Lawyer for a FREE Consultation.

    Workers’ Compensation Lawyers Help If You Have Been Injured On The Job

    It’s bad enough that you got hurt on the job; your lost wages could put you in a huge financial hole. The Workers’ Compensation Act in the State of Oklahoma mandates that any person injured while working on the job is entitled to compensation under the law. The only exception, being an employer who has five or less employees, all of which are related by either blood or marriage to said employer.

    There are some workers in the agricultural or horticultural field, licensed real estate brokers, household laborers as well as federal employees who are not covered by the law. Individuals employed by an independent contractor are covered under the law by the independent contractor’s insurance. If for some reason, the contractor does not have insurance, the injured individual may be able to get benefits from the principal employer. Contact one of the seasoned Tulsa workers’ compensation lawyers to see if you are eligible .

    Workers’ Compensation Lawyers

    Workers Compensation Coverage in Oklahoma – Learn Your Rights if you are Injured on the Job

    If for some reason, your employer or does not have coverage, you still may have the right to recover damages for a personal injury which happened while you were employed. This right also extends to the heirs of deceased individuals. If you have been injured on the job or if you lost your spouse to a job related accident, a Tulsa workers’ compensation lawyer can help you obtain what is rightfully yours.

    If you are injured while on the job and you are unable to work for more than three calendar days, you can receive weekly benefits equal to 70% of your average weekly wage. The maximum weekly temporary total disability weekly benefits are based on the date of your injury and Oklahoma’s average weekly wage.

    If you have been denied a workman’s compensation claim and you have been injured while on the job and unable to work because of that injury, contact a Tulsa lawyer immediately.

    Per the law, the maximum a Tulsa workers’ compensation attorney can charge you in a temporary disability case is 10% of the award. In a permanent disability or death case a 20% fee is allowed. All attorney fees are subject to the court’s approval. Direct expenses, to prepare your case for settlement or trial, are not included in the percentages listed above.


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    The Sam Masters Legal is a Daytona Beach Personal Injury Firm litigating cases against major insurers for over twenty years.