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Best Tax Record Books 2018 – [Buyer’s Guide]Last Updated December 1, 2018
Best Tax Record Books of 2018
Here are the customer reviews of some of the best tax record books of 2018. I’ve based my selection methodology on customer feedback, the size, functionality, and budget to meet various demands. I am going to specify each good-to-buy feature as much as possible for your references. If you’re reading this, it is very likely that you’re scouting for the best tax record books.
Test Results and Ratings
Why did this tax record books win the first place?
The product is very strong. Its material is stable and doesn’t crack. I don’t know anything about other models from this brand, but I am fully satisfied with this product. I am very happy with the purchase. It is definitely worth its money. The product is top-notch! The rear part fits perfectly! It is mounted really tight and reliable.
Why did this tax record books come in second place?
I recommend you to consider buying this model, it definitely worth its money. I really liked it. It is amazing in every aspect. It did even exceed my expectations for a bit, considering the affordable price. The design quality is top notch and the color is nice. The material is pretty strong and easy to wash if needed.
Why did this tax record books take third place?
We are very pleased with the purchase — the product is great! It is inconvenient to use due to the size. I am going to get something different next time. This price is appropriate since the product is very well built. It doesn’t squeaks nor bents. Looks great in my apartment.
Tax Record Books Buyer’s Guide
Basic record keeping requirements
Setting up the right record keeping system for your business will help you work efficiently, meet legal requirements and strengthen customer and staff relationships.
There are certain record keeping requirements for businesses in Queensland, and there may be specific laws and requirements related to your industry sector. It’s a good idea to protect yourself by seeking expert advice before setting up a record keeping system for your business.
Laws that apply to your business will determine how long you need to keep records for. If you use an electronic record keeping system, you must also be able to produce a hard copy of a record if the Australian Taxation Office (ATO) or Australian Securities and Investments Commission (ASIC) request it.
For financial reporting, ASIC’s Regulatory index – financial reporting breaks reporting requirements down by business type.
Personal financial records must be kept for years, whereas the following records must be kept for 7 years:
To meet basic legal requirements, you must keep the following: a cash book or financial accounting program – that records cash receipts and cash payments bank accounts – cheque books, deposit books and bank statements employment records – hours of work, overtime, remuneration or other benefits, leave, superannuation benefits, termination of employment, type of employment, personal details of workers, employee personal contact and employment details occupational training records – for both you and employees to comply with work, health and safety laws including evacuation and emergency training attendance. sales records – invoice books, receipt books, cash register tapes, credit card documentation, credit notes for goods returned and a record of goods used by the business owner personally proof of purchases – cheque butts (larger purchases), petty cash system (smaller cash purchases), receipts, credit card statements, invoices, any other documents relating to purchases including copies of agreements or leases work, health and safety (WHS) records – workplace incidents, risk register and management plan, names of key WHS people (e.g. WHS representative, Trained Safety Advisor (TSA), first aid attendant), chemical storage records, first aid incident register, workplace assessments, Material Safety Data Sheets (MSDS).
End of financial year records
To meet legal requirements, maximise your tax return or minimise your tax bill at the end of the financial year, keep the following records: details of stock on hand – at the beginning and end of the financial year a list of debtors and creditors – for the entire financial year capital gains details – records of asset purchase dates and agreements, records of sale, disposal and proceeds received, details of commissions paid or legal expenses, improvements made to an asset and any other records relevant to how you calculate your capital gain or capital loss depreciation details – original purchase agreements or tax invoices, a depreciation schedule, the cost of transporting the items to your business (if applicable), installation costs (if applicable) expense records – cheque butts, receipts, cash register tapes, copies of statements and invoices, credit card documentation, details of payments by cash and log books staff and wages details – full details of wages, employment contracts, tax deducted, fringe benefits, superannuation, sick pay, holiday pay basic accounting records – stock records, accounts receivable, accounts payable, other records agreements – sales and purchase contracts, loan agreements, rental agreements, lease agreements, franchise agreements, sale and lease back agreements, trading agreements with suppliers, legal documentation other documents – deposits with utilities, contracts with telephone companies, your business name registration certificate, capital gains records.
Tax Rules for Selling Mutual Funds
Recordkeeping is crucial when dealing with mutual funds.
You might be wondering, “Goodness — mutual funds buy and sell shares of stock each day. Do I have to account for each of these transactions?” The answer is no, you don’t.
But you do have to account for the shares of the mutual fund that you sold during the year. And if you’re like many people who regularly buy shares of various funds each month, and you have your dividends reinvested in additional shares, the accounting can begin to seem impossibly complicated. It isn’t, though — as long as you’ve kept good records of when and how you got each share.
Calculating cost basis
The taxable gain or loss when you sell funds is the difference between the amount you receive from the sale and the cost basis of the shares you sold.
The first thing to calculate for the shares sold is their cost basis. This will depend on how you received them. If you purchased them, your cost basis is the purchase price. If you got the shares as part of a dividend reinvestment plan, the cost basis is their price at the time of purchase.
If you inherited the shares, the cost basis is usually their fair market value (the “net asset value”) on the date of death of the decedent. If the shares were given to you as a gift, things get a bit complicated. IRS publications 56and 550 have detailed information about calculating the cost basis of shares you receive as a gift.
Once you have the initial cost basis for the shares, you’ll need to continue to add the cost of additional shares purchased to that basis. If you received a dividend that was reinvested back into additional shares in the fund, you should increase your basis by the amount of the dividend, thereby incorporating the value of the dividend in your basis.
Many people believe that reinvested mutual fund dividends are simply taxable income and don’t see them as a purchase of additional shares. Not so.
Look at it this way: The mutual fund company gives you a dividend check. And then you turn right around and buy more mutual fund shares with that check. You are buying additional shares — you’re just bypassing the extra paperwork of receiving the dividend check and sending the mutual fund company a different check to pay for the purchase. And you’re buying those shares at different times and at different prices. So record-keeping is crucial when dealing with mutual funds.
One other caveat
Whatever method you select, you’re stuck with that method for that specific fund for as long as you’re invested in that fund. In our example above with the ABC Fund, the Single Category average cost method was used. That’s an election that was made, and that same method must be used for as long as you own the ABC Fund. But there is nothing in the law that prevents you from using a different method if you’re invested in the XYZ Fund, even if both of those funds are in the same fund “family.”
While we’re on the subject: Something not every investor realizes is that even tax-exempt mutual funds can leave you with taxable gains or losses. Most of the income produced from the fund might be tax-exempt, but the fund can produce some taxable income (perhaps if it sells bonds at a taxable gain) and the shares themselves remain taxable assets at the time of sale.
When postage outstrips small items’ value.
Bulky or breakable items. The market for collection-only goods, such as sofas and wardrobes, is often limited to local folks anyway.
Kids’ stuff. Parents groups are among the most bustling, so this is brilliant for cots, kids’ clothes, Frozen dolls and Jumperoos.
Rarer items. Facebook’s a less good bet for pricey, niche wares such as high-end art or spare headlights for an Aston Martin DB9.
Grown-up clothing. There might be few people with the same taste and size in your town (though you could get lucky).
High-value items. You might feel uncomfortable meeting strangers to sell very expensive items, such as a Macbook.
Selling on Facebook is quick and easy – and it won’t cost you a penny
Facebook selling’s major, erm, selling point is its sheer convenience. Facebook is free to join and there are no fees for selling either, so it’s very low-risk – and because so many of us use the social network anyway for keeping up with friends and family, it’s easy to get to grips with. What’s not to ‘like’? (Sorry…)
The thrill of instant sales is addictive. We’ve tons of success stories from people who’ve become minted through Facebook selling. Here are a few to inspire you:
I use Facebook to sell household items and find it excellent. I’m a member of groups in my area – the best bit’s there are no fees.- kelpie35
Let us know how you’ve got on in the Facebook Selling Tips discussion.
Requirement to Keep Proper Records and Accounts
You should keep proper records and accounts so that the income earned and business expenses claimed can be readily determined. You must be able to support your records and accounts with invoices, receipts, vouchers and other supporting documents.
Requirement to Issue Receipts
You must issue serially printed receipts and keep a duplicate of the receipts if your gross income in any year is:
You do not need to issue receipts if you adopt practices that can ensure the completeness and accuracy of the recording of all your sales receipts.
Financial Accounts in Other Currencies
If you maintain your financial accounts in a currency other than the Singapore dollar, you should also file your tax computations and financial statements to the Comptroller in that currency.
However, in the Income Tax Return, you must declare the equivalent Singapore dollar amount. Please refer to the IRAS Circular on Filing of Income Tax Computations and Financial Statements in Functional Currencies other than Singapore Dollars (334KB)
For GST-registered businesses, please refer to the Guide “Record Keeping Guide for GST-registered Businesses (278KB)” for the record keeping requirements for both Income Tax and GST purposes. The guide also covers requirements for keeping business records in electronic media and imaging systems.
Non-GST Registered Businesses
For Non-GST registered businesses, please refer to the Guide “Record Keeping Guide for Non GST-registered Businesses (334KB)” for the record keeping requirements for Income Tax purposes. The guide also covers requirements for keeping business records in electronic media and imaging systems.
Non-GST Registered Small Businesses
IRAS recognises that small businesses have simpler business and tax matters. Small businesses that meet the qualifying conditions can adopt the ” Simplified Record Keeping Requirements (500KB)” from Jan 201Please refer to the Guide “Simplified Record Keeping Requirements for Small Businesses”
Please refer to the Record Keeping Checklist, which provides a summary of the different types of records required.
Estimated Taxes — Due Quarterly
To pay your estimated quarterly taxes, you can do one of two things: You can fill out a form 1040-ES and send it to the IRS address nearest to you, or you can file electronically using the Electronic Federal Tax Payment System (EFTPS). You have to enroll in the EFTPS before you use it, but after you are all set up, you can use it like an automatic debit system for tax payments if you wish and can even pay taxes over the phone.
Of course, the big question here is, how do you know early in the year what your annual net profit is going to be? First off, that’s why these are called “estimated taxes.” Although you can’t quite know your net profit, you also often don’t know which tax deductions you can take to possibly lower your tax burden. (Common income tax deductions include those for mortgage interest paid and child credits.)
Fortunately, since this number is difficult to determine, you will not be penalized by the IRS as long as you pay an amount equal to the amount of taxes you owed last year. (You can find this number by checking last year’s 1040 tax return.)
The laws vary by state, but sellers generally need to collect sales tax from a buyer when that buyer lives in a state where you have a physical presence (also known as “nexus” in tax lingo). For example, if you live in California, you would need to add on, collect and remit California sales tax on any taxable charges made to California customers. (Keep in mind that, while sales tax typically applies to the sale of tangible goods, not all sales are taxable, and the rules vary by state.) For more on sales tax, including what qualifies as “nexus” and how to determine what rate to use, read How to Determine Your Sales Tax.
Value Added Tax
We hope this guide has provided some helpful basic information about taxes. Please note that tax laws change frequently, and this information is not tax advice or legal advice. You are responsible for any use of this information. Please consult an attorney or tax expert if you have any questions.
A sole proprietor is someone who owns an unincorporated business by himself or herself. You are also a sole proprietor for income tax purposes if you are an individual and the sole member of a domestic limited liability company (LLC) unless you elect to have the LLC treated as a corporation.
Trade or business.
A trade or business is generally an activity carried on to make a profit. The facts and circumstances of each case determine whether or not an activity is a trade or business. You do not need to actually make a profit to be in a trade or business as long as you have a profit motive. You do need to make ongoing efforts to further the interests of your business.
You do not have to carry on regular full-time business activities to be self-employed. Having a part-time business in addition to your regular job or business may be self-employment.
An accrual-based accounting system records transactions at the time they occur, whether the payment is made now or in the future. While this is a more widely used method and tends to be less prone to errors, it can be more complex. This method is suited to all types of businesses and makes reporting complex transactions like extending credit and wages much easier.
Read more about Cash vs Accural Accounting for the advantages and disadvantages of each.
Manual vs electronic systems
Manual bookkeeping systems include a series of books or ledger accounts that are often available at your local newsagent, office supply or book store. While manual systems require more time spent on paperwork, they can be ideal for business owners who aren’t confident using a computer and have simple affairs.
If you’re confident using a computer, an electronic system may be your solution. As with all electronic systems, a good backup procedure with external off-site storage is vital. Some of the electronic options include:
Off-the-shelf or tailored software accounting packages can help you record your transactions, calculate GST, automatically update ledgers, prepare financial statements and help you generate invoices. However, before you invest in an accounting package, it’s worthwhile checking to see what systems your accountant or business advisor recommends and that the software is compatible with Standard Business Reporting (SBR).
Using a web-based or ‘cloud’ system allows you to update your books from any location. It also has the added benefit of automatic off-site storage of your financial records. While this can be a cheaper option, it does come with added security risks.
Computers / TechnologyConsultingExport / Import / International
I am a printer located in Allegheny county but I have several clients in different counties. Do I charge them sales tax for my location or theirs?
We have heard that some states have “home-rules” where you may need to file by city/county/district. How many returns that would entail?
A business can voluntarily register for VAT if the total value of their taxable sales and imports within the UAE exceeds the voluntary registration threshold of AED 187,500 for the previous 1months or within the upcoming 30 days.
Startups and small scale businesses have the option of registering voluntarily if their expenses exceed the voluntary registration threshold, thereby making them eligible for tax credit.
VAT will come into effect starting on January 1st, 201The electronic registration portal for VAT will be open from the fourth quarter of 201on the FTA website. Businesses can register online by logging in to the electronic registration portal starting from 1st October 2017.
The VAT rate is 5% for most goods and services except for these exempted or 0% tax categories:
An invoice is a document which records the details of a taxable supply made. Only VAT registered businesses are authorized to issue tax invoices. The receipt of a valid tax invoice is the primary documentary evidence to support the purchaser’s VAT recovery. Apart from invoices issued for supplies made, business owners must issue separate invoices for purchases made from vendors or suppliers. A valid tax invoice must include the following information:
Credit notes are issued when products are returned for a refund, when an invoice amount has been overstated, or in other circumstances where the business must issue a refund to their customer. It is a document sent by a seller to a buyer notifying them that a credit has been made to their account against the goods returned by the buyer.
Debit notes are issued when the amount payable by a buyer to a seller increases (due to extra goods delivered or goods already delivered charged incorrectly). These can be issued as a letter or formal document specifying future liability.
Invoices that are issued once cannot be altered. Credit/debit notes are issued as explained above when there is a modification made to an existing transaction.
Deduct Some of Your Home Utilities
If you’re taking a home office deduction, you’re also able to deduct a portion of your utility bills—namely your monthly heating and electricity bills.
In this case, you deduct a percentage of your square footage that serves as office space. You can also deduct some of your broadband/Internet bills, but you’ve got to take into account that you most likely use your home broadband for non-work purposes as well.
In our example, Sarah deducts 50% of her monthly broadband bill as a business expense.
Claim Home Office Upgrades
If you’ve been thinking about a new desk, office chair, bookcase, desk lamp or other office furniture, keep in mind that these are all allowable deductions.
Trying to expense a new painting might be a stretch unless you bring clients to your home office.
There are two ways to claim a deduction: all at once in the year when you made the purchase or gradually over the life of the property (known as depreciation deductions).
Form to keep handy: Pub 946: How to Depreciate Property
Save Money on Business Trips and Travel
Did you attend a conference this year? Do you travel to meet a client (and aren’t reimbursed for those costs)? If so, you can deduct these expenses. Here’s what you need to know:
Also, keep in mind that if you have an out-of-town business day on Friday and one on Monday, you’re also allowed to deduct your lodging and meal costs from over the weekend too!
Know the Rules of Health Insurance
Self-employed individuals (including sole proprietors) may be able to deduct the cost of health insurance for themselves and their family.
However, you can’t deduct your insurance for any time when you’re able to participate in an employer-subsidized plan (i.e. through your spouse or partner).
Consider a Tax-Deferred Retirement Plan
I know that for many small business owners and freelancers, especially those who are just starting out, the monthly cash flow can be tight and you’re thinking more about the present than the future.
However, stashing away money in a tax-deferred retirement plan is one of the best ways to lower your taxes. I encourage every small business owner to at least set up a plan, even if you’re just contributing a bare minimum at first.
Form to keep handy: Retirement Plans for Self-Employed People
Business Structure Affects Taxes
If you’ve ever filed taxes as a sole proprietor, then you understand that you’ve also got to pay self-employment taxes.
Forming a corporation or an LLC (and then making what’s called an “S Corp Election”) might help you reduce your self-employment taxes. That’s because, with an S Corporation, you can pay yourself a “reasonable salary”; any remaining profits can be taken as a profit distribution (and these aren’t subject to self-employment taxes).
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Mrs. Bertazzoni, along with her husband, Peter, 36, who also works in finance, visited nearly 40 apartments and lost two bidding wars during their intensive four-month search. “We learned quickly that there really are a lot of all-cash offers out there, and it made it important that we, as buyers who needed to finance, have our financials in order and be ready to move quickly,” she said. Continue reading the main story
CO-OP VS. CONDO
Apartments come mainly in two forms in New York City — co-op and condo. In a co-op, short for cooperative housing, you are buying shares in a corporation that will give you a proprietary lease in the building.
When you a buy a condo, you own the unit outright. In both cases, buyers will be asked to submit financial information including net worth, liquid assets, annual income and other financial documents. Co-ops tend to subject potential shareholders to more rigorous scrutiny, often requiring reams of personal as well as financial information. “They’re going to undress you and you have to really reveal yourself,” is how Robert Dankner, the president of Prime Manhattan Residential, explains the excruciating process to first-time buyers. “It’s the price of entry and a rite of passage to buying in a co-op in Manhattan.” A co-op can turn down a sale for any reason it pleases as long as it does not discriminate illegally.
Co-op financial requirements can prove difficult for first-time buyers. Some co-ops don’t allow financing; others require buyers to show they have a year’s worth of mortgage and maintenance fees in the bank. “Who can do that, really, as a normal person, while paying rent?” said George Sholley, a 29-year-old executive producer at a New York advertising agency. In the end, he opted for a condo.
HIT THE STREETS
It’s helpful to visit a range of open houses in order to narrow your preferences, including how far you really want to be from the subway when it snows, how out of breath you are on the third flight of a sixth-floor walk-up, and what is meant by loft, railroad flat, Junior Four and so forth. Neighbors may have information on individual buildings and neighborhood goings-on.
And open houses can also be a good way to meet real estate agents with whom you might consider working. If you like a particular building, a broker who does a lot of business there might be able to alert you to an apartment coming on the market. The doorman may be able to guide you to an agent in the know or to the soon-to-be-available apartment. Continue reading the main story
George Sholley, who hunted for three years, ultimately bought a studio on West 52nd Street.
ASSEMBLE YOUR TEAM
Look for an agent and a real estate lawyer who have established track records working with buyers in your situation, and who will get back to you promptly. “There’s not much of a barrier to entry to becoming a real estate agent,” said Jessica Cohen, an associate broker with Douglas Elliman who frequently works with entry-level buyers. “You want to feel like you’re working with someone who has done this countless times and isn’t learning the process on you while you’re on this emotional roller coaster.”
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If you are gravitating toward co-ops, for instance, you want a broker who has put together many a co-op board package, and a lawyer who understands the accounting methods used by co-ops and can mine the minutes of its board meetings for red flags.
Ultimately you want an agent who can help you come up with a sound offer based on market analysis and who will put together a well-rounded application package on your behalf. “Your broker is there to market you,” Ms. Cohen said. “You have to sell yourself as a candidate to get the apartment. It’s almost ironic.”
Prospective buyers can research the history of a property, including construction projects, violations and complaints with the New York City Department of Buildings website by plugging in the address. PropertyShark offers one free property report that pulls similar data and more from public records, including information on assessments, flood maps, crime statistics and the names of neighbors.
It’s also important to scrutinize the building’s finances.
Shawn Cassidy, an area sales manager with Wells Fargo Home Mortgage in New York, points out that few banks are willing to lend if the management company still owns a majority of the apartments, as there is a risk that the sponsor could default. And it’s a good idea to hire a home inspector, especially if you are buying in a small building, where building maintenance and repair is the responsibility of a handful of owners. “Let’s say there are three apartments in a townhouse. Each co-op shareholder would bear a third of the cost of addressing any issues,” said Aaron Shmulewitz, a real estate lawyer. “The potential economic risk is larger.” “It was on the same street we lived on and had an awesome backyard,” said Mr. Bartolomeo, 34, a television editor. “We were like, ‘We love this place.’ ”
It turned out that poor drainage was causing problems when it rained, and an incorrectly installed sewage pump seemed like a disaster waiting to happen, Mr. Bartolomeo said. “If we hadn’t used him, we wouldn’t have known.”
Business expenses are
Generally, you claim your revenue expenses in the year you incur them, and you depreciate capital expenses over time.
If you’re registered for GST, your income tax return will exclude GST on your income and expenses — GST is accounted for in your GST return.
If you’re not registered for GST, your income tax return will include GST on your expenses only.
How it works
If your home is 100 square metres and your working space is square metres — 10% of the total area — you can claim 10% of expenses that are not solely for your business, eg your home phone line.
If you aren’t using a separate area of your home for business, you’ll need to take into account how much time you spend on your business and the area used.
If you’re GST registered, the GST content on home office expenses can be claimed as they’re paid — in each GST return period — or at the end of your tax year. Mortgage interest and rent don’t include GST.
First of all thanks for reading my article to the end! I hope you find my reviews listed here useful and that it allows you to make a proper comparison of what is best to fit your needs and budget. Don’t be afraid to try more than one product if your first pick doesn’t do the trick.
Most important, have fun and choose your Tax Record Books wisely! Good luck!
So, TOP3 of Tax Record Books
- №1 — Bookkeeping Record Book Weekly 128 Pages 9 x11 Inches
- №2 — DOM912 – Tax Deduction File
- №3 — Dome 612 Bookkeeping Record