Actually, the tax is a term used to refer to a compulsory financial charge which the government levies from every taxpayer in order to fund its operations and public expenditures. Failure of an individual to pay this levy can attract legal punishment. 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. In fact, Bookkeeping Irving defines this practice as any form of activity that can be employed by a person or organization so as to keep proper records of its financial transactions.
Individual Tax services and Business Tax services Irving share certain similarities and differences. This means, services offered to individual tax filers are not exactly the same offered to business tax filers. The most common differences include.
A. The filling form.
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. On the side of a sole proprietorship, form 1040 is used since the business falls under individual tax income.
Returns on business tax are regulated by certain deadlines unlike in individual taxes. The deadlines imposed are in terms of annual, quarterly and monthly payroll deadlines.In quarterly payments, the payments should be done on fifteenth of January, April, June, and September. Between the first quarter and half of the calendar year, that is around March or April and May are the months that annual taxes should be paid.
C. The deductions made.
various deductions are made on business tax.In fact, nearly every payment can attract deductions on a business type tax return. The only deductions that can be found in individual tax are write-offs and relief which are offered easily.Individual tax does not have more options, unlike business tax.
D. Rate on tax.
The rates in which individual and business rates are charged is different. A sole proprietorship business will pay the same as personal income tax. The rate does not fall below ten and does not exceed thirty-nine.Corporate tax rates range between fifteen and thirty-nine.