There are plenty of reasons you may need a tax extension this year which, in general, the government will accept unless there’s an extraordinary circumstance. However, there are a few important things to keep in mind if you’re going to take that route. After weighing some of the pros and cons, there are things you need to know should you choose to file for a tax extension this year.
Starting a business is a great idea in so many ways. Giving yourself the freedom to work whenever and wherever you want is priceless (figuratively speaking). Especially in the beginning, it essential to give yourself and your business the best chance to survive financially. An important piece of the puzzle? Tax breaks. There are tons of deductions and subtractions which were created specifically for small businesses. Do not miss out on these breaks when filing your 2018 tax return.
Simplified Employee Pension (SEP-IRA)
One of the biggest mistakes new business owners make is forgetting to create a retirement account. Giving up employer contributions to a retirement account is a big hit for some people. If you have not already done so, you must consider starting a SEP-IRA because:
- You need to save money for retirement, and you do not want the money to be stagnant. Make it work for you utilizing the stock market.
- The money you contribute is pre-tax and you can contribute up to 25% of your net income. The maximum contribution is $49,000. Keep in mind that the max one person can contribute to a traditional 401k is $18,500 for people under 50.
- You can decide what to contribute at the end of the year. If your business did well, contribute more and vice versa. This flexibility is key for many business owners.
You may not have heard of Fan Bingbing, but she is China’s most famous actress. She has also appeared in American films such as “X-Men: Days of Future Past” and “Air Strike”. This worldwide celebrity is the latest to get caught “cooking the books”.
Income Tax in China
China’s current tax
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