Tax Free | TaxConnections

07 Aug 2015

Don’t Forget Your Retirement!

Even though retirement may be years away, and it may not be the most pressing issue on your mind these days, don’t forget your retirement contributions, especially with generous government incentives involved.

There are a variety of retirement plans available to small businesses that allow the employer and employee a tax-favored way to save for retirement. Contributions made by the owner on his or her own behalf and for employees can be tax-deductible. Furthermore, the earnings on the contributions grow tax-free until the money is distributed from the plan. Here are some retirement plan options:

• Simplified Employee Pension Plan (SEP). This plan was designed to avoid the Read More

Written by Barry Fowler | Posted in Retirement

08 Jan 2014

Tax Breaks A Factor in Australia’s Burgeoning Private Pension Fund Sector

Australia has had a compulsory superannuation system since the late 80’s. Employers are required to contribute an amount equivalent to 9% of gross pay for each employee earning over $450 a month. Most people can choose (nominate) which fund the contributions are paid into.

The contributions are tax deductible to the employer and investment income of the funds is taxed at the lo rate of 15%. At the moment, pensions and retirement benefits paid out to retirees 60 years old or more are tax free.

Self employed Australians have had their own private funds for around 50 years. However, since compulsory pension arrangements were introduced, many more self employed, Read More

Written by Fred Rollo | Posted in Australia/Oceania • Specialty Tax Incentives

05 Aug 2013

State Sales Tax Holidays Summary For July and August 2013

Alabama

Back to School Sales Tax Holiday: August 2–4, 2013

State sales tax (or use tax) will not be collected on the sale/purchase of the following “covered items”: 1) articles of clothing with a sales price of $100, or less, per article of clothing; 2) a single purchase, with a sales price of $750, or less, of computers, computer software, and school computer supplies; 3) noncommercial purchases of school supplies, school art supplies, and school instructional material, up to a sales price of $50 per item; and 4) noncommercial purchases of books with a sales price of not more than $30 per book. (Ala. Code § 40-23-211; Ala. Code § 40-23-210; Ala. Admin. Code r. 810-6-3-.65). A county or municipality may, by resolution or ordinance adopted at least 30 days prior to the first full weekend of August, provide for the exemption of “covered items” from county or municipal sales or use taxes during the same time period, under the same terms, conditions, and definitions as provided for the state sales tax holiday.

Arkansas

Back to School Sales Tax Holiday: August 3–4, 2013

State and local sales tax will not be collected on the sale of 1) clothing and footwear with a sales price of less than $100 per item; 2) clothing accessories and equipment with a sales price of less than $50 per item; 3) school supplies; 4) school art supplies; and 5) school instructional materials.