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. One can pay tax either by money or labor equivalent. The method used by each country to levy this amount will be different between countries in terms of mechanism and employed systems.
Bookkeeping, on the contrary, involves the keeping of financial records obtained from personal and business transactions. In fact, bookkeeping forms part of accounting practices and procedures that provides a room for reference in regard to past financial transactions that have taken place. This activity can be carried out using various methods such as double-entry and single-entry record of transactions among others. However, according to Bookkeeping Irving, this can be termed as any process that one will use in order to keep his or her financial transactions records safeguarded.
Individual Tax services and Business Tax services Irving share certain similarities and differences. Therefore, businesses tax services will have some differences when compared to individual tax services. Some of the differences that exist include.
A. The form that one uses to file the returns.
Individual Tax Irving Services requires the person making the file to use form 1040 when making submissions.On the other hand, Irving Business Tax services will involve filling of form 1120 for corporations, 1065 for general partnership business and 990 for nonprofit organizations. On the side of a sole proprietorship, form 1040 is used since the business falls under individual tax income.
B. Deadlines for submitting returns.
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. Annual submissions should be done either in March, April or May.
various deductions are made on business tax. In this type of tax, almost all payments attract certain deductions. However, individual taxes will only provide for personal relief and write-offs which do not happen on regular basis. This means its options and deductions are less compared to cooperate or business tax.
D. Tax Rates charged.
The rates charged are obviously different. A sole proprietorship business will pay the same as personal income tax.In most cases, these rates will be between ten and thirty-nine point six percent. Corporate tax rates range between fifteen and thirty-nine.