Category Archives: Managerial Finance

Take Preventive Measures

You may wonder how many taxpayers file electronic vs. paper returns. �There are 150 million households that file federal and state tax returns involving trillions of dollars�. More than 90% of these tax returns are prepared on a laptop, desktop or even a smartphone �” whether they’re done by an individual or a tax preparer. This is a massive amount of sensitive data that identity thieves would love to get access to.� With 150 million households, someone right now is clicking on an email link they shouldn’t, or skipping an important computer security update, leaving them vulnerable to hackers,� said IRS Commissioner John Koskinen in a recent statement about the Security Summit Group. (See �IRS Creates Security Summit Group� above.)

How can you actively safeguard your personal data online and at home? Here are four simple ways to thwart tax-related identity theft:

1.Keep your computer secure. Simple, cost-effective security measures add up. For example, use updated security software that offers firewalls, virus and malware protection and file encryption. Be stingy with personal information, giving it out only over encrypted websites with �https� in the web address. Also back up computer files regularly and use strong passwords (with a combination of capital and lowercase letters, numbers and symbols).
2.Avoid phishing and malware scams. Be leery of emails you receive from unknown sources. Never open attachments unless you trust the sender and know what’s being sent. Don’t install software from unfamiliar websites or disable pop-up blockers.
3.Protect personal information. Treat personal information like cash. Don’t carry around your Social Security card in your wallet or purse. Be careful what you share on social media �” identity thieves can exploit information about new car or home purchases, past addresses, vacations and even your children and grandchildren. Keep old tax returns in a safe location and shred them before trashing.
4.Watch out for scammers who impersonate IRS agents. IRS impersonators typically demand payment and threaten to arrest victims who fail to ante up. The Federal Trade Commission recently issued an alert about police raids on illegal telemarketing operations in India that led to the indictment of dozens of IRS impersonators. Remember: The IRS will never call to demand immediate payment, nor will they call about taxes you owe without first mailing you a bill.

Another simple way to prevent someone from filing a fraudulent return is simply to file your return as soon as possible. The IRS begins processing tax returns on January 23. If you file a tax return before would-be fraudsters do, their refund claims are more likely to be rejected for filing under a duplicate Social Security number.

How To Protect Your Identity And Assets

Understand How Tax Fraud Happens

Dishonest individuals may steal taxpayers’ personal and financial information from sources outside the IRS, such as social media accounts where people tend to share too many details or bogus phishing emails that appear to come from the IRS or a bank. Once they obtain an unsuspecting taxpayer’s data, thieves may use it to file fraudulent federal and state income tax returns, claiming significant refunds.

Paperless e-filing facilitates these scams: Thieves submit returns electronically, based on falsified earnings, and receive refunds via mail or direct deposit. Sure, the IRS maintains records of wages and other types of taxable income reported by employers, but they don’t usually match these records to the information submitted electronically before issuing refund checks. By the time the IRS notifies a victim that it’s received another tax return in his or her name, the thief is long gone and has already cashed the refund check.

In addition to refund fraud, thieves may use stolen personal information to access existing bank accounts and withdraw funds �” or open new ones without the taxpayer’s knowledge. Criminals are becoming increasingly sophisticated and their ploys more complex, making identity theft harder to detect.

Recognize the Warning Signs

Taxpayers are the first line of defense against these scams. The IRS lists the following warning signs of tax-related identity theft:

Your electronic tax return is rejected. When the IRS rejects your tax return, it could mean that someone else has filed a fraudulent return using your Social Security number. Before jumping to conclusions, first check that the information entered on the tax return is correct. Were any numbers transposed? Did your college-age dependent claim a personal exemption on his or her tax return?

You’re asked to verify information on your tax return. The IRS holds suspicious tax returns and then sends letters to those taxpayers, asking them to verify certain information. This is especially likely to happen if you claim the Earned Income tax credit or the Additional Child tax credit, both of which have been targeted in refund frauds in previous tax years. If you didn’t file the tax return in question, it could mean that someone else has filed a fraudulent return using your Social Security number.

You receive tax forms from an unknown employer. Watch out if you receive income information, such as a W-2 or 1099 form, from a company that you didn’t do work for in 2016. Someone else may be using the phony forms to claim a fraudulent refund.

You receive a tax refund or transcript that you didn’t ask for. Identity thieves may test the validity of stolen personal information by sending paper refunds to your address, direct depositing refunds to your bank or requesting a transcript from the IRS. If these tests work, they may file a fraudulent return with your stolen data in the future.

You receive a mysterious prepaid debit card. Identity thieves sometimes use your name and address to create an account for a reloadable prepaid debit card that they later use to collect a fraudulent electronic refund.

Free Content Marketing Tools

We’ve set out to put together a solid list of tools that we think other companiescan use to scale their own growth. InfusionSoft – email marketing software free marketing platform focussed on smart automation (also incorporates a CRM). This is because generic email tools (e.g. Gmail) aren’t built for mass outreach. I’m not saying that this is the only way to go about it. I’m just saying that if marketing tools for restaurants you don’t have the determination to learn, understand and be successful with marketing and sales early on, then it’s unlikely you’ll succeed with your own product.

Brightpod – This project management tool is made specifically for digital Marketing Software activities, monitoring project status, task assignment and more. A few services charge by list size but may limit how many emails you can send out each month before you’re required to upgrade to the next level. Rest assured that the password-protected interface keeps your email marketing system completely secure and accessible only by you and your team.

Our platform combines a robust suite of email and SMS messaging services within a single, user-friendly solution. Social media marketing continues to be one of the most cost-effective online marketing strategies. Your team can track, analyze, publish, and engage with your contacts swiftly and seamlessly through this web-based platform. No doubt with the help free marketing tools for realtors of these tools one can get quality results, which is indeed useful for the betterment of any blog or website.

NeoReach is an end-to-end influencer marketing platform, providing all the software tools you need to unify and scale your influencer marketing. While technology should simplify, a lack of understanding of technology or experience managing a robust platform can sometimes hinder your team’s success. Keyword research is one of the most important steps in any SEO strategy (as well as any PPC strategy), and Google Keyword Planner is one of the most essential tools available to do it. And like the other Google tools on this list, it’s entirely free.

What To Do After Filing A Tax Extension

Not everyone is ready for tax season, some years can be rougher than others. That’s why tax extensions exist, and they are a great move by you if done right. It’s easy to extend your filing period, simply send in a completed Form 4868 � Application for Automatic Extension of Time to File.
This year if you filed an extension prior to April 18, 2017, you now have until October 16, 2017. The deadline may still seem far off, but time flies by fast and sooner than later that deadline will come up. If you haven’t gotten started on your tax returns yet, here’s a few tips to push you to file your tax returns.

Get Help with Filing Your Taxes

Filing your taxes can be stressful, especially when you don’t have everything ready. This includes not having all the documents required to complete a tax return. If so, use your extension time wisely to contact your employers throughout last year and other entities that owe you information.

Keep in mind that failure-to-file penalty is more than failure-to-pay penalty. Filing on time will help reduce the amount of interest and penalties that will stack, and will help you find payment options in time before the deadline hits.

If you haven’t already, seek out a tax professional to help you with your return.

Note � If you don’t owe taxes, usually there are no penalties for filing late. That is because penalties derive from the amount you owe. The only hit you take is that you won’t get your coming refund until you file.

What to Do with Your Tax Extension

Finish Up As Soon as Possible

Understand that a tax extension extends only the amount of time you have to file your taxes, it does not extend the time you have to pay. This makes it all the more important to get your tax return done as soon as possible.

6 Ingenious Ways To Organize Your Small Business

Staying organized seems easier with plenty of money & volume of employees but what about the small business who are running out of both? That’s true! Every one of us had been started as a small startup and raised our business to a massive level. But what are the major strategies that followed by businesses to transform into huge-enterprises?

Proper organization & keen planning are two big things that normally have been followed by each highly ranked business. The pain of handling all activities on your own is not hidden to any, but the relief of having an organized business can be acknowledged by each person effortlessly. Are you lagging in the business growth game even after using all the tools? Don’t worry. These below mentioned seven ingenious ways will definitely help you to stay organized in 2018.

1. Say Hello To Cloud, Go Paperless

Most of the Startups don’t actually deal with volumes of documents but it is better to stay away from clutter and work digitally. cloud based quickbooks is one of the most renowned accounting software, powered and designed by Intuit, of today’s era which is simplifying data related tasks for millions of SMBs. Keeping balance sheets and reports over excel alike software were old talks, businesses nowadays are falling rapidly for accounting software that will organize reports, bookkeeping, invoices, Payroll etc. on a single place and reduces the use of paper within business premises.

2. Decrease Your Issues, Increase Business Productivity

It is equally important, to claim that business growth, to forecast alike environment within the business that supports your vision of growth. The engaging of QuickBooks software actually helps you to lower your daily hassles that fetched while working on-site. Including with, hosting QuickBooks on a server of the third party allows your business to have a 24*7 backend support. Any business with no worry of technical issues do perform better than others who aren’t engaged with the same support.

3. Track Upcoming Tasks In The Cloud

Usually, it sounds quite hectic to remember all the work that you need to do in the coming time. Using cloud computing QuickBooks is yet another ease any business can avail effortlessly. Tracking of data files & remembering due payment dates will be nothing to worry about after allowing QuickBooks accounting software. The issue of offering lots of time in scheduling events, dues & tasks will be not there in the year 2018 anymore.

4. Manage Business Working Space & Storage

It is equally important to manage your office’s physical space even if you’re integrated over the cloud computing network. The best approach to arrange things vertically in the office space. Though most of the businesses are now dealing with less paperwork as they’ve working digitally now. Mitigating data to cloud helps SMBs to save the expenses of having on-site resources as all the cloud-stored data can be accessible to as many members as required. Using proper space & storage management, businesses can efficiently organize their small start to gain more of what they are inputting.

5. Precisely Plan For Your Quarterly Taxes

It is vital for business persons to be compliance with tax regulations 2018 that will be revealed soon by respective authorities. The QuickBooks software helps SMBs to acknowledge all the needed information right on their dashboard. Organizing your tax is yet another vital task to be an organized business claiming for growth. Pre-planning of your quarterly taxes saves you from the penalty and helps you to know the deductions over tax.

6. Manage & Free Space In Your Inbox

If your business email inbox is overflowing then, it is better to filter the important emails first and delete the rest ones. As full inbox doesn’t allow new emails to arrive and many times it could be dangerous for businesses. Another main reason for having empty and full read inbox is that you’ll concentrate on useful bundles of emails and stay away from irritation while working.

Inclusion Of Anti Profiteering Clause

Anti-profiteering means to stop a person from earning unreasonable profit through sale of goods and services It mandates a manufacturer and others in the supply of chain to pass on the benefits arising out to input credit and lower taxes to consumers at the pain of penalty. The main intention is to protect consumers from inflation after GST implementation.

MAIN REASONS FOR ANTI-PROFITEERING CLAUSE

There are three main reasons which make this clause necessary is

To set up honest pricing policy, this will help to retain consumers in the GST regime.
To examine whether input tax credits or lower tax rates actually result in a commensurate reduction in price.
To observe the inflationary trends during the initial stages of GST introduction and to analyze and control its long-term effects.

FEATURES OF ANTI-PROFITEERING CLAUSE

A state wise single registration for a taxpayer for filing returns, paying taxes and to fulfill other compliance requirements.
(Most of the compliance requirements would be fulfilled through online)
A taxpayer has to file one single return state wise to report all his supplies, whether made within or outside the state or exported out of the country and pay the applicable taxes on them. (CGST, SGST, IGST etc.)
A business entity with an annual turnover of up to Rs 20 lakh would not be required to take registration in the GST regime, unless it voluntarily chooses to do so to be a part of the input tax credit (ITC) chain.
In order to prevent cascading of taxes, ITC would be admissible on all goods and services used in the course of business except on a few items listed in the law.
In order to ensure that ITC can be used seamlessly for payment of taxes under the Central and the State law, it has been provided that the ITC entitlement arising out of taxes paid under the central law can be cross utilized for payment of taxes under the laws of the states or union territories.
Detailed transitional provisions have been provided to ensure migration of existing taxpayers and seamless transfer of unutilized ITC in the GST regime.
In order to mitigate any financial hardship being suffered by a taxpayer, commissioner has been empowered to allow payment of taxes in installments.
To provide certainty in tax matters, a provision has been made for an Advance Ruling Authority.

technology and quality upgradation support

It aims to improve the production quality of MSMEs to encourage them to adopt global manufacturing standards.
The main aim of this scheme is to sensitize the manufacturing MSME sector to make use of energy sufficient technologies
And also the manufacturing processes to reduce manufacturing cost and emissions of harmful gasses that can hamper the environment
The Indian government provides financial support to the extent of 75% of the actual expenditure to assist manufacturing sector purchase energy efficient technologies for production.

MINI TOOLS ROOM AND TRAINING CENTRE SCHEME

The mission of this scheme is to develop more tool room facilities to provide technological support to the MSMEs
The training in tool manufacturing and tool design to create a skilled workforce of workers, supervisors, engineers/designers.
90% of the cost of machinery/equipment in case a new Mini tool room is to be created.
In case an existing room to be upgraded � 75% of the cost is funded.

MUDRA LOAN (Micro Units Development and Refinance Agency Ltd.)

The vision of Funding the Unfunded.
It is established by Government of India for development and refinancing activities relating to micro units.
It provides low cost funding for MFI (Micro Finance Institutes)
It also supporting to the institutions , societies, trusts section 8 companies, co-operative societies, small Banks, Scheduled commercial Banks and Rural Banks which are in the business of lending to micro or small business etc.

Government Loan Schemes For Small Scale Businesses

It is launched by the Government of India to provide collateral free finance to the micro and small enterprise sector.
The Amount is contributed by Government and SIDBI is 4:1 in ratio.
It also provides credit facilities in the form of term loans and working capital facility of up to Rs.100lakh per borrowing unit.
Rehabilitation assistance is also made available to sick units.

CREDIT LINK CAPITAL SUBSIDY SCHEME FOR TECHNOLOGY UPGRADATION

Its main intention is to create an impact in the international trade.
It is launched to facilitate technology up gradations by extending an upfront capital subsidy of 15% (max INR 15lakhs).
The corresponding plant and machinery is important
It is available to machinery to Sole Proprietorship, Partnership firms, Cooperative, Private and Public Limited Companies.

SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA

SIDBI is one of the most illustrious names among the government financial institutions.
It played an active role in the promotion and development of the small business industry.

Schemes provided by SIDBI

Direct Assistance Scheme
Indirect Assistance Scheme
Promotional and Development Activities
National Equity Fund, scheme
Technology Development and Modernization Fund scheme
Single window scheme
Mahila Udyami Nidhi (MUN)
Scheme and Equipment Finance Scheme

NATIONAL SMALL INDUSTRIES CORPORATION LIMITED (NSIC)

The main feature is to import machines on hire-purchase terms.
It promotes awareness about advancements in the small scale industries sector of the country.
It highlight on supply and distribution of both indigenous and imported raw materials as well as exporting the products of the small business units.

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT

NABARD mainly came into existence to promote agriculture based rural business enterprises.
It mostly offers financial assistance to small scale industries viz,. Cottage and village industry.

MARKET DEVELOPMENT ASSISTANCE SCHEME FOR MSMEs

It offers funding for participation in international trade fairs and exhibitions under MSME India stall.
It also offers financing for sector specific market studies by industry association, export promotion councils and FIEO.
This scheme offers reimbursement of 75% of a one-time registration fee and 75% of annual fees paid to GSI by SMEs for the first 3 years for the bar code.

indirect tax system

The current indirect taxation system comprising service tax, state vat and central sales tax(CST) is not geared up to recognize and accommodate the evolving business models of e-commerce. But there are no specific provisions for the e-commerce operators to pay taxes on sale of goods or to make any deductions from the payments being made by them to actual seller of the goods.
A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an input service Distributor, a person liable to deduct or collect the tax (TDS/TCS)
TYPES OF RETURNS
GSTR-1 (Registered taxable supplier)
– Details of outward supplies of taxable goods and/or services effected.
– 10th of the next month
GSTR-2 (Registered taxable recipient)
– Details of inward supplies of taxable goods and/or services effected claiming input tax credit.
– 15th of the next month
GSTR-3 (Registered taxable person)
– Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax.
– 20th of the next month
GSTR-4 (Composition supplier)
-Quarterly return for compounding taxable person
-18th of the month succeeding quarter
GSTR-5 (Non-Resident Taxable Person)
– Return for non-resident foreign taxable person
– 20th of the next month
GSTR-6 (Input Service Distributor)
– Return for input service Distributor
– 13th of the next month
GSTR-7 (Tax Deductor)
– Return for authorities deducting tax at source.
– 10th of the next month
GSTR-8 (E-Commerce operator/Tax collector)
– Details of supplies effected through e-commerce operator and the amount of tax collected
– 10th of the next month
GSTR-9 (Registered Taxable Person)
– Annual Return
– 31st December of next financial year
GSTR-10 (Taxable person whose registration has been surrendered or cancelled)
– Final Return
– within three month of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11 (Person having UIN and claiming refund)
– Details of inward supplies to be furnished by a person having UIN
– 28th of the month following the month for which statement is filed.

Save A Big Amount On Your Taxes

As investments under the ELSS Funds are made in the equity markets, there is a scope for higher returns as against many other tax-saving investment options from the viewpoint of a long-term period. Thus, in addition to savings on taxes, these schemes manage to pull in hefty profits on your capital employed. However, it is always recommended that you should plan to invest in an ELSS fund over medium to long-term period, so as to draw supreme benefits. While Fixed Deposits and Provident Funds provide returns only to the tune of 8%, ELSS schemes hold a remarkable track record of generating returns that have soared up to 12% or even higher, over the past decade.

� Lowest Lock-In Period:

ELSS Mutual Funds have the minimum lock-in period when compared to other tax-saving investment choices. In comparison to a lock-in period of 5 years and 7 years in Fixed Deposits and Public Provident Funds, respectively, ELSS Funds have a lock-in period of merely 3 years. Thus, investors opting for ELSS against FD’s will be able to secure higher liquidity and will be able to plough back their money much sooner.

� Tax Benefits on Gains Earned:

One of the most compelling features of the ELSS Funds is that the returns which are yielded on the investments are 100% tax-free. Once you stay invested in these funds for the minimum designated lock-in period of 3 years, the long-term capital gains arising will remain intact and the taxman will not be able to touch a penny. Thus, by investing in these schemes, the depositors can fully cherish the entire amount received either on redemption or maturity.

� Flexibility in Investing:

Even though the lock in period is somewhat lengthy considering 3 years straight, investors however, can stay invested in these schemes with or without any further addition for as long as they desire. They also have the option to stop an ELSS SIP at any point, but the amount already invested can be withdrawn only after the completion of 3 years. Since ELSS is a well-diversified scheme, it is suggested that it shall be taken into consideration for a long-term investment period.

� Lesser Influence of Market Fluctuation:

Over a good number of years, ELSS Mutual Funds have proven to be fairly less volatile in comparison to other equity investment options. Thus, many market gurus recommend that the investors should choose to invest in ELSS Schemes, so as to protect themselves from the volatility of the conventional stock market options.

Thus, being an investor, if you are desirous to kill two birds with a single stone � reap high returns together with saving a good amount of tax � then the ELSS schemes are the finest choice for you, where you get the chance to draw maximum benefits if you invest systematically. Lumpsum investment at the end of the financial year will only help you to reduce your tax, but your funds might not be capable of generating the same amount of return. Hence, you could miss the potential returns by ignoring the effect of time value of money.