Tax for dummies book nigeria

A permanent establishment pe is a fixed place of business which generally gives rise to income or valueadded tax liability in a particular jurisdiction. Limited liability companies for dummies cheat sheet. Every year, millions of homeowners pay property taxes. The amount of income tax your employer withholds from your regular pay depends on two things. Calculating payroll for hourly employees when youre ready to prepare payroll for nonexempt employees, the first thing you need to do is collect time records. Free accounting books download ebooks online textbooks. Mention the word taxes and many people start sweating. Without a tax consultant for guidance, online investors need to understand how the money they earn while investing is taxed. It also illustrates how managing taxes can increase a. For instance, if a company has a large number of workers who file for unemployment in a given year, that firm will be assigned a higher tax rate. He is a frequent contributor to nationally broadcast financial programs such as nprs sound money. In general, the more sales tax a seller collects in a state, the more often the state wants the seller to file a sales tax return. Individuals are now, more than ever, realizing the power of the limited liability company llc. Whether its to pass that big test, qualify for that big promotion or even master that cooking technique.

Small business taxes for dummies assists both current and aspiring small business owners with important tax planning issues. Under companies income tax act you have to pay companies income tax if you are a resident or nonresident company incorporated in nigeria. If youre like many people, you probably understand that an llc can benefit you in one way or another. Thus, they want to pocket the sales tax sellers have collected as soon as they can. A very simple small business with no cost of goods sold or assets to be depreciated might be able to use a tax software program, but most small businesses need a tax preparer. Quickbooks 2019 for dummies for dummies computertech. The balance of 1% is retained in the books until the qce is. Wills, probate and inheritance tax for dummies, 2nd edition takes you through the process stepbystep and gives you all the information you need to ensure that your affairs are left in good order. Ira online resource guide internal revenue service. I have used the dummies tax guide for many years and only found out after receiving it in the mail. You cant do business across the european union and much of the world without dealing with valueadded tax, or vat. Capital gains tax is a tax on the profit when you sell or dispose of something an asset thats increased in value.

Federal payroll taxes include a few components, as follows. Pdf overview of nigerian income tax administration unit 1 meaning, types and functions of taxation in nigeria unit 2 tax administration instruments in. In most jurisdictions, withholding tax applies to employment income. While discussing various laws, practices and procedures, it also. Nigerian taxation law, practice and procedures simplified saka. Welcome to the second edition of recent changes in the nigeria tax, the nigerian tax system has undergone significant changes in recent times, these. Remember, they use this money to pay for budget items like schools and roads. The ghana government, in the 2012 budget statement, proposed an increase to the corporate income tax rate from 25% to 35% and an additional tax of 10% on mining companies. The ira online resource guide, the reference guide to iras and retirement plans funded with iras, has been merged with the following resources.

International vat for dummies explains in simple terms what vat is, how and where it should be applied, and how to remain compliant. Rather than just paying the tax bill when its due, its important to understand the calculations behind how property taxes are assessed by. Your etsy shop is a business, but what does that mean for your taxes. Payroll taxes are taxes employers withhold from employees pay and remits on behalf of employees and themselves to the appropriate taxing agencies. The internal revenue service irs has worked hard hic in recent years. These 14 tax tutorials will guide you through the basics of tax preparation, giving you the background you need to electronically file your tax return. Taxes for dummies tyson, eric, silverman ea, david j. This tax is a replacement for the old sales tax which had a very narrow field of goods to which this tax could be charged. Iclg corporate tax laws and regulations nigeria covers common issues in corporate tax laws and regulations including capital gain, overseas profits, real estate, antiavoidance, beps and the digital economy in 33 jurisdictions. Corporate income taxes, mining royalties and other mining. This particular title is probably very good too, but only if youre a resident of the united states, because thats the system its written for. For employees, withholding is the amount of federal income tax withheld from your paycheck.

Individual retirement arrangements iras irabased plans. It shows you how to plan and write your will, minimise the stress of probate, and ensure that. Its the gain you make thats taxed, not the amount of. Nigeria explains taxes on citizens living abroad premium. We can no more expect to effectively present international tax for dummies then we could quantum physics for dummies or dennis miller. As a result, businesses with the highest employee turnover rates often pay higher unemployment tax rates. Withholding tax is income tax withheld from employees wages and paid directly to the government by the employer, and the amount withheld is a credit against the income taxes. The tax is thus withheld or deducted from the income due to the recipient. For the estimated 21 million small business owners in the u. Small business taxes for dummies corporate taxation. Whether youre a small business owner, planning for retirement, or just starting a family, youll find advice tailored to your individual tax situation, plus moneysaving strategies to help you keep more of. South african tax guide taxation made easy by nyasha musviba. For example, you and your partner are the members of good times, llc.

Knowing the basic principles of taxation and the associated tax cases, is a prerequisite for effective tax planning. Everyday low prices and free delivery on eligible orders. Most of us have to pay it and most of us do it through gritted teeth, but if youre new to the tax system perhaps fresh out of school or uni and heading into your first job, or maybe a newly arrived migrant you might not have got your head around income tax. From limited liability companies for dummies, 3rd edition. Corporate tax 2020 laws and regulations nigeria iclg. A withholding tax, or a retention tax, is an income tax to be paid to the government by the payer of the income rather than by the recipient of the income. One of the attempts to expand the tax net with minimum resistance and also to reduce tax evasion so that most of the tax income would get to the nigerian government is the introduction of value added tax in nigeria in 1993. The book simplifies the basics of nigerian taxation, discusses different laws, practice and procedures in the nigerian taxation, contains the current law position. Tax cases play a large part in the interpretation of tax legislation. Planning how to pass your estate on doesnt have to mean complications, legal jargon and huge bills. The term is defined in many income tax treaties and in most european union value added tax systems.

Pdf nigerian value added tax system and the concept of. This book offers a simplified and straightforward introduction to the basics of nigerian taxation. Partnership income taxes can be very complicated, and even a simple schedule c might be more difficult than you think. This publication is a summary of the major tax laws in nigeria, prepared for general. Dummies helps everyone be more knowledgeable and confident in applying what they know. People who invest online are usually doityourself investors. Nigerian value added tax system and the concept of basic food. The maze of tax forms you must wade through can seem overwhelming, and following the rules can seem impossible. The administration of tax is vested in various tax authorities depending on the type of tax under consideration. The us and uk tax regimes are very different, so the information contained here risks being confusing at best. The cdrom version of the ira resource guide is obsolete and can no longer be ordered. When you sell a stock held in a taxable account that has appreciated in value, you usually have taxes to pay. Eric tyson is a nationally known financial counselor who has written the bestselling personal finance for dummies, investing for dummies, and mutual funds for dummies, as well as coauthored highly successful books on home buying and selling, mortgages, and small business. The international tax handbook, 6th edition iberglobal.

Everything you need for quick, easy, worryfree filing is right here in taxes for canadians for dummies, 2002 edition, our bestselling annual tax guide. Doing your own taxes can be confusing, but its a life skill that all financially informed people should develop. We partnered with quickbooks selfemployed to bring you the ultimate guide to taxes for etsy shop owners. South african budget 201718 budget speech summary and tax proposals. Its important to note that if your business can reduce. Complete guide to filing selfemployment taxes quickbooks.

If youre like many people, you probably understand that an llc can benefit you in one way or. Small business taxes for dummies arms both current and aspiring small business owners with all the tax planning information they need to save time and money. Learn how to determine what you may owe and how to pay taxes as a. Transactions on basic food items produced within the country, books and. Tax software will help ensure that you dont have to pay additional fees or penalties for underpaying your taxes and that you can keep more of your hardearned money.

As an employer, you are expected to collect and pay these taxes through your payroll process. Activities of nonnigerian companies, which would attract tax in nigeria and other. This is not obvious in the summary that comes with the book. When you know the details about your employees withholding allowances and their benefit costs, you can then calculate the final payroll for your business and post it to the books. Before you enlist the help of a cpa, enrolled agent. Tax guide for owners and operators of small and medium size farms. For more tax time tips, see our articles on avoiding an audit and filing taxes when you have both 1099 and w2 income. The dummies series of books are excellent, and i make good use of several of them. If your limited liability company llc elects a form of passthrough taxation for example, partnership taxation, scorporation taxation, or a singlemember llc electing disregarded taxation then the llc itself will not pay taxes. This publication is a summary of the major tax laws in nigeria, prepared for general purpose only. Many jurisdictions also require withholding tax on payments of interest or dividends. Pwc corporate income taxes, mining royalties and other mining taxes 2012 update 3 as ring fencing. Additionally, if your federal tax withholdings equal 90% or more of what you will owe for the year, you probably wont need to file quarterly taxes. Discover how to prepare your own tax documents, understand your rights and obligations, and much more.