Archive for May, 2007



Guidelines for Small Bussiness To Help Reduce Tax Liability

Tuesday 22 May 2007 @ 5:45 pm

The main areas where you are most likely to get into trouble is your payroll. You can get trouble with the authorities and even if the only employee happens to be you. Being the only employee means that you will have to make the expected tax payments quarterly. It is very difficult for a new business owner to precisely predict income beforehand. However, this is the law and you are still accountable for the estimated quarterly tax payments.

Calculate Estimated Income, Medicare And Social Security Taxes: If Medicare and Social Security tax is not calculated correctly, you will have to deal with tax penalties and interest. If you are willing to spend the required time and energy, then reading up on the subject can help. It is advisable to get tax advice from an accountant in this area.

Seek The Help Of An Expert, Particularly If You Have Employees: Taxes become more complex when employees are involved. This is because you are required to hold back taxes on behalf of each employee and report this to the IRS either on a quarterly or monthly basis. This is where a tax professional comes in. If there are several employees working for you, then a tax professional or a payroll tax service can help by doing the necessary filings on your behalf.
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Guidelines for Small Bussiness To Help Reduce Tax Liability

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Philippines Economy

Friday 4 May 2007 @ 3:31 pm

According to the Heritage Foundation’s latest survey the Philippines’ economy has improved slightly but remains low.

In its 2007 Index of Economic Freedom, the Washington-based think-tank said the Philippine economy remains “mostly unfree,” owing to weak business, investment and monetary freedoms, and to corruption.

Heritage Foundation’s scoring system in considering a country as free and unfree: as free if its average overall score ranges from 80 percent to 100 percent. Mostly free countries have an average overall score of 70 percent to 79.9 percent, while mostly unfree countries average 50 percent to 59.9 percent. Lastly, repressed countries score 0 percent to 49.9 percent.

Philippines scored 57.4 percent, placing it at 97th place among 161 countries surveyed, up from 98th place the previous year.
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Philippines Economy

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