Nomisma – The Best Accounting Software for Income Tax Computation

Nomisma is a user -friendly, white-label, cloud-based accounting software in the UK which is widely used by small businesses, start-ups, freelancer, contractors and individuals to manage their accounting, financial and taxation related data. It is also a very useful software for income tax computation. Professionals of finance and accountancy departments find it very helpful because it can help to track, calculate, generate, forecast and pay income tax securely.

It is very unique software in the sense that it updates data uploaded from any device continuously throughout the financial year and reminders can be activated automatically via Nomisma's CRM module. It has a unique 'cash counting facility' for businesses and 'techno- facility' for CIS contractors. One of the striking features is it generates all types of reports at the press of a button. The Nomisma's integrated system is very efficient. You enter random data, and it can collect all the relevant information from it. Thus you can access and generates reports of all kinds. It is also attractive in terms of its price, capability, and usability.

Essential Functions of Nomisma

Customer Relationship Management (CRM): CRM can guide small business to deal with the change, monitoring and managing the business process they do not need to rely on any other CRM systems because Nomisma can give you the best features of small business accounting software. Nomisma solution is compliant with administrative processes, and it helps small businesses to cross all the barriers to go smooth.

Payroll: All businesses must pay their employees and manage payroll. There was a time when small business companies used to keep this on papers manually, but now when the business is growing and cannot manage by few employees, then you need such payroll accounting software like Nomisma.

Integrated Accounting Software: There are many accounting software that is available with lots of complex reports with a high price, but Nomisma is low-priced software that provides basic applications for accounting tasks. It provides a user-friendly interface, real-time updates moreover it provides support throughout the lifecycle of your business. In short, it is useful software for small business owners with bookkeeping facilities which includes journals, payroll, CRM and much more.

Cloud Based Software: The main benefit of cloud-based accounting software is upgrades and data backups which are managed by the software provider. It is cloud based accounting system so you can access it anytime, anywhere and on any device like a laptop, computer. Nomisma empowers the users with real-time updated financial information about their business, which is very useful while making important decisions.

Income Tax Computation: Nomisma's most prolific function is its assistance to the user with income tax calculation, filing income tax returns and payment of various types of taxes. It is especially useful in the case of accountancy firms which have to handle income tax related matters for a broad range of clients. Nomisma is fully compliant with the guidelines of HMRC and Companies House and is able to handle self-assessment filing by just a click of a button.

Unique features for Income Tax Computation in Nomisma

Nomisma can automatically update and calculate the income tax liabilities of a user and with its CRM module can send regular reminders regarding the same.

Nomisma provides all the key stakeholders with regular information as to how much tax is owed and to whom.

Nomisma's cloud accounting software for income tax calculation is integrated with the bank statements, invoicing section and all other relevant sections of the software. This enables it to accurately calculate various types of taxes including income tax for different kinds of businesses.

Along with the taxation alerts, Nomisma also provides regular notifications as to what type of tax is due and to which authority it has to be paid to.

Nomisma also enables the users to pay their income tax and other taxes from within the software

Reasons, why Nomisma is called a highly useful software for income tax computation, are-

Its bookkeeping and accounts productions are very detailed.

It is one of lowest priced comprehensive online accounting software. You can customize your package and pay for what you need.

This is perfect software to create invoices, track sales and expenses, fetch financial details and access your business information easily.

It is integrated with a user-friendly dashboard. With just a click you can create particulars of any module. You can connect bank account with it and categorize income expenses for tax reporting.

It is specially designed keeping in mind the need of today's business.

Designed to meet the highest standard specifications, Nomisma is the most useful software for income tax calculation. With a broad range of services that it offers to the clients, Nomisma has emerged as the best software for income tax computation in the UK.

All in one accounting with NomismaSolution . Manage payroll/auto enrollment, bookkeeping, self-assessment, income tax calculation and all the things in single accounting software. Nomisma is simple online accounting software used by freelancers, contractors, small business, startups to manage their finance and account.

Reducing Your Tax Liability for Independent Consultants

As an independent consultant, you’re in business for yourself, and therefore have all the increased tax burdens that come with being a business owner. Fortunately, there are strategies that can help reduce your tax liability.

The biggest tax burden associated with being a business owner is the self-employment tax, which is basically the portion of social security and Medicare tax that would be paid by an employer if you were working for someone else. Since you are self-employed, you are responsible for payment of both the employee and the employer portion of social security and Medicare taxes, which is currently equal to an additional 15.3% of your earnings.

Choose a legal structure that makes sense for your business. There are several legal structures to choose from, and it’s advisable to speak with an attorney to determine which structure makes the most sense for you. While some structures will leave you subject to paying self-employment taxes, other structures could be subject to something called, "double taxation," in which the corporate entity is taxed on earnings, and then wages paid to employees, including yourself, are taxed again on a personal tax return. Speak with a professional to determine which type of business structure will allow you to maximize your take-home earnings.

Working with an employer of record could help to reduce your tax liability. A portable employer of record can serve as a corporate infrastructure for independent consultants, and eliminate both the need to set up a formal business entity and reduce self employment tax liability. When working through a portable W-2 employer of record, you still have to pay for employer side taxes just as you would if you were on your own, however this business structure option can greatly reduce your tax liability on retirement contributions and other benefits programs.

Maximize your itemized deductions to reduce your taxable income. Reducing your total taxable income by taking credit for every deduction for which you’re eligible will reduce your total tax liability. Many individuals fail to take deductions for any out-of-pocket medical expenses that they incur. This can mean medical premiums, co-payments, over-the-counter medications, and even procedures and tests not covered by insurance.

If you’re in business for yourself (as a sole proprietor, LLC or S Corp), your out-of-pocket expenses will have to be equal to or greater than 7.5% of your adjusted gross income before you would be eligible to take these deductions. A consultant earning $80,000 per year could probably easily meet this threshold, which would equal about $6,000. On the other hand, a consultant earning $200,000 per year would have to have a significant amount of out-of-pocket medical expenses in order to be eligible for this deduction, approximately $15,000.

Working with an employer of record might allow you to deduct all of your out-of-pocket medical expenses up to a given limit, without the need to qualify by meeting a threshold. Not all employer of record companies operate the same – some are geared toward independent consultants and some are not -- so complete your research before signing on to see what strategies they can offer you to help reduce your taxable income.

It’s also possible to take deductions for the cost of dependent care, which includes both child care and elder care. The amount of these deductions that can be taken is limited, typically up to $5,000 per year. If you’re working with an employer of record organization that offers an expense reimbursement program, sometimes this limit can be higher, even up to $10,000 annually. Most people are aware that childcare costs can be deducted, but not many realize that elder care is included in the dependent care category. If you’ve got a parent in a personal care home, assisted living facility, nursing home or even an adult daycare setting, you can easily rack up $5,000 to $10,000 a year in expenses.

Don’t forget about your miscellaneous deductions. Items such as professional organization dues, certain education expenses, professional books and trade magazines, home office expenses, work clothes and uniforms, mileage, business travel, lodging, and 50% of business meals are tax deductible, some of which are deductible only if the total exceeds 2% of your adjusted gross income. Working with an accountant can help you make sense of all the various deductions, and help you reduce your total tax liability by advising you how to keep track of your deductions. Also, some employer of record organizations even offer a simplified process of keeping track of and taking business deductions, so be sure to ask about business expenses when investigating this option.

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Signature Tax plus Perfect Tax Resolutions to Defend Legal Prosecution

Usually the tax amount is calculated as a percentage of your earned monthly income. Your tax claims are deducted from your monthly income which you are liable to pay to the IRS department. Tax payers try to attempt fraud with the IRS department by falsifications of their earned income to avoid taxes. Falsification of misrepresentation of the earned income is against the law and constitutes tax fraud. If an individual is charged with fraud tax and owes more than $100,000 to the IRS, then IRS applies different ways to collect tax. Most common of them are, freezing of bank accounts, imposing property liens, seizing or selling of your personal assets and wage garnishment. Wage garnishment is a legal way to collect tax debt directly from the debtor’s paycheck to ensure the payment of tax claims. Garnishment of wages of an individual is a last-ditch effort of debt collection and is initiated by a court order which allows the IRS to take personnel earnings to pay the debt. If you are tax defaulter then it is necessary for you to consult a tax attorney capable enough to withstand the controversies raised against the allegations of the debtor. Signature Tax Plus will safeguard you and your personal assets, and represent you during all the legal procedure.

Tax fraud is investigated by the Internal Revenue Service Criminal Investigation (CI) unit which appoints Revenue officers to collect unpaid tax revenue from the debtor’s. The RO has the right to take away all the stockpile of all your personal belongings like your home, cars, household stuff and may also hold on your life assets including your savings, current account, investments and much more.

Signature tax Services offered by our expert tax attorney will protect you and represent your case on your behalf in the court. Signature Tax Plus attorneys specialize in handling with the IRS controversies, without your personal involvement resolve your liabilities towards tax department. The Signtax services help you to make necessary amendments and accurate preparation of returns which will minimize the risk enforced collection of your personal assets and defend you criminal prosecution by IRS. The Signature tax services help clients to navigate through the legal process and negotiate with IRS department and settle your tax claims. If case you are not able to pay the negotiated tax amount or settlement at one time than we will set an affordable payment plan for you to pay unpaid tax amount.

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Simple Lacerte Tax Cloud is Convenient to File The Returns

Lacerte is Intuit product for managing and preparing taxes. This tax management software is real time software that operates all kinds of taxes needs of an enterprise. When the business management was managed by accounting and bookkeepers, it was considered time consuming that means it took time to operate all kinds of tasks. The evolution of software application by Intuit has simplified the process of taxation planning and filing the returns. The application software has erased the paper based method of filing the taxes returns hence customers of Lacerte software get hassle free easy taxes filing quickly and fastly with this product. Today, there are millions of customers worldwide for the tax software Lacerte. The versatile application is effective in making the tax filing simpler and businesses get advantage of the application software. Lacerte application has all the forms in the software which makes easy for users to select a form and file the taxes for federal, state or local returns. Customers can manage their company tax operations when they have purchased a license of the application. A license copy provides access to get the best use of the software. Customers can file for any number of times in a year with Lacerte tax software.

Advantage of Lacerte tax solution:

Customers should contact Intuit to get a license of the tax software. When a user has no knowledge on the software Lacerte, they must learn through the various methods provided by the Intuit for knowledge gain and to learn the process of company operations. Free trial version is 30 days free use of the software on any device. Webinars and tutorials are other sources to learn the tax filing process. Lacerte tax software can install on any system so users do not need to configure setups because it's compatible to most devices. All devices like mobiles, tablets and laptops are compatible to Lacerte software hence users can file the tax return with any device they prefer. Lacerte software is easy to file the taxes and makes faster tax filing system for small and medium enterprises. It can integrate with other application flawlessly thus making quick data processing. Lacerte hosting is the method to access the application as on cloud or desktop which business owners can decide based on their needs. Lacerte tax cloud hosting is web based solution which runs from remote servers online. Lacerte hosted on desktop is operated from premises which in-house desktop hosting system and managed by accountants and professionals on local servers while it is said to have high cost of operation.

Lacerte tax cloud is easy accessible for users and tax professionals as online hosting is active anywhere anytime because a device with internet connection can connect the system. Lacerte tax cloud server is managed by hosting providers on subscription. Anytime anywhere access feature is best solution for users to work from home, cafe or during travel on any device they prefer. Software updates to Lacerte tax application is automatically done by the software and users get complete track of the tax filing on small devices. Cloud hosting providers offer security, backups, data management and 24x7 customer support.

I am Jim Colson, a professional Content writer in Sagenext Infotech LLC. I have panoptic experience in writing about Lacerte Tax Cloud , ATX hosting, and Drake Tax Hosting .

Tax Updates For 2010

There are many laws constantly changing with the IRS. At Online Tax Pros we stay up to date with the latest tax changes so we can relay them to you, The Public. Here are some of the most recent tax updates for 2010:

Earned Income Credit

The maximum amount of the credit has increased. The most you can receive for 2010 is: -

$3,050 with one qualifying child -

$5,036 with two qualifying children -

$5,666 with three or more qualifying children -

$457 if you do not have a qualifying child

Earned income amount increased. The maximum amount of income you can ear & still receive the cedit has increased also. You may qualify for this credit if: -

You have three or more qualifying children & you earn less than $43,352 ($48,362 if married filing jointly) -

You have two qualifying children & earn less than $40,363 ($45,373 if married filing jointly) -

You have one qualifying child and you earn less than $35,535 ($40,545 if married filing jointly) -

You do not have a qualifying child & you earn less than $13,460 ($18,470 if married filing jointly)

The maximum amount of investment income you can have and still receive the credit remains at $3,100 for 2010. If you get the advance payments of the credit from your employer with you pay, the total advance payments you get during 2010 can be as much as $1,830

Economic Recovery Payment

If you receive any economic recovery payment during 2010 it is not taxable. These $250 payments were made in 2010 to people who: -

Received social security benefits, supplements security income (SSI), railroad retirement benefits, or veterans disability compensation or pension benefits in November 2008, December 2008, or January 2009. -

Live in the U.S. States, the District of Columbia, Puerto Rico, Guam, the U.S. Virgin Islands, American Samoa, or the Northern Mariana Islands -

did not receive an economic recovery payment in 2009

If your married an you and your spouse both meet these requirements, each of you may get a $250 payment. If you are entitled to a payment, you will automatically receive it, you do not apply for it. However, any payment you receive will reduce your making work payment credit.

Residential Energy Credits

Nonbusiness energy property credit. This credit, which expired after 2007, has been reinstated. You may be able to claim a nonbusiness energy property credit of 30% of the cost of certain energy-efficient property or improvements you placed in service in 2010. This property can include high-efficiency heat pumps, air conditioners, & water heaters. It also may include energy-efficient windows, doors, insulation materials, and certain roofs. The credit has expanded to include certain asphalt roofs and stoves that burn biomass fuel.

Limitation. The total amount of credit you can claim is limited to $1,500.

Residential energy efficient property credit. Beginning in 2009, there is no limitation on the credit amount for qualified solar electric property costs, qualified solar water heating property costs, qualified small wind energy property costs, & qualified geothermal heat pump property costs. The limitation on the credit amount for qualified fuel cell property costs remains the same.

Itemized Deductions

The limit on Itemized deductions expired in 2010. However, under current law, the limit on itemized deductions will resume in 2011 at pre-2006 levels.

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