22Nov 2019 by Robley Baynes
Tax Exemptions

Tax Exemptions

Tax
It's YOUR move now! It's important to know what's your next move as it pertains to your company's Tax Management Strategy. We are happy to evaluate the topic of exemptions to better equip you for success in 2019 and beyond. TAX EXEMPTIONS An exemption is a legally-allowed reduction of the reported amount of taxable income. The following are some examples of exemptions allowed in Trinidad & Tobago: A deduction from taxable income of a resident of Trinidad and Tobago where the total income does not exceed Seventy-Two Thousand ($72,000) which is the amount of the personal allowance for a year of income. Pensions - Those under the National Insurance Act. Interest for saving accounts accruing to resident individuals on saving accounts or on Bonds or other Similar Investment instruments. Depending…
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20Nov 2019 by Robley Baynes
Taxable Income

Taxable Income

Tax
Taxable or Non-Taxable?This is one question always on the mind of every business owner!We have chosen to inspect the question of Taxable Income on this week's post, better equipping you for success in 2019 and beyond.TAXABLE INCOMETaxable income is a taxpayer's gross income, minus any allowable tax deductions or exemptions.A tax rate is applied to the taxable income figure to determine the amount of tax payable by a taxpayer.Many types of income can be included within the taxable income classification within Trinidad and Tobago including the following:CompensationDividend incomeGambling winningsInterest incomeLottery winningsProfits from the sale of real estateProfits from the sale of securitiesTip incomeOther types of income that are not classified as taxable income, including the following:Child support paymentsIncome paid into a retirement accountInheritancesScholarshipsWelfare Benefits or GrantsWorkers' Compensation paymentsAs an entrepreneur…
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12Nov 2019 by Robley Baynes
Tax Avoidance

Tax Avoidance

Tax Avoidance
It’s critical that you understand Taxation Terminology and principles as an Entrepreneur. We are committed to providing guidance as it pertains to Organisational and Personal Financial Matters.Below are our view on Tax Evasion from the Accounting& Advisory Team at Robley Baynes Tax & Accounting Services.TAX AVOIDANCETax avoidance involves the use of legal tax planning techniques to minimize a taxpayer's tax liability. Examples of tax avoidance are:Purchasing qualifying assets which is Tax deductible under the Tax local provisions e.g. Solar Water Heaters.Paying funds to registered non-profit entities in order to use the related charitable deduction.Paying pre-tax income into a qualifying tax-sheltered retirement Pension plan or Annuity.Acquiring a mortgage in order to take advantage of the related tax deduction for 1st Time Property OwnersTax avoidance schemes can be reduced by adopted a…
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06Nov 2019 by Robley Baynes
Tax Evasion

Tax Evasion

Tax
It’s critical that you understand Taxation Terminology and principles as an Entrepreneur. We are committed to providing guidance as it pertains to Organisational and Personal Financial Matters.Below are our view on Tax Evasion from the Accounting& Advisory Team at Robley Baynes Tax & Accounting Services.TAX EVASIONTax evasion is the wilful avoidance or underpayment of a tax. Both individuals and business entities can engage in tax evasion.There are a number of ways to evade taxes, such as not reporting taxable income and overstating the amount of applicable tax deductions and tax credits.Those found guilty of tax evasion can receive substantial fines and may also be charged with criminal offenses that can result in a person serving time in jail.Tax evasion differs from tax avoidance, where a taxpayer is using legitimate methods…
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02Nov 2019 by Robley Baynes
Entrepreneurship and The Entrepreneur

Entrepreneurship and The Entrepreneur

Events
Entrepreneurship and The EntrepreneurThis is a rare opportunity to get FREE direct advice from Robley Baynes Partners and make valuable connections with other business achievers.This business forum for usually driven entrepreneurs and business owners looking to build and accelerate a high-impact, high-growth and high-performance enterprise.Dominate your market. Become the authority. Revolutionalise your industry. Influence your surroundings. Make an impact. Be the Industry Game-Changer. Transform your community.Register for FREE Entrepreneur Access Pass today. Click here - https://www.eventbrite.com/e/entrepreneurship-and-the-entrepreneur-tickets-81230128501Know a driven entrepreneur? Share with a friend!TO STAY CONNECTED FOLLOW US ON:  Instagram @ RobleyBaynesFacebook @ Robley Baynes Tax & Accounting ServicesLinkedin   @ Robley Baynes Tax & Accounting ServicesROBLEY BAYNES ● WE LISTEN ● WE UNDERSTAND ● WE DELIVER!Look forward to hearing from you!For More Info Call : ️(868) 368-8298(868) 364-2105
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