Goods & Services Tax (GST)
The goods and services tax (GST) is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the product pays the sales price inclusive of the GST. The GST portion is collected by the business or seller and forwarded to the government. It is also referred to as Value-Added Tax (VAT) in some countries. Most countries with a GST have a single unified GST system, which means that a single tax rate is applied throughout the country. A country with a unified GST platform merges central taxes (e.g., sales tax, excise duty tax, and service tax) with state-level taxes (e.g., entertainment tax, entry tax, transfer tax, sin tax, and luxury tax) and collects them as one single tax. These countries tax virtually everything at a single rate.
Value-Added Tax (VAT)
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities.
Individual Tax
Our firm is devoted to providing integrated year-round tax services with a focus on planning. Tax preparation occurs after year end when many opportunities for savings and planning expire. Consultation during the year and predictive forecasting for future years allows us to identify maximum Federal and State tax savings. Let us be an integral part of your overall financial planning – we partner with other advisors to bring holistic results. Tax is one of the largest annual expenses for many people – our services will help you navigate it and avoid missed opportunities and penalties. Tax Preparation, Filing, and Compliance. Planning and Transaction Structuring. Communication and Consultation with a dedication to outstanding Service.
Business Tax
Legislative changes occur almost yearly. In a tax landscape constantly in flux, let us be your foundation. Small and medium-sized businesses carry a heavy administrative burden – our firm will bear the responsibility so that you can focus on running your business. Beyond process and filing – tax savings are what matter. Accounting and recordkeeping solutions are part of our process – the best defence against audits and compliance risks is a robust system of documentation. Planning for cash expenditure in the most tax efficient manner means you are getting the best return on your dollars. What can your business achieve? Business Tax Preparation, Filing and Compliance. Information return filing. Payroll and Affordable Care Act compliance. International organization structuring.