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Business Taxation: Why You Need To Know It

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Have you ever wondered where the government gets it fund for the allocations of its infrastructure developments and social projects?

The economic growth of every country can be affected or directly stimulated by government policy like business taxation. Taxation is one of the primary sources of public finance.

tax

The objectives of government taxation

Business taxation plays an important and fundamental role in the lives of a country’s citizens. Taxes that are paid by businesses aid with the financing of public expenditures to several government functions such as public works and social development programs. Moreover, it also has significant impact to the economy. It helps to provide more job opportunities to its citizen.

All business taxpayers should know that their taxes increase the economic growth and job creation in the private sector. At the same time, they should also realize that they also benefit from government programs in return for their tax cost.

Types of business taxation

Basically, the type taxes you must pay and how you pay them depend primarily on the kind of business or businesses you run. The following are the general types of business taxations:

1. Income tax – an annual income tax return should be filed by any business except for partnerships because partnership businesses submit an information return. If your business is using the withholding method of tax settlements, you may pay your taxes as you earn your income.

2. Self-employment tax – this is considered as the “most-liked” form of tax for taxpayers because of the wide coverage it provides them. Self employment or SE tax is a social care and Medicare basically for someone who works for himself. These benefits include disability insurance, hospital insurance, retirement and death insurance.

3. Employment taxes – it is the responsibility of a businessman who has employees on his or her disposals to face his or her employment taxes responsibilities. Employment tax covers Medicare and social security taxes, federal unemployment tax or FUTA federal income tax withholding for his or her employees. However, when it comes to the social security and Medicare taxes, the employer only pays half of the exact tax payment while the rest is paid by the employees through deduction from their monthly paycheck.

4. Excise tax – excise taxes are taxes paid when you purchase certain good particularly gasoline and other fuels. They are usually included in the price of the commodity a certain business buys. There are several broad categories of excise tax which includes the following:

  • Fuel taxes
  • Air transportation and communications taxes
  • Manufacturer taxes
  • Environmental taxes
  • Trailers, heavy trucks and tractors’ first retail sale taxes

Generally, the business operation determines when and what type of tax a person has to pay.

In conclusion, it is part of your duties and responsibilities as businessman to settle all your business taxation responsibilities on time. In fact, tax evasion is greatly considered as a crime by several states and correspond a certain amount of penalty. However, paying taxes is not only to get avoided from legal penalties, but to help the government to raise funds for the public services.

Business

Osaka Takoyaki Seller Cosplays To Grab Customers’ Attention – Makes Sales Go Sky High

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Cosplayer Image

Food stalls in Japan have such a huge market and the competition is not a joke. It is tight, especially in Osaka, one of the busiest cities in Japan.

Japan is the place to be for food lovers. There are so many food options and all of them look and taste so good. Tourists are attracted to their products because of their cute presentation and of course, good taste quality.

Osaka, Japan is where many tourists head to. There are so many food stalls along the streets, making the city very colorful and lively. Everybody just wants to pay for some good food experience.

But unknown to many, a lot of businesses suffer due to the lack of exposure.

Strategize

What should a good businesswoman do to stand out?

Business owners do so many creative things to attract more customers. This helps their businesses increase their sales and profits. But not all are lucky to excel in the food business in Osaka.

Cosplayer1
PHOTO CREDIT: Twitter

So, this female Takoyaki business owner, Yukio, took an initiative to level up her business! She used her charm and of course, her natural takoyaki slipping skills.

Osaka is home to anime lovers. And because of this, Yukio changes up her look while flipping Takoyaki in her food stall called Goonies. This magnetizes people to watch her and eventually buy some of her good Goonies.

Cosplayer2
PHOTO CREDIT: Facebook

Her cosplay attracted customers and soon enough, her sales became so much bigger! A video of her flipping her takoyaki wearing a costume became hot on the internet and gained 1.9 million views on social media.

The short video clip became viral as it has been shared thousands of times. Who could not resist such a cute seller, right?

Almost everything that Japan sells is picturesque and of good quality. There is no reason not to travel there and find such worth items to try!

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Business

No More Lost Packages: Amazon Now Confirms Package Delivery By Taking a Photo of Your Front Door

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The internet revolutionized the way we shop. Online shopping makes life more convenient. More and more people these days prefer buying things online rather than the conventional way of going into shops.

Shopping online gives you cheaper deals and better deals since the products come to you directly from the seller or manufacturer. Many online shops also offer discount coupons and rebates. One of the largest and most popular shopping websites worldwide is Amazon.

The choices you can find on Amazon is amazing. You can find gift easier with fewer expenses. From books to posters to rare finds, Amazon has it all. However, not all people have great experiences purchasing stuff online. There were items that went missing in action after the delivery man drops their items on the door.

Shopping online is cheaper and more convenient.
Shopping online is cheaper and more convenient.

No More Lost Shipments

Most people, at some point, have had to play detective when the item they ordered online just went missing. Although it is stressful at most times, losing the items you paid for using your hard-earned money may just be a thing of the past, thanks to the trial that the online retail giant is rolling out.

To avoid packages going AWOL, Amazon recently completed their Amazon Logistics Photo On Delivery programme in the United States and will be carried out in the United Kingdom soon.

Unfortunately, some packages get lost during delivery.
Unfortunately, some packages get lost during delivery.

How Does It Work?

The delivery driver would need to take a photo of your front door to help you find the packages easier. This initiate came after the online company bought smart doorbell company ring, a company that records footages of front doors, for a staggering £700 million.

The online retail giant updated its delivery device and app being used by their delivery personnel. All logistics drivers can now take photos of your home. These photos are loaded onto the Amazon server and drivers and deliverymen don’t have access to them.

Once the package arrives, the customer will receive a photo along with a notice of delivery. That notice includes a photo of your door with the package lying on the floor.

If you think it is invading your privacy already or adding the photos is a little too much, you can opt to have this additional service removed from the Amazon’s website.

Will the new service decrease the number of lost shipments? [Image Credit: tom_bullock / flickr]
Will the new service decrease the number of lost shipments? [Image Credit: tom_bullock / flickr]
On the “Your Orders” section, simply click “Don’t take delivery photos.”

No more lost packages, yes to happy purchases. Do you think this new service from Amazon is good?

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Business

Malaysian Boy Quits School to Become a Farmer, Now a Millionaire Who Farms Cows

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While most people want to finish their studies to become successful in life, as is the common belief, one student in Malaysia only thought of becoming a farmer. He so wanted to be one that he quit school at Standard 6.

But you can’t become a farmer without capital and if you have no land. So, this young boy, Saipol Azmir Zainuddi, first became a construction worker to earn money.

Saipol’s monthly salary was RM750 ($190) per month but for his first salary, he didn’t splurge on a new gadget or treat his friends to dinner at some popular restaurant in town. Instead, he bought a calf.

Photo credit: Pucuk Paku / World of Buzz

Each month, thereafter, Saipol would buy a calf which his father would take care of.

Although I dropped out of school way earlier than my friends, that didn’t break my spirit, because being a farmer has always been my dream,” he revealed.

By the time I was 18, I’ve already had 300 cows. During that time, my father and I raised and sold cows to villagers. I saved up all the profit made because it has always been my dream to own a farm.

At this point in time, he was already finding success as a farmer and had quit being a construction worker but he dreamed of expanding his farm; thus, he took a loan of RM100,000 ($25,600) to buy a 0.8-hectare land for his cows.

With hard work and determination, the poor Malaysian kid became a millionaire! Today, at age 33, he owns at least 30 buffaloes, 700 cows, and 150 goats.

Photo credit: Pucuk Paku / World of Buzz

Last year alone, he earned at least RM1 million ($255,900). But what’s really impressive is that he isn’t selfish at all. Even now that he’s attained success, he is willing to share his knowledge with others and readily coaches anyone interested to know how to run a business like his.

While we don’t advocate quitting school, we encourage everyone to follow their dreams because it can lead to success…

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