- Joined
- Oct 20, 2023
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- India
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- freeearning.net
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Important Update from the Founder: After a year of growth, changes are coming to Discussion Bucks. Read the full announcement here.
In my country, small businesses can make more than profits $3220 a year will be subject to income tax. So as long as your income is below non-taxable income, we only need to make a tax report.I'm compelled to keep a financial record on a monthly basis because the laws in my country state entrepreneurs must do so. I run a small business, so I must obey those laws. As soon as I earn, whether online, whether offline, I must fill the accounting entries.
That's the same here in the case of small entrepreneurs owning a VAT number. To fill the financial and tax reports is compulsory even when we benefit from tax exemptions. But there is the standard compulsory fee to the Social Security in any way (the only legal way to get a governmental pension).In my country, small businesses can make more than profits $3220 a year will be subject to income tax. So as long as your income is below non-taxable income, we only need to make a tax report.
If in your country there is a requirement to pay standard mandatory fees for social security, if the tax regulations are the same, it can reduce taxable income. so you will pay less tax.That's the same here in the case of small entrepreneurs owning a VAT number. To fill the financial and tax reports is compulsory even when we benefit from tax exemptions. But there is the standard compulsory fee to the Social Security in any way (the only legal way to get a governmental pension).
I do the same. All the electronic and digital transactions have made the work quite easy for people like us. It's convenient and tme saving. I use Excel sheets to plan my budget and track it.I don't do that manually. I just check the records electronically and back it up to the cloud to keep it safe from hacks.