Free Online Income Tax Software For Small Business and Professional
Where to download free professional income tax preparation software? Which is the best online income tax software? It is the time of the year, time to pay our business income tax! Do you feel that you are spending too much time figuring out how to file your taxes? Are you confused by the jargon present in all these income tax forms? Try some of these freeware! I’ve compiled a list of free offline and online tax software with short reviews.
Online Income Tax Software
TurboTax – TurboTax free edition provides a simple software for calculating your tax online, this is perhaps the best income tax software for small business. It has a really helpful user interface, you don’t need much tax guidance. Unlike other free software, TurboTax calculate the best way to reduce your income tax and the maximum refund amount you’re eligible. TurboTax is available in both Windows and Mac platforms.
Open Source Income Tax Filing Software
Open Tax Solver – An open source income tax software, this is a simple and easy to use text based program to calculate your tax. The latest version includes tax form US1040, Scheds A, B, C, D, and forms for several states, as well as Canada and UK.
UK Tax and Finance – UK Tax and Finance is another tiny open source application suite for finance and tax related calculations in the UK.
Small Business Income Tax Software
TaxACT – TaxAct is a free online income tax web application and software that available both free standard online and free standard download version. With this free tax version, everything that you need to file your free tax return is included at no charge – prepare your federal income tax return, print your return, and take advantage of free efile for a refund in as few as 8 days. TaxACT is the pioneer of free tax software, with over a decade of experience.
Free Income Tax Software For Malaysian
Living in Malaysia? Don’t want to hire an accountant? Try TaxSaya, its an online income tax software and the best part is, it is free to use. No catch, no tricks. TaxSaya comes in three languages (Bahasa Malaysia, English, and Chinese), as oppose to the official LHDN government website with only 2 languages.
It is simple enough to use that even people unfamiliar with computers can use it! TaxSaya is created by people who are experienced in both software creation and income tax filing, so you can be assured that TAXSAYA is accurate. Visit TaxSaya website for more information, source via HorlicLim.
Tags: best income tax software, Income Tax, income tax filing software, income tax preparation software, income tax return software, online income tax software, professional income tax software, small business income tax softwareMalaysian Blogger MUST Pay Income Tax
Now, for the million dollar question, do we (Malaysian Bloggers, ebay entrepreneurs) need to pay income tax? Unfortunately ‘yes’, we have to pay income tax.
Contrary to popular beliefs, income remitted from outside Malaysia is exempted from Malaysian Government Residential Tax. However, this rumor turned out to be not accurate. This has been countered by bloggers and online entrepreneurs based on Clause 12 under the ‘Tax Exemption For Individuals’ which stated clearly that:
12. Income Remitted from Outside Malaysia.
With effect from the year of assessment 2004, income derived from outside Malaysia and received in Malaysia by resident individual is exempted from tax.
I believe, the true meaning of the above paragraph has been misinterpreted, based on my own understanding, what the LHDN tried to articulate is a person is exempted from tax if the incomes remitted from outside Malaysia had been taxed by the foreign government.
Based on an accountant’s (Ice Lim) telephone conversation with an officer from LHDN, the officer clearly elaborate in details to what extend a source of income falls under the category ‘foreign income’ and are tax excempted:
- The specific service must be provided outside of the country (Malaysia).
- You have to be a PR holder of a specific country and contribute to the specific country’s income tax. In other words, one must have a studio or resides in a foreign country.
Having gone through the article, I am still unsatisfied with the answer and took the trouble to write an email to LHDN for a more solid information, and the officer replied:
If you are a resident in Malaysia and only your server is based in the USA, then your income is subject to Malaysian Income Tax.
Let us hope that with all the information provided by the people from the LHDN and an accountant (ice lim), this would put an end to the rumor on bloggers are exempted from paying income tax. Simply put it this way, a person has to pay tax where he or she resides, this is because the person is making full use of the public facilities such as roads, proper waste management, police protection, general hospitals and many more.
The image above is the rates for resident individuals, for instant, if you earn RM5000 per month, your monthly taxable income is RM25.
Please be warned that it is not worth taking the risk by avoiding paying income tax. Tax evasion is a serious crime in Malaysia and in almost every country tax evasion falls under criminal law; the penalty depends on the amount of tax evaded by you and a harsh jail sentence. Do read this article – Businessman gets six months jail for tax evasion.
Should you require further assistance or still doubt about paying tax to our beloved corrupt Malaysian government, kindly contact them at 03-42893535, 03-42893600 or customer service centre 1-300-88-3010.
Tags: Adsense, Blog, Blogger, Exempted, Exemption, Google Adsense, Income Tax, Lembaga Hasil Negara, LHDN, Make Money Online, Malaysia, Malaysian
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