Year End Tax Plan Template is a MS Excel 2003 Template that allows you to plan for year end tax. That is going to be payable by you or your office owner. This is accounting related template best suited for those dealing with tax related activities.
The concept of tax is not new, in fact, it is in practice since the ancient times. The great empires and civilizations all hold records of charging the citizens with a minor amount. This tax was per annum in lieu of tax for the government for providing them with security and safety of life. Periods of Greeks, Egyptian, Chinese civilizations, and the rule of Britain all over the world have history of charging tax. Tax is still in practice all over the world. It plays an important role in successful running of governments and stability in their economy.
This is a general practice that taxes are charged after every year. However its not true for all taxes. Like sales taxes and customer duty taxes that is charged at the moment of buying and selling. We here are talking about taxes like income taxes, taxes on property, bank saving taxes etc. These are calculated every year depending upon the revenue of people or companies. More money one has, the more tax he or she owes to the country and the government.
Free Year End Tax Plan Template
Here is preview of this Year End Tax Plan Template created using MS Excel,
Tax paying and calculation is indeed a monstrous task for a common man and it is difficult for every lay man out there to calculate their profits, income or other revenue based taxes. This makes it difficult for people to plan for the tax paying at the end of every tax year or conversely the start of a new tax year.
To plan a year tax payment, it will be more suitable to say year start tax planning rather than year-end tax planning. Large companies have departments of accounts or they hire people at that time for tax calculation purposes and hence tackle this problem. Not everyone can do that, so here is what you can do if you are planning your tax payments for this year. First of all, if you are a businessman or run a small business, you will have the records of your daily sales. NEVER THROW THEM AWAY. Yeah, they are not just simple receipts or sale records; they are your fundamental tool to tax planning. On the basis of these, you get to know how much did you save and hence the profits will make it obvious for you to see what is the tax amount you are going to pay, once you get to know what is the tax rate applicable to you.
Uses of Year End Tax Plan Template
For people involved in governmental jobs, the income taxes are automatically deducted by your relative accounts office in your department of concern. So sit back and chill out because you do not need to worry about it.
In case of property tax, it is pretty easy to plan it because first, you cannot do anything to reduce it other than selling your property; that obviously is not an option. But yes, one thing that you can do is look up the tax rate applicable to your property size so that you might not be charged with wrong amount of money and you just should not pay it because they sent you a bill, and it was misprinted and you were ignorant.
So go on, be vigilant and know about your figures. Do not be an ignorant any more.
Here is its download link for this Year End Tax Plan Template,