Success Lifestyle Magazine Issue 9 June 2021 - Page 11

Are sole proprietors and corporations required to pay taxes on stock investments ?
Tips for Filing Taxes in Jamaica Camile Clarke
Phone calls can be deducted as businesses expenses , especially if you have a phone specifically dedicated to business calls . The point is to have relevant proof of the business calls .
There are many other things that you may be unaware are tax deductible . That ’ s why it ’ s best to speak with an accountant . Tax deductible items may differ from one business to the next .
What advice would you give to someone who is just starting a business in Jamaica ?
Get assistance from an accountant . Shana is a trained accountant who can help you accurately file your tax returns . She treats her clients like family and works with them to ensure they have the best possible outcomes . Her clients are often frustrated with trying to do everything on their own so they hand everything over to her .
With that said , you should pay attention to what your accountant is doing with your tax returns . Don ’ t just hand everything over blindly . Be curious and develop the financial savvy needed to understand your business ’ numbers .
Are sole proprietors and corporations required to pay taxes on stock investments ?
Definitely ! Money earned here is called dividends paid and would be classified as “ other income ”. Any income you earn , especially as a sole trader , is taxable .
Don ’ t be overwhelmed by a high tax figure . Your accountant can write to the TAJ on your behalf to ask for a waiver or extension if you can ’ t pay everything in full at once . The process may take a while but it does work . A full waiver may not be granted , but your accountant can request a payment plan on your behalf .
Finally , you should get accounting software , such as QuickBooks or PeachTree . Accounting software helps you keep accurate records . The monthly fees associated with these
Issue 9 : May 2021