Procrastination of tax returns is not a unique phenomenon. In fact, a lot of tax payers file their tax returns in the last two weeks before the deadline. Filing tax returns earlier than the deadlines is better as you are not rushed and chances of making mistakes is also lower. However, if you are racing against the deadline clock for your returns, here are some tips to help you get through.
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Small businesses with employees must withhold some of every employee’s paycheck to pay taxes to the government. At the top of the list are federal, state and local income taxes. Plus, the employer is also responsible for federal and state unemployment taxes, and their share of FICA taxes.
Additional taxes include the employee’s share of Social Security and Medicare taxes that make up the FICA contributions.
Now, a payroll provider could handle this withholding for you. This way, you never forget to withhold the correct amount from employee paychecks. Read More
For those of you who may have to fork over some additional funds to Uncle Sam, there are several options available for making payments.
If you can’t pay your tax bill in full, a payment plan may be an option. Additional information about all payment and payment plan options can be found at www.irs.gov/payments and in Publication 5034, Need to Make a Payment? (English & Spanish).
The IRS also offers taxpayers the ability to pay using their mobile device through the IRS2Go app, available on the Apple or Google Play store. Read More
Filing taxes for the first time? Don’t let all the experts and jargons overwhelm you. At the end of the day, if you understand some very basic points clearly, you shall pass this test as well. If you are out of the college or just took your first job, it is eminent that you take this step with a lot of seriousness. But not to a level that it becomes a mental block for you. We have outlined some simple tips for you to get through this.
Should You File? Read More
Being a contractual or project based employee has quite a few benefits when it comes to taxes. For an instance, you are eligible for a few tax deductions without even having to itemize the same. The following are some great ways of saving money on tax dollars if you a contract and/or project based employee.
Include Business Expenses
A lot of contract employees either shy away or are too skeptical when it comes to deducting business expenses from their returns.As a project based or contract employee, it is imperative that you keep a track of all your earnings throughout a year. If you can manage, having separate cards and accounts for business and personal usage would be ideal. Read More
With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher.
Timing income and expenses can be a little more challenging for accrual-basis taxpayers than for cash-basis ones. But being an accrual-basis taxpayer also offers valuable year-end tax planning opportunities when it comes to deductions. Read More
For self-employed individuals, there are a lot more steps involved when it comes to taxes than for most people. Here are some tips to help you keep as much of your hard-earned money as you can.
Year-end tax planning is slightly different this year due to the proposed changes to the tax system. Despite this uncertainty however, there is still plenty that expats can do before the holidays to make their lives easier in 2018. They can even save some money, too!
Generally, whenever a major disaster strikes in the United States, the president issues a declaration – which triggers some special tax breaks and extensions for those in the disaster area.
In this case, President Trump has issued declarations for 9 disasters, since taking office. We know there will be one for Hurricane Irma. But, so far, he has not issued the usual declaration for the Los Angeles – La Tuna fires. (But that’s a whole other discussion.)
An Achieving a Better Life Experience (ABLE) account provides a tax-advantaged method to save for disability-related expenses. Earnings in an ABLE account are not subject to federal income tax and, in most cases, state income tax as long as the withdrawals are used for qualified disability expenses.
Qualified disability expenses relate to disability or blindness and seek to maintain or improve the beneficiary’s “health, independence, or quality of life” and include: education, housing, transportation, employment training and support, assistive technology, personal support services, health, prevention and wellness, financial management, administrative services, legal fees, expenses for oversight and monitoring, and funeral/burial expenses. Read More
What is the cost of asking tax questions? How can I avoid huge fees when I have a “simple” or “quick” question?
One of the things that often creates unnecessary friction between clients and advisors is the cost versus value of advice asked for and received.
Are you one of the millions of Americans who hasn’t filed (or even started) your taxes yet? With the April 18 tax filing deadline quickly approaching, here is some last minute tax advice for you.
1. Stop Procrastinating. Resist the temptation to put off your taxes until the very last minute. It takes time to prepare accurate returns and additional information may be needed from you to complete your tax return.