April always appears sooner than expected, and if you’re just not ready to file that tax return, getting an extension is easy.
Some states require that you file an extension application separate from the federal tax extension. If so, you’ll have to contact the tax authorities in your state to check the status of your application. Simply call the taxpayer service number and ask the service agent if your papers arrived on time.
As a 1099 contractor, no taxes are withheld from your paycheck or sent in for you by an employer, so you are responsible for paying the full portion of your federal income tax, Social Security and Medicare taxes on your own.
This doesn’t sound great for independent contractors, but there is an option to remove a great deal of the financial burden and actually save you a lot of money in the long run.
In light of the recently passed tax bill, many people are asking themselves: “How will this affect me/my business?”
The truth is, there is no one-size-fits-all answer or solution because the bill will affect everyone differently. This situation requires custom advice from professionals who know you and your unique financial situation. The greatest piece of advice we can give is this: don’t try to figure it out for yourself! These new regulations are tricky, and we recommend using a professional tax service to make sure your taxes are handled correctly.
Here is an overview of changes taking place in healthcare this year and how it may affect corporate or individual tax returns.
High- income taxpayers may be affected by two new Medicare surtaxes.
Estate and gift tax rules were set to expire in 2013 causing some individuals to go into a state of panic late last year. No one knew how their plans might be affected by the uncertain actions of Congress.
When you mention insurance to people, the first thing that usually comes to mind is auto, health, home and life insurance. The type of insurance that many people don’t think about is disability insurance. You never know when your income will be deprived due to an accident or illness. Statistics show that your chances of being disabled for three months or longer during your working years are 3.5 times greater than your chances of dying during the same period.
Here are five suggestions for singles on Finances:
You can’t deduct contributions to an IRA if your adjusted income exceeds certain levels in 2013 ($69,000 for singles and heads of household; $115,000 for married people filing jointly) and you are in a company retirement plan. Contributions can still be made up to the usual annual limits, but they are not deductible.
Approximately 1.11% of 2010 individual tax returns were audited in 2011. This was the same for the previous year. The rate has stayed around the 1% mark for many years, but what are your chances of being audited?
If you are planning a wedding, you probably do not want to hear that there could be a penalty for being married. However, the amount of taxes that you pay after you marry are affected by the various provisions in the federal income tax code. This is called the “Marriage Penalty.”
In some cases of married couples, the individuals pay more taxes as a couple than as individuals. The starting dollar amount for each federal income tax bracket is the factor affecting this tax scenario or reality.
Consider the tax advantages that S corporations could bring to your small business.
S corporation’s are defined as a regular corporations that rather than being taxed at the corporate level, have opted to have all income or loss passed down to the personal tax returns of its shareholders. S corporations have the tax characteristics of a partnership, but also provide the legal liability protection of a corporation.
One third of small businesses fail within the first two years, according to the Small Business Administration, and within the first five years more than half of businesses fail. It pays to look at your business, the marketplace, and more than anything, yourself from an honest perspective. Avoiding these mistakes will increase the survival rate of your business.
Do you own or manage a small business? Have you thought of hiring your child(ren) for the summer? We are not talking about breaking child labor laws here but if you do it right, everyone wins.
Kids can gain valuable real-life experience in the workplace while earning a little extra money over the summer. Your business will have extra help or someone to fill-in while other employees take vacations. And, there might be some tax advantages if it is a family business.
DON’T MISS THESE TAX-CUTTERS ON YOUR 2012 RETURN
As you assemble the paperwork you’ll need to file your 2012 tax return, take a minute to review some last-minute moves you could make to cut last year’s tax bill. Also, pay attention to deductions you shouldn’t overlook. Here’s a quick checklist.
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NEW TAX LAW SIGNED AS NEW YEAR ARRIVES
The American Taxpayer Relief Act of 2012 was signed by the President on January 2, 2013.
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I thought you might find this quick listing of selected expired/expiring tax provisions useful. As you know, Congress could pass legislation at any time extending or revising any or all of these provisions.