2011 Taxes to 2024 Taxes

Tag: Small business

  • FreeTaxUSA- Prepare your Taxes Yourself

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    There are several tax preparation programs available online.  Let’s begin with a very simple and a detailed review.

    Anyone can benefit a lot from tax return software, as they are:

    • Simple to fill in and submit the correct tax application;
    • Help in attaining bigger refunds;
    • Make simpler deduction in medical expenses;
    • Displays your present refund amount;
    • Even though you have changed the work, these services help you with right tax application.

    All these online tax preparation services have easy to use systems, modern interface, best knowledge base as well as live support if in case you have more questions or problems filling out tax application.

    Here are 3 most popular and top selling services: 24 Hour Tax, FreeTaxUSA, and without any doubt TurboTax. All these services might not seem familiar to you, but they have helped million of people across the world in getting their tax refunds in very easy and fast way. It’s best for both personal as well as small business taxation.

    But the question is about the pricing; again you don’t have to worry as it is really cheap. Mostly, each one of these services has altogether different pricing packages, beginning from Basic and going up to different Professional plans. Usually subscription depends on monthly or annual payments. In few cases, for instance Turbo tax, you can buy it as tax audit software by giving onetime fee.

    Now how to begin with getting fast tax refunds? Here are few steps for you:

    • Check out all the three services, compare their prices and find out the most suitable plan for you.
    • Subscribe with the service; it is always better to pay yearly, usually it is much cheaper than those with monthly payments.
    • Fill in the tax application and submit it using your chosen service
    • Systems will provide you guidance in terms and conditions for receiving the refund.
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  • The Supreme Court Decision On Healthcare Will Affect Taxes

    The nation waits for the Supreme Court to announce the ruling about health-care. Many wonder how their ruling will change taxes?

    Not only does the Supreme Court decide about the Affordable Care Act, but also taxes. How will their judgement change taxes?

    The law must include tax cuts and increases. Even if the individual mandate is eliminated, the taxes would go on. Unless the Supreme Court eliminates the entire healthcare bill.

    The mandate tax will be the punishment people would owe for not buying insurance. The High Court must decide whether it is considered a penalty or a tax.

    There are important ACA tax cuts for small businesses that will help with purchasing insurance for their workers. There was over a million dollars spent on lawyers and fees to challenge the healthcare law by the NFIB.

    Is it practical to have the subsidy if the Court overthrows the key elements of the reform? It is a sure thing that the NFIB will agree.

    The law contains many tax increases, that includes the excise tax on top-value, employer-sponsored healthcare plans which will start in 2018. There is be a provision that will make it harder for people to itemize medical costs.

    There are a couple of other tax increases. The first increase is a .9% Medicare tax for those making above a certain threshold. This money would finance the elder care health system. The other is the 3.8% tax that households who have non-traditional income will have to bear. Some feel this is a surtax and the real purpose is to bankroll part of the cost of the ACA.

    The Supreme Court decision may hit upper income families hard. In 2013, the two levies would hike taxes on households making $500,000 to $1 million, their taxes would increase by $4,600. For those making more than a million they would pay $41,000 in taxes.

    Even for lower income families, there will be a tax. Married couples making over $250,000 combined, and single taxpayers making $125,000 will face a brand new tax. Households needing to pay these taxes over the next decade are going to double in number, because inflation is not taken into account. It will reach 4.6% from the 2.4% that it is now.

    These tax provision should not be forgotten, even if the Supreme Court leaves them untouched. I think we shall hear about them again.

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  • Make the Best of Your Small Business Tax Deductions

    End-of-the-year accounting can be difficult enough without the added stress of doing taxes for your small business. By gaining a clear and concise understanding of how you can make doing completing taxes for your company a simpler task, you can easily take the headache out of tax time. Follow these easy suggestions to simplify the filing process for your small business and grasp a better comprehension of how strategize your company’s tax strategies.

    Prepare Along the Way

    Waiting until tax time rolls around to prepare the necessary documents and get your business’s accounting updated is a struggle waiting to happen. Instead, make sure you file documents, receipts and information as the year progresses so that they are easy to find and use when they are needed by an accountant or company employee. Take the time, each month or even each employee pay period to make sure accounting books and documents are up to date, filed correctly and completed as expected to make things much easier for you when it comes time to file.

    Accept Payment Later

    At the end of the year, you could have payments that you expect to receive from customers or other businesses. If it is at all possible, try to accept payments in January of the following, rather than December so that the income is received in the next year rather than the current period that you will be filing for. Accepting payments a little later can save you some serious money that would otherwise cost you more in taxes because of its status as additional income.

    Buy What You Need, Now

    Your company goes through all kinds of supplies as the year goes on. But buying any of the products or goods your small business needs before the year ends is a good way to increase some of the deductions you can file for when tax time arrives. If you have accounts that are due soon, pay them before the year ends so that you can claim them as an expense on this year’s tax return. Any purchases that can be made early, such as travel arrangements, supplies, services or bills, will benefit your tax status by offering your business additional deductions.

    Note Damages or Wasted Goods

    Your business will endure waste. No matter what extent you endure damages or depleted supplies and necessities, make sure that you take note of your inventory, keeping track for use when it becomes time to file your taxes. Even goods and equipment that endure marked drops in value can be used on your taxes to create possible deductions and aid your overall financial situation.

    Teresa is an attorney and an entrepreneur. She works for a company that assists people with audit representation. Visit her website to find more information on wage garnishment, audits and settling back taxes.

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  • Tax Tips for Consultants

    Finding the right tax tips for consultants can sometimes be the difference between success and failure. Taxes can be a painful and expensive part of doing business as an entrepreneur. The government will always get its portion, but knowing the rules and making the most of them can help reduce the amount that has to be paid when April rolls around.

    Becoming aware of certain tax benefits can give consultants and other entrepreneurs the needed boost to finances. It is always a good idea to take some time to talk to a tax professional to be sure that all possible angles have been covered and all regulations have been meet when it comes to dealing with the tax code.

    Top Tax Tips for Consultants

    1. Working from home means a wide range of things to entrepreneurs. To make the most of tax deductions, it is important to set aside a space that is used for the business. Having a designated office space will allow the entrepreneur to deduct a portion of household expenses (including mortgage payments, electric bills, and even housekeeping) that is equal to the portion of the house dedicated to the business. Measure out the office space and get that figure, along with the total square footage of the home, to the accountant.
    2. Technology can do more than help run a business. The cost of doing things in this day and age can also serve as major tax deductions for consultants. Internet service, cell phone connections and even television may all be candidates for tax deductions for consultants. The major issue is always whether or not the service, space or product is used mainly or in its entirety for the business. Personal use of an item or space will decrease the amount of the value that can be used towards a tax deduction.
    3. Many work from home consultants choose the path in order to care for their children in the home. It can still be a benefit to deduct some expenses that might be associated with childcare. When a business person hires someone to work in the home to help care for the children in order to free up time to work, that employment can usually be deducted as a business expense. Even day camps, that go on while the parent is working, can be deducted in the same percentage as traditional childcare.
    4. Equipment deductions and credits are still available for many businesses. Special exemptions have been made to allow small businesses to expand. The cost of expansion can be calculated into a tax credit when taxes are filed in the New Year. Equipment can also be deducted in full, or may have to be deducted over the life of the equipment (usually five to ten years). Keep in mind that the income from sales of equipment that has been used for deductions will count into the gross income of the business for the year that it sold.
    5. Mileage costs can add up for consultants. Driving to meeting or even just to the post office can drive up the cost of doing business. Investing in a log that helps keep track of ever trip and any additional costs associated with the trip (like meals) will make it possible to use the mileage on tax forms that could result in large deductions for the business.

    The more funding that a business can save through credits and deductions then the more potential earnings that may be discovered. Changing a few techniques can save big money for entrepreneurs. The right tax tips for consultants can be the difference between financial success and monetary ruin for a business.

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    p class=”byline” style=”font-style: italic;”>Author Byline:

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    p class=”MsoNormal”>Mark has been in personal finance for 4 years, he currently blogs about the best places to find an online insurance quotes.

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