As an individual, you may be familiar with the process of filing an income tax return each April. Like all citizens, businesses are required to file income tax returns and possibly pay income taxes depending on their structure. What should businesses know about filing tax returns and paying income taxes? Here are some ideas to get your finances in order and to help you get the best return possible for your business.
Tax season is a pain for everyone regardless of how long you’ve been filing your taxes. It’s a confusing, painstaking, and complicated process, particularly if you are a contractor or own a business. Fortunately, if you start preparing in advance, there are a number of ways you can make tax season easier on yourself. We share some tips on simplifying tax season and preserving your sanity here, in the hopes of making the coming tax season a little more manageable for you.
SaveYourRefund, a nationwide savings promotion, is awarding $35,000 in cash prizes to 101 winners this tax season for splitting and saving at least $50 of their federal tax refunds. You’re already working hard to save money on the SaveUp platform, and tax time is a once-a-year chance to save even more. Why not get rewarded for boosting your savings this year?
Tax season is fast approaching, and April 15th will be here before we know it. In an effort to help you prepare, I’d like to answer the following question: When can you file taxes on your own and when should you consider hiring a tax professional? Also, what should you look for when hiring a tax professional?
If your situation is straightforward…
For instance, you’re single, without children, don’t own a home, have W-2 income, and you’re comfortable doing your own taxes then go for it! You’ll probably save money and file your own taxes efficiently using online software.
If your situation is more complex…
If you own a house, have investment real estate, own your own business, or have other complexities or simply don’t feel comfortable filing on your own, then consider hiring a tax professional. Also, ask yourself the following: Is your marital status changing? Are children now in the picture? Have you moved to a new state?
It’s summertime, and taxes might not be foremost on your mind. However, there are some uncommon tax credits and deductions that can help families save. Did you know the price of summer camp is a potential tax credit? In this post I’ll examine three tax deductions that might prove beneficial come April 2014. I spoke with Meredith Johnson, CPA, CFP ® at Burr Pilger Mayer, who offers her insight on this subject.
We can all be relieved that tax season is over. However, what if it dawns on you that you made a mistake? Don’t panic just yet. I asked Meredith Johnson, CPA, CFP ® of Burr Pilger Mayer for her input, and below is a summary of her expert advice.
According to Meredith, “There are a number of reasons why a return might need to be corrected. Perhaps you received a corrected 1099 or W-2. Maybe you didn’t realize that you were eligible for education credits, or you simply made a math error. The important thing is that you contact the IRS before they contact you, especially if the correction means that you will owe additional tax.”
Last year’s taxes are due very soon…this coming Monday, April 15th. It’s down to the wire! That’s why I spoke to Sanae Kennedy an enrolled agent (EA) and trusted tax expert. She recommends the following tips for those of us who are tax procrastinators or haven’t filed yet for one reason or another.
Stressed to the max? File an extension.
If you can’t complete your taxes by the 15th there is no need to panic. Perhaps you can’t find some receipts or misplaced a W-2. An extension will buy you some time. It will give you an additional six months to gather and organize all your tax documents. It’s important to have adequate documentation before you file. So, if you’re not organized just yet, go to irs.gov and fill out form 4868.
Are you receiving a tax refund this year? Here are some tips to help you effectively allocate this money to improve your personal finances!
First, you want to pay off credit card debt or other high interest rate or short term debt. You can prioritize multiple loans by highest interest rate or lowest balance. Then put your return toward the loan that is at the top of your list.
If your credit card spending is out of control, wait 48 hours after you see an item you want and before you purchase it to think about whether it’s something you actually need. Or you could freeze your credit cards in a block of ice–that way they aren’t readily available for impulse spending.
The April 15th tax deadline is upon us, and taxes are the foremost personal finance subject we tend to think about this time of year. However, there are bigger picture financial topics that taxes can make us aware of, such as retirement. Here’s a look at taxes in conjunction with retirement issues.
Retirement is one of the most common financial planning topics, and it’s never too early to start preparing for a secure retirement. There are various types of retirement accounts that have tax advantages that can help retirement funds grow over time. I’ll cover a few of the most common types as they apply to taxes now and in the future.
What March Madness Can Teach You About Retirement Saving – Are you as excited about March Madness as we are?! This article from Forbes explains how we can apply the way we think about March Madness to our retirement plan.