The IRS requires you to meet specific obligations when hiring a new employee. Here’s a list of what you need to know to do
Proof of Citizenship
You need to confirm that every new hire is allowed to work in the US. To confirm this, you and the employee will need to complete the U.S. Citizenship and Immigration Services (USCIS) Form I-9, Employment Eligibility Verification. An I-9 form is available at USCIS offices or you can call 1-800-870-3676.
Read More
Employers are required to give you your W-2 by January 31st. Here’s what to do if you don’t have it.
You should follow the four steps below if you’ve not received your W-2 from your employer.
Read More
If you’re taking a vacation, you can rent your house out while you’re away. You can make money and have a housesitter all tax free.
The IRS allows you to rent your home up to 2 weeks without having to pay income taxes. This can be an ideal scenario if you’re concerned about leaving your house empty for 2 weeks. You can use an online service like AirBnB to find qualified people to rent your house.
Read More
What's type of loan is ideal for big ticket items?
An equity loan is best for those who own their home. Interest paid that comes from credit card debt and auto loans are not eligible for reducing your taxable income. However, you can use the interest from an equity loan on your home to reduce your taxable income. So if you want to buy a car, you could take an equity loan out on your home and buy a car.
Read More
Great tax management is keeping and receiving all the money you’re entitled to while meeting your legal obligations. Here are some common mistakes you don’t want to make.
Read More
The best way to plan for taxes is to start at the beginning of the tax year. So it’s important to know how the tax laws change so you can plan to take every advantage to keep as much of your income as you’re entitled to.
What’s New for Business Owners
Read More
If you have neglected to file past taxes, you’ll be surprised it isn’t as stressful as it you might think.
However, the longer you wait to deal with paying your taxes and filing a claim, it just gets more expensive. It’s best to take care of it now. You’ll be so happy you did!
Even if you know you can’t pay all you owe, it’s best to make sure you file on time as you may qualify for a payment plan. However, paying by the due date is the way to go about paying the least.
Read More
You may be eligible for a deduction when making your itemized deductions if you incurred a significant amount of healthcare and dental cost costs last year.
If your health care costs were over at least ten percent of your yearly gross income, there are several things that you can deduct:
Read More
You may not even be aware of the term, “Advance Premium Tax Credit,” but you definitely need to understand how it impacts the amount of taxes you could owe or how much of a refund you may be entitled to.
Not only has the Affordable Care Act (ACA or ‘Obamacare’) impacted Healthcare, it has had a significant impact on taxes as well. Here’s what you need to understand about Obamacare works and how that affects your taxes.
Penalties
Read More
For most newly divorced people, doing taxes the following year after the divorce brings up important questions that can be stressful. Here’s what you need to know to successfully make the transition.
Taxes can be complicated after a divorce due to the divvying up of assets and splitting income as well as paying or receiving alimony. If you have kids, it get’s even more complex.
Read More
Your guide to goods and services expected to increase in price in 2015.
Abraham Lincoln once said, “The best way to predict the future is to create it.” Budgeting and being organized with your money is the foundation for creating more money.
This year, 2015 brings with it rising costs that could negatively impact your budget if you’re not prepared. Here’s a list of what’s going to get more expensive this year:
Read More
April 15th will be here before you know it. Getting prepared today will set you up for the most peace of mind and give you the best chance towards keeping all the money you’re entitled to for the past tax year.
This exhaustive checklist will get you prepared to meet April 15th head-on. Go get it all together today!
Individual Info
-
Tax Returns for the last 3 years
-
Tax ID or SSN
-
Alimony Paid plus SSN of ex-spouse as well as their full name
-
Spouse’s full name and SSN
Read More
Most people starting a business start the business because they are good at providing the product or service they are selling. Bookkeeping is usually an afterthought but yet, a realized necessity to be able to provide the goods and services they wish to sell.
Here are the common considerations regarding bookkeeping that new business owners face.
Defining The Case for Bookkeeping
Essentially, bookkeeping is the official documentation of all financial transactions and inventory of assets.
Read More
The IRS requires you to maintain consistent accounting throughout your fiscal year. You must use a method that clearly reflects your income.
When you file your first tax return, you’ll decide on an accounting method. No one method is mandatory but your method must accurately mirror your income and expenses and thus the upkeep of your records and books is crucial. Not only books, but you must maintain any documents that support the data in your books—receipts, invoices, manifests, etc.
Read More
You may be able to elect a tax year that suits your business; how will you choose?
The IRS requires your business to determine your taxable income based on your tax year and file a return accordingly. Your tax year is the yearly accounting timeframe for reporting income, reporting expenses and maintaining records.
Read More
With only one month left in the calendar tax year, now is the time to make some strategic moves to lower your taxable income for the year.
Before there year ends, you’ll want to give yourself the gift of savings on taxes. Below is a list of common tactics to take before the year’s end. See what applies to you and act on these now before it’s too late.
Read More
If you’re starting a new business, you may need an EIN (Employer Identification Number) from the IRS. Here’s how to determine whether or not you need one as well as how to get it.
If you’re a sole proprietor or in some states, a single owner of an LLC, the good news is that getting an EIN is free! This is a relief if you’ve already had to pay for the LLC, business insurance, and city business licenses. More details on costs coming up.
Read More
If you’ve always been an employee and are just starting out on your own, you’ve probably started to hear more about this “quarterly taxes” thing. And with good reason and it’s something you need to take seriously for sure.
Here are a few reasons why you may need to make estimated quarterly tax payments:
Read More
A Limited Liability Corporation (LLC) is a hybrid between a sole proprietorship and a corporation. So, as the owner or partner in an LLC, you are considered self-employed as you would be as a sole proprietor. In an LLC, the business itself is not taxed but its owners are. And like a corporation though, an LLC is protected from having personal assets pursued that are the result of business actions. It’s not recognized as its own entity like a Corporation is an entity however.
Read More
An annuity can seem like it’s some word thrown around with retirement and savings on financial ads during football season. Here’s a little help to understand annuities.
Annuities are essentially a savings account that you get from an insurance company. They are set up to ensure that you have money for retirement and can help you stretch money over a couple of decades.
Read More
It’s important to know what your tax obligations are when starting out as well as how you can keep as much of your hard-earned money as you can.
Read More
Did you know you can get tax info from the IRS on social media?
Read More
The several tactics listed below help you meet all your tax obligations while keeping as much of your income as possible. If you have any questions about any of these tactics, we’re more than happy to help. We understand each person’s tax and financial situation is unique to them. We’re experts in helping people identify just the right strategy and tactics that meets their needs.
Read More
Investments in Roth IRAs are quite simple to understand despite what financial ads that run during major sporting events would lead you to believe.
Roth IRAs are for people who have an income of up to $112,000 per year or married couples who earn up to $178,000. What’s great about a Roth IRA is that you do not have to pay taxes on it. No matter how much your investments accumulate, Uncle Sam doesn’t see a nickel of it.
Read More
In 2013, the IRS launched a new method for claiming a deduction for the work-from-home workforce. Find out if it’s right for you!
Technology has driven the sharp rise in the remote workers over the past decade. This rise has also hugely increased the amount of paperwork for all involved: the worker, the tax preparer and the IRS. Claiming the deduction for working from home means tracking expenses, keeping tons of receipts, and then doing some math to figure out just what percentage of those expenses went to the home and what went to the business.
Read More
To file separately or to file jointly, that is the question.
If you were married this past wedding season, congrats! And now is a good time to think about how you’ll file your taxes in 2015.
As a legally married couple, you now have 2 filing options:
Read More
Take the vacation you really want to go on. Start planning now for next year’s and you’ll be so happy you did.
Vacations are not clearly priced. Even if you buy some packaged deal, there’s always some cost that’s not accounted for. Here’s some tips on how to plan for next years vacation.
Read More
Getting paid next year for this year’s could be a great benefit to you!
If you’re self-employed and pay your taxes in full up front, consider holding off on sending out invoices until close to the year’s end. And if your clients pay your invoice thirty to sixty days out, there’s a good chance you won’t receive payment until 2015. If that’s true, you can lower taxes by lowering your tax bracket.
Read More
When it comes to making a budget, good intentions only go so far. Find out how to keep your budget realistic.
If you’re a local artist or craftsman that’s turned your passion into a business, you’re quickly finding out the reality and needs of budgeting. Here are 3 common errors you’ll want to avoid:
Read More
Don’t wait until the last minute to itemize your deductions!
Starting to itemize now will greatly help you avoid stress when it gets to be tax season again. Here are some things to keep in mind to be prepared.
Read More
