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Posts in category Filling Status

Business Structures, Choosing your En...

Business Structures, Choosing your Entity
Tweet One of the most important decisions that new business owners make is selecting their ownership structure. When beginning a business, you must decide what form of business entity to establish. When determining what type of entity will fit your business best:limited liability company (LLC),  Sole Proprietorships Partnerships Corporations [...]

What you’ll Need

What you’ll Need
Tweet             Well here we are, January and it is time to start getting your tax information ready. But what do you need? Twelve months have passed. With the economy the way it is many have already been thinking about their taxes, some haven’t.               Getting things ready to take in to your tax preparer is sometimes a gruelin [...]

Married Filing ….

Married Filing ….
Tweet  After you say, “I do” you’ll have two filing status options to choose from when filing your 2012 tax returns: married filing jointly, or married filing separately. Married Filing Jointly  You can choose married filing jointly as your filing status if you are married and both you and your spouse agree to file a joint r [...]

Can an LLC be Taxed as an S Corp

Can an LLC be Taxed as an S Corp
Tweet Yes, it can. An LLC can be taxed as an S Corp, assuming it qualifies for S Corp taxation status. An LLC can also be taxed as a C Corporation for that matter. This makes an LLC a very flexible business type. Option 1: LLC electing to be treated as a Corporation A. Single Owner LLC: If the LLC has only one owner, the IRS will automatical [...]

Personal Exemptions, Standard Deducti...

Personal Exemptions, Standard Deductions and Tax Brackets
Tweet In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Re-authorization and Job Creation Act of 2010 that became law on Dec. 17. New dollar amo [...]

Can a LLC be Taxed as a S Corp?

Can a LLC be Taxed as a S Corp?
Tweet Yes, it can. An LLC can be taxed as an S Corp, assuming it qualifies for S Corp taxation status. An LLC can also be taxed as a C Corporation for that matter. This makes an LLC a very flexible business type. Option 1: LLC electing to be treated as a Corporation A. Single Owner LLC: If the LLC has only one owner, the IRS will automaticall [...]

Should You File a Tax Return?

Should You File a Tax Return?
Tweet Do you ever wonder whether your income is high enough to warrant the filing of a tax return? Because the minimum income level varies depending on filing status, age, and the type of income you receive, it can be a bit complicated. Use the following guide to determine whether you must file a federal income tax return for 2010. Single [...]

Filing Status – What You Need t...

Filing Status – What You Need to Know
Tweet Your federal tax filing status is based on your marital and family situation. It is an important factor in determining your standard deduction and your correct amount of tax, and whether you must file a return. Your marital status on the last day of the year determines your status for the entire year. If more than one filing status [...]

Check Your Withholdings

Check Your Withholdings
Tweet With less than two months remaining in the calendar year, it’s a great time to double check your federal withholding to make sure enough taxes are being taken out of your pay. The average refund for 2009 was $2,887, up 8 percent from 2008. Even though the Making Work Pay Tax Credit lowered tax withholding rates in 2009 and 2010 fo [...]

Electronic Filing Mandate

Electronic Filing Mandate
Tweet The IRS has been making changes to the Electronic Filing Mandate that originated in H.R. 3548 as  predicted when it first came out. At this point in time they are saying for this next tax season they “anticipate” asking requiring preparers who do 100 or more returns to file electronically and then lower that threshold to 10 for the next [...]

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