Written by Tweet As and when the deadline for filing your taxes comes, you become more and more anxious about the income that you owe to IRS (Internal Revenue Service). Whether you own a business, do a nine to five corporate job or you are self employed, paying tax is a crucial task that you must perform. [...]
READ MORE »Posts in category Tax Planning
Residential Energy Tax Credits 2012
Written by Any unused portions of this credit can be carried forward.
Not all energy-efficient improvements qualify so be sure you have the manufacturer’s tax credit certification statement, which can usually be found on the manufacturer’s website or with the product packaging.
Social Security Benefits, are they taxable?
Tweet How much, if any, of your Social Security benefits are taxable? It depends on your total income and marital status. Generally, if Social Security benefits are your only income, your benefits are not taxable and you probably do not need to file a federal income tax return. If you receive income from other sources [...]
READ MORE »Grads – Filing for First the Time
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Tweet The subtle nuances of tax law have been nothing but confusing to the majority of taxpayers for years. It can be difficult to make sure you have applied for all the deductions and credits available while filing your taxes. The most definitive way to insure you have received all your possible deductions is to [...]
READ MORE »Maximize your Travel & Entertainment Benefits.
Expenses are directly related if you can show:
There was more than a general expectation of gaining some business benefit other than goodwill.
You conducted business during the entertainment.
Active conduct of business was your main purpose.
Tax and Finance for all Blue Collar Workers
Written by It’s probably even more important for blue collar worker to closely monitor their income and expenses because you may have more opportunities to take control and find savings that you didn’t know were there. This is especially true for those people who own their own businesses or have a significant amount of expenses due to their job—many of which may not be obvious until you really think about them.
READ MORE »Tax Issues with early Distributions from Retirement savings.
Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that that it may mean a tax impact when they file their return.
READ MORE »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 [...]
READ MORE »Can an LLC be Taxed as an S Corp
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.
READ MORE »Advantages of Filing a Tax Return Extension
Filing a tax extension may seem like an action that only irresponsible or unprepared people take, there are actually some advantages to the strategy. Many people actually use it to their financial advantage.
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