Tax time is looming and if you own a small business or are a single proprietor, you’re probably scrambling to get all your records straight. Are your W2s out and were they postmarked by January 31? What about 1099s to consultants to whom you paid more than $600 in 2013? They need to get a Copy C by January 31. Remember, the IRS needs to get a Copy A by February, along with the cover page, known as Form 1096. Don’t forget that consultants include LLCs, DBAs, and partnerships. Avoid this mess for 2014 by using online tools and services that make tax time much less stressful.
Depending on your income, assets, marital status and a host of other life factors, making sure you have all of the necessary documents needed to file your taxes can seem daunting. Here’s a quick checklist of items you may need to gather before meeting with your tax professional.
When major life events change the facts of your life, they can also change your tax situation. With tax season under way, it makes sense to consider how certain events will impact your situation. The Motley Fool has a list of life events that can impact your taxes. One of those things is buying a home with a mortgage.
As tempting as it is to save money by doing your taxes on your own (or with a little help from software), there are times when it makes more sense to just pay an accountant. I used to do my taxes completely on my own, and then I added tax prep software when things started getting serious. After a few years I realized that I needed a little more help. Here are the 3 signs that led me to hire an accountant for my taxes.
A new year is underway, and the IRS is officially accepting tax returns starting January 21, 2014. It’s time for you to get organized and figure out what you need to do in order to create a smoother situation this year. Here is a tax time checklist that can help you avoid the stress and rushing around that often comes with tax season.
Now that a new year is underway, it’s time to think about taxes. You can file your taxes starting January 31, 2014, and perhaps you should consider filing as early as possible.
There’s been a lot of buzz about online sales tax lately since the Supreme Court rejected Amazon’s calls to change the current policy. The last Supreme Court case regarding the matter was Quill Corp. v. North Dakota in 1992, and Amazon, along with some other big online realtors, claims it’s time for an update. So how exactly does online sales tax work, and how does Amazon propose we change it?
Our legislators in Washington, D.C. haven’t exactly seen eye-to-eye on a lot of things in 2013. In addition to contentious and ongoing debates on the debt ceiling and sequestration cuts, it appears as though a number of tax deductions might be left to expire, including several that involve homeownership.
For most of us, tax time is like the holidays. It’s a magical time of year when a jolly IRS employee in an ironed dress shirt and pressed slacks issues all of us taxpayers on the “nice” list a big fat check, courtesy of the federal government. For most of us, it’s a small windfall. But have you ever stopped to ask yourself why you get that money, or what it means?
New fines and taxes are being implemented throughout the country on a state-by-state basis. Not only is the beginning of this fiscal year bringing us some new costs to be aware of, but there are some interesting taxes currently racking up how much you owe that you may not be aware of. Read on to find out!