Whether you’re a freelancing travel writer, a graphic designer, or a management consultant, you can agree that being self-employed has countless benefits, except for when its tax season. Having to gather documents from numerous clients can quickly become overwhelming which is why we’ve compiled a telltale list to save you from finding yourself in a predicament.
You just woke up from a nightmare, the IRS is at your door with an audit. Good thing it’s not reality, but it doesn’t hurt to know some key tips to avoid getting that dreaded IRS notice.
The New Year has come with some new resolutions, including taking some time off for yourself to travel to some new places and experience some new things. Not so fast! If you have major tax debt, you need to be aware of a new law which may put a stop on traveling around the world.
Small businesses are the building blocks to our country’s economy and growth. With the millennial generation, startups are blossoming all over with wonderful new innovations and style. You would think the government would be as supportive and make it easy, but unfortunately you’d be wrong.
One of the first emotions people feel when receiving a tax audit – panic! Wouldn’t it be great if there were certain steps for people to follow each year to guarantee an audit- proof tax return?
The optimism and hope that comes with earning a degree often comes with the burden of federal student loans. If your loan payments are greater than your income, there is an answer.
Income-driven repayment plans are designed to make it easier for federal student loan borrowers to make monthly payments. Monthly payments under an income based repayment plan are based on adjusted gross income, family size, state of residence, and type of federal student loan.
Business trips, conventions, and continuing education seminars are frequently planned to incorporate exotic locations and leisure time. With proper planning, these trips can yield great personal pleasure while at the same time generating legitimate business expense deductions. Although the basic rules are relatively simple, there are a number of factors in this area that you might be interested in knowing.
As businesses approach year end, each has a unique opportunity to save additional taxes through taking a variety of strategic steps. Businesses seeking to maximize tax benefits through 2016 year-end tax planning may want to consider several general strategies, such as use of traditional timing techniques for income and deductions, and the role of the tax extenders (those made permanent and those expiring at the end of 2016), as well as strategies targeted specifically to their particular business.
Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number of tax proposals for individuals and businesses. This letter highlights some of the President-elect’s tax proposals. Keep in mind that a candidate’s proposals can, and often do, change over the course of a campaign and also after taking office. This letter is based on general tax proposals made by the President-elect during the campaign and is intended to give a broad-brush snapshot of those proposals.
Due to the rise of tax-software preparation programs, people are making fewer mistakes on annual returns. If you are starting to think about your taxes or are currently working on them, make sure you pay careful attention and avoid the common mistakes. Although these mistakes won’t land you in jail, they may cause a few headaches and delays on refund checks.
Brace yourselves for some of the most common tax mistakes made in no particular order:
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