Do You Know How to Save for Retirement?
If you’re employed by a firm that has a 401(k) plan, you know how to save for retirement…it’s a no brainer. But suppose you’re an entrepreneur who just started a new business?
More often than not, saving for retirement isn’t a priority at this time. The new business isn’t making a profit and cash flow is very limited due to the high start-up costs. As a matter of fact, some entrepreneurs use current retirement accounts to fund the new business, which is not a good idea.
The primary focus when starting a new business is View full post…
5 Ways on How to Get Rid of Credit Card Debt
Each month, when all of those dreaded statements come in for your charges to those plastic cards in your wallet, your card issuer usually lets you know that you don’t need to payoff the balance. “Just pay this minimum payment”, they tell you, and before you know it, you have a high outstanding balance. Now you begin to wonder how to get rid of credit card debt.
Unfortunately, now it’s not so easy. For some individuals, there may have been a good reason why they only paid the minimum payment each month. Problems such as unforeseen medical cost, or the family car passed away, or even loss of a job.
But for many others, it was just poor cash management. They didn’t have View full post…
Do Foster Parents Qualify for any Tax Breaks?
If you’ve ever researched the current tax code trying to find out if there were any tax advantages in being a foster parent, it had to be confusing at best. Normally, a foster child does not qualify for the same tax credits or deductions that you would receive for an adopted or a biological child. However, there are a couple of very important tax advantages that are available.
A definition of a foster child is someone who has been placed in your care by a court order or an authorized state or local government agency. If the child has not been placed with you under those rules, there are no tax breaks available. Under IRS regulations though, the child may be able to be claimed by you as a dependent. You can find out more at the IRS website, Who You Can Claim as a Dependent.
Assuming that the child has been placed with you by View full post…
Tax Deductible Items for your Job – Keep Accurate Records
Most individuals who are employed, and earn W-2 wages, usually don’t have on the job expenses. However, many others do have various tax deductible items that can be used on their tax return to reduce their taxable income.
Various professions, such as law enforcement, outside sales, and construction workers, to name a few, incur expenses in the performance of their job that are not reimbursed by their employer.
These could include tools, uniforms, use of personal auto, uniform cleaning, and many others. The important thing to remember is that these employee business expenses can be deductible if you personally paid for them and you were not reimbursed by your employer.
Where do you claim and deduct these tax deductible items?
As an individual employee, you can deduct these items if you use the itemized deduction method on Schedule A, and are not using the standard deduction.
On the Schedule A, the employee View full post…
Filing a Simple Return? – How About Free Income Tax Filing?
Anyone filing their first tax return, or whoever normally files a 1040EZ return, will probably qualify for free income tax filing. This includes millions of US taxpayers, and there is no need to be going to a CPA or another tax professional. All you will accomplish is paying a high fee for tax preparation.
Filing taxes online has really been streamlined over the years and is now so simple, anyone can do it. Our program will ask you a series of interview questions, and from your answers, will have all of the required tax forms and schedules ready for preparation.
All that you need to do is to enter your information from your W-2 form into View full post…