Do You Have a Bona-Fide Business or Is It A Hobby?
Things have been a little tight, money wise, and you decided to start a business with hopes of making a few extra bucks. Do you know what the IRS rules are and how they decide if you have a real business or hobby? You need to know these rules and make sure that you follow them.
Do You Intend to Make a Profit and Pay Taxes if You Do?
This is what it all boils down to…TAXES. The IRS knows View full post…
Taxes for Self-Employed Individuals – Who Qualifies?
People who work as an employee don’t have to be very concerned with having their various taxes paid to the IRS. The employer withholds FICA, Medicare, federal income tax, and also state income tax, and sends in this money to the IRS and the state. Taxes for self-employed individuals are different.
Not so for someone who works as a freelancer. This individual must keep accurate records as to income and expenses, so that he can calculate his tax liability. The taxing agencies aren’t much help either, with their confusing payment dates for estimated taxes.
Most individuals find it View full post…
You Could Be in for a Tax Surprise by Working from Home During the Pandemic
Practically every state in the U.S. has a requirement, that anyone who does work within their state, must file a tax return there and pay state taxes. It doesn’t matter where you live either, and this might be a big tax surprise for some remote workers.
Many wage earners were required to relocate to another state because of Covid-19. Even though their move was temporary, as long as they earned income View full post…
The Best Way to File Taxes When Filing a Tax Return for the First Time
When you do your taxes for the first time, it can be somewhat intimidating. You’re afraid you’ll forget something, or worse, that you’ll mess things up. Don’t sweat it, the best way to file taxes the first time, or for that matter, anytime, is file your taxes online.
Sure, there are lots of rules to look out for, but if you do them online at our site, you don’t have to be concerned with them. We know all the rules and regulations and will make it very easy for you. All you need to do is to answer a few View full post…
How Managing Your Money Can Keep You Out of Trouble
Managing your money effectively is not hard to learn. The very first thing you need to understand is your monthly bills don’t determine how all of your money is spent. You do! Spend as much time as you need, to know exactly where your money goes, and why.
If you ask the typical person “where does your money go”, after a blank stare, he may say, my bills. They may, in fact, go to the bills, but what bills? Most of us have rent or a mortgage payment, maybe a car loan, and today especially, student loans. Many others have high credit card balances too.
If you really want to get a handle View full post…
Best Way to File Your Taxes if You Are Self-Employed
If you’ve just started a new business, or are planning to open one, you will need to know the best way to file your taxes. The steps that you need to take are not complicated, but some of the detail might be. Whatever you do, don’t put off filing, or for that matter paying quarterly estimates, if required.
The last thing you want, is to end the year with a nice profit, and have a big tax bill for income taxes and self-employment taxes. Like most new business owners, you’ve View full post…
File a Tax Return for a Deceased Individual – 6 Tips
We’ve all heard that saying, “the only things that are certain in life are death and taxes.” When a person dies, it doesn’t relieve them of the responsibility to pay any taxes that may be due for the time they were alive.
It may be a spouse, dependent, or a parent that had earned and/or investment income that must be reported to the IRS and the respective state taxing agency. Someone needs to file a tax return and pay any taxes that are due.
Some final returns are very simple like when a deceased person may have worked one job, and had only 1 W-2 form. Many other returns can get complicated very quickly, and we always recommend that you get help from an experienced View full post…
Looking for the Best Online Tax Filing? We Have It
Have you tried to prepare your tax returns yourself and struggled with all the paperwork? Or perhaps you went to your local CPA or one of the tax franchise operators? Has the sticker shock worn off yet or did their very high fees leave you confused? Not the best online tax filing by any means.
Why spend your hard earned money on an expensive tax preparer? Or become frustrated trying to understand a convoluted tax code that even confuses some accountants? We have a simple and low cost solution. A flat rate of $25.00 and that includes a state return too. Plus View full post…
Do I have to Report Unemployment Money on my Tax Return?
Short answer…yes, it’s taxable on your Federal return and on most of the states too. We know next year’s taxes are the least of your worries right now when you lose your job. But, if you’ve gotten any unemployment money this year, it’s a good idea to look at this now, and understand just how they’re taxed. You’ll avoid bad surprises that way.
Unfortunately, yes. We know it seems like the government is kicking you in the gut when you’re down and out. It gets worse…that extra $600 a week a lot of people got through the Cares Act is also taxable.
We hate to be the bearer of more bad news, but View full post…
Online Tax Services Help to Avoid These 7 Tax Return Blunders
If there’s one thing that we can count on, it’s that tax laws are constantly changing. To help us to cope, the better online tax services, such as ours at HBS Financial Group, Ltd., offer assistance to avoid the seven most common tax blunders.
These mistakes are not only made by first time tax filers with a very simple return, but also by those who file more complex tax returns. It is our hope that listing these seven types of errors will help you to avoid them.
Failure to report all taxable income
This is probably the area that so many taxpayers fail View full post…