Freelancing offers many benefits, but it can also make your taxes more complicated. If you earn an income as a self-employed individual and work for clients on a contract by contract basis, it’s important that you file your taxes as a business owner. This is good news for freelancers looking to save some money at tax time by writing off expenses, but it also means paying some additional taxes. Planning ahead and staying organized are key to reducing your taxes and maintaining compliance with tax regulations. So here are some tips from HBS Financial Group to help you avoid headaches – and possibly an audit! View full post…
Do You Want to Know the Best Way to Do Taxes Yourself?
The best way to do taxes yourself depends a lot on your knowledge of the current income tax code. If you’re a first-timer, just out of school, you might not want to tackle this job using a pen and ink, and then mail your return to the IRS and your state of residence.
If you have a very simple return such as a W-2 and bank interest, you can file your return for free at one of the do it yourself tax sites who offer that type of service. However, if you’re going to be using itemized deductions and/or other tax credits, you will not View full post…
With the massive loss of jobs due to the pandemic, many individuals joined the ranks of the self employed. They became known as gig workers such as an Uber driver, Instacart shoppers, delivering for Amazon, and many others. It meant you had to know how to do taxes when self employed, and these taxes became a little more complicated.
If you worked for an employer at their office, for instance, all required taxes were withheld from your pay and sent in to View full post…
A very broad answer to this question is maybe. Before we go into an explanation as to when an inheritance may be taxable, let’s differentiate between an estate tax and a tax on inheritance. These are two separate and distinct types of tax that can sometimes be very confusing.
Usually when the tax filing due date arrives, most taxpayers breathe a sigh of relief. What most taxpayers don’t realize, that date will close the window for many on their ability to file a claim for a tax refund. READ THIS CAREFULLY: The IRS stated that for the tax year 2017, up to 1.4 million individual taxpayers lost their ability to claim a refund by missing the three year statute.
If you’re a college student, or about to become one, there are a few very important things for you to consider. The first is do you really have to file a tax return? If you do, who is going to do it? If you worked a part time job and had earned income, or maybe had some investment income, too, you probably need to file a return. But, wait.
I know, I know…you go through a lot of stress just in preparing your tax return, but when you owe money also, it’s like getting kicked when you’re already down. Then if you happen to be short of cash, and can’t pay your tax balance in full, what is one to do?
Way back in the “old days”, when I was just starting out with my tax practice, if you had a balance due and didn’t pay it in full, the IRS came after you very quickly. As the years went by, and more and more taxpayers found themselves in that predicament, the IRS decided it was in their best interest to work with the taxpayer, and collect more money in the long run. View full post…
10 New Business Mistakes that Can Get You Into Trouble
Thinking of starting your own business? Are you self-motivated in such a way that you’ll put in the long hours necessary to succeed? If so, you may have what it takes to prevent new business mistakes from becoming a bad habit.
Unfortunately, some individuals have the misconception that becoming financially independent can be accomplished in a short period of time. Well, I suppose its possible, but for most, they quickly learn the business facts of life.
Operating your own business can be very rewarding such as being your own boss, but there are a number of things that you have to comply with if you want to stay in business. The primary one is paying the various taxesthat are required.
This is one area where a new business owner needs to consult an experienced, qualified accountant before setting up a business entity. A lot depends on the type of business and how to structure it so that overall taxes can be minimized.
In my state, a few years ago, the LLC designation was added to the state level types of organizations. Practically every new View full post…
If you think getting married is a tremendous emotional step, you would be correct. But, it’s also a major financial one too. Each one has their own individual goals and ways to handle money. We offer these money management tips in an attempt to get both spouses on the same page and frame of mind.
It’s best to discuss money management before marriage and decide on the method of handling the finances. Both long term and short term goals should be discussed. A lot of stress can be avoided later in marriage if these financial issues are taken care of early by View full post…
Implement a Flat Tax and Bury the Current Tax Code
Is the flat tax finally coming? There are many, like myself, who wish it were, but unfortunately, not just yet. Two or three decades ago, some knowledgeable financial advisors were touting the benefits of instituting such atax.
Now, here we are, about thirty years later, and the US debt is $19,229,279,536,521.72 as of today. (Yes, $19 trillion dollars.) That equates to $63,291.00 for every man, woman, and child.
Early in the 2016 presidential primaries, there were several GOP contenders who favored the flat tax. Their beliefs were that it is a fairer tax for all, and that has merit. View full post…
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