Getting Organized for Tax Time

Tax Tips For Contractors And Freelance Workers

Posted by on Jul 13, 2015 in Uncategorized | Comments Off on Tax Tips For Contractors And Freelance Workers

Becoming an independent worker is the dream for many people. However, it does come with a few drawbacks, one of them being that you will have more complicated taxes. Here are some tips for keeping your personal finances in order come tax time. Keep Track of Your 1099’s Every time you make more than $600 from a single employer, they are responsible for giving you a form 1099 that shows how much money they’ve paid you for the year. You can keep track of these by keeping a list of the 1099 forms you expect to receive. If you...

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Filing IRS Form 2290 To Report And Pay The Heavy Highway Vehicle Use Tax

Posted by on Jun 24, 2015 in Uncategorized | Comments Off on Filing IRS Form 2290 To Report And Pay The Heavy Highway Vehicle Use Tax

Trucking companies and owner-operators must pay a federal excise tax annually on road tractors. The tax is assessed on highway vehicles that weigh over 55,000 pounds, so larger buses are taxed also. Anyone responsible for reporting and paying the tax can benefit from learning more about IRS Form 2290. Although the excise tax is assessed on most over-the-road vehicles weighing over 55,000 pounds, exemptions are allowed, including one for vehicles driven less than 5,000 miles annually. In the case of a road tractor, the threshold of 55,000...

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3 Red Flags To Watch For When Hiring A Tax Preparation Service

Posted by on May 14, 2015 in Uncategorized | Comments Off on 3 Red Flags To Watch For When Hiring A Tax Preparation Service

You might be surprised to learn that even with the proliferation of DIY tax preparation software the IRS estimates that nearly 50% of individual filers still utilize a tax preparation service. If you are in this group, then there are some things that you need to know when you choose your next tax preparer to ensure that you are utilizing a legal tax service. Here are some red flags that should alert you that the tax preparer you are interviewing might not be legal: Red Flag #1: Tax Preparer Uses the IRS’s name or Logo on Website or...

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4 Advantages To Outsourcing Payroll Services Rather Than Leasing Employees

Posted by on Mar 31, 2015 in Uncategorized | 0 comments

Are you sick of running your employee payroll? Usually you have two major options: you can outsource your payroll services to a company like A & C Accounting & Tax that specializes in payroll or you can just lease your employees outright through an employee leasing program. Though either option will let you avoid wading through paperwork, outsourcing your payroll is usually the better option. 1. You Can Get a Better Quality of Labor When you lease employees, a significant portion of your payments go through the leasing company....

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Caring For A Parent? Claim Them On Your Taxes For Extra Savings

Posted by on Mar 26, 2015 in Uncategorized | 0 comments

A growing number of middle-aged and older Americans are financially and physically supporting other adult members of their family – often parents and grandparents. There are tax benefits available to help out in this situation, but do you qualify to take them? The Rules for Claiming an Adult Dependent There are two types of dependents: qualifying children and qualifying adults. The rules are similar for both categories, but qualifying relatives generally have a lower income threshold to be considered dependents. So, what are the rules for...

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Confused At Tax Time? Here’s An Easy Guide To Your Form 1040

Posted by on Mar 11, 2015 in Uncategorized | 0 comments

Every year, most people must complete Form 1040 to file their taxes.  But how much do you really understand this most fundamental of all personal income tax forms?  It can mean the difference between claiming all money you’re owed and missing out on some. Page One – Taxpayer Information The first page of the full Form 1040 comprise basically three parts: personal information, your income, and adjustments to that income.  The top half of page one is basic information about you and your spouse (if applicable)....

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Need Your Old Tax Info? Don’t Worry, Here’s How You Get It

Posted by on Mar 5, 2015 in Uncategorized | 0 comments

Everyone knows that you need to keep copies of tax returns for seven years.  But the reality is that it’s not always that easy in today’s busy, on-the-go world.  What can you do if you need your tax information but you don’t have any copies? There’s good news – it’s easier to solve this problem than you might think. What Are Tax Transcripts? The IRS receives copies of some of the same tax documents that all taxpayers received from employers or clients.   These are called your tax...

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