Tuesday, February 28, 2012

Do I Need To File Form 1040?

An individual must file Form 1040 if any of the following apply:
  • He or she has taxable income of $100,000 or more
  • He or she has self-employment income of $400 or more
  • He or she had income tax withheld from paychecks
  • He or she made estimated tax payments, or has overpayment that applies to the current tax year
  • He or she has itemized deductions (e.g., mortgage, interest, or charity)
  • He or she earns income from a business, S-corporation, partnership, trust, rental, or farm
  • He or she has sold property, stocks, bonds, or mutual funds
  • He or she is claiming income adjustments (for tuition, educator expenses, moving expenses, or health savings accounts)
  • He or she received an advance payment for Earned Income Credit (EIC) from an employer
  • He or she has a W-2 that shows uncollected tax (from tips or group term life insurance), or a W-2 that shows a code Z (income earned from a 409A non-qualified deferred compensation plan)
  • He or she owes excise tax on insider stock compensation (from an expatriated corporation)
  • He or she is a debtor in a Chapter 11 bankruptcy case (that was filed after October 16, 2005)
  • He or she earns foreign wages, paid foreign taxes, or is claiming tax treaty benefits
  • He or she owes any other special taxes (e.g., alternative minimum tax, household employment tax, recapture taxes, etc.)

Saturday, February 25, 2012

Lindsay Lohan Doesn't Pay Her Taxes For The Second Time

I know what you're thinking, celebrities make millions of dollars on even one film, why can't they just hire a good accountant?? According to documents filed yesterday at the L.A. County Recorder's Office, Lindsay never paid federal income taxes for 2010!

So how much did she forget to pay? Over $140,000! And this is not her first mistake! Lindsay never cut the government a check for the $93,000 she was supposed to pay in federal taxes for 2009 either. She blamed her accounts for that one...so it's possible she will do the same this year.

Other celebrities who have had recent run-ins with the IRS include Pamela Anderson, Wesley Snipes, Christina Ricci, and Nicolas Cage- who was reported to owe more than six-million dollars to the IRS in 2009. But, in Lindsay's defense, it's not like she's had the best role model to look up to...Her dad, Michael Lohan, owed the government over $12,000 in unpaid taxes in 2010.

Wednesday, February 22, 2012

Tax Tips: Employee Or Independent Contractor?

The IRS has a new program to help employers who want to voluntarily reclassify their workers as employees.

Sunday, February 19, 2012

Should You Still Invest in Gold?

Invest in Gold. Still a Smart Move for Your Portfolio

Wow, another reminder to invest in gold! Debka.com is reporting that India will use gold to buy oil from Iran. India spends around $12 billion dollars a year to buy oil from Iran. China is expected to use gold as the unit of currency to buy oil from Iran as well.

So what does that mean? India and China have completely lost faith in the dollar and the euro. India and China are growing faster than the U.S. and are the engines of this new global economy. They have way more influence in the global economy than they did just a few years ago.

As Bob Dylan would say, "the times they are a changing." You may want to invest in gold for your investment portfolio and if you already own gold, you may want to discuss this with your financial advisor. Most financial advisors recommend an allocation between 5-15% of gold. An easy way to invest in gold is to buy it through an exchanged traded fund. Go here for more details. http://www.spdrgoldshares.com/

What are the reasons to invest in gold? (or buy more)

* You think the dollar will continue to devalue.
* You are concerned about the U.S. printing money to get out of recession/slow growth.
* You are concerned that inflation is going to come back big time.
* You are worried that Greece will default or that things in Europe will get worse.
* You think there is a chance that the euro will devalue more or just go away.You are also concerned that the Europeans will print money to get out of their own recession.

As I write this, gold is at $1,665 an ounce. It has been up 10 years in a row. So, you need to ask yourself how much of this negative news in the world is already factored into gold stocks? That means you may be buying gold at a high. If you think there is more negative news to follow, then you need to invest in gold.

Oh, and one more thing about whether to invest in gold. Historically, gold has not been correlated to stocks. In other words, whatever has happened to stocks has had little impact on the price of gold. Keep in mind that this is general advice. You need to understand your tolerance for risk. Gold should not be the only investment in your portfolio. Gold can go down and you can lose money. Use it as a hedge against your other investments.

Article Source: http://EzineArticles.com/6875485

Thursday, February 16, 2012

Friday, February 10, 2012

Tuesday, February 7, 2012

ASL Tax Tips: Tax Refund Scams

The IRS is warning taxpayers about a tax scam involving social security benefits popping up in communities across the country.

Saturday, February 4, 2012

Wednesday, February 1, 2012

Choosing An Accountant For All Your Tax Needs - What You Need To Know

Taxes are complicated there is no question about that. Understanding the complexity of the tax laws are often more than one can handle. Since tax laws differ from state to state trying to get a full understanding of the all the laws related to taxes is generally more than one would like to try and tackle. Federal tax laws often open up a whole new can of issues and if you are choosing to do your taxes yourself one may want to think again. Did you know that one small error on your tax report could cost you a great deal of money? In some cases an error can also lead to fines and penalties as well. This is why many people choose to let a tax accountant handle all their tax needs. It is important to choose the right accountant to help ensure that all your needs are met.

So, how do you choose the right CPA for all your needs? Start by doing your homework and you can do this right online. Find a few different tax preparation services and compare the companies. Look over the websites and learn about the company as well as what tax situations they are equipped to handle. Some tax preparation services will only cater to individuals while others will be able to handle and prepare taxes for personal as well as businesses. If you need to file business taxes as well as your own personal taxes it is always recommended that you have some professional help. If you work for yourself make sure that the accountant is able to handle taxes for the self-employed. Keep in mind that there are different tax rules for every situation and while an accountant will have a better understanding of these laws it is also recommended to find an accountant that has dealt with your situation many times before. As there are often no room for errors when it comes to tax returns.

After you have found a few different tax preparation services try and narrow down your choices. You can do so by reading reviews of the accountant online or by calling and speaking with the company yourself. It never hurts to call and speak with accountant before going in to see them. This may be the perfect time to make sure they will be able to handle all your tax needs. Ask them any questions that you may have and always make sure that the person that will be filing your taxes is certified and they are legally able to provide you with the sound tax advice that you need.

Lastly when choosing accountant make sure they will help and guide you along the process. Will they find ways to help you save even more on your taxes? Can they provide you with different deductions that you may be able to qualify for? After all, they are the expert in the situation and you are looking to them for guidance so make sure the accountant that you choose will be a good fit for your personal and/or business needs.

Article Source: http://EzineArticles.com/6841651