Friday, August 29, 2014

Education Tax Credits

Find out how you or your child can get a tax credit for going to college or some other post-secondary education institution. Get even more information by typing "education center" in the search field at

Tuesday, August 26, 2014

Standard Versus Itemized Deductions

Find out how to decide whether you should take the standard deduction or itemize your deductions.

Saturday, August 23, 2014

Wednesday, August 20, 2014

Changed Your Name After Marriage or Divorce?

Find out what you need to do if you have changed your name due to marriage, divorce or some other reason.

Sunday, August 17, 2014

No Deduction Left Behind: 4 Tips to Win Next Tax Season

April 2015 is far ahead of us, but when it comes to getting strategized for tax season, there's no time like the present. For small businesses, tax season can feel like a dreaded time. There are so many complications involved, and it can be difficult to find good answers.
When you think of taxes in terms of your cash flow, you may feel as if the two don't go together. It's true, these two things can definitely work against one another, but if you know a few little-known strategies for tax season success, you'll find yourself ahead of the curve.
Leave no deduction behind and no strategy unimplemented! Read on for four tips on how to win next tax season!
1. Write Off Obsolete Inventory
Think about what you no longer sell, because the products are damaged or obsolete. It can either be coaching program software, a PDF guide, or even physical goods. This is a good tax write-off to make, because you've taken a loss in your income, and you'll have to pay fewer taxes in April 2014. Work with an accountant to get this filing process done right.
2. Find a Tax Advisor and Talk with Others
As with anything in business, it helps to talk! Think of taxes as something you share in common with just about everyone. Work with a tax advisor to explore strategies and options that soften the blow to your cash flow. And, especially if you're starting out in the entrepreneurial world, talk with other business owners about their experiences. Tax talk isn't always fun, but you'll enjoy common ground with others.
3. Forecast Your Income
It sounds difficult to know how much you're going to make in a year, but think about how much you've grown, and create a conservative estimate for how much you think your business will be worth. (I hope it's A LOT!) Once you've done that, you can develop an effective planning strategy that works best for you.
4. Work the Government's Tax Department
Know when taxes are due, even if you have a tax adviser or accountant. Remember, any financial burdens will be on you, if there is a mistake. It's a bad feeling to watch your profits disappear when taxes are due. Avoid having to make unexpected payments or penalties by working with the Tax branch, being completely forthcoming, and getting proactive.

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Thursday, August 14, 2014

How Outsourcing Book Keeping Can Help Boost Your Small Enterprise

Bookkeeping work is difficult, lengthy and sensitive. It entails accurate and constant record-keeping of all financial transactions that take place during business hours. It must also include any other transaction that could occur outside the business premises or during the weekends. Every transaction should be recorded as it appears on the source document. Have you come across the term outsource bookkeeping services yet?
If not, you could be missing a great solution for your small enterprise. Those who outsource bookkeeping services have peace of mind and are happy about their business performance. Outsourcing allows you to delegate difficult tasks to an outsider. This outsider could be a freelancer or a bookkeeping firm. Many people, including me, would advice you to stick to bookkeeping firms. These are duly registered according to USA business laws and have a tangible license to proof their legitimacy.
As you seek to outsource bookkeeping services, remember to scrutinize your business properly. Perhaps there is more work than you think that needs to be done quickly. Besides, you must have some goals that you wish to achieve through a great independent bookkeeper. There must be benefits to outsourcing that you desire to obtain. For instance, farming out excess work could help unlock your time and freedom. Instead of sitting in the office all day supervising a few employees, you could dismiss those whose skills will be rendered redundant by outsourcing. After they are gone, your managerial burden will become more manageable.
Because your time will also be freed, you can attend more business seminars, workshops, conferences and meetings. In other words, you can now focus on the core areas of your small enterprise. To outsource bookkeeping services will also change your normal office overheads. Independent bookkeepers have their offices and they take care of their bills, salaries and other costs. They do not need your office furniture, computers, software, electricity or any other facility. What they will ask for is their service fee. At the end of the month, you will have saved money that is normally consumed by the bookkeeping office.
The money you normally spend because of that office can be used for marketing. If the business is marketed more, then it will receive more customers, more transactions and more money. If your business grows abruptly, because of effective marketing, you can outsource bookkeeping services to third parties. They normally have a big team of professionals. They are experienced with different industries and will be glad to assist you. Like those who outsource bookkeeping services, you need value for your money.
As much as farming out work is thought to reduce your operational costs, it could not go as planned if you are not careful. Some bookkeepers could be too expensive in the long-run even if their prices may seem fair to you. Cheap is always expensive in the end. Instead of choosing to outsource bookkeeping services on the basis of price, consider quality. What is the use of paying little money for a task that would later on be repeated in your office?

Article Source:

Monday, August 11, 2014

Thursday, August 7, 2014

10 Tax Deductions For Small Businesses

Almost 90% of small business owners overpay the IRS each year - do you want to belong to this category? We guess not! There are a number of tax deductions for a small business to take advantage of, and help save them money. Here are the top 10:
1. Auto expenses: If you use your car for business, or your business owns its own vehicle, you can deduct some of the costs of usage. If your automobile is used for both business and pleasure, only the work related usage of the vehicle entitles the business to a tax deduction. That means you must keep track of how often you use the vehicle for business, and add it all up at the end of the year.
2. Education expenses: Expense incurred on education, related to your current business, trade or occupation is another cost that can count towards tax deductions for a small business. Of course, there are strict guidelines to be followed - the expense must be to maintain or improve skills required in your present career and must be undertaken during the course of your job.
3. Legal and professional fees: Fees paid to lawyers, tax professionals or consultants generally can be deducted in the year in which they are incurred.
4. Business entertaining: If you pick up the tab for entertaining present or prospective customers, you may deduct 50% of the cost, while calculating taxes. This should be directly related to or associated with the business, and the entertainment must take place immediately before or after a business discussion. Remember to write down the purpose of the event on the receipt or bill.
5. Travel: Travel costs also count towards tax deductions for a small business. If you travel on business, you can deduct most of the expenses including the cost of air fare, car rentals, taxis, lodging, meals, shipping of business materials, telephone calls, faxes and tips. But if you take your family along, remember, you can only deduct your own expenses.
6. New equipment: Some small businesses can write off the full cost of assets in the year in which they are bought. You can deduct up to $108,000 for a single piece of equipment or from the cost of various items as long as the equipment is placed in service before the end of the year.
7. Interest on loans: The interest and carrying charges on business loans are fully tax-deductible. Be sure to keep good records showing that the money was really put into your business.
8. Moving expenses: If you move because of your business or job, you may be able to deduct
certain moving costs that would otherwise be non-deductible personal living expenses.
9. Charitable contributions: Here's an expense that serves two good purposes. Charitable contributions are allowed as tax deductions for a small business. When your business makes a donation, claim a deduction on the tax return.
10. Advertising: The cost of advertising your goods or services is also deductible as a current expense.
Finally, keep an eye open for the latest on tax deductions for a small business, since laws do undergo changes. Even more important is to ensure that your financial records are maintained well.

Sunday, August 3, 2014

Premium Tax Credit: Changes in Circumstances - Introduction

If you receive advance payments of the Premium Tax Credit, it's important to report changes to your family size, income and marital status as soon as they happen. To learn more, go to