5 Tax Planning Tips For Newlyweds
Getting married and walking down the aisle comes along with a great deal of planning. However, just because the honeymoon is over, it does not mean the planning work is too. As a newlywed couple, there are several tax planning steps you need to take in order to set yourself up for success. 1. Have a Money Talk Sit down and have a no-secret money talk with your partner. To ensure you know how to strategize, you need to know what each person makes, what other income they have coming in, what assets they own, and any other financial matter that might affect their tax status.
Filing Bankruptcy? 5 Ways Financial Coaching Boosts Present And Future Success
Bankruptcy protection is an important safety net for anyone who has suffered a financial catastrophe or struggled with mounting debt over many years. But while bankruptcy can give you a fresh start, it can’t guarantee that you won’t fall prey to financial problems in the future. What can you do to ensure this never happens again? Add a financial coach to your bankruptcy-era team. Here are a few key things they’ll help you with.
Why You Should Educate Yourself About 1031 Exchange Rules
If you own property as an investment, then you might have spent some time educating yourself about the real estate investment world. When doing so, however, you might not have learned about 1031 exchange rules just yet. Even if you have heard about 1031 exchanges, you might not have really learned very much about them. This is a type of tax break that is available for real estate investors, and if you’re involved in the world of real estate yourself, you’ll probably want to learn more about it for these reasons.
4 Reasons To Consider Outsourcing Tax Preparation Services
As a small business owner, you probably have a lot to do daily, leading to a tight schedule. Unending tasks such as training employees, finding great marketing campaigns, and looking for investors, always demand most of your time. So, who is left to handle the taxes? You don’t have to burn the midnight oil and risk your company’s taxes. The following are reasons outsourcing small business tax preparation is a brilliant idea.
How To Avoid Or Remove Tax Liens On Your Real Or Personal Property
A tax lien is when a taxing authority makes a legal claim to your personal or real property. The lien basically says that the taxing authority has the right to the proceeds from your asset to cover your tax liability. Taxing authorities issue liens to protect their interest in your tax debt. Liens can make it hard or impossible to sell or transfer your asset, and because they are public, they can also make it hard for you to obtain loans.
Benefits Of Working With Tax Experts To Resolve Tax Issues
The IRS can institute various legal processes against non-compliant taxpayers to recover the unpaid amount. They can get back these funds by placing a tax lien on your assets like a bank levy or valuable property. Before the IRS comes after your assets, they will issue a notice informing you of their intentions. These notices are not final, and a tax resolution expert can help you stop the levy from taking full effect.
Hiring Your First Employee? Five Important Tax Tips
Small business growth is exciting. The transition from being a sole operator to now hiring your first employee feels like and is a major accomplishment. However, just as with all other business processes, it does take proper planning, particularly when it comes to taxes. Learn what steps you should take to protect your new employee and your business. Employee Documents The first step to ensure your taxes are in order is to collect the necessary tax documents from the employee.
Exploring The Pros And Cons Of Rental Property 1031 Tax Exchanges
Purchasing and selling rental properties is a great way to build your wealth and create passive income. However, the sale and purchase of rental properties can also leave you with quite a significant tax liability at the end of the year. This is why many real estate investors choose to take advantage of tax break opportunities such as 1031 tax exchanges. Below you will learn more about this particular opportunity to defer the taxes from the sale of one of your rental properties by examining both the pros and cons that come along with the use of a 1031 tax exchange.
Ways Issues With The IRS Are Resolved With The Help Of A Tax Resolution Specialist
Owing the IRS money for back taxes and fees can be a scary situation. Hiring a tax resolution specialist may be a good way to find some peace of mind. Here are a few ways issues taxpayers tend to have with the IRS can sometimes be resolved with the help of one of these professionals. The specialist negotiates an installment plan to pay old tax debts. The number one thing the IRS cares about is getting the money that they are owed from the people that owe them money, even if that means they have to work with you to set up an installment plan to pay past-due debts.
3 Ways To Make Sure You Don't Fall Behind On Your Property Taxes
Falling behind on your property taxes is one of the worst things you can do as a homeowner. If you get behind and are not able to catch up quickly, the municipality will place a tax lien on the property, which will make it really hard to sell. Some people fall behind on their taxes because they face financial hardship, such as a job loss or major medical incident. But other times, they fall behind purely on accident because they’re forgetful or don’t schedule the payments.
Self Employed? 3 Tax Tricks To Keep In Mind
As a self-employed individual, doing your taxes can be a little tricky even if you keep things simple. #1 Keep Track of the Right Deductions You need to keep track of all the right financial information for your deductions. As a self-employed individual, there are numerous types of items you need to keep track of so you can deduct the cost later. Health Insurance Premiums To start with, you can deduct your health care insurance premium.
3 Common Mistakes Sole Proprietors Make On Their Taxes
Do you run your own business? There are many ways you can set up your business, but a sole proprietorship is often the simplest, especially if you don’t have employees or complicated business arrangements. As a sole proprietor, you can file your business taxes on your personal return. That can simplify the reporting process and make it easier for you to file your returns. However, even if you file as a sole proprietor, there are still a few tax complications to consider.
Family Members Living With You? 4 Reasons That Could Help Your Taxes
More and more Americans are helping provide a home and support for other family members. This often includes adult children and older relatives. And if you’re in this situation, you’re surely doing so out of love and concern. But you can get some financial help on your tax bill that you may not be aware of. Here’s how. Dependency. Many people aren’t aware that they can sometimes claim as dependents adults and minors who are not their own children.
How To Deduct Medical Insurance As An Itemized Deduction
Individuals who itemize deductions on their income tax return often maintain detailed records of their medical expenses. When the tax return is prepared, their records are reviewed to determine which expenses are deductible. In addition to the amounts paid to medical providers, the cost of certain types of medical insurance is also deductible as an itemized deduction. Unlike most other itemized deductions, medical expenses are subject to a threshold at which they become deductible.
The Three Biggest Tax Mistakes Made By Small Businesses
One of the most common mistakes that small businesses make when handling their taxes is not deducting startup costs properly. A business cannot deduct its startup costs until it has made its first sale. These startup costs are not deducted right away but are instead deducted over the course of 15 years. Check with the IRS to make sure that all of your expenses qualify for a deduction. Hiding Your Income
A Quick Guide to Understanding the Basics of a Simple Trust and Its Taxation Details
Although the use and value of a trust have been evident for years, the details associated with filing the taxes for what is known as a simple trust can still be quite complex. For instance, you might be surprised to learn that in addition to the banking information and receipts for the income and outgo of that trust you might already expect to provide, you will also need to have the tax identification number for the trust.
Lessen The Burden Of Uncle Sam's Demands With These Often Overlooked Expenses For Writers
When you imagined you wanted to be a writer, what is it that you had in mind? If you are like a lot of professional writers, you will say you envisioned sitting in your well-put-together office space, sipping coffee, and tapping out masterpieces on your computer. If there is one thing you did not anticipate along with your prose-creating profession, it was Uncle Sam constantly looming over your shoulder. The fact is, as a writer, you are a sole-proprietor business entity.
4 Reasons To Get Professional Help For Your Business Tax Needs
If you’re a small business owner, you may be stressing out about having to handle your own taxes. It can be a complicated process and the rules can be confusing, especially if you’re a brand new business. The good news is there are tax professionals who are willing and able to help you with your tax needs. They can make you feel more confident and can offer personalized advice. Keep reading to better understand the reasons as to why you should hire a tax professional for your business tax needs.
Dealing With Overdue Federal Income Tax
It is not uncommon for individuals to find themselves with an unpaid federal tax balance. Common reasons for inadequate withholding include self-employment income, dual salaries, and bonus income. Tax filers who are unable to pay their federal balance in full have options available to reduce and eliminate the balance over time. Tax returns should always be filed by their due date, even if it leaves a tax balance unpaid. The specific penalty for filing late can usually be avoided by submitting the return itself in a timely manner.
Making The Transition To Online Income Tax Filing
For several years, the number of tax filers who prepare their own return online has steadily increased. The IRS provides statistics on the number of e-filed tax returns that were self-prepared. The statistics also provide the number of e-filed returns prepared by tax professionals. Some individuals who now require professional assistance can reduce their tax preparation fees by filing online. Almost anyone who is comfortable paying bills online or banking online is likely capable of filing their taxes online.
First Year Filing Taxes As A Self-Employed Person? Tips For You
If you have recently decided to go into business for yourself, whether it is as a freelance writer or consultant, or you have opened your store or other business, one of the many challenges that you will face in the next fiscal year is filing your taxes. Filing taxes as a person that is self-employed is quite a bit different from filing taxes as a wage-earning employee of a company. The first year, these changes can throw you off if you do not know how to prepare yourself to deal with them.
3 Tax Credits That Are Helpful For Seniors
Seniors can have a hard time financially due to the fact that they are no longer bringing in the income that they used to. It can be very helpful for them to search for ways to save money and pay less taxes so that they have more resources as their health declines. Look at these three tax credits that might be helpful for seniors and see if they are right for you.