Some of us just need to buy a little extra time when handling our IRS tax obligations each year. If you are part of this group this year and you filed for an extension of time to pay your tax bill, your 6-month grace period is almost up. Consider a few easy things you can do to ensure you meet this year’s deadline for extension filers on Monday, October 17, 2016. — Get organized – now. If you aren’t a stickler about being organized, it’s time to at least buckle
The weather is gradually cooling down, and the leaves are starting to change color if you’re a northerner. Football action has kicked off. Can you finally feel fall in the air? While we’re still a few months out from the calendar turning to 2017, tax season will be here before you can say “IRS.” With some expected changes coming for tax filers in the spring, it’s imperative to be prepared and know what you can do now to save. Take the following steps now. 1. Confirm Your Tax Filing Status.
When you raise money for your business through crowdfunding, your goal is to have the funds needed for a specific purpose. The last thing you probably are thinking about is taxes. However, you can’t avoid the subject. Whether the money you get is taxable all depends on the type of crowdfunding you use. The IRS recently gave some informal guidance on the tax consequences of crowdfunding. Types of crowdfunding Crowdfunding is a way to raise a little bit of money from a lot of people. For small businesses, crowdfunding has
There may be nothing more rewarding than laboring all day to clean up a messy house and then seeing how sparkling and new it looks after this hard work. While housekeepers may get this nice dose of satisfaction, they are still like all self-employed professionals who get hit with countless taxes and IRS regulations. So, to ease the tax burden a bit, here are some key expenses you may be eligible to write off on your IRS income tax return if you’re a housekeeper working for yourself. Housekeeping supplies The
The 2016 U.S. presidential election is literally weeks away. Perhaps you made a financial contribution to one of the many candidates’ campaign funds this year as a way of showing support. If you’ve asked yourself whether your monetary donation can be written off as a tax deduction on your return, the IRS stands firm on this issue. IRS Rules On Deducting Political Campaign Contributions Because the IRS does not view political campaign funds as charitable organizations like non-profits that raise money for disadvantaged youth or for medical research, you cannot
Summer is officially coming to a close in just a few weeks. However, before this occurs, there is a big IRS tax deadline worth noting for self-employed professionals and business owners. This deadline surrounds estimated tax payments. A Brief Overview of Estimated Taxes In basic terms, estimated taxes are levied on income from which no self-employment and Social Security and Medicare taxes are withheld. This is something employers typically withhold from their employees’ paychecks. The amount of estimated taxes that one must pay depends on the amount of income earned
A professor from Oklahoma State University estimated in 2000 that there were 3 million such businesses, so the number today likely is much higher. Some giant corporations — Fiji Water, Forever 21, Panda Express, and Houzz — were founded by husband-wife teams. There are many personal issues that couples face when co-owning a business. Here are some of the tax issues that spouses co-owning a business should think about. Tax filing for spousalpreneurs A couple who co-owns and operates a business that is unincorporated and shares in the profits and losses
Do you serve up hot subs, fresh salads, and sweet treats around town in your decked-out food truck? If so, you’re part of the rapidly growing mobile cuisine industry. While it can be quite rewarding to prepare delectable edibles for hungry consumers looking for a quick bite to grab, there are several IRS tax rules you must understand to successfully run a food truck enterprise so that you avoid all potential penalties. Check out these tax tips and deductions for food truck owners: Tax Tips For Food Truck Operators 1.
You’ve likely heard the terms depreciate and depreciation when it comes to tax matters. But do you really understand the basics of these concepts and how they apply to your taxes? Depreciation Defined In layman’s terms, the basic concept of depreciation revolves around an income tax deduction. This IRS write-off allows a taxpayer to recover the cost of certain pieces of property. Depreciation is designed to be an annual allowance for the deterioration, wear and tear, or general obsolescence of a specific piece of property due to how much this
Without a doubt, websites like eBay and Craigslist have taken a big bite out of the used goods market. However, thousands of families and individuals still hold garage sales in front of their homes each weekend around the country. So, what do the IRS and Uncle Sam say about garage sales and taxes? Garage sale items are generally sold at a loss. Let’s say you’re having a garage sale and you’ve pulled together some of your kids’ old clothes they’ve grown out of, a few boxes of baseball cards, and