Do I Owe Estimated Taxes September 15th?

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

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Tax Issues For Spouses Co-Owning Businesses

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

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Stir Up Tax Savings: Tax Tips & Deductions For Food Truck Owners

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.

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What Is Depreciation And How Does It Affect My Taxes?

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

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Come Sail Away: 3 Important Concepts About Garage Sales & Taxes

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

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2016 Back-to-School Tax Tips For Savings

Another school year is upon us. It can be quite stressful getting your kids prepared. From new clothes to textbooks to school supplies to arranging a carpool schedule, it’s always hectic when classes commence each fall. So, to help reduce your stress level and tax bill a bit, here are some back-to-school tax tips that can save you substantial money. Be aware of the sales tax holidays for your state. Nearly half of all U.S. states recognize a sales tax holiday that generally falls in August to coincide with back-to-school

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Let’s Make A Deal: 7 Hints For Bargain Hunters

You may never get the chance to appear on the TV game show Let’s Make A Deal. But that doesn’t mean you can’t still make great deals on anything you purchase. These easy steps can point you in the direction of scoring some savings on anything you swipe your credit card for in the future. 1. Download and use handy shopping apps. It’s true when people say there’s an app for everything. These smartphone apps, which are available across most mobile platforms, can help you tap your way to big

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2016 Sales Tax Holidays: Is Your State On The List?

Back-to-school shopping can take a big bite out of your wallet as you pile up the notebooks, backpacks, and new clothes in your shopping cart. The good news is that many U.S. states offer sales tax holidays before the school year kicks off to help ease the burden on parents and others who can benefit from saving some extra cash. Sales Tax Holiday Defined A sales tax holiday is when a state temporarily suspends sales taxes on certain non-commercial purchases of items, many of which revolve around students. These holidays

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Parental Perks: 6 Money-Saving Tax Credits For Parents

You take your kids to soccer practice. Then it’s off to Chuck E. Cheese. And, finally, it’s a trip to the ice cream stand for Bobby and Emma to indulge in some sweet treats. Parents deserve some relief from the constant – and expensive – activities in which their kids are involved. So, we want to lend a helping hand to all moms and dads out there with some money-saving tax credits for parents. What Is A Tax Credit? Before looking at the list of tax credits for parents, let’s

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What Retirement Plans Can I Choose As A Small Business Owner?

As a self-employed small business owner or independent contractor, you’re likely so focused on the present. Every minute of every day, your mind is on making money to make a living for yourself and your family. This is an excellent goal, but you can’t forget about the future. You must have a retirement plan in place, no matter how old or experienced you are. If you are looking to set up a new retirement account for yourself, or you’re interested in establishing a different plan, consider these retirement plans for

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