One of my small business clients received a form 1099-misc from one of her customers for whom she’d performed a business service. The customer unknowingly reported the income using box 3: “Other Income” when she should have reported it in box 7: “Nonemployee Compensation”. So what’s the difference? One is for payment for services performed, […]
Tax Time Resources
Tax Bracket Chart for 2012 and 2013 – By Bankrate Healthcare Premium Subsidy Calculator – By the Kaiser Foundation – the Health Care Premium Credit will help to subsidize health insurance costs for individuals making up to 138% of the federal poverty level. The formulas of who will qualify for the Health Insurance Premium Credit […]
IRS Inadequacies -You Need To Know This
With the technology and requirement of e-file in place, the IRS customer service and document processing activities are more automated than ever. It’s easier to file your taxes, we’re not printing tons of paper copies any more, and the turn around time of the average refund has gone from 6 weeks to 2 weeks – […]
When the IRS says “Your Releative” Here’s What They Mean
Some taxpayers use the term “relative” quite loosely. Your best friend’s son may be your godson – and he may seem like a relative in your eyes – but Dr Sam and the IRS don’t see it that way. So, when the IRS says “your relative” here is who they are talking about: Your biological […]
File Your 1099-misc due January 31st!
Have all my fellow business owners got their 1099-misc forms done? Time is winding up. Your form 1099-misc and corresponding form 1096 needs to be post marked by 1/31/2012! This is a heads-up. Let me know if you need help!
Can You Claim The Big Earned Income Tax Credit?
EARNED INCOME TAX CREDIT-SCHMEDIT! In general, you most likely have received the Earned Income Tax Credit (EITC) in the past if you: (1) Earn money from working (2) Have an income amount that is considered “low income”, and (3) Usually receive a tax refund that is more than $2000. Sometimes the refund can be as […]
It’s 2012 and Time To Get Ready For Tax Season – Webinar
Hello clients. Please take 20 minutes to watch and read this webinar. So much has changed in 2011. This webinar is designed to give you up-to-date information about changes to my tax services and fees starting this tax filing season. 2011 was another volatile year in our personal lives, economy, and government, so naturally all […]
Question: How Can I raise Money to Start a Business with Poor Credit.
A young lady asked: Do you have any advice on how to raise money to start your business when you have poor credit? Many people responded, but I believe they failed to answer her actual question. They said things like: Consider the “Big Picture”. Write out your SMART Goal. Determine Roadblocks. Take Responsibility. Take Action. […]