A contractor's cargo van can take a beating over the years and will have to be replaced at some point in time. If you are a contractor who utilizes a large cargo van that is showing its age and needs to be replaced, you should do it before the end of the year to qualify for a couple of nice tax deductions from the IRS. Here is an overview of what the tax deductions are and how you can apply for them during the 2016 tax filing season.
23 November 2016
Most individuals who e-file an income tax return receive a routine acknowledgment from the IRS shortly after the return is officially accepted. A small percentage of returns, however, are not initially accepted and receive a response containing a rejection code. Tax filers can usually correct the problem that caused the rejection and then e-file the return again or mail it if necessary. The IRS provides different rejection codes to help identify specific issues with e-file attempts.
13 October 2016
As a new home-daycare business owner, you need a reliable accountant on your side to take care of all the financial aspects. Here are three important considerations to make that will help you figure out which potential accountant will be the best fit for you and your business: Government Subsidies If you plan to service children whose families receive government subsidies for child care services, there may be special forms that you have to fill out for those subsidies to be recognized and for you to get paid.
12 September 2016
Self-employed tax filers typically pay employment taxes on their net earnings. In recent years, some self-employed persons with higher levels of income have been assessed an additional Medicare tax. The additional Medicare tax became effective in 2013 as part of the Affordable Care Act. Before the additional Medicare tax became effective, self-employed persons reported all of their Social Security tax and Medicare tax on IRS Schedule SE. Now, individuals with income levels above certain thresholds must use both Schedule SE and IRS Form 8959 to pay their Medicare tax.
22 July 2016
Are you trying to organize your finances? One of the easiest ways to organize your finances is to integrate your bookkeeping software directly with your online bank accounts. This pulls all of your transactions into an easy-to-manage system. But there are still some hurdles when consolidating your data like this, including some mistakes which could throw your registry off. 1. Failing to Code Your Checks and Transactions Not only do you need to track the amount of money you've spent, but you also need to code it properly so you know what you spent it on.
6 June 2016
If you are getting married and you already know that you and your potential spouse aren't great with money and have debt, it may be wise to hire the services of an accountant. Even if the two of you don't have a lot of money to spend, making the investment may change your lives and greatly benefit your life after marriage. There are many couples that stress and fight about money in their marriage, because their financial decisions no longer affect just themselves after they walk down the aisle.
18 August 2015
Are you about to start using accounting software to manage your business? Many small business owners and self-employed individuals do their own bookkeeping so that they can hand off accurate general ledger reporting to their certified public accountant at the end of the year or quarterly. But the process isn't without its challenges; bookkeeping software can be a bit difficult to get acclimated to, especially without training. Here are a few of the most common mistakes
15 July 2015