Are you worried about the possibility of being audited? Many people are; the process of auditing can feel very invasive and take a long time, not to mention the additional cost that it often involves. Though the process by which an IRS triggers an audit can be somewhat mysterious, there are ways that you can reduce your chances of being audited. 1. Always Hire a Professional Accountant More and more people today are trying to do their own taxes.
11 March 2015
If you work while attending college, you've probably discovered the necessary evil of filing your taxes. But as a college student who is still being claimed by someone else, you face a unique situation – that of being a dependent who must also file taxes. It can be confusing because the rules are different than for most taxpayers. So, what's different? And will it help you or harm you? Here are four key changes.
5 March 2015
Food trucks are growing in popularity for both customers and entrepreneurs. But even though it's an enjoyable, low-overhead business for those who are passionate about food, a mobile food vendor still needs to be a profitable enterprise like any other, and many food truck owners fail to keep their truck on the road to success. Managing your costs as a food truck business is essential to long-term stability and growth. In short, you have to understand and control the money you're putting into your services and what you're getting back out of it.
26 February 2015
Filling out your taxes for 1099 contract work or as a self-employed taxpayer? You might have just discovered a little-known but important facet of working for yourself - the Self-Employment Tax. What is it and how can you avoid paying too much? What is the Self-Employment Tax? The Self-Employment tax is the full portion of your Social Security and Medicare taxes based on your income. While wage employees also pay a contribution to their Social Security and Medicare taxes, their employers pick up a matching contribution.
18 February 2015