If you'll be filing taxes as a self-employed worker or independent contractor for the first time this year, you might be feeling a little overwhelmed by the process--especially if you've been used to filing a simple 1040 with your employer-issued W-2s in prior years. As you prepare to file for the first time as a self-employed worker, then there are some common myths you'll want to be aware of so you can file accurately and correctly.
30 December 2015
With the U.S. tax code being over 700 pages in length, nobody is expecting you to be an expert on doing your taxes. Furthermore, with all the complexities and exceptions to loopholes that are within the tax code, it can seem like an unsolvable equation to determine whether you can include certain deductions. That's why tax preparers and accountants are there for you. Here are some little-known tax deductions that you want to bring up and discuss the next time you're preparing to file taxes.
23 December 2015
Businesses must provide most employees with a Form W-2 after the end of each calendar year. For every Form W-2 issued, employers must also send a copy of the form to the Social Security Administration. IRS Form W-2 is a form that is used to summarize wages and benefits paid to an employee. The form consists of six nearly identical copies, with each copy intended for a specific use. Each employee typically receives three copies for their own tax filing.
21 December 2015
Your new bundle of joy is going to bring quite a bit of changes to your life. Aside from the lack of sleep and "baby on board" signs on your new minivan, there are other changes coming too—changes in the form of your taxes. Your new baby is going to come with tax deductions and exemptions you should be aware of. Before filing your taxes though, you're going to need a social security number, which should be sent to you in the mail after your child's birth certificate is filled out at the hospital.
17 December 2015
Divorce is one of the most stressful experiences in life -- emotionally, physically and mentally. But there are some ways to help mitigate its negative effects in at least one area -- financially. By avoiding a few common mistakes, you can protect yourself during a divorce and set yourself up for a better recovery. Here are the 5 top ways to avoid mistakes in this process. Inventory Assets In most relationships, one partner has a better idea of the state of the family's finances and assets.
15 December 2015
If you own your own business, there are many pros and cons involved with doing so. One of the advantages most people enjoy is being able to set your own hours and work when you want. This can help you have a more flexible schedule and avoid being tied down to an office cubicle. However, one of the major disadvantages also includes having to pay the employer's portion of taxes. This makes it more important than ever to be fully aware of legitimate tax deductions for the self-employed.
10 December 2015