Wednesday, April 27, 2016
Can you pay your tax bill? Sometimes after filing taxes, we get nervous about what may happen if we receive a tax bill. And not just any tax bill, but a hefty one from the Internal Revenue Service. What can you even do if you can’t afford it? Many may ignore it – which is not a good decision and will lead to a bigger problem. Minneapolis tax attorney, Tax Tiger, can help you if you become overwhelmed and stressed about your tax bill. You aren’t alone According to the IRS, you aren’t alone when it comes to needing help paying a tax bill. There are 5 million taxpayers out there who can’t front the money so there are a couple of alternatives. Extend your payment period The IRS allows for an extension on your bill for up to 120 days. If you think this is ample time for you to gather the money, this may be your best situation.
Tuesday, April 26, 2016
Waiting on your tax refund to come in gives you time to think about how you would like to spend your exciting boost of money. While not all taxpayers receive a federal tax income, the Internal Revenue Service says that almost 80% of taxpayers get one. And on average they are $2,800! So if you are curious on what are the best ways to use your tax refund, here are a few ways that Sacramento tax attorney suggest doing. Make Your safety net Saving your money is a good way to make sure you have an emergency fund in case something financially devastating was to happen. Maybe you lose your job, have to pay for a medical expense that your insurance doesn’t cover all the way, or something else could make an emergency fund rather useful. Tax attorney in Sacramento, Tax Tiger, says just take a second to think about your emergency fund before spending the money impulsively.
Monday, April 25, 2016
In order to not worry about your taxes anymore – sometimes you just have to sit down and get them done. We understand that’s easier said than done, but there is nothing worse than procrastinating on your taxes. By not planning, you risk making mistakes and potentially owing money to the Internal Revenue Service. Here are a few tips that IRS tax lawyers suggest you do in order to not fall behind on your taxes: Get organized This should be obvious. If you are poorly organized, then finding tax documents is going to be a big hassle. And if you can’t find certain documents, how are you supposed to have proof of certain deductions? Getting organized is going to be your best friend during the tax filing process. So keep your records and receipts all in one spot so when tax season comes, you know exactly where to find everything.
Sunday, April 24, 2016
We all make mistakes You just filed your taxes and then it hits you – you made a mistake! You had looked your work over multiple times before filing, but now you find the error. While your instincts may be to go into panic mode, Denver tax attorney says you can relax because people do this more common than not. There is an option to amend your taxes for a reason. But sometimes a mistake is so minuscule you don’t even have to. So when is it appropriate to amend your taxes? When not to amend Perhaps you filled out the wrong form, which could mean you will owe more money or maybe you forgot to deduct something big from your taxes meaning your refund will be much smaller. In these situations, Denver tax lawyer -Tax Tiger, would highly recommend you amend. But if you happen to make a slight mathematical miscalculation, the Internal Revenue Service is likely to correct those mistakes for you.
Saturday, April 23, 2016
Are you one of those people who like to wait till the last minute to get things done? Maybe you work better under pressure, but procrastination doesn’t mesh so well when it comes to filing taxes. Tax Tiger, a tax attorney in San Francisco says that your filing costs will go up if you wait too late in the season to file your taxes. According to the Bloomberg Business reports, Turbo Tax, H&R Block and TaxAct are a few common companies that will charge you a higher rate if you wait to get help on your taxes. It says, “They offer cheap, sometimes even free services to early filer. Then, usually in late March they slap customers with price hikes of 30 percent or more. Sometimes they continue ratcheting prices up in the days before the deadline.” The tortoise and the hare You know the story of the tortoise and the hare? As we all know, the hare didn’t do so well. He thought he had all the time in the world, took a nap, and next thing you know –the tortoise wins!
Friday, April 22, 2016
Are you someone who works in a restaurant as a bartender or a server? Maybe you deliver pizza, give people massages, or drive a taxi for a living. What do all of these completely different jobs have in common? They all receive tips. And with receiving tips comes a different kind of tax situation than if you were to not receive tips according to San Diego tax lawyer, Tax Tiger. The basics Basically the following happens: 1. Keep track of your tips 2. Report your tips to your employer 3. Your employer includes those tips into your income through the payroll processing system 4. Your W-2 will show this reported tip in Box 8 It’s as simple as that! But there are a few extra bits of information you may want to be aware of. Here are a few pointers when it comes to your taxes: Don’t make that much in tips but still make tips? Don’t worry about reporting how much you make in tips to your employer if it’s less than $20 a month.
Sunday, March 20, 2016
Getting married means you get to share almost everything with your spouse – your life, a home, food, bills, and more. But one thing you don’t have to share is your tax return. The truth is, it just depends on your preference on if you would rather file jointly or alone, but an IRS tax lawyer can help you figure out what is best for your situation. There are only 5 percent of people who are married that file taxes separately according to the Internal Revenue Service. It’s odd that this percentage is so low when in actuality it may be more beneficial for you both to file separately. Certified Public Accountant, Joseph Boyce stated, “ About 95 percent of married people are better off filing jointly. It’s a lower tax rate. Married filing separately is actually the highest tax rate.”