New for tax year 2014 is the requirement to have health insurance. If you do not have qualified health insurance coverage AND you do not fit into one of the limited exemptions you will need to pay a fine, tax, or as the government calls it, an “individual shared responsibility” payment. So how do you prove you have the required health insurance? It is not a simple thing.
[block border="5px solid #aacb24" padding="10px 15px"]Sticking to budgets and diets[/block]
Budgets, like diets, are short lived for most of us. You do a proper job of planning by looking over the past and determining where you need to make changes to meet your goals. And, you live by your plan for a few days, maybe even a few weeks. But, then all the detail of keeping track of what comes and goes gets to be more than you are willing to put up with.
[block type="rounded" color="#FFF" background="#000000"]Going into business with a franchise[/block]
Have you ever wanted to be your own boss, but didn't want to start a business from scratch? If so, buying a franchise might be the right choice for you.
When you purchase a successful franchise,
The IRS has reacted to the complaints of the small business community and today issued Revenue Procedure 2015-20 outlining a simplified procedure for small businesses to comply with the final tangible property regulations. The simplified procedure is available beginning with the 2014 return taxpayers are filling out this tax season.
Elect S corporation status by March 16
If you own a small business, you have until March 16, 2015, to choose S corporation status for this year. In order to become an S corporation, you'll need the unanimous approval of all shareholders.
Unless you have spent the last twelve months in a bubble,
Warning: Watch out for aggressive phone scams again this tax season
The Treasury Inspector General for Taxpayer Administration (TIGTA) is warning taxpayers about one particular category of tax scams that has proven to be very widespread, very aggressive, and very relentless.
Tax Season Reminders
IRS Commissioner John Koskinen has informed taxpayers that the Agency's level of service to taxpayers is likely to decline,
New ABLE accounts are now available
The Tax Increase Prevention Act of 2014 that was signed last December mainly affected the year 2014 as it extended for that year only some 50 tax breaks
Here are five tax topics that seem innocent but can cause problems if not handled correctly.
In this issue:
The Month of February:
Every new business needs a record system
Many small start-up businesses are off and running before any record system has been set up. There is money deposited into the new business checking account, some from invested funds and some from sales. Money has been paid out for equipment and supplies, some by check and some by cash out of pocket or from sales receipts.
End of January Tax Tips...
You need not make the January 15 quarterly estimate for 2014 if you file your 2014 tax return and pay taxes due by February 2, 2015.
February 2 is the deadline for employers to provide 2014 W-2s to employees.
Don't forget about the nanny tax!
A good domestic worker can help take care of your children, assist an elderly parent, or keep your household running smoothly. Unfortunately, domestic workers can also make your tax situation more complicated.
Who have you designated as beneficiaries for your insurance policies and retirement accounts? If you can't remember, you're not alone. But it's worth checking. If you make the wrong decision, it could affect who inherits those assets. In some cases, it could also change the taxes your beneficiaries will pay and the value they'll receive. Here are some key facts about beneficiary designations.
What are they?
This is a question we are ask this time of year, so here are some Quick guidelines:
What will happen to your business if you die, retire, or become disabled? If you are the owner of a small business, you need a means for the transfer of that business in the event something happens to you. With a "buy-sell" agreement, you are able to plan for many contingencies over which you would otherwise have little control. A buy-sell agreement should establish a price for the business and the method of succession.
Catastrophes, thefts, natural disasters, accidents, fires – they happen. If such misfortunes strike, a well-researched and up-to-date homeowner's insurance policy can keep your family's finances afloat during trying times. Proceeds from a homeowner's policy can provide necessary funds to replace your house and belongings. A good policy can also protect against unexpected liabilities. If you're considering a new homeowner's policy (or already have one), watch out for some common pitfalls, including the following:
I thought some readers of my blog might be interested in this fairly common topic, for which I did some research. I see if commonly where a parent buys a home in their name, and more improtantly, using their credit, the a child lives in the home and makes ll the mortgage payments. Typically, a non-owner cannot take the deduction for the mortgage interest paid and real estate taxes... this discusses the basis of law for which this deduction for the child may be possible...
