Do you have all your
required Tax Filing Documents?
* Form W2
* Form 1099 - MISC (If
you are a Contractor or Independent Employee)
* Form 1099 - G (To
show Payment received from Government Agencies, Unemployment Benefits, Alimony,
* Form 1095 - To show
that you are enrolled in a Qualified Health Plan, which will allow you to get
your Premium Tax Credit).
* Form 1098 - To show
Payment Received from Interest (Interest Income).
* Profit & Loss
Financial Statements (If you are a Business Entity or Corporation)
IRS Begins Accepting Tax Returns Today - Monday, January 29th 2018.
IRS begins accepting Tax Returns Today, Monday, January 29th 2018.
Highlights to Note:
- Even Though the New US Tax Law is in effect, Changes do not apply to 2017 Tax Returns.
- Tax Payers can start submitting their Returns to the IRS as From Today.
- You may be able to file for Free; The Sooner, you start Filing, the Better, as this is a precaution to Tax Fraud.
- The Deadline for this Year's Tax Filing Returns is Tuesday, April 17th 2018.
With this New Act, Employers and Small Businesses have January 31 Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically).
Increases 401K Contribution limits by $500 from January 1st 2018 What this means for you.
The IRS had
announced sometime in October, that effective from January 1 2018,
the contribution limit for Employees who participate in 401(k), 403(b), most
457 plans and the Federal Government’s Thrift Savings Plan will be increased
from $18,000 to $18,500.
surely a Big Deal. As we all know, this extra $500 can help us more than we may
think and it could also mean up to $70,000 more in your retirement account,
assuming you decide a retirement age of 67 for yourself and at a 6 percent
annual rate of return.
We grow up in life,
structured to believe that, after we go through the school system, we graduate
to work for Organizations. We often fail to realize that, we can use our
knowledge and experience to start up our own Businesses, especially when most
companies rarely allow their employees to become Business Owners. As
individuals, we need to harness our passion and recreate the relentless
entrepreneurial spirit in us, to launch us to where we are meant to be.
Everyone is born with
a gift; each of us has a passion and something that we are all excited about.
It was Great Meeting with Heather Satterley, Certified QuickBooks Pro Advisor, Trainer & Educator and a 2016 Top 100 Pro Advisor. Training was really Insightful and Engaging.
Wow, The Busy Tax Season is over; we're back to Normal Business
Activities. I would like to share with you, how you can always be in Demand and
get paid what you're worth.
I visited an Eyebrow Threading Specialist recently and was
amazed at how she attended to her Clients and the artistic way, she used the
popular Thread, that we're all used to shape her Clients' Eyebrows. This was so
amazing to me and it was funny, that as simple as it looked, she was making
"Big Bucks" from this Trade, with all the Clients waiting to have
their Eyebrow shaped and to think, that was all she did for a living was even
We have only Few Days left to the end of Tax Season; Many of Our Clients ask if a Tax Credit is better than a Deduction. Just to enlighten us, A Tax Credit is a Dollar -For-Dollar Reduction of the Taxes you owe; For instance, A $100 Credit means you pay $100 less in Taxes.
A Deduction reduces the Taxes, you owe by a Percent of every Dollar, you're allowed to deduct. You Calculate the worth of your Deduction by multiplying your marginal (Or Top) Tax Rate by the amount of the deduction.
Tax Season is still On........ We have few more days to go; If you are a Calendar Year Partnership or an LLC with more than one member, you must file a Partnership Return, Form 1065 as soon as possible, the Due Date is March 15th 2017.
This same Deadline applies to Calendar Year S Corporations ( Where Shareholders are taxed for Profits), you must file your Form 1120S by March 15th 2017. These Forms were previously due on the same date as the Owner's Form 1040, but from this Year 2017, the Date was marked up.
It's unbelievable to hear that People forget to claim the expenses incurred on their Credit Card during their Tax Filing; We have noticed that many Business Owners neglect to include their Credit Card Activities, which qualify for Business Deductions. This is due to Ignorance and lack of knowledge in knowing how to input this in their Accounting Software.
Don't be left out. Do the Right Thing. Don't leave out money on the Table. Claim your Deductions and you will be better off for it.