thetaxinfosource.com   Taxes are inevitable.

Image by mrkathika via Flickr

For business owners, there are many tax considerations which have to be made when filing your yearly income tax return schedule. The process of filing a tax return, for business owners, should be a straightforward process, and done in the simplest terms. The following are a few tips which should help business owners in filing a return to maximize gains, and avoid any penalties.

1. Consider “DIY” Tax Services: many small business owners consider filing online rather than with an accountant. Today, there are tons of filing software available to all individuals online. If the business has a very basic tax schedule and qualify to file EZ forms with the IRS, an online option might be a good choice for your business. If your business is more complex, you should consider a personal accounting firm to assist you with filing.

2. Consider Limited Services of an Accountant: Some individuals don’t want to deal with filing on their own, yet don’t want to rely on an accountant entirely. For these businesses, use online software which allows you to prepare the forms yourself. Once completed take the forms, and business receipts to an accountant to check for errors or missed deductions. This will save some money and the stress of filing the forms incorrectly.

3. Keep Track of Traveling Expenses: Use a mileage log. This will allow you to seperate the travel and gas expenses for business vs personal purposes. Business expenses can be taken as deductions on your tax return.

4. Keep Your Receipts: In the event of an audit, business receipts will save you headache and possible penalties. This will also make filing deductions faster, and assures that you can back up all claims to the IRS. If you are a small business, consider using separate credit cards for business vs personal expenses.

5. Know Your Deductions: If you know what can be deducted, it saves businesses the time and hassle of going through all accounts.

These basic tips will help keep you safe in the event of an audit, save you money, and optimize your deductions and returns when filing your businesses tax return.

Related articles

• BMW dealership boasts first commercial wind turbine in B.C. (theglobeandmail.com)

Abdallah B. is a former diplomat and prolific entrepreneur, he enjoys writing and collecting stamps.

People filing tax forms in 1920 (Photo credit: Wikipedia)

Filing a tax return is a very important process, and due to the important nature of this process, it is very important that the return is filed precisely. By improperly filing a tax return, an individual will be susceptible to fines and possibly an audit.

One of the most important things about properly filing a tax return, is to ensure that you have the proper forms for your particular situation. If you’re not sure about what form to use for the filing of your taxes, you can get the information that you need from your local tax office. The Internal revenue service has an abundance of highly qualified personnel who can help you with this situation. Ensure that you fill out the form in its entirety, because by not filling out the form completely the return may be rejected.

Make sure that all of your sources of income are properly identified. By missing any source of income, your document may be rejected, or you may not get the full amount of the tax return that is due to you if this is applicable. Use any financial documents that you have in order to assist you in filing your return in an accurate manner. Seek to accurately tabulate your tax liability, which will prevent you from having tax liability problems in the future. It is important to ensure that all of the personal details that you list on your tax form are accurate and up-to-date. It is important that you claim all deductions that are due to you, which will help to ensure that you only pay the tax that you owe, and that you receive the refund that is due to you.

Ensure that you claim all of the exemptions that you’re qualified for. This will help to ensure that you’re only paying the taxes that you owe. It is very important that you file your taxes by the due date for that tax year, which is usually April 15. Keep all of the documents that were used in the filing of your taxes, and seek professional IRS audit help if needed. Click here for more information.

Related articles

• Top Reasons Your Bankruptcy Filing May Be Rejected (askthemoneycoach.com)
• Prison Term For 2 New Jersey Men Convicted In Tax Fraud Case (newyork.cbslocal.com)

Sarah A. is an avid wildlife hunter and is well versed in the art of speech and enjoys working for a provider of tax resolution services. She enjoys time with her 7 kids and grandson. You can contact her at http://www.toptaxdefenders.com.

Image via Wikipedia

The Service Members Civil Relief Act (also known as SCRA) is a tax act that applies to active military personnel. It provides tax benefits beginning as soon as you receive your orders for active duty. Here are 8 tax tips for military personnel regarding your benefits under SCRA.

1. You are not charged state income taxes in a state that you are not a resident of while you are working for the military. Your spouse is also protected from an increase in their income tax due to your income.

2. You are given a longer period of time to pay your taxes while in active duty. This grace period lasts until 180 days after your active duty ends.

3. If you give you life in the service of your country, your death gratuity (which is payable to your family) is tax free.

4. You are permitted to claim some travel expenses (usually within a hundred miles from your residence) as part of your military responsibilities. Claim these expenses on line twenty four of tax form 1040.

5. You are permitted to designate another person to represent you to the IRS regarding your tax return. This person can respond to inquiries from the IRS regarding your tax return while you are overseas or on active duty.

6. Some of your income military benefits are tax, including combat pay. You are also permitted to deduct interests form your mortgage and property taxes even if you use BAH to pay for your home. Legal fees, dental care and child care can be used as deductions.

7. You are eligible for an Earned Income Credit at a higher income than civilians. If you have several children and earned $34,458, or one child and earned $30,328 you are still eligible for EIC. You may not file foreign earned income if you wish to claim this credit, and returns on personal investments must be under $2650.

8. While in active duty you are exempt from residency requirements, which state you must live in the United States for half of each tax year.

Related articles

• Woman invented kids for tax claim (bbc.co.uk)
• The Fed’s 1.6 trillion ‘somethings’ (ftalphaville.ft.com)

Jacobi is a former soldier in the United States army, he learned the hard way that tax law is more flexible for US’ finest.