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  #1  
Old 02-04-2009, 04:26 PM
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Tax Tips

Always get someone else to check your work, even if you're using a program such as TurboTax to prepare your taxes. Even though some of these programs have guarantees, its always better to get a second pair of eyes on your tax forms before they are submitted to check for any omissions or errors.
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  #2  
Old 02-04-2009, 07:15 PM
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Don’t wait until the last minute to file your taxes. If you want to be able to use your money for a big purchase, the sooner you file, the sooner you will get your return.
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  #3  
Old 02-04-2009, 07:15 PM
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Make sure you have all of the necessary paperwork when you meet with the person helping you do your taxes. It will only make things more difficult in the end if you forget to bring something with you.
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  #4  
Old 02-04-2009, 07:15 PM
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Don’t try to cheat. It really is not worth the time and energy to keep that lie in the end. No matter who you are, or how well you think you have your tracks covered, you will ultimately get caught.
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  #5  
Old 02-04-2009, 07:15 PM
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As your important tax forms (ie: W-2s, investment statements, etc) start showing up in the mail pick a spot to put them all so that none of them get misplaced. In addition – find your forms from the previous year and place them in the same place. This way when you go to file your taxes you will know exactly where they are all located.
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  #6  
Old 02-20-2009, 03:11 PM
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Default Re: Tax Tips

Missing your W2? Your employer is obligated to have your W2 to you by the first week of February. If you do not have it by then, you will need to contact your employer. If you still do not have it by the middle of February, you must contact the IRS and provide them with your employer's information so they can assist you. If you've done these two things and still do not have a W2 by the end of February, you should use Form 4852 (a substitute for the W2) and estimate your information. The best method to estimate is to find the last paycheck you received from your employer for that year and use the tax withholding and income year-to-date figures listed on the stub. There may be a delay for any refund using this method as the IRS has to verify your information.
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  #7  
Old 03-16-2009, 03:05 PM
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If you have children, you may be able to save up to $1000 on your taxes for every child under 17 that qualifies. In order to qualify for the tax break, the child must have: been under 17 at the end of 2008; in a viable relationship with you such as offspring, adopted child, foster child, etc; a citizen of the US; and lived in your home for more than half of 2008. Also, the child must not have provided over half of his or her own support during 2008.
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  #8  
Old 03-24-2009, 02:16 PM
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The best option to get your refund is Direct Deposit. One, it's free. Two, it is generally issued long before paper checks. Three, its more secure as there is no check that could get lost or delayed in the mail. The IRS will put the money directly into your bank account and there is a calendar of the dates they make the deposits.
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  #9  
Old 03-25-2009, 02:33 PM
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Most people are unaware that internet sells are still subject to being taxed. This includes business from established companies to the occasional eBay seller. You must pay taxes anytime that you make a profit. Whether you are selling products, offering services, or making money from Google Ads or Blog advertising, you are expected to pay taxes on that income. Even if you are just selling your old treadmill on Craigslist, you still have to pay taxes. Starting in 2011, companies such as eBay will have to report any users who sell more than $20,000 or process 200 transactions.
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  #10  
Old 03-25-2009, 03:13 PM
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Bartering goods or services is taxable by law. Bartering means the trading of goods or service from one person to another for an exchange of goods or services. Examples of this can be fixing someone's computer so he or she would fix your plumbing or a doctor's office trading medical services for air conditioner repair. It is usually an informal one-on-one transaction between people and/or businesses. Even though no money changed hands, the fair market value of the goods or services traded have to be reported as income. These "trade dollars" are considered the same as real dollars for tax purposes and must be reported by both people and/or companies involved.
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  #11  
Old 04-13-2009, 05:27 PM
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If you find that you are not going to be able to file your individual tax returns by the due date, you can file a request for an extension with the IRS. This will allow you up to an additional 6 months to file your taxes without being penalized.
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  #12  
Old 04-14-2009, 01:21 PM
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Default Re: Tax Tips

Remember that April 15 is the absolute deadline for federal returns, or for filing an extension without incurring penalties. All work must be completed online by 11:59 PM April 15, or all information mailed to the IRS must have an April 15 postmark!
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  #13  
Old 05-18-2009, 01:19 PM
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Default Re: Tax Tips

For S-corporation business owners, it is important to consider how you take your income from the company. Be sure to weigh the pros and cons of your mix of salary versus distributions. While salary is taxable for S-corporations, distributions are not. Your accountant must be careful, since the IRS may take issue if distributions grossly outweigh salary. Also consider that it will be difficult to qualify for personal loans and disability insurance if you take a very low salary.
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  #14  
Old 08-03-2009, 02:21 PM
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Wink Re: Tax Tips

Remember to save all receipts for repairs and improvements on your home. In the event that you should ever sell it, these receipts could be used to reduce any applicable taxes if your home sells for a value that exceeds what is excludable from income or if you will not be using the proceeds to purchase another home.
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  #15  
Old 08-04-2009, 01:37 PM
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Default Re: Tax Tips

Have you relocated during the previous fiscal year due to a new job? Regardless of whether or not your company has reimbursed you for your moving expenses, you can still deduct these expenses on your return.
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