Recharacterizing An IRA Contribution Or Conversion
Tax filers sometimes have a change of opinion concerning their investment choices. Many decisions become final at the end of a tax year, but there is some additional flexibility in individual retirement accounts. Individuals who initially select between a traditional IRA or a Roth IRA can timely change their mind and reverse their choice of IRA type. You may have converted a traditional IRA to a Roth IRA before realizing that you actually prefer keeping the funds in the traditional IRA.
Budgeting Tips For Your Small Pet Store And Ways To Reduce And File Paperwork
If you own a small pet store and have been overspending and are encountering disorganization in your company's office, the following tips can be used to assist with budgeting and reducing and filing paperwork. Hire An Accountant Hire an accountant to help prepare payroll and check figures that have been calculated for accounts receivable and payable in order to make sure that they are accurate. An accountant can also assist with managing taxes and finding tax breaks for your company and preparing tax returns.
Reporting Miscellaneous Sources Of Taxable Income
Most categories of taxable income are reported on a specific line on Form 1040 intended for that particular type of income. There is, however, one line on Form 1040 designated for miscellaneous income. Tax filers must report income that does not fit neatly into a specific category as miscellaneous income. The catchall category of miscellaneous income encompasses a wide array of taxable activities. Jury duty Although the pay is relatively low, serving on a jury is considered a civic duty.
3 Reasons You Should Hire An Accountant To Help Take Care Of Your Small Business
Most small business owners spend a lot of time on the daily tasks required to just keep the business running. Whether it's things like ordering new inventory or providing one on one time for your customers and clients, running a small business is obviously very time-consuming. It can be so time-consuming, in fact, that it doesn't leave a lot of time for behind the scenes work like bookkeeping. If you are struggling to handle your daily paperwork, it might be time to hire a small business accounting specialist.
What Are The Advantages Of Filing Joint Tax Returns?
When a married couple has two separate incomes, they have the option of filing their taxes together or filing them separately. While there are benefits of filing separately, many married couples prefer to file their taxes jointly instead. This may save some time if you are meeting with an accountant to have your taxes filed and it may also be a bit cheaper to file your taxes jointly instead of having two separate appointments.
Opening A Small Business? Don't Fall For These Common Small Business Errors
As a first-time business owner, it is easy to get caught up in the idea that is driving your new business. However, make sure you don't get so caught up in the big idea that you forget about the little details. Here are the three most common errors that new small business owners tend to do when they don't take the time to really think out the financial side of their business.
Self-Employed? Avoid These 4 Common Tax Preparation Mistakes!
Are you filing your taxes as a self-employed individual for the first time this year? If so, then the task might seem a bit daunting. After all, as a self-employed worker, you'll be subject to self-employment taxes and will also be responsible for paying your state, Federal, and local taxes yourself (rather than relying on an employer to deduct them for you). Specifically, as you prepare your taxes, there are some common mistakes you'll want to avoid.
The Layman's Guide To Hiring A CPA
The world of accounting may seem cryptic and foreign to the average person, so it can be hard to know when exactly you need to hire a professional to help with finances. Here are a few answers to some common CPA questions to help guide you through the hiring process. What is a CPA? A certified public accountant is the highest standard of achievement within the accounting profession. A CPA will advise their clients on any number of financial issues ranging from tax filing to business investment to estate planning.
Tax Implications Of Concluding Transactions Using Virtual Money
In an article published last year, Bill Schuette, who currently serves as the Attorney General in the state of Michigan, advised his residents concerning the risks that are associated with the use of virtual money. Indeed, while it is the case with hard money, virtual money insurance doesn't exist. This means that if your virtual money gets stolen, you won't be able to submit a claim to the third-party through which you have purchased it and that was holding it for you.
2 Small Business Payroll Mistakes You Could Be Making
As a small business owner you probably feel like a jack of all trades. Not only do you have to come up with the processes and practices that keep your business functional, but you also have to implement and execute them. To add burden to your already heavy load, you also have to pay your employees. Particularly when it comes to payroll, trying to take on more than you are actually prepared to can lead to a number of mistakes.