We all know filing taxes is not the easiest job in the world (that’s why you hire us to help!) Mistakes do happen from time to time, so what do you do when you realize there is an error after you’ve already handed in your returns? Well, there are two options: The first option is plain and simple: do nothing. If it’s related to a mathematical error, the IRS will usually automatically fix it. If you forgot a certain form or schedule, the IRS will usually send you a request for them. The second option is to file an amended tax return if you made an error claiming your filing status, income, deductions or credits on your original return. An Amended U.S. Individual Income Tax Return, … [Read more...]
Affordable Care Act Premium Tax Credit
With the implementation of the Affordable Care Act, also known as “ObamaCare,” health care coverage is now required. This can be a heavy burden when you’re on a tight budget. Luckily, the IRS has allowed for a premium tax credit for those who have moderate incomes and need help paying for their health care coverage. According to the IRS, you generally have to meet these three rules to be eligible for the premium tax credit: Get health insurance coverage through the Health Insurance Marketplace Have a household income between one and four times the federal poverty line Not be eligible for other coverage, including Medicare, Medicaid, or sufficient employer-sponsored coverage Be … [Read more...]
Affordable Care Act Individual Shared Responsibility Payment
Health care coverage is now required under the Affordable Care Act, also known as “Obamacare.” If you do not have coverage, the IRS can charge you with an individual shared responsibility payment when you file your taxes in 2015. In their article on the subject, the IRS lists three reasons why you would have to make a payment: You have not signed up for a qualifying form of health insurance coverage. You had a gap in coverage in 2014. (If it was less than 3 consecutive months, you might qualify for an exemption.) You didn’t qualify for an exemption. The amount you owe will be based on the greater of: 1% of your household income that is above the tax return filing threshold … [Read more...]
Affordable Care Act Tax Exemptions
As of 2014, if you do not have health insurance coverage or have a gap in coverage, you will have to either pay an individual shared responsibility fee or file for an exemption when you file your taxes in 2015. Wondering how to make the right choices for your health care tax provisions? Here are some basics to help you determine if you qualify for an Affordable Care Act tax exemption. According to the IRS, people who qualify include those who: Do not have access to affordable coverage Have a gap of less than three consecutive months without coverage Qualify for one of several other exemptions, including: having a hardship that prevents you from obtaining coverage, … [Read more...]
10 Easy Solutions to Business Writing Problems
Never underestimate the importance of good writing. Especially in the world of digital business, it is often your only “voice.” If your first email to a potential customer is dull, confusing, and riddled with grammatical errors, you will likely lose the customer. If a memo to employees is unclear, you may end up with confused workers and incorrectly done work. 10 Easy Solutions to Business Writing Problems out of Entrepreneur Magazine gives some simple tips, tricks, and troubleshooting solutions to help you in your writing. I’ve given you the top three here: Use strong verbs- weak verbs make writing look dull Avoid pretentious or confusing words- keep the words short and … [Read more...]
Don’t Wave a Red Flag to the IRS
Tax time can be stressful: meeting deadlines, finding invoices and receipts, and figuring out how much to write off while avoiding an audit. An accountant can alleviate some of the stress, but not all of it! A colleague of mine published these tips in their newsletter, figured I’d share. Here’s a list of things to avoid if you would prefer NOT to undergo an IRS audit: Eleven Red Flags The IRS Looks For: 1.) Forgetting to claim income that is already being reported to the IRS. 2.) ROUND numbers are always a flag. 3.) Large deductions for travel & entertainment. Computer programs at the IRS establish norms. Taxpayers that are outliers are at a higher risk of audit. In … [Read more...]
6 Essential Traits of Successful Entrepreneurs
I love this article from www.Entrepreneur.com. 6 Essential Traits of Successful Entrepreneurs goes beyond advice on good marketing moves, business plans, etcetera. Instead, it focuses on the skills and traits you personally need in order to succeed as a small business owner. It’s so important to consider your own wants, needs, and motivations before becoming an entrepreneur, and to continue to keep these in mind once you take the entrepreneurial plunge. Just few things this article covers are having a clear vision, communication, and time management. I highly recommend reading this for any aspiring or current entrepreneur! Also check out my earlier blog “4 Questions to Ask Before … [Read more...]
4 Questions to Ask Before Taking the Entrepreneurial Plunge
According to Bloomberg, 80% of new businesses fail. This is certainly something to ponder. You need to know if you’re prepared for what you’re getting into before you considering jumping off as an entrepreneur. Entrepreneur magazine suggests you ask yourself these four essential questions so you can set yourself up for success: Are you comfortable with absolutely zero structure? Entrepreneurship is chaotic! Do you have financial stability? It can take a long time for your new business to start making you money. Are you entering new territory? Don’t get in over your head! Start in a field in which you’re familiar. Do you change jobs every two … [Read more...]