Archive for March, 2009
Filing taxes as a small business or as self-employed? If you aren’t using a sole-proprietorship business structure, chances are you are filing as an Limited Liability Company, or LLC. If so, the IRS has a guide for filing as an LLC. Basically, for purposes of Federal Income taxes, there is no such thing as an LLC. Either you are a sole-proprietorship or you are a partnership... Read more→
Pay Less On 2008 Taxes Trick
CommentsThere really are no tax tricks. There are only taxable items, non-taxable items, and tax deductions. The trick to lowering your taxes is to make sure that you make all three categories work for you. One area where many people could use a tax tip to lower their taxes is in the realm of tax deductions. You see, most tax deductions are simply set in stone, either you get them or you don’t. ... Read more→
Save Money On Taxes Trick
CommentsIf you have fairly simple taxes, that is ones that do not include several complicated schedules or worksheets that have to be filed, then you might not want to pay for TurboTax or TaxCut or other tax preparation software. But, you still don’t really want to go it alone without some sort of double-check. TurboTax For Free TurboTax offers a marketing gimmick where they allow you to do your... Read more→
So, you’re doing your taxes and everything is just fine. You are approaching the end of your Form 1040, when you get blindsided by a question you’ve never seen before. Line 70 of the 1040 says “Recovery rebate credit (see worksheet on pages 62 and 63)” Yikes! What is that about? Look around and chances are you’ll get almost exactly the information you need, but with... Read more→
Ok, everyone and their dog tells people to make their 2008 IRA contribution now in order to reduce their 2008 income taxes. But, there is good reason for that. If you qualify for a deductible contribution to a traditional IRA either by meeting the income limits, or because you don’t have a retirement plan provided for you at work, then it can give you a much lower tax bill and you get to... Read more→
