As business owners we need to take steps to be sure we are in the right place in life as well as our team members. Check the following and be sure that they do not apply to you or your team members.
There is another benefit of filing your federal tax return by electronic means and that is you can have your tax return check within 10 days. This can be accomplished by placing the routing number of your bank account on your tax return. This account can be either a checking account or a savings account.
Some people don’t want to start something completely new. For these people, it may be a good idea to look into franchising. Franchising allows you to use a larger company’s brand, which can help you to get customers. Many people think that franchises are only for fast food restaurants, but this isn’t the case. Some franchises that you can run from home are tax preparation services, tutoring, and music lessons.
Consider this simple fact: If an extra zero is mistakenly included in an expense amount, your taxable income could be understated and by the time the IRS figures this out, you will owe a significant amount of back taxes, late payment penalties, and interest charges.
Before we get started, here’s a bit about my tax situation: I live in California and am married (and happily filing jointly) with two little dependents (a.k.a. my kids). I usually take the standard deduction instead of itemizing. While I rent my primary residence, I do own some rental properties. I have no investment income to report this year.
One of the best ways to e-file your taxes online is to do so directly with the IRS. It is really easy and all you have to do is follow the three steps and you will be done. The first step is to get all of your information and organize it right beside you. That way when you are filing your taxes online you will have all the forms you might possibly need. The information you will need includes social security numbers for anyone you will include on your claim. You will also need all forms W2 you received for the year as well as any and all forms 1099. Your schedule A receipts for itemized deductions are also needed as well as other expenses or income receipts for the year.
Do-it Yourself Tonight from home. You don’t have to go out, You don’t have to drive, You don’t have to wait, you can start working on your return (from home) right now.
And finally, the last office in my list is Greater Boston Tax and Accounting, located at 444 Washington Street, Brighton, MA 02135. They can be reached at (617) 787-4343. If you’re heading west on Washington Street, Greater Boston Tax and Accounting will be just past Market Street, not far from St. Elizabeth’s Hospital.