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Articles from Wayne Davies | Selfgrowth.com
- Summer Tax Savings - How to Get a Tax Deduction For Donating Used Items - by Submitted on Aug 22, 2011 from Wayne DaviesThe purpose of this article is to help you prepare Form 8283, Non-cash Charitable Contributions. The rules for reporting charitable contributions on your tax return are a bit tricky, so take your time as you read on. We'll start with some of the basics on how to report what are known as non-cash ...
Views: 858 - Small Business Taxes - 6 Compelling Reasons to Pay Your Taxes Electronically - by Submitted on Jul 08, 2011 from Wayne DaviesDid you know that the IRS has made it significantly easier to make your federal tax payments on time? Let me introduce you to EFTPS - the Electronic Federal Tax Payment System. It's been running along quite smoothly for many years now, and if you're not using it, here are six compelling ...
Views: 843 - Small Business Taxes - What is the #1 Reason You Pay Too Much Tax? - by Submitted on Aug 22, 2011 from Wayne DaviesWhat is the Number One reason you pay too much tax? Let's brainstorm. We all pay too much tax because: 1) Our elected politicians created the complicated and convoluted monster known as the U.S. Tax Code, and this monster takes our money away. 2) Public Enemy #1 (The IRS) takes our money ...
Views: 842 - Small Business Taxes - How to Get an Employer Identification Number (EIN) - by Submitted on Jul 08, 2011 from Wayne DaviesDo you need an Employer Identification Number (EIN) for your small business? You may be required to get an EIN for any number of reasons, such as: 1. Hiring employees 2. Forming a corporation 3. Forming a partnership 4. Buying a business 5. Starting a retirement plan 6. Filing ...
Views: 823 - Payroll Taxes - How to Reduce the Likelihood of a Tax Penalty by 31 Times - by Submitted on Feb 11, 2011 from Wayne DaviesHere's the latest version of the age-old story, "The Tale of Two Small Business Owners." It goes like this: Small Business Owner #1 is 31 times less likely to be penalized by the IRS than Small Business Owner #2. Hmmm. What gives? What is the difference between these two chaps? It's simple, ...
Views: 821 - Small Business Taxes - What is Self-Employment Tax and Why Must You Pay It? - by Submitted on Aug 10, 2011 from Wayne DaviesIf you are new to the world of self-employment, it's time for you to meet an old nemesis known as Self-employment tax. Self-employment (SE) tax is the sole proprietor's version of the social security and Medicare tax paid by employees. In case you didn't realize it, in 2008 employees were ...
Views: 818 - Small Business Tax Tips - How to File an Extension For Your Income Tax Return - by Submitted on Jun 18, 2011 from Wayne DaviesFor all you procrastinators out there, here's a nuts 'n bolts guide on how to legally postpone the filing of your 2008 income tax returns. When it comes to putting things off, you can never plan too far ahead. In many cases the IRS allows you to file a no-questions-asked extension form. Which ...
Views: 814 - Small Business Tax Tips - What's the Difference Between a Tax Deduction and a Tax Credit? - by Submitted on Jun 28, 2011 from Wayne DaviesDo you understand the difference between a tax deduction and a tax credit? This story should clarify the difference. A self-employed client (let's call her Debbie) came to me to prepare her income tax return. She was quite distraught because she had a balance due of $400. She could barely ...
Views: 812 - Small Business Taxes - What is Your Biggest Obstacle to Paying Less Tax? - by Submitted on Aug 22, 2011 from Wayne DaviesBefore I tell you the biggest obstacle to small business tax reduction, let me tell you a story. One foggy night the captain of a large ship saw what appeared to be another ship's lights approaching in the distance. The two were on a course that would mean a certain head-on collision. So ...
Views: 811 - Last Minute Tax Tips - How to File an Extension For Your Personal Tax Return - by Submitted on Feb 11, 2011 from Wayne DaviesDo you need more time to prepare your personal tax return? Look no further than Form 4868. And if you need help completing Form 4868, look no further than this article. Here are five tips for completing the extension form without a glitch. Tip 1: Relax. This form is one of the easiest tax ...
Views: 809 - Small Business Tax Tips - 3 Reasons to Benefit From IRS Audit Rates - by Submitted on Jun 18, 2011 from Wayne DaviesWho's afraid of the IRS? Let's face it: We all are! And with good reason. IRS horror stories abound, and we all know someone who's been through an IRS audit and barely lived to tell about it. So the purpose of this article is to help calm those fears. Maybe I can't remove them completely, but ...
Views: 808 - How To Reduce The Chance Of An Audit By Over 50 Percent - by Submitted on Feb 11, 2011 from Wayne DaviesPerhaps you've been thinking about making a change in your Choice of Entity. Maybe you've been asking, "What type of Business Entity should my business be?" By "Business Entity", I mean the legal structure of your business, and there are basically five from which to choose: Sole ...
Views: 794 - What Are State Payroll Taxes and Why Must You Pay Them? - by Submitted on Sep 23, 2011 from Wayne DaviesEvery small business owner with employees must withhold and then pay state payroll taxes. It's just part of doing business that every employer must handle properly. If you don't, you face the likelihood of incurring stiff penalties (late payment fines and interest charges). The purpose of this ...
Views: 784 - How to Find the Right Tax Preparation Service for You - by Submitted on Feb 04, 2011 from Wayne DaviesWhat should you look for in a tax preparation service? Since there are so many tax preparers to choose from, it only makes sense that you know what you need before making a decision. Here are three essential qualities that any reliable tax preparation business will have: 1. Many years of ...
Views: 755 - Small Business Tax Tips - How to Get a $1,000 Refund For a Return You've Already Filed - by Submitted on Jun 28, 2011 from Wayne DaviesDid you know you can get a refund for a return that you already filed? Yep, it's true. If you think you forgot a deduction on a previously filed return, you have three years to tell the IRS about it and receive a refund. Here's how it works: You can file an amended return up to three years ...
Views: 726 - Small Business Tax Tips - Why You Might Need to File Two Returns This Tax Season - by Submitted on Jun 28, 2011 from Wayne DaviesDoes just the thought of preparing your income tax return this year make your blood boil? And when you're done, do you break out the champagne and celebrate like it's New Year's Eve? (Or just reach for the Tylenol?) Well, guess what? I'm going to suggest that you inflict yourself with that ...
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