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Easy Tax Guide for Small Business

When it comes to filing taxes, everyone wants a guide that is simple and easy to follow; and small businesses are no exception. You can write off everything. Even promotional items such as custom printed paper bags. Basically, a tax guide for a small business consists of several simplistic categories.

The Income Tax Section

The first is the Income Tax section. This section explains the income tax return and when you need to file it. It also gives information on how to pay the tax; writing down if your net earnings were such and such, and then it explains how to fill out the 040 Form. On the How to File section, it gives you information on how to fill out Form 1040 and to attach Schedule C or Schedule C-EZ, according to the instructions given. Also, most tax guides state that you have an option to file your taxes electronically. This can be done by using an IRS e-file option. It is important to make sure that all information given electronically be given accurately and on time. Should you file electronically, you will be participating in the Self-Select PIN (personal identification number.) These pins are entered as your electronic signatures.

What about your Refund Check?

As part of an easy tax guide, you have an option of having your refund check mailed to you or you can have your refund deposited into your checking or savings account. It is also important to point out that Federal income tax is a tax that is paid-as-you-go. You must pay this tax as you earn or receive income—income that is earned during a year. Should you find that you didn’t pay enough income tax and/or self employment tax for the year, you may have to pay a penalty for the amount that was not paid. So when it comes to paying taxes, be sure that you fill out your form correctly and throughout the year ensure that the right amount of taxes are deducted from your pay.

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Knowing WHEN to Make a Business Move

The decision to make a small business move involves many factors, potential movers must coordinate the mechanics of the move with exactness.  A successful move is the result of precise planning and nearly impeccable timing.  A local move or a long distance move will both require letting your customers and suppliers know well in advance of the move your new location.  Sending out new address postcards would be one of the tools available to let everyone know your new location.


Why Move?


The reasons for relocating your business are varied.  Did you lose your lease, do you need more space and or do you have too much space?  Many business owners decide to relocate because the demographics of their customer base have shifted.  The establishment may have started out as a small business and as they grew more space became necessary.  Sometimes a business owner and a landlord have issues that they cannot resolve and it becomes necessary for the business to move.  In deciding to move the business the owner may want to consider buying a property instead of renting space.  Based on the projected longevity requirements of the accommodations, buying may be more practical than renting.  Downsizing for economic reasons is currently one of the major situations that cause a business to move.


Planning is Important


Letting your employees know about your planned move may help to alleviate some potential problems in making a move.  Perhaps they will be able to assist in making the move by organizing their work areas and getting rid of some excess items.  Purging files or automating data will help minimize moving outdated information.  Workers can begin to notify customers and vendors of the upcoming move and make sure that their needs are meant during possible down times.  You can also buy likes on Facebook to up your clientele. Maintaining good relations with employees and customers during the move will result in a positive outcome for your business.



Don’t Forget to Claim Your Donation Write Offs

Since Uncle Sam isn’t offering cash for junk carsany more, what are you going to do with the old clunker that’s taking up space in your yard or driveway?

Time To Stick It To Good Old Uncle Sam

That may sound a little harsh but after you’ve been paying taxes for as many years as I have you find yourself getting very excited about ways in which to decrease the amount of taxes you pay. One way is to write off donations to charities or causes. You probably already knew that you can write off cash donations but did you know that you can also write off donations of other kinds? Let’s say you donate your old clunker to Bart Starr’s Rawhide Boy’s Ranch. That could land you a nice little tax write off.

It’s Not Just Cars

Organizations such as the one listed above accept more than just cars. If it used to run or has an engine they probably accept it. Donations of clothing and other household articles can also be used for tax write-offs. Turn in those old clothes for new trendy baby clothes. Make sure to have some kind of proof that you donated whatever it is that you donated. Charitable organizations are used people asking for these and fully anticipate it.

Giving is nice—a little extra credit for that giving is nothing to be ashamed of.


Not All Insurance Quotes Are Created Equal

Annually, the number of suits involving malpractice that are filed against physicians number somewhere around 19,000 down to 15,000. That’s a lot of malpractice suits. So the chances of you being involved in one of them is pretty good, whether you run a competent, honest practice or not. People get it in their heads that ‘it’s the doctor’s fault’ and that’s all they can see sometimes. To avoid having one of these malpractice suits sideline your career forever, you want the best people going to bat for you – that means having the best medical liability insurance that you can afford. As with any insurance policy however you want to make sure that you get an accurate medical liability insurance quote.

Comparing Policies Side-By-Side

If you can set up several policies in a side-by-side comparison on your computer or even on a piece of paper it will assist in your evaluation of how they differ, which is more appropriate, which is the better deal, who offers more coverage for less money and so on. One of the most important things to consider when looking at any kind of insurance is the company providing it. In your side-by-side comparison you’re not likely to run across the company’s actual reputation.

A little extra research will be needed, in order to assure yourself that the insurance company you decide upon is a reputable one. Fortunately, this is easily done via the Internet. Research each individual company as far as how long they’ve been in business, how successful they have been, and always watch for testimonials from past clients and customers. If you know other physicians it certainly can’t hurt to ask them who they are insured through and how happy they are with that insurance company and policy.

After Looking At What There Is To See…

… it’s time to look at what they don’t want you to see. Watch for ‘fine print’, the ‘bottom line’ and hidden costs. Hopefully, with a reputable insurance company, you wouldn’t have to worry about things like this but insurance companies are insurance companies plain and simple . It is not their intention to run a free-for-all coverage company. Their bottom line is to make money just like any other business in the entire universe. It’s your bottom line however to make sure that you are getting what you pay for – and you will pay dearly – in hopes of reducing the damage done by malpractice suits, no matter how frivolous they may be.

Just like not all doctors are created equally not all insurance companies or their quotes are created equally. If you get a quote make absolutely sure that when it all comes down the company sticks to the quote they gave you or can do even better. Quit smoking to get an even better rate. Read a Volcano Vaporizer review to learn more. Don’t let them get away with last minute changes that could end up costing you in the long run.


Planning Your Financial Gifts


Each year it is always very important that you plan all of your financial gifts. If you have been blessed to have additional income that you are able to give away to charities and family members, then you always need to be sure that you are taking care of all of your financial obligations and also making sure that all of your taxes revolve around all of the financial gifts that you give.

Planning Out Your Gifts

When you go to give financial gifts to different family members you always need to be sure that you let the person that does all of your taxes know about all of the donations and gifting that you do. You will receive a tax break on some of these gifts, so it is vital that you make sure you keep track of everything you give. Money is always a cool gift to have, but you also should make sure that you research other cool gifts that might be available as well.

Making Sure Your Gifts Are Used Correctly

When you give the gift of money it is always imperative that you be sure the money is used responsibly. If you are giving money to a minor then you always need to be sure that there is someone that is in control of the money and it is used properly. Another thing you should always do is make sure that any organization that you donate money to is a legitimate one that has an excellent reputation.  You never want to be the victim of any type of scam, so doing this research is going to be in your best interest always. Read Prosper reviews to make sure you avoid scams.

Gift giving can be a very rewarding experience, but you always need to be sure that you take care of yourself, especially if you are trying to survive on your retirement income. Getting all of these tax breaks can be great for your taxes at the end of each year. If it any time you are not sure where you stand with your taxes, you should always consult a tax professional for assistance.  Getting a break in your taxes can be excellent on your financial records.


Cash Advances

Tips for Giving Cash as a Gift



Tax Returns And Driving Records Are Important



When you think of tax returns you never think to equate them to driving records.  At first glance most people would find it puzzling to consider driving records and tax returns share similar importance.  These reports are just as important as your credit report and just like your credit report, you can clean up your driving record.

Similarities And Differences

Both your tax returns and driving records should be saved for some time.  Unlike driving records, it is recommended tax returns be kept for 7 years.  Since driving records are continuously changing, you never know when you may need to clean up your driving record.  Keep each one an entire year, then order a new one, to see updates that have been added.  Also your driving record, like credit reports, needs to contain accurate data.  As is sometimes the case, a clerk may inadvertently input data from another person into your file, causing you to have a false negative report.  Take time to detect inaccuracies, before an employer or insurance agent sees it.

It is always possible the IRS may audit you in a 3-year time span, that is why you are required to save tax returns. In case errors are detected, keeping entire tax packages, including W-2 forms, is essential.  You never know if or when you will get notified that a visit from IRS auditors is in store.  You don’t want them arriving to find some years or all seven years previous tax returns missing.

Driving Record vs. Tax Returns

When it comes to getting your driving record cleaned up, it requires you first combing through the report in detail.  Say for instance, that the defensive class you took never reported you passing the course, to the Motor Vehicles Department.  You can proactively take your certificate to them in-person, as proof you indeed passed it and want your driving record updated.  Tell them you want this expedited, because it was not your fault and can affect your future plans, to make sure it does not get caught in slow bureaucracy.  This may seem like a small item, but in reality, it is a big deal when you can get a huge discount off your car insurance quote.

Mistakes on tax returns can be as innocent as the person filing it for you is new at tax preparation, forgetting an important step in the process, like a deduction.  Or what they deducted does not match something else declared previously.  Anytime you are dealing with figures, especially in the volume tax preparers work on each year, the possibility of errors increases.  So, an IRS flagging for fraud may be a basic error.

And, although not identical in scope, your tax return and driving record are each important documents, in their own way.  Never take it likely when dealing with either one.


How Much Is Your Cell Phone Really Costing You?

Some people have cell phone bills that are very high because they use their cell phone for business purposes. A high call volume can be a major contributor to a high cell phone bill.

Ways To Cut Costs

There are a few cell phone providers out there that offer a flat-rate for your monthly cell phone bill. This is absolutely wonderful because you know that each month you are going to pay the same flat fee no matter how much you said you have. It is a great way to save money as well. Also, try unlocking your phone by using

My Flat-Rate Coverage Does Not Have The Best Quality

Then it is time for simple upgrade so that your cell phone coverage will be better. Looking online for the SIM only deals is a very smart move because all you need to do is install your new card, and your reception gets much better.

Once you have figured out which cell phone carrier to go with, be sure to ask about deals to see if one is best suited for you and your business needs. Saving as much money on expenses you can is a very important thing when it comes to owning your own business.


Managing Your Financial Risks

Some people, thinking they were doing the right thing, took out PPI on their mortgage or loan. Even if they were sold payment protection insurance it doesn’t automatically qualify them to collect. This was a mistake made by the banks, not necessarily the people themselves. Now they’re finding out that their only recourse is a lawyer.

If You Don’t Protect Your Investments, Who Will?

Though in theory PPI seemed like a great idea for the banks and the borrowers, there has been a severe breakdown somewhere along the line. Payment protection insurance meant that even if the borrower lost their job due to the economy, an injury or illness, the bank would still get paid. To the borrower that was important because it would protect their credit rating and make payments that they could not currently afford. It seemed like a win-win situation. Unfortunately, people that didn’t qualify for this type of insurance were sold this type of insurance; and people trying to file their claims are now having trouble doing so.

If You’re Not A Financial Wizard

Just because you enjoy investing, and even if you’re relatively good at it, that does not a financial wizard make you. It never hurts to get advice from those who know. Get market forecasting to help you make financial decisions. Lawyers and financial planners are good people to have at your disposal if investing is something you do on a regular basis; or if it is something that you’re seriously looking into. The whole PPI problem is being handled by countless lawyers and your best bet in that situation is to have a lawyer whose pay is a direct result of whether or not you win or lose your case.

Investing is never a sure thing; if it were we’d all be rich. By doing whatever you can to protect yourself against the risks of investing, you at least allow yourself a little bit of wiggle room. Purchasing insurance that helps protect you against worse case scenarios is a great idea; just be sure that you qualify and that the insurance policy you have is 100% on the up and up.

See Also:

Reclaiming mis sold ppi
Margin Trading - Investopedia

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Writing Off Your Business Expenses

Business expenses can come in handy when you are doing your tax return this year. The good news is every industry qualifies for write-offs – even law firms. Therefore if you are dreading taxes, you might not need to worry. All you need is a good accountant to help you figure out your expenses. Here is some advice to help.

Legitimate Expenses

First, keep in mind that nearly everything is considered a legitimate business expense. All you need is a reason that your business requires that expense. This means that food, clothing, and travel could all be part of legitimate expenses. If you are unsure about what qualifies for a legitimate expense talk to your accountant.

Common Expenses

All businesses have common expenses to operate. These expenses are seen on almost every income statement. What are these expenses? They are common payments, including payroll, taxes, licenses, subscriptions, using the best website builder and even SEO services. Look through your outgoing charges from last year to determine what expenses you can write off. In doing so, you will find expenses that you may have forgotten about.

Start determining your expenses today. Expenses are a good thing – especially when they relate to your tax return. And they will significantly decrease money you owe to Uncle Sam.


Planning as a way to save money

Let’s find out how you can save money by planning expenses ahead. Thinking first and then doing has been the most important advice that you can hold next to your heart since ancient times. Using this principle concerning personal financial management is a good rule of a thumb. Creating an efficient plan will not just help you to save more money and to avoid unforeseen expenses it will also structure your timing and help to achieve all goals.

So, what do you have to plan? Figuring out the personal consumer basket is the first what has to be done. These are all goods and services which you regularly consume. Include here all your monthly payments like bills, mortgage, insurance, loan repayments. Thus you will see the whole picture of your expenditures and comparing it to the income amount you will see what exactly can be improved. You will consider some expenditure as wasting money and exclude them from your budget. Find out which payments should be made primarily in order to avoid fees and charges or credit impact of paying bills late. Some expenditure may occur unexpectedly and you need to search for a good money driving option beforehand. Consider applying to money loan lenders that help you borrow cash online as it is more convenient, fast and sometimes it happens to be even cheaper than borrowing from banks.

Plan all your big purchases in advance. Consider all costs which may occur after paying market value and starting utilizing the good. These may be fuel and washing service for the car, software and additional details for the new computer, food and living facilities for pets and so on. Your goal is to optimize all these costs according to your budget and not to face these issues in the situations of emergency cash shortfalls. Maybe some purchases will turn out to be a burden for the family budget and it is a way to figure it out better before making a deal.

Things mentioned above refer to strategic or as it is also called – long-term planning. But you can also benefit from current or daily planning. Create a list of what-to-buy before you go shopping or to the grocery stores. Focus on this list and don’t let sudden emotional impulses make you buying things which you actually don’t need. Being influenced by advertising you may think that let’ say ‘these two chocolates for the price of one’ is really great deal but you will forget that this is not what you need to buy. Remember that having a list in your hands which was prepared previously will save you a pile of cash especially if you are a woman.

Think about places where you can buy necessary things. For example, it would be cheaper to buy beverages and snacks at a grocery store than at a gas station. Consider it when you are moving out of the city. And it is better to buy medicine at pharmacy store than in an airport. And resist the temptation to buy something at duty free just because it is cheaper there if you don’t really need it.

Remember that planning a budget and saving a little bit here and little bit there will improve your financial position. You will even have a chance to start saving money on a deposit account for some big events like education, marriage, baby birth and so on.

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