Useful tax tips for filing your federal tax return
It’s the time again: tax season. Although individual tax returns aren’t due until April 15, America’s CPAs would like to remind you that the taxpayers that get working on their taxes early will make the filing process easier. Below are some of the things you might like to know about getting your taxes done, especially if you’re new at doing them:
First of all, you’re going to need to gather your W-2s and 1099s. When you get this paperwork, put them in a place where you won’t easily lose them, and in a place where you’ll remember because you can’t complete a tax return without them.
Remember that you should check on the rules to see if you’re required to file a federal tax return due to the amount of income that you earn. In other cases, it may benefit you to file a federal income tax return because you had too much income tax withheld.
You’ll have to collect your records. This means you have to round up all of your canceled checks, receipts, and various documents that support your current income. You will also need to gather your deductions and credits that you will be reporting or claiming on your tax return. Try and get your records in the best shape possible so that you’ll only be paying what you owe and nothing extra.
Keep in mind that you may have credits and deductions that may apply to you; you may not need to pay more tax than you need to. This includes the earned income tax credit, child tax credit, adoption credit, and so forth. It’s best to check with your local CPA or the IRS website for qualifications.
Categories: Federal Tax, Income Tax, State Tax Tags: federal tax, filing taxes, income tax, state tax, tax filing, tax season, tax tips
QuickBooks For Small Business Pros & Cons
QuickBooks For Small Business Pros & Cons
Not every small business can hire on an accountant to handle the books. If you, like many business owners, have taken on bookkeeping responsibilities yourself, there are many tools you can take advantage of to make your job easier. QuickBooks is one such tool. This accounting software is designed to cover small business needs. Some people love the program while others want nothing to do with it. Read on to learn more about why (or why not) you should give QuickBooks a try.
Pro: It is Inexpensive
Hiring an employee to keep track of your books forces you to pay a hefty salary. QuickBooks, on the other hand, is only a fraction of the cost of an employee. You can find the basic software package for less than $200, or pay monthly for as little as $12.95 a month. The monthly plan gives you added flexibility – pay for it and use it only as you need it instead of buying the full package (or paying for an employee).
Con: It is Finicky
Many QuickBooks customers complain that the program can be difficult to set up. It may take hours to get it running on your computer. Once running, the program can crash or run frustratingly slowly. If you use the online version, outages are possible, putting a crimp in your workday.
Pro: It Has a Strong Support Team
If you do have trouble getting QuickBooks to run, you can take some small comfort in knowing that the program is accompanied by a large support network. QuickBook’s support center will go out of their way to make sure your concerns are addressed, including reaching out through social media and product review sites. Because it is one of the most popular accounting software used in small businesses, there is also a large support network of everyday users. You may be able to find someone who has experienced the same problem you’re having without needing to contact customer service.
Con: Upgrades Can Be a Hassle
QuickBooks puts out upgrades on a regular basis, offering new features and better performance. Unfortunately, many people would rather do without these upgrades as they are often a hassle to install. Changes to graphics and formatting may make you feel like you have to learn a new program all over again. The upgrades can be expensive too, especially if you try to keep up to date by installing each one as it comes out.
Pro: It Increases Productivity
One of the most common reasons for installing QuickBooks is to help increase productivity. In this area it certainly delivers. The program makes it much easier to negotiate accounts receivable and payable functions. You can easily create invoices, inventory reports, manage time entry, and more. Add-ons let you take care of payroll and help organize during tax season. Most versions of the program allow multiple users to access the information, giving you added flexibility. QuickBooks brings many different accounting tasks into one place, making it simple and easy to oversee your business’s finances.
Con: Lack of Flexibility
QuickBooks is designed to be easy to use. This is a huge plus to some people, but for accountants with their own methodologies it can be frustrating. You may be limited in how much information you can enter into the system and you will hit a limit to how many people can realistically use the program at once. Using this program limits you to the services it provides – if there is a feature you want that it doesn’t have, you are out of luck.
Depending on your specific wants and needs, QuickBooks may be the accounting software for you. You may also find its faults unacceptable, in which case you may wish to look at other programs. Despite its downsides, however, QuickBooks is a popular program that has helped many small businesses handle their accounting needs.
Sarah Jackson is an Associate Editor at Proformative.com.
Categories: Federal Tax, Income Tax, State Tax Tags: business, business tips, small business, small business advice, small business ideas, small business tips
What Are White Collar Crimes?
Usually, we associate the word “crime” with people killing other people, robbing banks, or stealing money from another person or establishment because these are the types of crimes that we hear and see on the news from day to day. “White collar crimes”, on the other hand, may be known but are usually unidentified. Simply put, people may be familiar with examples of white collar crimes but don’t actually know that these are classified as “white collar”.
White collar defined
The term white collar crime was first coined by Edwin Sutherland in 1939. In one of his speeches, he defined such crimes to have been committed by a person of authority in the course of his term. He further theorized that these criminals are different from street criminals when taking motives and attributions into consideration. Today, however, the definition of white collar crime is still a subject of contention among experts of law. In a general sense, though, these crimes are nonviolent and are committed for financial gain.
Examples of white collar crime
There are many examples of white collar crime, some of which are the following:
1. Blackmailing
This is an act in which a person threatens to expose secrets, pose physical harm to people or their properties, in exchange for money.
2. Bank fraud
This is when people engage in a scheme wherein the aim is to illegally obtain money from a bank.
3. Extortion
This happens when a person or a group of persons engage in unlawful acquisition of somebody else’s property, money, or other assets by violent force – either actual or threat.
4. Embezzlement
This occurs when a person who is in charge of handling money uses it for personal reasons.
5. Racketeering
When people establish and operate illegal business for financial profit.
6. Tax evasion
When people or an individual intentionally commits errors in filing income tax in an attempt to refrain from paying higher taxes
The above mentioned examples of white collar crime are only few of the actual number of white collar crimes existing today. Aside from these, there’s also money laundering, securities fraud, cellular phone fraud, and many others. People who are charged with white collar crime must seek the services of a professional white collar crime lawyer in order to be duly represented in court.
Looking for a white collar lawyer
Just like in choosing a doctor, you have to choose a white crime lawyer with care. Remember, this is the person who holds your chances in his hands. If you wind up with someone whose knowledge is direly limited and has only been practicing since recently, then your chances of winning at court will likely be lower. Here are some considerations for choosing a white crime lawyer:
1. Is he someone you are at ease with?
You will have to expose all the details of the incident to your lawyer – imagine doing that to someone with whom you are not even comfortable just starting small talk with. Make sure your lawyer makes you feel at ease and unthreatened.
2. Does his rate fit your budget?
During consultation, clarify whether charges are hourly or flat. This should help you get the right expectations in terms of budget.
Featured images:
- License: Royalty Free or iStock source: http://office.microsoft.com/en-us/images
Cedric Loiselle is a passionate and versatile writer specializing in a wide range of niches. It would help you a lot if you read his articles especially when you are looking for the best white collar crime lawyer New Orleans can offer, such as those under Ben Bagert Law Firm.
Categories: Tax Evasion, Tax Law Tags: 1%, tax crime, tax evasion, tax fraud, tax the wealthy, white collar crime