Let’s face it – all of us have a bit of an entrepreneurial spirit inside of us. When it comes down to it, we may have the wherewithal to get the job done, but when it comes to managing the books, it can feel a little unnatural from time to time. Fortunately, for those of us with ideas bigger than life itself, but financial skills smaller than, say, an ant hill, there are business services that are designed specifically around taking the hardship out of the money game.
Tax Day is right around the corner – literally! With that in mind, we’ve been working on a series of posts that are geared towards answering the hard hitting questions that we often receive from small business owners who are frequently reaching out to us. If you’re interested in learning about the industry-specific tax breaks to look out for this year, and you have questions about how to prepare for them, look no further!
This week, we’re examining some specific Hair Salon related tax deduction information. Now, whether you’re the owner of a Hair Salon, or just renting a booth at a Hair Salon, we know that you’re running a business that is often more of a lifestyle – strap your seatbelts on and hold on tight, we’ve got a lot of information about some (perhaps surprising) things that you can write off on your taxes this year.
Losing a job is never an easy situation, and taxes are definitely not the most important thing when it happens. But ensuring that you don’t fall behind can save you from future heartache and problems.
Keep Paying Your Taxes
Did you know unemployment benefits are still taxable? Taxes are not automatically taken out. Depending on how great you are at saving, you may want to request that the taxes be removed automatically. Your future self will thank you.
Sometimes, one spouse really is “the bad guy.”
If your husband or wife (or ex) has tried to pull a fast one on the IRS, you really shouldn’t get in trouble for their misdeeds.
But with the IRS, of course, you are guilty until proven innocent, so here’s what you need to do to distance yourself from your shady partner.
Recognize the difference between “injured” and “innocent” spouse. The two sound similar, but they’re really very distinct complaints.
At first glance, it seems like “Currently Not Collectible” is a great idea.
It gets the IRS off your back and forces them to leave you alone. And you can breathe a sigh of relief. Right?
Well, yes and no.
The upside to “Currently Not Collectible” is that yes, the IRS does acknowledge that you are living in financial hardship and cannot pay your tax debt right now. (This means having little to no leftover money after paying essential living expenses each month.) And they “leave you alone” for a while. They hold off on collecting past due taxes, they won’t garnish your wages or levy your bank account, and they stop all collection activity.
There's no easy way to say it: Divorce is painful. It's a stressful time for both parties, and while money is a central issue of many divorces, changes in your tax status (and some will be substantial) often fall by the wayside. At the Law Offices of Rod Polston, it's our job to always look out for our clients especially when they're going through something as difficult as divorce and to ensure that your transition is as smooth and straightforward as possible.
Running a small business is not for the faint of heart, but it can certainly be rewarding. After all – you’re doing what you love to do! But tax season can have even the most seasoned of entrepreneurs running for the hills. At the Law Offices of Rod Polston, it’s our job to help make your taxes a breeze, and we like to look out for our small business owner friends. This week, we’re focusing on Landscapers and Gardeners. Here are a few tips to help you guys and gals plant some seeds for tax savings and grow your returns come April. (See what we did there??)
We have heard about two new tax scams involving verification of tax returns. These scams continue to become more deceptive, so please be aware! Below are more details about these two new tricks to steal your tax information and possibly your identity.
The Conning CEO
This scam largely depends on HR Professionals or payroll service employees. A phishing email is sent to someone who might handle W-2s for a company. A few variations of the text include: