Self employed professionals often find it very difficult to file taxes properly, especially the ones who are filing it for the first time. You must follow some basic tax planning tips in this regard. After all, your case is a little different from others, as you are your own boss – you are the employer as well as the employee. You can make things a little easier for you by doing some planning in advance by following these steps.
A 4-Step Guide To Filing Past Year Tax Returns
December 26, 2010 By
When it comes filing past year tax returns, there are several things that you need to take into your careful consideration. Though the process sounds a complicated one, it is not a big ordeal in reality. No one really likes to file tax returns, let alone for years that have passed. Still, there can be an array of situations when you may have to do it, willingly or unwillingly. Therefore, it is always wise to be aware of the steps that one needs to follow in this regard. Following is a brief rundown on how to go about it.
A Step-By-Step Guide To Filing An Amended Tax Return
December 25, 2010 By
When it comes to filing an amended tax return, there is a set procedure that you need to follow. There can be different types of changes that you may like to make in your tax return, such as the filing status, the allowable credits or deductions that you missed, credits or deductions that are not allowed but you have taken, certain sources of income that you have not reported. Following is a brief rundown on some of the basic steps that you have to follow in order to make such changes.
Tax Planning When Starting A New Business
December 10, 2010 By
Tax planning for a business is crucial. The very fact that how taxation related issues have been dealt with in your business plans can create a huge difference between success and failure of your business. While you are working hard on preparing business plans and projections, you just cannot afford to ignore tax related matters. If you are not careful in your planning, you may end up paying a fortune of money in the form of taxes, which can actually leave a serious dent on the overall income or profit of your business. Following is a brief rundown on some of the tips and suggestions that you may find very useful, especially if you are starting a new business.
Things You Must Know About AMT Tax Planning
December 9, 2010 By
AMT stands for Alternative Minimum Tax, which is a special tax that is used to determine taxable income. When it comes to AMT tax planning, you have to be very careful with your strategies, especially when you are trying to avoid the taxes. These taxes are usually imposed on high-income households. This alternative tax system has been designed in a way to ensure that those households who otherwise manage not to pay any taxes can be forced to pay at least a certain minimum amount of income tax. Doing an advance planning for this type of taxes can be very tricky because it is not a credit or deduction measured against specific items on tax returns; rather it is just an alternative system.