Taxes

//Taxes

Taxes and death are inevitability, but that doesn’t mean you can’t prepare for both! Taxes effect you almost every day in the form of sales tax, every year in the form of income tax and even at death with the estate tax.

How Can I Look Up a Tax ID for a Business?

A tax ID number is an EIN number provided by the IRS in order to establish a filing system for businesses. An IRS EIN number can assist with a number of business needs including hiring employees as well as filing taxes for the business as well as bank account needs. With an LLC tax ID number, a business is legitimized and begin the basic hiring processes as well as opening up bank accounts for the business, etc. If you have inherited or acquired a new business, then you will need the EIN information in order to take over ownership. So how do [...]

By | 2017-08-15T15:44:42+00:00 August 15th, 2017|Taxes|0 Comments

9 Things You Need to Know About Deducting Hobby Cost Losses on your Tax Return

Part of the joy of living an affluent life is having more free time to enjoy your personal interests, passions and hobbies, such as photography, woodworking, horseback riding, and the list goes on. However, there’s an aspect of enjoying your favorite hobby (or hobbies) that you may not be aware of, and which could end up costing thousands of dollars, and causing far more stress than you bargained for: deducting hobby losses on your tax return. According to the Law Offices of Jeffrey B. Kahn, whose principal Jeffrey Kahn is certified to appear before U.S. Federal tax court, the IRS has what [...]

By | 2017-07-21T13:35:48+00:00 July 21st, 2017|Taxes|0 Comments

10 Smart Ways to Spend Your Tax Refund

Over 40 million people received a tax refund this year, with the average refund totaling over $3,000. It’s all too easy to let that check burn a hole in your pocket and blow it on unnecessary purchases. And car dealerships, electronics stores and retailers take advantage of this time of year and offer special sales to tempt you into their doors. But remember, this money isn’t a bonus.  How you spend your tax refund could have significant impacts on your financial future if you make a good habit out of it. It’s money you earned throughout the year; getting a refund just [...]

By | 2016-05-11T18:19:19+00:00 May 11th, 2016|Taxes|0 Comments

Business Deductions: Hire an Expert to Save you Money

Most entrepreneurs don’t get into business in order to give away money, yet each year there are thousands of business owners that do. How you ask? By taking on the challenge of managing their own finances and paying their own taxes. Though many entrepreneurs think it’s seemingly the best way to save money (not hiring an accountant), it can actually result in you flushing money down the drain each year. Uncle Sam certainly isn’t going to reach out to you and let you know, “Hey, I think this money belongs to you.” Therefore, you need to learn how to maximize your earnings [...]

By | 2017-05-03T22:43:06+00:00 April 23rd, 2016|Taxes|1 Comment

Preparing to Meet My Accountant

For the past 7 or 8 years I have used an accountant to prepare my taxes.  The reason I switched over from turbo tax or some other do it yourself method was because when I got married The Wife's taxes were a little bit more complicated.  Before I got married all I had was a small W-2 income and my student loan deductions...ah the easy days! Then I went ahead and got married, The Wife, was and still is, an independent sales representative (1099 income).  I figured for the cost of using a certified public accountant I would get the money back [...]

By | 2016-02-08T21:52:08+00:00 February 4th, 2016|Taxes|1 Comment