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May 20, 2018

Filing Tax Returns In Ohio – 4 Facts For Ohio Residents

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If you are working and have an income, you are obliged to file your income tax returns every financial year. This is irrespective of whether you are residing in Florida, Texas, Wisconsin, or Ohio.
1. Due Dates
If you live in Ohio, you should know a number of things about tax law before you file your taxes. Reading about federal or state tax laws is mandatory. Most importantly, you should know the date on which your tax returns are due. You are required to pay your taxes by April 15. However, this could be shifted as per the tax law if it coincides with a weekend or a holiday. People who are unable to pay their taxes on April 15 may apply for a grace period of time. The second due date to pay your taxes is October 15.
2. Income Tax
In addition to knowing the due date to pay taxes, a resident of Ohio has to know about the income tax laws of that state. You should know how much percentage of your income goes as tax to the state. The tax percentages in Ohio are as follows:
.681 percent for an income of $5,000
1.361 percent for an income of $5,001-$10,000
2.722 percent for an income of $10,001-$15,000
3.403 percent for an income of $15,001-$20,000
4.083 percent for income of $20,001-$40,000
4.764 percent for income of $40,001-$80,000
3. Tax Forms
In addition to the above information, you also have to know the types of forms you will require. Most people have to use form IT-1040, which is the Ohio income tax return form for individuals. If you are not a resident of Ohio, you have to use a different form.
When you are filing your tax returns in Ohio, you will also have to know about the state tax withholding code, which is 39; the type of exemption form you will require, which is IT-4; and also your W-2s, which you will get from your employers.
4. Tax Exemptions
People who are filing tax returns in Ohio are usually not aware of the different exemptions they are eligible for. All those who file tax returns are permitted a tax exemption of $1400. Married couples get an additional exemption of $1400, provided that you and your spouse are filing for tax returns jointly. Many students are not aware that they can get a tax exemption or credit too.
Due to their lack of knowledge about so many aspects of the tax laws, many people hire the services of a tax professional. The professional ensures that the tax returns are filed accurately and that all the tax deductions are taken into consideration. Of course, this means that you have to spend quite a bit of money to pay for their services.

Abhishek is a Tax Consultant and he has got some great tips on Filing And Understanding Taxes! Download his FREE 84 Pages Ebook, “Taxes Made Easy!” from his website http://www.Taxes-Guru.com/777/index.htm . Only limited Free Copies available.

May 2, 2018

What To Do About Lost Tax Returns

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Taxpayers struggle and stress about their income tax returns every year.  When the return has finally been filed and the taxes paid or the refund spent, it gets put away.  But where does it go?  That all depends upon how organized you are in keeping tax records.

Tax records, such as returns, can still be of vital importance even after they have been dutifully filed with the Internal Revenue Service.  For this reason, it is important that you keep track of your income tax records and returns.

You might wonder what possible reason you would have to dig out a return a number of years after it has been filled out and filed with the Internal Revenue Service.  The obvious, and most distressing, reason you might have to find that old tax return is because you are facing an Internal Revenue Service Tax audit.  Because of the possibility of such a circumstance, it is recommended that you retain tax records and income tax returns for a period of at least six years.

There are other, less distressing, reasons that you might want to find an old income tax return.  Perhaps, you are engaging the services of a new financial consultant, tax attorney, or accountant and he or she has requested a look at your old tax records.  Maybe you are taking out a loan to buy a car, a house, a boat, or some other item for which you want to prove your income over a certain number of years.  It could be that you want to show your profit and loss statistics to open a credit account for your business.  There are, indeed, many scenarios under which you might find yourself in need of past income tax returns.

Now that I have you running around the house or office, wondering what exactly it was you did with those old tax records, it is time to tell you about the worst part of losing an old income tax return.  The worst thing about losing that return is that all of your private information is on there.  Mostly, you want to be sure that the return didn’t fall into hands where that information could be damaging to you.  An old income tax return is pure gold for someone seeking to steal an identity.

As far as not being able to find an income tax return that you need for any of the reasons we discussed, don’t worry about it.  The IRS keeps copies of all filed returns and you can request yours for a small fee and a wait of about two months for it to come in the mail.

Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. His famous Tax eBook ?Stop donating your money to IRS? which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax. Just visit his website http://www.planningyourtax.com/ and claim your FREE eBook.

April 26, 2018

Preparing Federal Corporate Tax Returns

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The key to preparing efficient federal corporate tax returns is to utilize a Certified Public Account (CPA) who will develop a tax strategy that will minimize your company’s tax liability in the short and long term while minimizing the impact on cash flow.

A corporation can file their tax return based on either a Calendar year, beginning January 1 and ending December 31, or a Fiscal year, any 12 month period ending on the last day of the 12th month, except for December. Many corporations that use a fiscal calendar year start in October and end in September.

When preparing for your tax returns, the corporation must report income and deductions based on the annual accounting method used for their calendar year. The general accounting methods used is either Cash Basis or Accrual. The cash basis method of accounting reports income in the tax year it was received and deducts business-related expenses in the tax year it was paid. The Accrual method of accounting reports income in the tax year it was received and deducts business-related expenses in the tax year those expenses accrued. 

To prepare for your federal corporate tax return, you will need the following documents: A copy of last years federal tax return, the corporation’s federal Employer Identification Number (EIN) obtained from the IRS, and the documents filed and accepted by the IRS if the corporation files as an S corporation. You will need supporting documentation for all gross business income received including interest earned in all business savings, checking, and investment accounts, IRC Section 61. You will also need a list of itemized business-related expenses which the company has paid or incurred during the year, IRC Section 162. The itemized expenses would include employees W2 and W3 forms, 1099 forms, and capital assets or property and equipment that was purchased, IRC Sections 197 and 263. Lastly if the corporation has any organizational or start up costs, supporting documentation will be needed.

Neil Rischall is the CPA behind the CPABookkeepers site which has a wealth of information
about audited financial statements as
well as all services provided by a Certified Public Accountant./

April 20, 2018

Preparing State Corporate Tax Returns

Filed under: Tax — Tags: , , , — admin @ 12:46 pm


The key to efficient corporate tax returns is to utilize a Certified Public Account (CPA) who will develop a tax strategy that will minimize your company’s tax liability in the short and long term while minimizing the impact on cash flow.

A corporation can file their tax return based on either a Calendar year, beginning January 1 and ending December 31, or a Fiscal year, any 12 month period ending on the last day of the 12th month, except for December. Many corporations that use a fiscal calendar year start in October and end in September.

When preparing for your tax returns, the corporation must report income and deductions based on the annual accounting method used for their calendar year. The general accounting methods used is either Cash Basis or Accrual. The cash basis method of accounting reports income in the tax year it was received and deducts business-related expenses in the tax year it was paid. The Accrual method of accounting reports income in the tax year it was received and deducts business-related expenses in the tax year those expenses accrued.

To prepare for your state corporate tax return, you will need the following documents: A copy of last years state tax return, the filing receipt from the state where your company is incorporated as well as the State Identification Number, the documents filed and accepted by your state if the corporation files as an S corporation, and a copy of your state sales tax certificate. You will need supporting documentation for all gross business income received including interest earned in all business savings, checking, and investment accounts. You will also need either a year end worksheet which includes a trial balance, adjustment entries, income statement, and balance sheet, or a list of itemized business-related expenses which the company has paid or incurred during the year. The itemized expenses would include employees W2 and W3 forms, 1099 forms, and copies of sales tax returns and the corresponding payments.

Rischall is the CPA behind the CPABookkeepers site which has a wealth of information
about audited financial statements as
well as all services provided by a Certified Public Accountant.

April 6, 2018

Federal Income Tax Return – Calculate Returns Using Efiling

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For more information on Federal Tax Forms and Federal income tax returns, please visit our websites.

March 25, 2018

Management of Tax Returns During Chapter 13 Bankruptcy

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People who formally request for filing Chapter 13 bankruptcy can’t discharge their debts. They have to make repayments as in Chapter 7 bankruptcy. There are several tax return help agencies that advice people to take decisions. People, who petition for Chapter 13 for the court consent, get an opportunity for debt repayment plans that reduce the due amount to the creditors. However, before one gets any repayment plan approval from the court, the person who has filed Chapter 13 must have filed income tax returns.

There are some guidelines to help a person for filing chapter 13 Bankruptcy.

• One can begin with collecting all the documents related to federal income tax return for the preceding four years. It’s advisable to collect a copy of all the missing documents.

• One needs to be sure of the fact that one has filed income tax return, four years earlier before filing for Chapter 13 bankruptcy. There is no petition for bankruptcy, if one has filed to file tax during any of the prior 4 years. It would be beneficial to file the missing returns. For tax refund one can take help from the bankruptcy attorney or the accountant. 1040 tax return form are easily available.

• In case if a person has already pretention for Chapter 13, it is advisable to take help from some attorney who would promptly file the returns, even the un-filed ones. It would to be favorable to do so before the first meeting with the creditors. Whether one has filed for bankruptcy or not, you should file your current state income tax return the usual way. All the income received in the current year needs to be reported. To calculate the tax return, one has to deduct all the permitted expenses and the allowances. One should include any debts that have been cancelled, to obtain the benefits of that you are entitled for. One can even file tax return online. This can save a lot of time and make the task easy and convenient.

TaxReturnShopee provides detailed information on tax return preparation Filing and Income Tax Preparation for State and federal tax return status. Also get 1040 Tax Return for free with information on preparation.

March 24, 2018

Efiling 1040 Tax Returns – Supported Forms And States

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Learn more about 1040 tax returns and how to file a free 1040 from our website.

March 14, 2018

Four Important facts about filing your Income Tax returns in India

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Here are four important facts about filing your Income Tax returns in India. The Income Tax returns filing is mandatory, there is penalty for not filing, due date for filing and disadvantages of filing beyounnd due date.

(1) Income tax Filing is mandatory

Income tax return filing is mandatory for all tax payers even if you are a salaried employee, where tax is deducted at source. This is because as there could be instances where you have earned an income other than your salary income, for example, even in the form of interest earned in FDs that are taxable!

(2) There is penalty for not filing returns

Failing to file returns you will be levied a penalty in the form of a penal interest of 1% on the existing tax liability.

If you delay beyond March 31st 2010, irrespective of whether you have nil tax to pay or pending taxes, you will be charged a penalty of Rs.5000 along with any penalty payable if any for pending taxes.

(3) Date till when you are allowed to file returns or Pay tax

Legally you are allowed to file your returns before the next assessment year which starts on March 31st 2010, remember to pay up any tax due before July 31st.

If you delay beyond March 31st 2010, irrespective of whether you have nil tax to pay or pending taxes, you will be charged a penalty of Rs.5000 along with any penalty payable if any for pending taxes.

(4) Disadvantage of filing tax return beyond due date July 31st

The individual doing so will not be eligible to file a revised return if he discovers any omission or wrong statement.

Time limit for filing revised return is one year from the end of the assessment year or before completion of assessment.

Remember that having tax deducted at source if you are employed is only half of the process and you need to file your returns to complete the process. This will avoid any hassles with the income tax officials. Prepare to file your returns as early as possible instead of waiting for the due date to arrive. You can use the online filing service from TaxSmile for filing your returns in a short time.

This article is written by Sunil K who writes regularly for popular website like IndiaSummary.com and Bollywood Billi. Contact Sunil K is for writing assignments or web consulting.

February 17, 2018

Information on Preparing Tax Returns Online and Filing

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Preparing the tax returns is not as easy as it seems to be. Filing the tax return is very simple for the tax expert professionals or attorneys. This is the reason for most of the tax payers availing the services of the tax expert professionals or attorneys.

Tax return preparation includes submission of proofs for both income and expenses. This includes the receipts of the bills paid and other papers to justify your stand. If one wants to do the tax return preparation without the help of any third person, one should hone the skills of financial management and the organizational skills. One should be able to devise a filing system to file income, business expenses, medical expenses, charitable donations, and other information pertaining to tax.

One can take the help of the software packages available in the market. The software can help one organize the information pertaining to income tax returns. There are software packages that can remind the tax payer about the missing information that can be crucial for deduction from the taxable amount. This is critical of income tax refunds too. The procedure for federal income tax return is very much similar to that of the state tax return.

The earlier one files the tax returns, the better. Usually it has been observed that most of the people, who wait for the dead line, tend to commit mistakes when they see the dead line fast approaching. The best way to avoid sill mistakes is to do the filing as early as possible and get rid of the unnecessary mental stress. The dead line for filing the federal income tax returns is April 14, but the tax payer has to do the payment despite filing for extension. One should confirm the deadline for filing state tax returns from the concerned authorities.

The degree of difficulty for filing the tax returns varies from person to person because the financial situation varies. If the tax payer does not have any loan to be repaid or does not want to claim any deductions then the filling of tax return is simple and can be done by just filling out the 1099 form, W2 form and 1040 tax return form. The degree of difficulty at filing tax returns increases as financial engagements are included. The financial engagements include student loans, medical deductions, mortgages, investments, charitable donations, and other proofs of financial transaction.

While preparing for the tax returns one can take the help of the IRS help line that can offer assistance round the clock.

The laws pertaining to filing the tax returns change but the basic information that has to be given to the IRS remains the same.

Most of the people prefer efile tax returns to manual filing of tax returns.

TaxReturnShopee offers Online tax return preparation services for faster tax refunds with accuracy guaranteed. IRS approved free IRS efile provider. Support all 50 states. E-file 1040 tax return easily and economically with hassle free tax preparation software.

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