Taxes 2014: Tips for startups
Tax planning this year takes a turn for all Americans. Maybe this should be the year 2014 promises to achieve a higher level of understanding about your taxes and to organize and plan your duty properly.
Not only is this commitment necessary to make your life easier in this new tax season, but could also help you keep more money in your bank account. For new businesses, it is imperative to begin by knowing this new reform in order to get fruitful investments.
First we give some relevant details of this new decree on taxes:
• Usually about 60 /40, but this year it is estimated that the separation will be more like 55/45.
• Earning Limit for singles will be $ 29.500.
• Total income for marriage of $59,000.
• 70% of taxpayers use the 1040EZ or 1040A tax returns and take the standard deduction.
• If you are at least 25 years and have children, or even if you do not have already you may be able to qualify.
But there are some issues to avoid when it comes to errors with the tax credit for earned income:
• Ensures proper income reporting.
• Make sure you are claiming a qualifying child and be sure that it cannot be claimed on anyone else’s taxes.
• Reporting the wrong income is a common mistake so you have to do it carefully, paying attention and checking that all the data matches.
How can we advise you?
Update your tax file 2014: It’s good to have all bills and vouchers saved in as a paper copy or scanned.
Organize a midyear tax planning: to understand the subject and all the points you’re handling, listen carefully to advise and implement them consistently. If you plan to make a change in your life such as getting a divorce or file for bankruptcy then is the perfect time to see a professional.
Store tax documents: W2 , 1099, K-1, Escrow papers for buying, refinancing mortgage, receipts for property taxes and vehicle registration fees, other receipts for deductible items taxes, and letters of recognition from donations made to organizations for qualified nonprofit organizations.
Plan your retirement plan.
Follow the latest tax legislation.
With these tips we wish all new entrepreneurs a good business start!