by Karla Dennis | Nov 10, 2013 | Blog
Tax preparation can be a stressful time of the year for everyone. If you are working with a tax preparation expert, you should know that it is still your responsibility to bring in all of the necessary paperwork. To help you know what information you need to gather for tax preparation, here is a simple checklist of necessary paper work. First, bring the social security cards for you and any other person that will appear on your tax return. If you have a spouse or children listed on your tax returns, you have to provide their social security information. Second, it may seem obvious, but your tax preparation cannot happen without all of your income information. That may come in the form of a W-2 or W-9. Your income can also come in the form of investments. Investment companies will send out a 1099 form that should also be included in your tax preparation documents. Third, bring in your bank statements. This will help your tax preparation specialist to be able to tell exactly what kind of income you have in your account. For example, did you know that if you receive money as a gift, it would be taxed differently than your other income? You can save money when you include all of your bank statements. Fourth, don’t forget to bring in any receipts of charitable donations. The IRS encourages businesses and individuals to make charitable contributions, and they offer tax deductions when you donate. You can donate either goods or services, but you have to make sure that you have a receipt for the donation so that...
by Karla Dennis | Nov 6, 2013 | Blog
If you work as a freelancer, you probably have experienced the benefits of getting your paychecks without having taxes withheld. Sure, it’s wonderful to have all of that money in hand, but you should never forget that there is one day looming on the horizon-tax day. Yes, everyone, including freelancers, has to pay taxes. If you haven’t done any tax preparation, you may be surprised when you owe a large sum of money to the IRS on tax day. If you are a freelancer, here are a few tips on tax preparation to make tax day a little less stressful. First, you should always withhold taxes. When you get your paycheck, you probably look at all of the money you made and can pinpoint a place where that money will go without considering tax preparation. If you aren’t withholding taxes, you are going to be forced to go for months without a paycheck because you have to save up for taxes. A better idea is to begin your tax preparation the minute you get that first paycheck. As a rule of thumb, you should put aside 40 percent of your income toward taxes. That way, you’ll be able to foot the entire tax bill and maybe even come out with a little money to save. Second, keep tax preparation in mind when you charge your clients. It can be easy to agree to a lower sum of money simply because that amount will be before taxes. The problem with that mindset is that if you don’t keep tax preparation in mind, you are making less that you should for...
by Karla Dennis | Oct 26, 2013 | Blog
When you own and operate a small business there are always important decisions to be made. One of them may involve whether or not to hire an employee to handle all of your Bookkeeping. In this article we will discuss some of the reasons why utilizing a trusted, experienced independent Bookkeeping source may be a much better option that starting the interview process. For starters making use of a third party Bookkeeping money can help you save money and time in the long run. Just simply hiring an employee will on average cost you about $200 in training and resources. This doesn’t include the time needed to interview potential candidates and also train a new hire to handle your Bookkeeping needs. By utilizing an independent Bookkeeping service like Cohesive Tax you are able to simply have a discussion of how and when you would like reports and we will take the rest from there. Other additional costs to consider would include potential health care to an employee along with other benefits normally offered to full time employees. A Bookkeeping service outside of your small business can be set up to your liking with information available to you whenever you need it. By avoiding a new hire just to handle your Bookkeeping you can also avoid many of the things that come along with another member of the staff. This includes every day things like sick days, showing up late, discussing and developing HR policies, and other necessities of a new hire in the office. With Cohesive Tax you can let us know when you would like to discuss your...
by Karla Dennis | Oct 23, 2013 | Blog
Are you wages being garnished by the IRS because of past due taxes and you’re not sure what to do for help? The first step you want to take is contacting a tax resolution specialist like the professionals at Cohesive Tax. There are lots of different reasons why you may need tax resolution help and garnished wages can be just the tip of the iceberg. If you’re in a predicament that involves the IRS, whether they’re taking your money or constantly sending you tax bills, the best way to get these types of problems solved is by seeking tax resolution help. Some people feel that they can handle the IRS on their own but this couldn’t be further from the truth. Whether you’re having issues with your individual tax return or a tax return for your business, the only tax resolution that is going to solve your problems is one that comes from the help of an educated and experienced professional. Being contacted by the IRS isn’t something that should be taken lightly and if you think that eventually they’ll just give up and stop contacting you, you’re wrong. It’s imperative that you work with a professional that can provide you with tax resolution services. If you’re in a sticky situation and want the IRS off your back, see tax resolution services from Cohesive Tax. They are an experienced tax and accounting firm licensed in all 50 states, so no matter where you are or what your situation is, they’re here to help. In fact, many of the individuals that currently work at Cohesive Tax used to work for...
by Karla Dennis | Oct 23, 2013 | Blog
Today we’re discussing injured spouses. Injured spouses are those individuals that are getting their wages garnished or their tax refunds confiscated to pay back child support, back taxes, etc. that belongs to your spouse. Everybody has a unique situation, but if you are in a situation where your spouse has to pay some back child support or back taxes, that money shouldn’t be taken from you. Watch the video above for more...
