by Karla Dennis | Jul 19, 2015 | Blog
Want to reduce your tax liability and increase your tax liability strategies? Hеrе аrе 4 simple steps thаt аnу small business owner саn tаkе tо lоwеr уоur tax bill fоr thіѕ year. STEP #1: Understand Hоw Sеrіоuѕ Yоur Tax Problem Iѕ Arе уоu aware оf јuѕt hоw muсh іn taxes уоu аrе paying? Here’s hоw muсh thе average family spends оn vаrіоuѕ consumer categories — аѕ а percentage оf income. Yоu muѕt realize thаt it’s nоt hоw muсh уоu spend оn taxes thаt іѕ important, it’s hоw muсh уоu spend оn taxes аѕ compared tо аll оthеr major categories оf spending. That’s playing the tax liability game effectively. read...
by Karla Dennis | Jul 1, 2015 | Blog
Here are July 2015 Tax Deadline Dates that you should be aware of when fulfilling your tax compliance requirements when preparing and filing your taxes. July 2015 Tax Deadline Dates July 1— Occupational excise taxes File Form 11C to register and pay the annual tax if you are in the business of accepting wagers. July 4— Everyone Federal Holiday (Independence Day) – Details July 10— Employees who work for tips If you received $20 or more in tips during June, report them to your employer – Details July 10— Communications and air transportation taxes under the alternative method Deposit the tax included in amounts billed or tickets sold during the first 15 days of June. July 14— Regular method taxes Deposit the tax for the last 15 days of June. July 15— Social security, Medicare, and withheld income tax If the monthly deposit rule applies, deposit the tax for payments in June. July 15— Nonpayroll withholding If the monthly deposit rule applies, deposit the tax for payments in June. July 27— Communications and air transportation taxes under the alternative method Deposit the tax included in amounts billed or tickets sold during the last 15 days of June. July 29— Regular method taxes Deposit the tax for the first 15 days of July. July 31— Social security, Medicare, and withheld income tax File Form 941 for the second quarter of 2015. Deposit or pay any undeposited tax under the accuracy of deposit rules. July 31— Certain small employers Deposit any undeposited tax if your tax liability is $2,500 or more for 2015 but less than $2,500 for the second quarter. July 31—...
by Karla Dennis | Jun 17, 2015 | Blog
9 Things to Know about IRS Notices and Letters If you receive a letter or notice from the IRS, it will explain the reason for the correspondence and provide instructions. Many of these letters and notices can be dealt with simply, without having to call or visit an IRS office and simply giving us a call at Karla Dennis and Associates Inc. The notice you receive covers a very specific issue about your account or tax return. Generally, the IRS will send a notice if it believes you owe additional tax, are due a larger refund, if there is a question about your tax return or a need for additional information. read...
by Karla Dennis | Jun 7, 2015 | Blog
Do you dream about financial independence, but struggle to believe that it’s actually possible for you? Are the bills piling up in your household? Do you fear the financial obligations that come with the next thing to go wrong in your home? Thankfully, there is hope. According to USA Today, nearly 2/3 of Americans are in debt. Of those, nearly half have stopped paying one or more of their credit cards. Yet the situation is far from an impossible one to overcome. You can achieve the financial independence you deserve if you know the right choices to make and you’re willing to believe that you can do it! read...
by Karla Dennis | Jun 1, 2015 | Blog
If someone will suffer financially when you die, chances are you need life insurance. Life insurance provides cash to your family after your death. This cash (known as the death benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What’s more, there is no federal income tax on life insurance benefits. Most Americans need life insurance. To figure out if you need life insurance, you need to think through the worst-case scenario. If you died tomorrow, how would your loved ones fare financially? read...
