The Non-Negotiables - Taking Christianity Into the World
There are many tenants to our Faith but there are some must haves that are essential to accepting the standard Jesus laid out for us. Understanding, Endorsing, and Sharing these are critical to you own spiritual walk as well as the furtherance of the Kingdom. By focusing on what that unites us, Believers across the world can unite for the benefit of all and the glory of God.
Tell Everyone - Taking Christianity Into the World
"Therefore go and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, and teaching them to obey everything I have commanded you. And surely I am with you always, to the very end of the age."
Matthew 25:19-20
Spiritual Journey Ahead - Taking Christianity Into the World
Over the next week to ten days my column will focus on taking each of you and every one of you on a spiritual journey of a lifetime and one I promise, that if you let go and let God, that you will never forget. During our trip and beforehand in prayer, we will be readying ourselves for the journey ahead. Our Journey and our Spiritual Walk is designed to take your Faith to yet a higher level still.
Deducting Real Estate Losses: Understanding the Differences Between Active & Passive Losses
It's time to take another look at the rules for rental properties for your deduction and a few of the tax rules to ensure that you qualify. Generally since the mid to early 80's the IRS has limited what one can deduct for rental properties based upon your level of participation.
Internet Safety - Protecting our Children from On-Line Predators
Though it may seem harmless enough as we watch our children play on the Internet from the safety of our homes, the truth is they are Internet predators who desire to get your child's attention and to lure them away. Protecting Georgia's Children , the whole of the United States and the world at large is an issue that we need to be both aware of and sensitive to. Discover below the many varied crimes are perpetuated and what you can do to protect those we love so very much.
How to Resolve Your Tax Issues With the IRS
For the individual or business taxpayer who has run afoul of the IRS or the state and is dealing with seemingly overwhelming tax issues, there are words of wisdom to successfully resolve your tax problems, how to pay your taxes on a timely basis by properly utilizing withholding, estimated payments, and extensions. Though there are many you can do to help you avoid tax problems and unnecessary penalties, we can also help you discover the general guidelines and rules of how to qualify for and process an Offer in Compromise. This is a process where both the Internal Revenue Service and the States will reduce your bill to what you can afford to pay based upon detailed tax regulations, procedures, and careful compliance.
Understanding U.S. Income Tax Returns for an S Corporation
Understanding the many variables of the correct preparation of a Form 1120S, the year-end income tax return for an S Corporation, is essential to properly managing your business affairs and practices. The tax law for S Corporations originated in some forty years ago and is a federal law allowing business owners to report their income on Form 1120S but to pay the taxes on these monies on their individual return Therefore there is no tax due when the Form 1120S is filed.
Avoiding the Top Ten Mistakes Taxpayers Make
Knowing the pitfalls of many is often the best step to ensure that you do not fall prey to otherwise might be an easy to make common mistake. By staying away from these most often repeated mistakes you will avoid much of the pain which will otherwise will be created. The most frequently committed mistakes are:
What can a Payroll Service do for me?
Payroll, tax and compliance services designed to simplify your business
It's a challenge to keep up with filing deadlines and changing regulatory requirements. A payroll service can greatly assist you with this burden. They will calculate, file, deposit, and reconcile your payroll taxes. They will even respond to inquiries from taxing agencies, such as the IRS or the state, regarding the deposits and returns filed for you. Best of all, if a payroll service makes an error, they pay the resulting fines or penalties imposed by the taxing authorities, not you.
Completing the Election by a Small Business Corporation for Form 2553
Beginning with the 2009 filing season for 2008 S Corporation Income Tax Returns, the IRS has just made the process easier for those who inadvertently the election late. For years the S Corporation Election, or Form 2553, was to be file within seventy five days of the first day or beginning of the tax year to which a electing corporation desires to make it effective. For example, if you are a brand new corporation who just incorporated on June 1, 2008, then you would have seventy five days from 6-1-08 to make the election. Similarly if you were a corporation that had been a C Corporation for years and would like to be an S Corporation for the 2008 tax year, then under the old rules you would have had to made the election by March 15th or seventy-five days after 1-1-08.
The Economic Effects of a National Sales Tax or Flat Tax
Touted as the great fix to the issues of the IRS, both the national sales tax and flat tax may cause many more problems that they attempt to resolve. There is a lot of confusion in both understanding and compliance with tax law. Unequivocally our tax system is fraught with layers upon layers of interpretations, case law, and frequent changes that have often left the remaining legislation even more difficult to manage than before.
Over the years there have been many simplification rules that have truly made our tax system easier to understand and apply but items such as the alternative minimum tax, depreciation rules, and automobile expense recording remain impossible for the layman to understand and for the professional to interpret. Often our tax law is so difficult to understand those whose job it is to ensure their compliance are as confused as taxpayers.
How to Successfully Handle IRS Tax Assessments
If you have just gone out to the mailbox only to receive a IRS tax notice and gotten an assessment, don't fret yet. Many IRS assessments are by their very nature geared towards getting your attention and to create the highest based tax owed based only on what the IRS has to date. Accordingly frequently many of these original assessments can be quickly reduced or potentially even eliminated by giving to the IRS the needed information to complete and close their file.
For example, if you filed you Personal Return/Form 1040 and inadvertently failed to report independent contractor wages then the IRS will eventually send to taxpayers an assessment based upon the gross monies received. Tax law, however, allows that you are legally able to reduce the gross sales or independent contractor monies by valid business expenses. Thus this assessment can quickly and easily be reduced to the correct amount legally owed by the filing of an amended return and the reporting of gross revenues collected and just and legal business expenses. Assessments for failure to originally report independent contractor or proprietorship profits often results in a very high initial assessment as not only are federal and state income taxes due but also the Self-Employment Taxes, which are reported and assessed on Personal Form SE. Thus, the valid deduction of expenses can often have a substantive impact. This is the first and best step in this particular assessment, because without amending and correcting the original return, there is no true way to know exactly what is owed.
Similarly there may be circumstances where payroll tax returns have been filed on an ongoing basis for a company for a period of time and then suddenly the operations either cease or all employment ceases. During these times often those responsible will fail, for lack of attention to detail, to let the IRS and applicable state authorities know of the ceasing of business operations. During these times, the IRS will often validly presume absent any other information, that the operations are continuing as they recently have and will assess tax monies and liabilities accordingly. As you can see, in this circumstance as well, keeping the IRS well apprised by the timely filing of reports an essential component of accurate reporting and the avoidance of unnecessary assessments. Read more
Understanding Your Rights as a Taxpayer & IRS Tax Liens
A Federal Tax Lien from the Internal Revenue Service is a public acknowledgment and formal security filing on a taxpayers assets. As a security interest, an IRS Tax Lien has to be addressed or satisfied before an asset can be sold. If, for example, there is a Federal Tax Lien on your home, you are required to first satisfy the tax lien before you would be able to refinance or sell your home. Perhaps the easiest way to satisfy the lien is to pay it in full out of the proceeds of the sale of the home. If this is not an option, the taxpayer can request the IRS to discharge the lien to allow completion of the sale or a taxpayer can seek that a federal tax lien be made secondary to the financial lending institution's lien in order to consummate the sale. In light of the recent economic downturn the IRS is working to expedite request to assist taxpayers in the refinancing of their home.
Using IRS Installment Plans
When you are in the middle of addressing IRS tax issues and trying to evaluate between an Offer of Compromise or an Installment plan, frequently the options look bleak, as often they are. However there is good news for those who are desirous to look "outside the box" in looking to solve your IRS tax problems. Knowing the ins and outs of varying programs will do much to help you know what is in your best interest.
Before You Start a Home Based Business
Home based business's starts and success stories have soared over the years as the negative mystique of having a home based business has all but disappeared. With all of the advances of technology ranging from the Internet, laptops, e-mails, text messaging and cell phones you can now have a virtual office anywhere. In fact, the latest statistics revealed that as many as one-third of all of total active business's are now home based.
Recently I addressed an inquiry from an individual who was looking to start a home based business. They were hoping to start a business that was not only based upon the possibility of making money but also the probability of taking tax deductions and in so doing lowering your tax bill as a result. This has many financial and providential problems that include:
Essential Components of Sound Business Planning
Writing a business plan has long been a mystery to most of us and "down-right" confusing to the rest of us. Looking to remove the mystery from this daunting task is one of the most important goals we look to impart to the community. A solid business plan should essentially be an easy read with enough financial information to give it substance but more importantly a narrative that makes sense to all who read it. A good business plan should be:
Individuals & Business Owners 2009 IRS Tax Filing Deadlines
Below is a recap of IRS Tax Filing Deadlines for Business Owners and Individuals. You will want to refer here again and again to ensure that you do not run afoul of critical deadlines thereby avoiding unnecessary penalties and interest.
Form 1040/Personal Income Tax Return is due on April 15th, 2009. If the deadline falls on a weekend then the revised date is April 17th. Read more
Writing Business Plan for Your Business, Church, or Ministry
Writing a business should be the first step before you start your business. Reducing your ideas to writing will greatly assist you along the way as you develop and mature your thoughts and decision making. It is often in the process of writing the plan itself that your vision is strengthened and galvanized into you mission statement and direction. Though a business plan, in order to be effective, needs to be a working and actionable document updateable at least on an annual basis and more often if situations warrant. A good business plan will contain the below components which are essential to the overall plan's depth and ultimate success: Read more
Being a Positive Agent for Change: How Positive Catalyst Can Change the World
A catalyst is an event, substance or individual that when added to an environment or dynamic causes a disported reaction in terms of size, well in excess of what was originally added. One of the best examples of this is found in nature as a small amount of rolling snow can cause a avalanche. Though just a few ounces or flakes to start leaning in a downward direction they soon become a cascade of downward motion that will flatten all that lays in its path leveling trees, houses, covering roads and killing all in its way. To be a catalyst you have to possess something unique when added to an environment that we mixed with the existing base components causing an unusual reaction to occur. Being a change agent for good and a positive catalyst for your business, church or ministry involves some basic tenants for which we can all practice to make a big difference in our lives. Read more
Tax Deadline Ahead: S Corporation & C Corporation Returns are Due March 15, 2009
The 2009 Tax Deadline for filing of your 2008 Corporate Income Taxes is March 15, 2009. Therefore all calendar year corporations are due by that date. If for any reason you are not able to file your return by the due date both the IRS and state allows you to extend your return for six months. However don't let the extension "fool you." An extension to file is not an extension to pay as both the IRS and states require you to pay your taxes as you go. Corporate taxpayers, as well as individual ones, since World War II are required by tax law, to pay taxes as they make the money during the year. Read more
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John Dillard is an author and Certified Public Accountant. To See how he takes Christ along with him to work visit www.HisCPA.com
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