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IRS provides Top Six Tax Tips for the Self-Employed

Top Six Tax Tips for the Self-Employed When you are self-employed, it typically means you work for yourself, as an independent contractor, or own your own business. Here are six key points the IRS would like you to know about self-employment and self-employment taxes: 1. Self-employment income can include pay that you receive for part-time work you do out of your home. This could include income you earn in addition to your regular job. 2. Self-employed individuals file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with their Form 1040. 3. If you are self-employed, you generally have to pay self-employment tax as well as income tax. Self-employment tax includes Social Security and Medicare taxes. You figure this tax using Schedule SE, Self-Employment Tax. 4. If you are self-employed you may have to make estimated tax payments. People typically make estimated tax payments to pay taxes on income that is not subject to withholding. If you...

Do you need to file an extension?

Do you need to file an extension? PSA can help contact us today!! business line 708-320-9733 or call our office and make an appointment 773-624-9791 Corporate Taxes were due March 15th Individuals/Sole Prop are due April 15th LLC/Partnerships are due April 15th Non Profit taxes are due May 15th Estimated Tax Payments due June 15th Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

Emergency Fund

Do you have an 8-12 month emergency fund? If not I would suggest starting on that now. Anything is possible job loss, injury etc. You will need enough saved to cover your monthly living expenses at minimum. Patrice L Stewart The Tax Daughter www.patricelstewart.com

Keep a separate bank account!

Finance Tip: Open a separate bank account for your business. If ever audited gathering paperwork will be a breeze. Plus you want keep your personal and business expenses separate. The Tax Daughter Patrice L Stewart www.patricelstewart.com

Help for Unemployed or Underemployed Home Owners!

Are you unemployed or underemployed and a home owner? If so this program may give you some assistance in paying your mortgage up to 35K for up to 18-24 months, while looking for employment. Illinois was given over 30 million to help home owners. You worked so hard for your home now that you need help go get the assistance you need today! www.illinoishardesthit.org

Morning Inspiration!

If there's a will there is a way! If doors are not opening for you sometimes we have to build our own. Live your life and dream big anything is possible with just a little effort! :) Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

Authorized E-File Provider

Are you filing your returns with an Authorized IRS E-File Provider? You can go to the IRS website to search for one. PSA is listed just type in 60653 and this is what you will see! Plus we are open year round not just 4 months.   We are open year round and provide more than tax solutions, visit our website at www.patricelstewart.com    

Corporate Filings

If you transmit a Corporate Extension by March 15th and it is rejected, you have 5 days which is until March 20th to correct it and get it Accepted and it will still be considered as having been filed "timely". Remember C-Corp and S-Corp returns are due today! Patrice L Stewart "The Tax Daughter" 708-320-9733 www.patricelstewart.com

Do you Owe the IRS?

If you Owe the IRS, not filing your return does not make the problem go away. Your employer has to report all income paid to you. When you receive a 1099 or a W2 the IRS receives the same information. It is better to file your taxes and set up a payment plan to avoid unnecessary penalties and interest. If you have questions and concerns or need assistance filing previous years contact me. 708-320-9733 Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

IRS Refund delays

If you haven't received your refund yet don't panic! The IRS is behind and refunds are taking up to 21 days to fund. This also means business days. Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

tax deadlines

Individuals/Sole Proprietorships are due April 15th Corporate Taxes are due March 15th LLC/Partnerships are due April 15th Non Profit are due May 15th Estimated Tax Payments due June 15th PSA can file your business and personal tax returns. Visit our website to learn more . Patrice L Stewart "The Tax Daughter" Bus: 708-320-9733 https://www.patriclestewart.com

Did you know? S Corporations

Did you know? An eligible domestic corporation can avoid double taxation by electing to be treated as an S Corporation. Double Taxation to Corporations means once to the shareholders and again to the corporation. If you are a small business owner this is something that you may want to consider. There are several factors to consider before you can apply for an S Corp election. To qualify for an S corporation status, the corporation must meet the following requirements: Be a domestic corporation Have only allowable shareholders including individuals, certain trust, and estates and may not include partnerships, corporations or non-resident alien shareholders Have no more than 100 shareholders Have one class of stock Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations. If your business decides to become an S Corp you will need to fill out Form 2553 . You can learn more about the S Corp electio...

Did you know?

Did you know? The gain on the sale of a personal residence up to $250K(500K if married filing jointly) is excluded from taxable income. What does this mean? If you sell your home (primary residence) and make a profit of $250,000 you do NOT have to report that income. It is not taxable and one of the great social goals that the IRS provides. From a social standpoint, this helps a family afford a new home, or pay for kids college tuition. Patrice L Stewart "The Tax Daugher" www.patricelstewart.com

Front Row!

Everyone Can't be in your front row Submitted by:  Sonia ~ Scrapbookin Mama Author: Unknown Life is a theater so invite your audiences carefully. Not everyone is holy enough and healthy enough to have a FRONT ROW seat in our lives.There are some people in your life that need to be loved from a distance.It's amazing what you can accomplish when you let go, or at least minimize your time with draining, negative, incompatible, not-going-anywhere relationships, friendships, fellowships and family!Everyone Can't be in Your FRONT ROW.Observe the relationships around you. Pay attention to: Which ones lift and which ones lean?Which ones encourage and which ones discourage?Which ones are on a path of growth uphill and which ones are just going downhill?When you leave certain people, do you feel better or feel worse?Which ones always have drama or don't really understand, know and appreciate you and the gift that lies within you?Everyone Can't be in Your FRONT ROW.The mo...

From a Frightening Instant to a Shining Moment...

I wanted to share this story that was emailed to me. Each day we wake up we do not know what journey or triumph we will have to conquer that day. Sharing our life experiences and acts of kindness sin dire circumstances is a beautiful thing and can help another in the present or future. Hey Email family, my dear friend had this horrific situation happen to her this week right on Lake Shore Drive and was strong enough to share her story.  This also made local news!  BE CAREFUL FOLKS! ------------------------------ ------------------------------ --------- From a Frightening Instant to a Shining Moment February 14, 2013 in  Inspiration ,  Life Experience Well, I had plenty of time waiting in the police station to think about this one. I wasn’t sure how or if to share this, as it took a while to set it, but as in many circumstances there are lessons, moments of clarity, and opportunities to bless someone else. Yesterday with it being sunny and ...

Eric B Horn

I would like to send a special Thank You to my long time friend and business partner Eric Horn!! Eric has been a key motivator in my life professional and personal. I have learned so much from you in regards to my Career and Professional De velopment and much more! While my mind was all over the place as where to start, you sat with me almost 6 hours to develop a plan of action for my new role as CEO for PSA. Words can not express how much I appreciate your friendship and most of all Support!! Thank you Thank you for being a blessing and ALWAYS having my back. Business owners who need Consulting Services I promise he will not disappoint! Learn more about Eric B. Horn Inc. by visiting www.ericbhorn.com and liking his FB page EricBrandonHorn See More Eric B. Horn.com ← Helping People Help Themselves… www.ericbhorn.com

Cash Refunds

PSA: The IRS does NOT issue Cash refunds, if you let someone prepare your taxes and they provided you with a Cash Refund and NO documentation is given to you,that is illegal and its Fraud!! Stop being so greedy for quick and easy money. When you are releasing such personal information i.e. social security numbers, date of birth, etc. You should always have a paper trail and a legal tax preparer will provide any documentation submitted to the IRS with no problem. Wise Up and use your common sense and stop letting the Green cloud your judgement! Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

Federal Benefits will no longer be mailed by Paper Check..

If you receive your federal benefits by paper check, you'll need to switch to electronic payments by March 1, 2013 . Here is a list of the federal benefits that are affected: Social Security Supplemental Security Income Veterans Affairs Railroad Retirement Board Office of Personnel Management Department of Labor (Black Lung) You have two options for receiving benefits electronically: 1. Direct Deposit: The U.S. Treasury deposits your benefits d irectly into your bank account. You can sign up for direct deposit in one of these ways: Enroll online . Visit your bank or credit union. Call (800) 333-1795 (Mon-Fri, 8am-8pm ET). Contact the local office of the agency providing your federal benefits. Enroll by mail . 2. Prepaid Debit Card: The U.S. Treasury deposits your benefits directly to a debit card. This is an option if you don't have a bank account and do not want to open one. You can request a debit card by calling (800) 333-1795 (Mon-Fri, 8am-8pm ET). B...

IRS to accept Education Credits 02/14/2013

The IRS Announced that they plan to start accepting tax returns with Education Credits Form 8863, as well as Depreciation and Amortization Form 4562.   Both Forms were delayed by the IRS for filing last month due to issues with reprogramming and testing of their systems.   On Sunday, February 10, 2013 the IRS will start processing tax returns that contain Form 4562 , Depreciation and Amortization. Beginning on Thursday February 14, 2013 the IRS plans to start processing Form 8863 , Education Credits Form 8863 , Education Credits. Form 8863 is used to claim two higher education credits -- the American Opportunity Tax Credit and the Lifetime Learning Credit. Form 4562 , Depreciation and Amortization. Most of the people using the depreciation form tend to file later in the tax season or obtain a six-month extension. Non-1040 business filers using Form 4562 can also file starting Sunday.  

Viola Duvall Stewart (My Legacy)

The Tax Daughter : Viola Duvall Stewart (My Legacy) : Viola D. Stewart, 91, civil-rights pioneer Today a friend of mine Khalid Scott is helping spread the word about my Grandmothers Contribution to the Teachers of the South as well as an unknown Black History Fact! To me she was Grandmother Dear a place of safe haven and book of knowledge. She loved to share her stories of history and change with her grandchildren. She wanted us to understand how important Education was and how knowledge is Power. I could say so many things about her but the message today is to spread the word how she risked her life to fight for what was right, which at that time was equal pay for African American Teachers in South Carolina.Please read her story and click on the link under the Congressional Picture which gives the details of the case.

Humble

Its not always about gaining every client. If you genuinely provide advice to someone now they will remember you in the future and refer a paying client. Glad to receive calls from people that value the information given....Blessed

Tax Tip: Did you know?

Did you know? A Tad Credit and a Deduction are not the same. The difference is a tax credit reduces the amount of income tax you may have to pay. Where as a deduction reduces the amount of your income that is subject to tax, thus generally reducing the amount of tax you may have to pay.   Patrice L Stewart "The Tax Daughter" www.patricelstewart.com

Good People

I was having a conversation my mentor tonight and he shared with me his story of how he became successful and the people you meet along your road to success. He worked for an accounting firm and also he worked in a law firm as a law clerk and one of the salesmen noticed his work ethic. The guy was starting his own telephone company and wanted my mentor to come and work for him. He took his offer and they became great friends. Bob the salesman showed him how to sail, how to get his suits Taylor made, introduced him to a whole new side of life. After 6 years together and 27 million dollars later they sold the company to MCI for 71 million and my mentor had 3% ownership in the company. So he made $2,130,000 and decided to go in business for himself as an accounting professional. Today he owns a few properties, owns a day care and still has his accounting practice and more. I am on my road to success and now he has opened the door for me to learn from him and build my business. With such a...

Pricing Info??

In order to give you an accurate quote we must see your paperwork. Tax fees are based on the number of forms you file. There is no way for me to give you a quote by phone or text unless I see exactly what you are filing. Providing some friendly advice Thanks

IRS Update: Home Office Deduction

Yesterday the IRS announced a new simplified option for claiming the Home Office Deduction starting this year 2013. What does this mean? This new option makes life easier for taxpayers to calculate and claim the Home Office Deduction. Before you had to fill out a 43 line form (8829) which was a burden on small businesses. the new option is capped at $1,500 and the normal home office requirements still stand. You will not be able to claim this new option until the 2014 tax season. Patrice L Stewart " TheTaxDaughter" www.patricelstewart.com