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Choosing the Correct Filing Status It’s important to use the right filing status when you file your tax return. The status you choose can affect the amount of tax you owe for the year. It may even determine if you must file a tax return. Keep in mind that your marital status on Dec. 31 is your status for the whole year. Sometimes more than one filing status may apply to you. If that happens, choose the one that allows you to pay the least amount of tax. 1. Single. This status  normally applies if you aren’t married. It applies if you are divorced or legally separated under state law. 2. Married Filing Jointly. If you’re married, you and your spouse can file a joint tax return. If your spouse died in 2015, you can often file a joint return for that year. 3. Married Filing Separately. A married couple can choose to file two separate tax returns. This may benefit you if it results in less tax owed than if you file a joint tax return. You may want to prepare your taxes both ways
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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.patricestewart.com
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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 more yo
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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
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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
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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
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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
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