10 Tips for Paying Your Taxes

images-1Here are some helpful tips from the IRS with regard to paying your taxes…

Are you making a payment with your federal tax return this year? If so, here are 10 important things the IRS wants you to know about correctly paying your federal income taxes.

1. Never send cash.

2. If you file electronically, you can file and pay in a single step with an electronic funds withdrawal. If you e-file by yourself you can use your tax preparation software to make the withdrawal. If you use a tax preparer to e-file, you can ask the preparer to make your tax payment electronically.
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Early Withdrawals from Retirement Plans Tax Rules

IRS Tax Tips

ret2Taking money out early from your retirement plan can cost you an extra 10 percent in taxes. Here are five things you should know about early withdrawals from retirement plans.

1. An early withdrawal normally means taking money from your plan, such as a 401(k), before you reach age 59½.

2. You must report the amount you withdrew from your retirement plan to the IRS. You may have to pay an additional 10 percent tax on your withdrawal.
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5 IRS Tax Credits that Can Reduce Your Taxes

ImageIRS Tax Tips

A tax credit reduces the amount of tax you must pay. A refundable tax credit not only reduces the federal tax you owe, but also could result in a refund.

Here are five credits the IRS wants you to consider before filing your federal income tax return:
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Taxable and Nontaxable Income

From the IRS…

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Most types of income are taxable, but some are not. Income can include money, property or services that you receive. Here are some examples of income that are usually not taxable:
• Child support payments;
• Gifts, bequests and inheritances;
• Welfare benefits;
• Damage awards for physical injury or sickness;
• Cash rebates from a dealer or manufacturer for an item you buy; and
• Reimbursements for qualified adoption expenses.
Some income is not taxable except under certain conditions. Examples include:
• Life insurance proceeds paid to you because of an insured person’s death are usually not taxable. However, if you redeem a life insurance policy for cash, any amount that is more than the cost of the policy is taxable.
• Income you get from a qualified scholarship is normally not taxable. Amounts you use for certain costs, such as tuition and required course books, are not taxable. However, amounts used for room and board are taxable.
All income, such as wages and tips, is taxable unless the law specifically excludes it. This includes non-cash income from bartering – the exchange of property or services. Both parties must include the fair market value of goods or services received as income on their tax return.

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MERGER OF BOSS BUSINESS SERVICES, ACORN CORPORATE SERVICES AND ANDERSON LAW GROUP

BOSS Business Services, Acorn Corporate Services, and Anderson Law Group unite and form one new company under its new name: Anderson Business Advisors.  Please read below to find out the details:

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BOSS Business Services, Acorn Corporate Services along with Anderson Law Group will be merging their companies to become one in order to be a new uniform entity.  The company’s new name change will occur before the end of the year and be known as Anderson Business Advisors.
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