Check and double-check your return
Before you drop that tax return in the mail or hit submit when e-filing, make sure that you’ve checked the figures you’ve entered when filing your return. A mistake can mean a filing error that could give you an overinflated refund you’ll have to pay back later.
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Review last year’s tax returns
Reviewing the information from the previous year’s federal and state tax returns will make the current year’s filing much simpler. Much of the information will be the same, including employer federal ID numbers, children’s social security numbers, etc.
Taxes: Know the filing deadline
We all have April 15 burned in our brains as the last day to file taxes. But if that date falls on a weekend or a holiday the due date can be different by a couple of days. If the date is different it will always be later than April 15. For example, the filing deadline this year is April 17, 2018 because April 15 falls on a Sunday and Emancipation Day, a holiday in Washington D.C., will be observed on Monday, April 16.
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The first time I was audited I was worried about perhaps paying an additional amount. The IRS agent in my basement office flat out told me, “Oh, you’re going to pay more. I’m just here to figure out how much.” I told him, “I’ve been pretty careful.” He then picked up a file of receipts to run a total and compare notes. The first receipt was bogus. It was from a purchase several years before. In wasn’t intentional, but my confidence was shaken.
If you are a small business, you can probably figure out how to fill out the forms and total up what you are going to have to pay. The problem is that you don’t know all of the ins and outs. “The only two things that scares me are God, and the IRS.” – Dr. Dre. Read more at www.thesubtimes.com
Keep Tabs on Labor Costs – Paying employees, including yourself, may be your largest expense. Take note of overtime, perks, and other benefits you offer to prevent over- or under-paying.
2 292 days ago
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Do you manage your money like you manage your time?
Often times, when we don't plan our day, we can find ourselves spending money in areas we did not intend to all because we did not make time and plan before doing. This happens alot when we find ourselves rushing to work, in between meetings, to school, in business, in life period. We find ourselves paying for fast food on the way, pick up a few snacks in between here and there, and now a magazine or a new drink caches our eye that we must have. Oh, and let's not forget rushing to buy clothes; a certain outfit. We find ourselves spending more than what we intend when we wait until the last minute. This is true in every area of our lives, including traveling and taking vacations, saving and investing, employment and retirement, personal and business, etc.
Slow down, manage your time, and you will be able to manage your money. You can save more money, when you manage your time.