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Tax treatment of an Investment Clubs

Investment Clubs An investment club is formed when a group of friends, neighbors, business associates, or others pool their money to invest in stock or other securities. The club may or may not have a written agreement, a charter, or bylaws. Usually the group operates informally with members pledging to pay a regular amount into the club monthly. Some clubs have a committee that gathers information on securities, selects the most promising securities, and recommends […]

Tax Information for Employees

Filing Your Taxes Everything you need to file your individual federal income tax return. Get A Transcript You can get a transcript to view your tax account transactions or line-by-line tax return information for a specific tax year. Tax Withholding The federal income tax is a pay-as-you-go tax. There are two ways to pay as you go. If you are an employee, your employer probably withholds income tax from your pay. The amount withheld is […]

Self-Employed Individuals Tax Center

Who is Self-Employed? Generally, you are self-employed if any of the following apply to you. • You carry on a trade or business as a sole proprietor or an independent contractor. • You are a member of a partnership that carries on a trade or business. • You are otherwise in business for yourself (including a part-time business) What are My Self-Employed Tax Obligations? As a self-employed individual, generally you are required to file an […]

Reasons that make a CPA best for tax preparation purposes

Businesses are always recommended to itemize their tax preparation system and give them to one of the best CPA. There are few people in the US who like to do the job on their own and handle their taxes. But this can be a complicated process and they should leave it in the hands of professional tax preparation experts. Schaumburg Tax Preparation is one such professional company that provides efficient services for helping people get […]

Get all your tax related queries solved at Indian CPA Hanover Park

Tax laws tend to be a very complicated aspect for various businesses around the world. One should make sure that their book keeping and tax preparation is in the right and hands as compromising on this would affect the company accounts. SchaumburgCPA.info has good experience in this field and they have professional accountants that have the expertise to work for all kinds of businesses Mr. Manen Kothari is a certified tax professional and his past […]

Social Security: Is Your Age a Retirement Numbers Game?

When preparing for your retirement, think about how much income you may need each year to fund the lifestyle you want. To help maintain your living standard, you may need to save enough money to supplement other sources of retirement income, such as a company pension and/or Social Security. It is also important to beware of how your age factors into your retirement decisions. Here are some important age milestones to consider: Age 55. If you take an early retirement, quit, or are otherwise […]

May 2015 Individual Due Dates for income tax return

May 12 Communications and air transportation taxes under the alternative method Deposit the tax included in amounts billed or tickets sold during the first 15 days of April. May 14 Regular method taxes. Deposit the tax for the last 15 days of April. May 28 Communications and air transportation taxes under the alternative method. Deposit the tax included in amounts billed or tickets sold during the last 15 days of April. May 29 Regular method […]

Easy E-Pay and Payment Agreement Options Available to People Who Owe Tax

It’s easier than ever to pay their taxes electronically, and for those who can’t pay on time, quick and easy solutions are available. Taxpayers who owe taxes can now choose among several quick and easy e-pay options, including the newest and easiest, IRS Direct Pay. Available options include: – Direct Pay. Available at IRS.gov/directpay, this free online tool allows individuals to securely pay their income tax directly from checking or savings accounts without any fees […]

April 2015 Individual Due Dates for income tax return

  The second quarter of a calendar year is made up of April, May, and June. April 10 Employees who work for tips. If you received $20 or more in tips during March, report them to your employer. You can use Form 4070. April 15 Individuals. File a 2014 income tax return (Form 1040, 1040A, or 1040EZ) and pay any tax due. If you want an automatic 6­month extension of time to file the return, […]

March 2015 Individual Due Dates for income tax return

March 2 – All businesses. File information returns (for example, Forms 1099) for certain payments you made during 2014. These payments are described under February 2. There are different forms for different types of payments. Use a separate Form 1096, Annual Summary and Transmittal of U.S. Information Returns, to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how […]

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