Accessing Your Small Business Success
A couple of years ago, I decided to abandon a long, unsuccessful job search. After many months of desperately looking for the perfect job, I chose to start a home based business. Because I’d never been an entrepreneur before, I was more than a little anxious. I was excited as well. Thankfully, I’ve enjoyed success in my new business venture. At the end of every month and year, I carefully analyze my revenues. Because I have a background in accounting, I know how to calculate various financial statement ratios that help me determine how my business is doing on many different levels. If you’re a struggling small business owner, consider hiring an accountant to help you access the success of your business. On this blog, you will learn the types of consulting services an accountant can offer a small business owner.
If you had a child this year, your taxes are going …
You have worked hard for your money, and you shoul …
If you, like many American parents, have adult chi …
When you decide to strike out on your own and star …
If you have no dependents and are single, then fil …
If you had a child this year, your taxes are going to be a little different than they were in the past. Here are four steps you should take.
1. Change Your W-4
The first thing you are going to want to do is change your W-4 that is on record with your employer. Be sure to ask your employer if you can file a new W-4. You are going to want to add your child to your W-4.
You have worked hard for your money, and you should be able to determine who gets your money when you pass away. In order to keep your money in your family though, there are some steps that you are going to have to take now.
#1 Create A Will
The most straightforward way to protect your money and make sure that it stays in your family is by drawing up a will.
If you, like many American parents, have adult children living at home, you probably wonder if their presence could benefit your taxes. And there may be good news: sometimes, they can.
Here's the lowdown on when and how.
Claiming Adult Dependents. If you are providing the home while your child is in school for at least 5 months of the calendar year (not necessarily consecutive months, either), you can claim him or her as a dependent child until they turn 24… as long as they earn less than $4,050 (in 2016).
When you decide to strike out on your own and start working freelance rather than working as an employee of a company, you have a great deal of freedom as well as increased opportunities for finding work that you love and connect with. However, at the same time, you will also likely find yourself faced with an unfamiliar situation. You will need to keep track of and manage the full extent of your federal and state taxes.
If you have no dependents and are single, then filing your taxes is pretty straightforward, especially if you take the standard deduction. When you receive income from a side business too, that complicates matters because you have to pay business taxes. If this is the first year you've added business income to your return, then you may want to let an accountant figure your taxes for you so you don't make any mistakes that get you in trouble with the IRS.