Monday, February 25, 2013
Karliner Tax Services: Crunching numbers: Prepping the paperwork for inco...
Karliner Tax Services: Crunching numbers: Prepping the paperwork for inco...: Image source: hopkinstax.com People are not always keen on doing their taxes, despite having a few advantages of preparing them in advance...
Tuesday, February 12, 2013
Crunching numbers: Prepping the paperwork for income taxes
Image source: hopkinstax.com
People are not always keen on doing their taxes, despite having a few advantages of preparing them in advance. Being able to file taxes on time has a few benefits, and not the least among them is avoiding additional payments for filing a report late. However, the process and its complications can be off-putting to most people, which cause them to procrastinate until the last minute.
This doesn’t always have to be the case. Taxpayers, both businesses and individuals, can seek help from companies, like Karliner Tax Services, and the volunteer services offered by the Internal Revenue Service to help them sort out their paperwork for their tax returns.
Image source: npr.org
Investopedia’s Glenn Curtis notes that taxpayers should gather a number of paperwork and other types of proof to help them prepare accurate income tax returns. These include 1099s and W-2 wage information forms, bank and brokerage statements, proof of IRA contribution, Social Security information of children and other dependents, business- and work-related receipts, mortgage receipts, receipts and other proof of charitable donations, and proof of purchases for energy efficient goods.
Tallying co-pays for medical expenses shouldered in part by the taxpayer’s company, which would otherwise not be tax-deductible, and having the previous year’s tax return on hand can also aid in preparing this year’s returns.
Image source: cbc.ca
This Facebook page has more links to articles on tax return preparation.
Thursday, January 24, 2013
Coping with tax-time stress
Image source: danielstoica.com
For most people, the stress that comes with the start of the tax season can be overwhelming that some put off preparing their tax returns until they can’t put it off anymore.
So how does one deal with the emotionally taxing exercise called filing taxes?
Financial experts note that the best thing to do is to have a mindset that taxes need to be filed, whether one looks forward to it or not. And in order to feel better about the whole process, it is best to have all financial records organized at the onset of the tax season. Experts recommend gathering all financial documents—receipts, forms, checks, and statements— and making two categories out of them: income and investments, and deductions.
Another way to relieve the stress that comes with preparing tax returns is to avoid doing so at the 11th hour. It is highly recommended to file returns early. It is also best to prepare returns while listening to music or whatever else makes one feel relaxed.
Image source: news.com.au
Asking for help from a family member, a friend, or a tax accountant can ease the frustration out especially when one is preparing returns on his own. It can be as simple as asking someone to be around to help track down receipts or hiring a professional especially for people with severe math anxiety.
Financial experts believe that it is not really taxes that get people highly stressed. For some people, money is a major source of stress, and during tax time, money takes center stage. To take off some of the resentment towards money, financial counselors recommend re-evaluating one’s financial habits and embracing better money management strategies.
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Visit this Karliner Tax Services Facebook page for updates on the 2013 tax season.
Thursday, December 13, 2012
Tax tips for the holidays
The holiday season is typically seen as a time for generosity. Whether giving presents to loved ones or donating to charitable causes, people tend to be more charitable in this wonderful time of year. If the spirit of the holidays isn’t enough motivation for people to give, then the effect that charitable giving and many others have on their income tax returns in the New Year is another. The Internal Revenue Service (IRS) offers American taxpayers a number of tax tips for the season of giving.
First off, taxpayers should aim to contribute to qualified charities. Their donation must reach the charity by the 31st of December to be counted as an itemized charitable deduction on their tax returns. Taxpayers should also keep a record of their donations that would be deducted from their returns, regardless of the amount or cost, and take note of what items they can deduct.
Taxpayers should also take account of what they buy that might be tax deductible; there are many factors that affect the timing of a tax refund. While the IRS issues most of them in less than 21 days after receiving a tax return, it may take longer if the tax return requires additional review.
The end of the year is often seen as the ideal time to prepare tax returns ahead of the busy tax season. Seeking assistance from reputable companies that assist in tax preparations can help taxpayers, both businesses and individuals, receive the tax benefits they are entitled to.
Learn more tax tips by visiting this Karliner Tax Services Facebook page.
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| Image credit: todaysparent.com |
First off, taxpayers should aim to contribute to qualified charities. Their donation must reach the charity by the 31st of December to be counted as an itemized charitable deduction on their tax returns. Taxpayers should also keep a record of their donations that would be deducted from their returns, regardless of the amount or cost, and take note of what items they can deduct.
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| Image credit: causecast.com |
Taxpayers should also take account of what they buy that might be tax deductible; there are many factors that affect the timing of a tax refund. While the IRS issues most of them in less than 21 days after receiving a tax return, it may take longer if the tax return requires additional review.
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| Image credit: gobankingrates.com |
The end of the year is often seen as the ideal time to prepare tax returns ahead of the busy tax season. Seeking assistance from reputable companies that assist in tax preparations can help taxpayers, both businesses and individuals, receive the tax benefits they are entitled to.
Learn more tax tips by visiting this Karliner Tax Services Facebook page.
Wednesday, November 21, 2012
Five smart ways to use your tax return
Sharing
an article on tax return published by Investopedia.com:
3. Save for Retirement
If your credit card debt is non-existent and you've got several months worth of living expenses saved up, consider yourself ahead of the pack. To strengthen your financial position even further, consider putting your tax refund check into a Traditional or Roth IRA. If you don't already have an IRA established, why not use this opportunity to start one?
4. Invest in Real Estate
If you don't yet own your own home but would like to some day, now is the time to start working toward that goal. Having learned the lessons of the housing bubble, over the next few years, many potential homebuyers will be in a great position to take advantage of depressed housing prices and non-predatory loans. If you're already a mortgage holder, paying off your mortgage principal early can help you save money in interest. Check with your mortgage lender to see what early payoff options are available under your loan terms.
5. Start a College Savings Fund
It's never too early to start saving for your children's tuition bills. The earlier you start, the less you'll need to save, because compound interest and time will do much of the work for you. If you happen to save up four years' worth of tuition early, you can always start putting your extra money towards college funds for books, computers and the like. A common tuition savings plan, called a section 529 plan, allows you to prepay qualified higher education expenses at eligible institutions. Not all 529 plans are the same, so you'll want to do some research to see which would be the best fit for your family. Another option is a Coverdell Education Savings Account (ESA). This tax-deferred account will help you accelerate your savings.
Conclusion
While none of these options is as glamorous as purchasing a flat-screen TV, remodeling your kitchen or cruising to Hawaii, giving yourself the kind of financial security that lets you breathe easy even in times of crisis will provide you with a cool composure that never goes out of style.
Even when we expect our tax returns to
bring a refund, we all dread preparing for the tax deadline. The arcane tax forms,
instructions few can decipher and our increasingly complex financial situations
make each year's return seem more painstaking than the last. Many personal
finance experts recommend adjusting your withholding so
that you don't get a refund check in the spring (arguing that this amounts to
giving Uncle Sam an interest-free loan for several months) when you could be
putting that money to immediate use. However, for some people, having the
government hold their money for them is the easiest way to accomplish their savings
goals.
But wait! If you don't have a plan for the money when that refund check comes, it could be all too easy to spend it. Instead of succumbing to impulse, consider these five options for letting the savings you accumulated last year bring you greater financial security and peace of mind in the years to come.
But wait! If you don't have a plan for the money when that refund check comes, it could be all too easy to spend it. Instead of succumbing to impulse, consider these five options for letting the savings you accumulated last year bring you greater financial security and peace of mind in the years to come.
1. Pay Down Debt
If you have high-interest credit card debt, putting your tax refund check towards paying it off will likely give you greater returns than any other option. That's because when the balance you owe to credit card companies goes down, the interest (or finance charges) you have to pay on that debt also goes down. Depending on your interest rate, you'll be saving anywhere from 10% to 29% per year in interest on any portion of your balance that you manage to wipe out. The simple act of using your refund to pay off an extra $1,000 of debt this year could save you hundreds of dollars in future finance charges.
If you have high-interest credit card debt, putting your tax refund check towards paying it off will likely give you greater returns than any other option. That's because when the balance you owe to credit card companies goes down, the interest (or finance charges) you have to pay on that debt also goes down. Depending on your interest rate, you'll be saving anywhere from 10% to 29% per year in interest on any portion of your balance that you manage to wipe out. The simple act of using your refund to pay off an extra $1,000 of debt this year could save you hundreds of dollars in future finance charges.
2. Fund Your Emergency Savings
If you're fortunate enough to not have any credit card or other high-interest debt, put yourself in a stronger position to stay that way by putting your refund check into your emergency savings account. This special savings account will allow you to cover any expenses in case of an emergency, such as being laid off from work or faced with unexpected medical bills. Instead of borrowing money from credit card companies at high rates or paying interest and penalties on a loan from your 401(k), a well-funded emergency savings account will put you in a position to lend yourself the money for free without jeopardizing your credit score or your retirement. Most people need the equivalent of at least three months' salary in an emergency fund to feel comfortable.
If you're fortunate enough to not have any credit card or other high-interest debt, put yourself in a stronger position to stay that way by putting your refund check into your emergency savings account. This special savings account will allow you to cover any expenses in case of an emergency, such as being laid off from work or faced with unexpected medical bills. Instead of borrowing money from credit card companies at high rates or paying interest and penalties on a loan from your 401(k), a well-funded emergency savings account will put you in a position to lend yourself the money for free without jeopardizing your credit score or your retirement. Most people need the equivalent of at least three months' salary in an emergency fund to feel comfortable.
3. Save for Retirement
If your credit card debt is non-existent and you've got several months worth of living expenses saved up, consider yourself ahead of the pack. To strengthen your financial position even further, consider putting your tax refund check into a Traditional or Roth IRA. If you don't already have an IRA established, why not use this opportunity to start one?
4. Invest in Real Estate
If you don't yet own your own home but would like to some day, now is the time to start working toward that goal. Having learned the lessons of the housing bubble, over the next few years, many potential homebuyers will be in a great position to take advantage of depressed housing prices and non-predatory loans. If you're already a mortgage holder, paying off your mortgage principal early can help you save money in interest. Check with your mortgage lender to see what early payoff options are available under your loan terms.
5. Start a College Savings Fund
It's never too early to start saving for your children's tuition bills. The earlier you start, the less you'll need to save, because compound interest and time will do much of the work for you. If you happen to save up four years' worth of tuition early, you can always start putting your extra money towards college funds for books, computers and the like. A common tuition savings plan, called a section 529 plan, allows you to prepay qualified higher education expenses at eligible institutions. Not all 529 plans are the same, so you'll want to do some research to see which would be the best fit for your family. Another option is a Coverdell Education Savings Account (ESA). This tax-deferred account will help you accelerate your savings.
Conclusion
While none of these options is as glamorous as purchasing a flat-screen TV, remodeling your kitchen or cruising to Hawaii, giving yourself the kind of financial security that lets you breathe easy even in times of crisis will provide you with a cool composure that never goes out of style.
Wednesday, October 24, 2012
A network of experts: Karliner Tax Services and its professional affiliations
To provide high-quality service to its clients and ensure that it adheres to best practices,
Karliner Tax Services has established professional affiliations with some of the country’s largest and most important associations of tax professionals, business leaders, accountants, and consultants. Among them are the following:
National Association of Enrolled Agents (NAEA)
To preserve the integrity of the taxation industry, NAEA requires its members to complete at least 30 hours of continuing education each year in the interpretation, application, and administration of federal tax laws. This exceeds the minimum requirement set by the Internal Revenue Service (IRS), ensuring that each member is guided by the most recent changes in the tax code and other regulations.
Composed of more than 4000 members, CSEA is a large professional association that serves tax professionals in California and other cities abroad. It is a nonprofit 501(c)(6) organization that helps enrolled agents serve taxpayers with integrity and trust in the midst of a dynamic and rapidly changing economic environment.
National Society Accountants (NSA)
A leading organization in the fields of accountancy and taxation, NSA advocates practice rights and promotes high standards in ethics, education, and professional excellence among its members. It aims to develop a membership-oriented, societal environment that supports the growth and evolution of its affiliates.
More about Karliner Tax Services can be read on this Facebook page.
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| Karliner Tax Services Image Credit: naea.org |
National Association of Enrolled Agents (NAEA)
To preserve the integrity of the taxation industry, NAEA requires its members to complete at least 30 hours of continuing education each year in the interpretation, application, and administration of federal tax laws. This exceeds the minimum requirement set by the Internal Revenue Service (IRS), ensuring that each member is guided by the most recent changes in the tax code and other regulations.
Established by Ronald Karliner more than 20 years ago, Karliner Tax Services has been helping individuals and business establishments carefully handle all the necessary paperwork involved in income tax preparation.California Society of Enrolled Agents (CSEA)
Composed of more than 4000 members, CSEA is a large professional association that serves tax professionals in California and other cities abroad. It is a nonprofit 501(c)(6) organization that helps enrolled agents serve taxpayers with integrity and trust in the midst of a dynamic and rapidly changing economic environment.
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| Karliner Tax Services Image Credit: csea.org |
National Society Accountants (NSA)
A leading organization in the fields of accountancy and taxation, NSA advocates practice rights and promotes high standards in ethics, education, and professional excellence among its members. It aims to develop a membership-oriented, societal environment that supports the growth and evolution of its affiliates.
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| Karliner Tax Services Image Credit: nsacct.org |
More about Karliner Tax Services can be read on this Facebook page.
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