If you need more time to file your 2014 income tax return, you can get an extension — and no explanation is necessary. You may have a very good reason for wanting more time to file your 2014 individual income tax return. For instance, you might want to hold off funding a retirement plan such as a Keogh or SEP...
Tags: extensions
Category: Taxes
Did you sign up for social security benefits last year? If so, you may have questions about how those payments are taxed on your federal income tax return. The good news is the formula is the same as prior years. That’s also the bad news, because the thresholds for determining taxability are not indexed for inflation, and did not change...
Tags: social security benefits
Category: Taxes
If you own a small business, you have until March 16, 2015, to choose S corporation status for this year. In order to become an S corporation, you’ll need the unanimous approval of all shareholders. The principal advantage of an S corporation is that you avoid paying double taxes. In a traditional C corporation, profits are taxed at the corporate...
Tags: S Corporation ELections
Category: Taxes
Owning foreign assets or having signature authority over certain foreign accounts means extra filing requirements. For example, Part III of Schedule B, the form where you report interest and dividends, has questions you might need to complete about foreign accounts and trusts. You may also need to file “Form 8938, Statement of Specified Foreign Financial Assets,” with your income tax...
Tags: Foreign Accounts
Category: Taxes
There is no substitute for good preparation when asking for a business loan. The lender has three main questions. How much do you want? For what will the money be used? How do you intend to repay the loan? There are several parts to the answers for each of these. You will need a detailed list of what the money...
Tags: business loan
Category: Business