Every once in a while you hear an inspirational story about someone who overcomes horrendous life circumstances, and achieves extraordinary success in spite of it all. Life gives them a lemon, so to speak, and they make lemonade out of it.
You will usually receive your tax refund checks in the mail within three weeks. When you file your taxes online, you can also choose to have your tax refunds directly deposited into your bank account. All you need is your bank account and routing numbers, which you can easily locate at the bottom of your personal check. When you choose the direct deposit option, you’ll receive your check in half the time.
It depends how much in taxes was taken out of your day-job paycheck. Say your annual salary is $40,000 (the national median). Withholding taxes were taken out on this amount. Now let’s say that in your first year of your stock photography operation, you bought a new lens, a scanner, paper, office supplies, fixed up your home-office plus took a trip to Vermont for some Autumn pictures for your stock file. Your total expenses for the year were $4035.
It turns out the Torrance Tax Preparer is usually Uncle Harry down the street, or someone picked out from the local Yellow Pages. In other words non-experts, who are costing the photographer mucho dollars.
The “married filing separate” registering status is for married couples who decide to file separate returns. Next, you need to determine what your taxable salary is.
However, most individuals and small business owners can do their tax returns on their own. You can fill out the form and mail it, or for added convenience, do them online. Nowadays, there are online tax filing systems that require you to plug in information from your documents. Simply click a button to efile your tax returns to the IRS. Online tax filing is easy, even if you’ve never completed a tax return in the past. The system tells you exactly what information you need, and guides you through the process, step by step.
What planet are we on? We made it through another tax season. April 15th was unbelievable and I found myself standing in line at the post office on April 14th – no fun. On April 16th, I sleep most of the day. And on April 17th, most of us tax professionals woke up and started all over again. Depending on how many clients we put on extensions determines the urgency of our day. An Extension, Form 4868 – Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, gives a taxpayer an extension to October 15, to file a return. This does not give a taxpayer more time to pay. Payment should be included with the Form 4868.