Annette Fernandez

  • New To Filing Taxes? What You Need To Know About Filling Out A 1040 Tax Form

    Most individuals fill out a 1040 tax form. This tax form is the general tax form that most individuals use for filling out taxes. Although this is one of the easier tax forms to fill out, it still requires a lot of information and attention to detail be used while filling out the form.  Start with Personal Information At the top of the tax form, you just need to provide your basic personal information, such as your name, address, and social security number.
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  • 3 Tax Tips For Low-Income Individuals

    If you fall into the low income bracket this tax year, there are a few things that you can do to ensure that you reduce your tax burden and maximize your return come tax time. #1 Contribute to Your Retirement Fund If at all possible, try to contribute to your retirement fund. You will get a tax credit for contributing to your retirement fund. This tax credit is larger if you are in a lower income bracket than if you are in a higher income bracket.
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  • 5 Things To Deduct As A Business Expense As A Delivery Driver

    There are lots of different ways to be an independent delivery driver in today's economy. You can deliver groceries, food, medication, and all sorts of supplies as a delivery driver. If you just started as a delivery driver this year, make sure that you are keeping track of all of your business expenses so that you are able to claim as many deductions as possible. Mileage One of the biggest deductions that you can take when you are a delivery driver is mileage.
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  • Your Responsibilities As A Restaurant Owner For Reporting Tips

    For wait staff, tips often make up a large percentage of the wait staff's income. If your business is allowing customers to accept tips, you will need to be prepared to perform the accounting necessary to report these tips properly. Cash Vs. Credit Cards With cash tips, the process is not as difficult. The wait staff keep the tips and are required to report any tips they earn. However, customers often do not have cash and rely on credit card tips.
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  • Three Tips To Help You Pay Off Your Debt To The IRS

    If there is one entity to whom you do not want to be in debt, it is the IRS. You cannot discharge tax debt in bankruptcy, and you can be fined -- or put in jail -- for not paying your taxes. Thankfully, the IRS is willing to work with people on repaying their tax debts, and as long as you have some sort of repayment agreement with them, you should not find yourself in danger of being charged with a crime.
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  • So You Made A Mistake On Your Tax Return: Now What?

    There are many honest reasons a person might file an incorrect tax return, but if you're the one who did it, you probably aren't taking comfort in the fact that your error wasn't intentional. Dealing with the IRS under any circumstances can be frightful, even more so if all your "T's" weren't crossed and an "I" or two not dotted. Here's how to proceed after bungling your tax return. 1. Don't Panic
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  • 5 Benefits To Utilizing A Tax Pro For Your Tax Prep Needs

    Dealing with taxes can be stressful, overwhelming, and even upsetting. Most everyday people feel uncomfortable about filing taxes and making important tax decisions. The great news is there are professionals who are able to make the whole experience better. If you're looking to invest in help, hiring a tax pro can offer many benefits. Here are the benefits to utilizing a tax pro for your own tax prep needs: Reduce Errors
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  • Self-Publishing? Timely Tips For Turning Your Hobby Into A Profitable Business

    After more than a decade of growth and change, self-publishing is finally coming into its own as a viable way for authors to build their own publishing business. Some of the factors that have helped to increase its popularity are obvious, like not having to obtain a publishing agent, which has often proved to be a roadblock for some authors in the past. But when the traditional route to becoming a best-selling author is eschewed, authors do have to become more proactive about making good business decisions.
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  • Becoming An Employer? Here's What You Need To Know About Payroll Taxes

    As an employer, one of your new responsibilities is the collection, remittance, and proper accounting for payroll taxes. What, exactly, are payroll taxes? And what do they mean for the employer? Here's a brief guide to get you up to speed. The Basic Payroll Taxes There are two basic forms of payroll taxes that are mandated by federal law. These are contributions to fund Social Security and Medicare, and they usually show up on employee paychecks as FICA (Federal Insurance Contributions Act) and MEDFICA.
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