Calculating Your Federal Income Taxes

Posted on: 27 September 2018

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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Posted on: 31 August 2018

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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Posted on: 23 July 2018

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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Posted on: 23 April 2018

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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