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Stay Ahead and Prepare with the Right Tax Information

Paying one's taxes is a key duty of being a citizen and contributing to the government. Having the correct tax information on hand is a key component in the process. While the process may seem complicated and confusing, there are ways to understand what is required of individuals and businesses. Taxes play an integral part in the operation of governments and how a country is run. There are different ways to file taxes depending on the type of work and business an individual or business undertakes.

Business taxes
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Self Employment Tax
Most of us moms here on are self-employed women who are their own bosses. So how would the tax rules apply to us? Let's examine. In the case of running your own business which is entirely owned and operated by you, you are a sole proprietor. If you are doing the business in partnership with other(s), you are in a partnership. In both cases, you will be considered as self-employed. If you are involved in part-time business in addition to your regular job, you would still be considered as self-employed. If you are providing your services to a client who only has the ability to control the result of the work and not what will be done or how it will be done, then you are considered an independent contractor. For example, a lawyer would provide his professional services to the public, but he may not be an employee.  Read More
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If you are a mom working as an employee in a company, let us see how the tax rules apply to you. Your pay would include your regular pay, bonuses and commissions. It could also include any other expense allowances and reimbursements. In most cases, your employer would withhold a certain amount from your pay to be paid to the IRS as your income tax. If your income tax is low enough that you are not liable for taxation, this amount will not be withheld. We all know continued layoffs, closings, downsizing and mergers have resulted in home based businesses being grown at a phenomenal rate. However, did you know that home businesses can be great tax shelters? Home based business people are very often focused on successfully starting the business and generating sufficient profits, initially. So it's not until the first tax season rolls around that they realize there are deductions that can reduce gross..
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