Friday, January 4, 2013

Online Taxes Tips for Bloggers

Taken from:
http://turbotax.intuit.com/tax-tools/tax-tips/Self-Employment-Taxes/Tax-Tips-for-Bloggers/INF22232.html

Blogging is a relatively new profession, but it's covered by the same tax laws that apply to many other occupations. You may be able to take advantage of certain deductions to reduce your tax bill.
 
Blogging is a relatively new profession, but it's covered by the same tax laws that apply to many other occupations. The main danger from a tax perspective is that, as a blogger, your taxes won't be automatically withheld from your earnings, as is typical with salaried employees. Additionally, you'll owe self-employment taxes that most employees don't pay. However, you may be able to take advantage of certain deductions to reduce your tax bill.

Some of the other topics this article touches on include:
Estimated taxes
Self-employment tax
Deductible expenses for bloggers and
Business as hobby

Take a few minutes to check out this article, it will be very worth it. The information can definitely help new bloggers who are becoming accustomed to making their hobby into a part time, or full time profession. Tax time is just around the corner, so take some time to educate yourself on the new tax changes and make sure you file your taxes with someone who will take care of you(and your taxes!).

These posts are for informational use only to educate people about their online income taxes and the financial world around them. If you found this helpful, share the original article or this one, and help spread the word!


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Wednesday, November 21, 2012

Tax Increases Loom after ‘Fiscal Cliff’

Taken from: http://blogs.wsj.com/wsjam/2012/11/21/tax-increases-loom-after-fiscal-cliff/

Almost all American households would take a financial blow next year—and low-income families would be among the hardest hit—if the White House and Congress fail to solve the “fiscal cliff” of big tax increases and spending cuts set to start Jan 2.

A married couple making between $20,000 and $30,000 a year would go from receiving, on average, a $15 tax credit to owing $1,408, according to research by the Tax Policy Center, a joint venture of the Brookings Institution and the Urban Institute.

These taxpayers would be part of the roughly 90% of American households that the Tax Policy Center estimates would face higher tax bills for 2013 if Washington cannot craft a deficit-reduction plan to replace the fiscal cliff—the $400 billion in tax increases and $100 billion in spending cuts slated to take effect next year.

The tax increases stem from the fact that various tax cuts and other tax measures all were passed on a temporary basis and are set to expire. Most of the increases would result from the expiration of Bush-era tax cuts, which would cause marginal rates to rise. Simultaneously, several temporary tax breaks pushed by President Barack Obama after the financial crisis also would end. The Wall Street Journal’s John McKinnon joined WSJTM’s Andrew Colton to discuss the impact the pending ‘Fiscal Cliff’ could have on the American household.

These posts are for informational use only to educate people about their taxes and the financial world around them. If you found this helpful, share the original article or this one, and help spread the word!

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Tuesday, November 20, 2012

Tax loopholes alone can't solve fiscal cliff - Lauren French - POLITICO.com

Here is an interesting post that shows the gravity of the fiscal cliff we're about to fall down.

Raise revenues and reform the Tax Code? Easy — just eliminate all the tax loopholes, right?

Good luck with that.

“Eliminating loopholes” sounds a lot better than “raising rates”: The tax rate is what I pay, and a loophole is what the other guy gets.

But the biggest loopholes in the U.S. Tax Code — generally referred to as tax expenditures — aren’t just the tricks of the trade for millionaires with offshore bank accounts. For the vast majority of Americans, they’re just how things work: You don’t pay taxes on your health insurance or Medicare benefits; you contribute tax-free to your 401(k); and your mortgage interest pushes down your tax bill each year.

And even if you dump the biggest of the set, these tax perks don’t even come close to closing the deficit. At best, the top 10 would pull in an extra $834 billion a year, according to Joint Committee on Taxation figures. Considering the hole lawmakers are trying to fill is several trillion dollars large, it’s clear they wouldn’t even come close.

Here are the 10 biggest tax loopholes — and the reasons why most of them will survive the fiscal cliff.

Read more: http://www.politico.com/news/stories/1112/84065.html#ixzz2CmkrHiNc

These posts are for informational use only to educate people about their taxes and the financial world around them. If you found this helpful, share the original article or this one, and help spread the word!

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Friday, November 16, 2012

Electronic Tax Filing News Update: Hurricane Sandy Scams

The world we live in is cruel and opportunistic. As our economy sinks and more people are left without jobs and/or stable living, those people turn to crime to fill the financial gap. Even during times of natural disasters, criminals see other peoples' plight as a chance to cash in on the generosity of others.

Hurricane Sandy's effect on New York

Even though hurricane Sandy hit almost a month ago, the devastation she left behind still has people without power and homes. These people need help, and with all these cries for donations come a few wolves in sheep's clothing. Irs.gov has released an article about how to avoid giving your money to someone other than the victims of Sandy: http://www.irs.gov/uac/Beware-of-Hurricane-Sandy-Scams.

Here is an excerpt from the article, and I hope that it helps you choose the right place to give your much-needed donation!

The IRS cautions both hurricane victims and people wishing to make disaster-related charitable donations to avoid scam artists by following these tips:
  • To help disaster victims, donate to recognized charities.

  • Be wary of charities with names that are similar to familiar or nationally known organizations. Some phony charities use names or websites that sound or look like those of respected, legitimate organizations. The IRS website at IRS.gov has a search feature, Exempt Organizations Select Check, which allows people to find legitimate, qualified charities to which donations may be tax-deductible. Legitimate charities may also be found on the Federal Emergency Management Agency (FEMA) Web site at fema.gov.

  • Don’t give out personal financial information — such as Social Security numbers or credit card and bank account numbers and passwords — to anyone who solicits a contribution from you. Scam artists may use this information to steal your identity and money.

  • Don’t give or send cash. For security and tax record purposes, contribute by check or credit card or another way that provides documentation of the gift.

  • Call the IRS toll-free disaster assistance telephone number, 1-866-562-5227, if you are a hurricane victim with specific questions about tax relief or disaster related tax issues.
Scam artists can use a variety of tactics. Some scammers operating bogus charities may contact people by telephone to solicit money or financial information. They may even directly contact disaster victims and claim to be working for or on behalf of the IRS to help the victims file casualty loss claims and get tax refunds. They may attempt to get personal financial information or Social Security numbers that can be used to steal the victims’ identities or financial resources.

Bogus websites may solicit funds for disaster victims. Such fraudulent sites frequently mimic the sites of, or use names similar to, legitimate charities, or claim to be affiliated with legitimate charities, in order to persuade members of the public to send money or provide personal financial information that can be used to steal identities or financial resources.   Additionally, scammers often send e-mail that steers the recipient to bogus websites that sound as though they are affiliated with legitimate charitable causes.

Taxpayers suspecting disaster-related frauds should visit IRS.gov and search for the keywords “Report Phishing.”

More information about tax scams and schemes may be found at IRS.gov using the keywords “scams and schemes.”

View my other articles about tax scams to continue your education!

With the economy in the shape it's in, people need all the money they make just to make end's meat. Don't let someone take advantage of you and your personal information to make their life easier by making your life harder. We at Online Tax Pros hope you can benefit from this information and have an awesome tax refund!

Please leave a comment if you know of any other tax scams or other articles relating to people taking advantage of the victims of hurricane Sandy that are not listed here so we can spread awareness! Our thoughts and prayers go out to all the victims and their families.

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Monday, October 1, 2012

Electronic Tax Filing News Update: Debit Fraud

Be careful when shopping online, and at the ATM
Cheaters and criminals are everywhere. You may be standing next to someone in line, and while you're minding your own business, they could be peeking in your purse, looking for an opportunity to rob you. Technology has made that more and more accessible, and now more crimes are performed electronically and stealing your money is as easy as installing a device that records your debit card information.

In case you've been living under a rock, a debit card may look like a credit card, but it is a direct line to your checking account. There is no middle man credit card company that oversees your charges. The money is drawn out and used for the purchase. This fact alone makes fraudulent activities much easier to accomplish by criminals, and getting reimbursed for these types of fraud can take much longer than credit cards.

This doesn't stop people from using debit cards, and doesn't deter them in the least. People use debit cards everywhere they are available for purchases, using their ease instead of carrying around your cash. Just because you use the plastic doesn't mean that your money is safer, and if you use your debit card in the wrong place, just the opposite may be true.

Fraud cases involving debit cards are rapidly increasing. Your sensitive account information, which includes your debit card number, and your PIN(personal identification number), is at risk because of “skimming” devices. These devices can be placed over actual ATMs, and unless you are actively looking for them, you may not know the difference.

Yes, criminals are now getting access to technology that camouflages as the actual ATM machine or card reader, and uses cameras and scanning devices to record PIN number entries, and card information respectively. All this can happen in the fraction of time it takes to swipe your card or enter your PIN number. This information is then stored until the installer is ready to use your acquired information for online purchases, where simple data entry is a substitute for your physical card. The criminals are even smart enough now to create a counterfeit debit card, which may exactly resemble or come close enough to pass for your original card!

This type of convenience for criminals has made card-not-needed fraudulent purchases the leading method of debit card fraud. Physically stolen debit cards and counterfeit cards are also rising in popularity, but not nearly as accessible.

With purchases not requiring the physical card making fraud so easy, this method has become the most popular and common type of fraud performed on debit account holders. With the ease of access and availability of this type of purchase, this method of fraud has become the most costly as well, and the customers are held accountable for much longer than credit cards. Fraud is much harder to reimburse on a debit card than a credit card, and criminals are taking advantage of this in droves. Be wary and watch where you slide your card, and always cover the keypad with your wallet or other obstruction before entering your pin. Even when you think no one is watching, how can you be certain?

Article source: http://ezinearticles.com/?Facts-About-Debit-Card-Fraud&id=7306100

View my other articles about tax scams to continue your education!

With the economy in the shape it's in, people need all the money they make just to make end's meat. Don't let someone take advantage of you and your personal information to make their life easier by making your life harder. We at Online Tax Pros hope you can benefit from this information and have a great tax season!
Please leave a comment if you know of any other tax scams that are not listed here so we can spread awareness!
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Tuesday, August 28, 2012

Corporate Tax Cheats are Bankrupting America (Infographic)

This infographic shows you all the companies that get to pay 0% taxes. The tax rate is supposed to be 35% percent, but through various loopholes and other systems the people of our country have to suffer.
From: http://usuncut.org/blog/infographic-corporate-tax-cheats-are-bankrupting-america



Leave a comment if you found this article informative, or want to voice your opinion on how these corporations get to evade so many taxes.When you file your online tax return, make sure it is with a reputable company, like Online Tax Pros. We make it easy to file taxes online and look forward to helping you e-file your income taxes.

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Friday, August 24, 2012

EZ Tax Home or Business Opportunity for Extra Income!

Did You know?

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More articles about tax info for individuals, home-based and small businesses:

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