5 Ways to Audit-Proof Your Tax Return

If you are self-employed filing a Timetable C with your tax return, your chances of being audited are higher than if you were an income earner. Why? As the IRS suspects that you will attempt to either hide income or write off personal expenditures as business deductions. So when they select taxation statements to audit, they cast the web wider and rake in 1.5% of self-employed folks versus 1% of W2 employees.

Here’s how you can keep them off your rear:

Use a specialist software accounting system.

Your credibility increases in the eye associated with an IRS agent if your tax returns are based on professionally well prepared financial statements, especially if maintained by another firm. You should use the same software to monitor your income and expenditures as well.

Document sources of all income.

If youare audited, the essential thing the IRS agent can do is add up every one of the deposits from your personal and business loan company accounts. If more income went into the bank or Investment Companythen was declared on your tax returns come back, the IRS will want to know where the money came from and whether or not the income is taxable. If you are using QuickBooks for your personal and business catalogues, you will automatically tie out this income. Nevertheless, you still need proof. In the event, the income you record is not taxable, e.g. gift items, inheritances, loans, transfers from personal cash, then keep a copy of the check or document that accompanies the income.

Let a professional prepare your tax return.

Self-prepared tax returns will be audited because the IRS thinks a nonprofessional has limited knowledge. Besides, you may find that the fee recharged by an Enrolled Agent or CPA might be destroyed by the added deductions they place for you. Tax law is intricate. You will discover more than 14,000 web pages of tax code. Moreover, when you are self-employed, no subject how small your business, your tax return is now a sophisticated creature.

Rethink your legal form.

Organisations, LLCs, and partnerships are less inclined to be audited. However, that should not be the sole reason to include. Discuss this program with a tax professional as well as your attorney before deciding.

Document warning flag.

You are permitted to deduct all common and necessary business expenses. Would you make this purchase if you did not have this business? If the answer is no, you almost certainly have a deductible business price. However, it is critical to know the guidelines and also to have proper documentation to justify the deduction.

Lastly, some expenditures receive somewhat more scrutiny than others. Vehicle expense is a well-liked area the IRS explores. Taxpayers are required to keep a mileage log. However, I have met only one client who ever before does. There are ways to substantiate mileage deductions without showing an auditor with a register of mileage. Travel, foods and entertainment are close joggers up to auto expense when it comes to scrutiny.

Go to www.taxreturn247.com.au and read Publication 463 to determine what you can and can’t deduct. Then report the hell from it. More people telecommute and home-based offices than previously.

Tips on Basic Bookkeeping

Does the thought of doing your own taxes scare you? How about doing your own bookkeeping? Whether you run a small business or have to do your own taxes, learning the ins and outs of basic bookkeeping can save you a lot of heartache in the future. I’m sure you are already aware of the vital importance of basic bookkeeping whether from a business or a personal standpoint. But you, like most people, probably avoid (or want to avoid) anything that deals with paperwork, forms, and breaking pencils. Bookkeeping is not as hard as you think it is. In fact, if you can become a master (even a little master) in basic bookkeeping, getting your taxes done will be a whole lot easier. Did you know that basic tasks such as paying your bills on time and taking care of the finances all fall under the realm of bookkeeping? In order to be good at the basics of bookkeeping you will need to familiarize yourself with some bookkeeping terms such as: accounts receivable (money due from customers’), accounts payable (bills to pay), loans payable (bills from items you bought on loan), cash (receipts and disbursements), inventory (products to sell), purchases (goods that you bought), sales (track incoming revenue owners’), retained earnings (company’s profits that are reinvested into the business), equity (how much each owner puts into the business), and payroll expenses (your employees pay checks).

 

If you decide that you need some fresh air quick, then you better make sure you get yourself some gear from the ultimate outdoor shop of Columbia. At Columbia, you will find what you need since you will need fresh air more often if you are going to attempt to do your own books. Find great selections for men, women and kids wear and gear. No matter the season, Columbia has the wear you need and with their partnership with Groupon Coupons you will be savings lots of money.

 

Before you visit Columbia be sure to visit to Groupon Coupon for money savings in the form of coupons and promo codes. Use this code and get 70 percent off today! Enjoy an extra 25 percent off storewide with this code. Act now and get up to 65 percent off when you use this code. Right now, get $5 off your next purchase with this promo code. Act now and get 15 percent off plus rewards when you sign up with this promo code. Enjoy 70 percent off select styles with this promo code. Use this coupon and get free ground shipping on all orders. Right now, get up to 70 percent off women’s plus size collection with this code! Use this code and get up to 70 percent off kids’ items with this code. Enjoy 67 percent off women’s sale items with this promo code. Use this promo code and get up to 50 percent off kids’ ski and snow gear with this code! Save on rainwear and waterproof jackets with this code. From up to 50 percent off select men’s cold weather items to 50 percent off gear you will always save more when you use Groupon Coupons.

 

Columbia has the gear and wear you need to get when you want to spend more time outdoors. Be sure to stop on by Groupon Coupons first for money saving deals

Tips on Basic Bookkeeping

Does the thought of doing your own taxes scare you? How about doing your own bookkeeping? Whether you run a small business or have to do your own taxes, learning the ins and outs of basic bookkeeping can save you a lot of heartache in the future. I’m sure you are already aware of the vital importance of basic bookkeeping whether from a business or a personal standpoint. But you, like most people, probably avoid (or want to avoid) anything that deals with paperwork, forms, and breaking pencils. Bookkeeping is not as hard as you think it is. In fact, if you can become a master (even a little master) in basic bookkeeping, getting your taxes done will be a whole lot easier. Did you know that basic tasks such as paying your bills on time and taking care of the finances all fall under the realm of bookkeeping? In order to be good at the basics of bookkeeping you will need to familiarize yourself with some bookkeeping terms such as: accounts receivable (money due from customers’), accounts payable (bills to pay), loans payable (bills from items you bought on loan), cash (receipts and disbursements), inventory (products to sell), purchases (goods that you bought), sales (track incoming revenue owners’), retained earnings (company’s profits that are reinvested into the business), equity (how much each owner puts into the business), and payroll expenses (your employees pay checks).

 

If you decide that you need some fresh air quick, then you better make sure you get yourself some gear from the ultimate outdoor shop of Columbia. At Columbia, you will find what you need since you will need fresh air more often if you are going to attempt to do your own books. Find great selections for men, women and kids wear and gear. No matter the season, Columbia has the wear you need and with their partnership with Groupon Coupons you will be savings lots of money.

 

Before you visit Columbia be sure to visit to Groupon Coupon for money savings in the form of coupons and promo codes. Use this code and get 70 percent off today! Enjoy an extra 25 percent off storewide with this code. Act now and get up to 65 percent off when you use this code. Right now, get $5 off your next purchase with this promo code. Act now and get 15 percent off plus rewards when you sign up with this promo code. Enjoy 70 percent off select styles with this promo code. Use this coupon and get free ground shipping on all orders. Right now, get up to 70 percent off women’s plus size collection with this code! Use this code and get up to 70 percent off kids’ items with this code. Enjoy 67 percent off women’s sale items with this promo code. Use this promo code and get up to 50 percent off kids’ ski and snow gear with this code! Save on rainwear and waterproof jackets with this code. From up to 50 percent off select men’s cold weather items to 50 percent off gear you will always save more when you use Groupon Coupons.

 

Columbia has the gear and wear you need to get when you want to spend more time outdoors. Be sure to stop on by Groupon Coupons first for money saving deals

Why tax return takes so long?

When you are hoping for the tax refunds, the last thing which you have to do is to wait for it. Luckily, the processing speed of the procedure has been increased remarkably in past few years, specifically after the introduction of the IRS electronic filing or e-filing system.

Most of the times, tax return takes three weeks for processing, even some filers get the refund earlier than this. Nowadays, most of the delays occur basically due to some errors or the oversights done during the filing process.

Here are the main causes why the tax return takes so long

  1. An incomplete tax return filing

A common problem which causes the delay in the process of tax refunds is the incomplete form filing or missing information. Those filers who fail to provide the basic information, suffer from long processing time.

  1. Computational errors related to tax return

The tax code of US is complicated due to numerous exceptions, deductions, exemptions, and credits. And it is no wonder that the returns done with human hand include the math errors. Most of them are calculation errors such as those related to the tax amount of social security income, tax incomes, and the dependent care credit. Many online websites provide help in calculating the correct tax amounts for you. You can avoid these errors by using the online help. One of them is www.taxreutrn247.com.au.

The accounting software is used online on these websites which generate the required calculations automatically and can help you in getting the results quicker. The services are available 24/7 at affordable rates and check the process for you before you file the case.

  1. Social Security Number (SSN) mismatch

For authenticating your tax return information by IRS, the social security number is checked, and the information provided by you is compared with that which is included in the database of social security system. Any mismatch will result in the delay of the retrieval of tax refunds.

The e-filing method checks the errors for you, including the SSN mismatch. Your application is passed through the e-file software online, and if there is any mismatch, the application gets rejected and sent back to you for corrections before you resubmit the file.

  1. Filing a tax return late

Filing for the refund at the last hour can delay the process, particularly if are following the manual paper method because of the large mass of files already there. You may fall victim to the frauds where someone can use your SSN and file a fake return.

That’s why it is better to use the online tax returns services and do this in time, at least week before the deadline. IRS checks the SSN with which you are filing and then verifies if this is use more than one time. The process may get delayed or gets terminated if the filing is done with the SSN that has already been used.

How to prevent identity theft and tax refund fraud

When it comes to tax refund, there are many people that are guilty in identity theft and fraud. This is just so that they can get access to other people’s tax refund. And, it can be devastating when this happens to you. This is why you should know how to prevent this from happening. Here are a couple of ways on how you can prevent identity theft and tax refund fraud from happening to you:

Don’t let anyone do your tax return for you

The most common way on how people are landing in the middle of tax refund fraud, is because the let just anyone do their tax return for them. And, then they don’t even double check if the banking details are filled in correctly.

There are many ways that you can make sure that you’re avoiding tax refund fraud, and making sure that you’re only using professional companies are one of them.

Don’t give out personal details to anyone

This is something that you know for years. But, there are still some people that are giving their personal details to different people. And, they can then use these personal details for identity theft and for tax refund fraud.

No matter what, don’t give your personal detail like ID number, banking details or any other personal details to anyone. It can happen so easily to land in the middle of refund fraud or identity theft.

Make sure that your refund is paid directly into your bank account

When you are choosing how your refund is going to be paid out, you should make sure that you’re using your banking account for the payout. And, that you don’t let them sending it through the post or any other way.

If you are letting your tax refund be paid out directly into your bank account, the chance of someone stealing your refund is truly slim. This is the best way to keep your refund saves.

Report any signs of identity theft

The moment that you realize that your identity might be stolen, you need to report it to the IRS and the police. This is so that they can prevent the thieves from stealing your tax refund.

The longer you are waiting before you report the identity theft, the more damage the person can do. And, you will have a big chance of losing your tax refund; something that you really don’t want. People are just reporting identity theft at the police station, and they forget to report it to the IRS. And, this is where people are making the biggest mistake.

More and more people are falling victims to identity theft and tax refund theft. People that are stealing other people’s tax refund. This can be devastating, when you lose a lot of money because someone steals your identity. With these tips, you will be able to prevent this from happening. There are many people that are unaware that tax refund fraud is taking place on a daily basis, and that people can seriously lose a lot of money.

Always visit https://www.taxreturn247.com.au/ for more informations tips.

Common Tax Myths That Can Cost You Big Bucks

When it comes to tax refund, there are some common tax myths that can cost you big bucks, and that can mean that you don’t get the amount of money that you really wanted to get from your refund. If you are aware of these tax myths that people misunderstand, you will be able not to make these mistakes, just because you didn’t really know the truth about these myths:

Students don’t have to file income tax returns

There are so many students that believe that just because they are a student that they don’t need to file their tax returns. This is so not the truth.

If you are a student, you might still need to file your tax returns, because it depends on the amount of money that you are getting a year in salaries. If you are a full-time student that doesn’t work, or that doesn’t get more than $10 150 per year, then you don’t need to worry about tax returns. However, the moment that you get more than $10 150 per year, then you should know that you need to do your taxes. Otherwise you might end up in some serious trouble.

You must file jointly when you are married

One of the other myths that are causing many married couples to lose money in getting tax refund back, is because they think that they need to file their taxes jointly when they are married. This isn’t the truth.
The moment that a couple are filing their taxes separately, you might be able to get more refund back into your account. More than what you will get, when you and your spouse file your taxes jointly. This is a myth that most people are doing wrong, and that can cost them in paying more taxes or not to be able to qualify for getting some tax refund back.see page from http://www.taxreturn247.com.au

You need to have a bank account to be able to get a direct deposit of your refund

This myth has two sides. On the one hand, this is the truth, and you will need to have a bank account before you can get a direct deposit of your tax refund into an account. But, on the other side there is the option for getting a prepaid credit card so that you can get your refund deposited into the account.

income tax

The downside of a prepaid credit card, is that it isn’t available at all the different banks, and it can be somewhat costly. Meaning that you can pay a lot of money in banking fees. There are other ways that you can safely get your tax refund without a direct deposit.

Because so many people don’t really understand all the rules and regulations about tax filing and tax refund, they are believing all the myths about tax filing. However, if you know the myths that are true and that is false, then you will have a better chance of getting some tax refund back into your account, without you losing money in believing these myths.

Do you need help with your finances? Try a Professional Tax Accounting Firm!

It’s mandatory to pay taxes, any business whether small or large has the legal responsibility to pay taxes. Sometimes it gets tough to prepare tax records as the jobs requires expertise and time which  sometimes it is rare to access. Eventually you will need to find an alternative to help you in managing your finances and be able to pay taxes in time. Working with a reputable expert tax preparation firm would be the best option towards ensuring that you do not have tax problems.  Indeed, accounting firms come with numerous benefits as they are able to give peace of mind as you will run business knowing that you will file taxes in time and as per the current tax laws while maximizing financial situations. The following are some benefits of employing tax accounting firm;

Accurate and timely tax preparation

In filing taxes, there two major important goals most business take into consideration namely accurate and timely reporting. IRS does not like businesses that do not file taxes on time and most importantly business which file wrong tax data. Even it seems to be a small issue; any mistake from either area will ultimately lead to major tax problems. If in any way you misrepresent taxes in any way or if you do not pay taxes to IRS there are chances you will pay huge fines and even face a tough legal action. Professional accounting tax firms will help you in ensuring that tax is filed accurately and on time. Further in case of tax returns, they will help make a credible case.

Keep record on tax code changes

When it comes to filling tax, nothing is static. Tax codes and laws are changing every year, from state to federal tax; these changes would affect the number and types of taxes to pat. Therefore, when it comes to tax time, it will be easier to make mistakes or even shortchange it when trying to file the taxes on your own.  When working with a tax preparer, the firm will be able to take record on the changes in tax codes and laws, applying them correctly when making specific tax returns. Going to a professional firm is the best way of ensuring that your business tax paperwork will be filled as per the recent tax codes and laws.

Minimizing tax burden

A professional tax profession will also be critical in helping you minimizing your tax burden and maximize on the total tax refund from the IRS.As most business do taxes annually, getting the IRS tax refunds requires understand all the jargon and format in order to ensure that you are not selling yourself. Tax preparation firms have years of experience and expertise to help in striking a balance on paying the tax you owe and ensuring you kseep income as much as possible

Tax firms are essential today in helping you to pay the required tax accurately and in time.  Further they will help in tax refunds. For more information visit www.taxreturn247.com.au

When Do I Need to Lodge My 2015 Tax Return By?

No matter where in the world you are, submitting your tax returns on time is vital. In regard to making sure that your documents are submitted on time, you need to check with your government tax authority on the correct dates. If you are familiar with using the internet, this is easy. Simply look up your tax authority’s website and check the dates displayed.

Take an independent approach

Before using government-sanctioned tax websites and even speaking to tax agents and/or clerks take a proactive approach towards sourcing all the correct information and advice on procedures, strategies and investment and savings incentives (as well as other projections on things such as property and death taxes and even donations) and in particular, correct submission dates. Hone your independent research towards those areas that are relevant to you. For instance, if you are a pensioner without any other sources of income you can focus your reading on literature which targets pensioners.checkout their latest blog posted at http://www.privatebankinginnovation.com/what-is-tax-back-and-how-can-i-apply-for-my-tax-return/ for more details.

Only use qualified resources

But be extremely careful when applying your mind to online resources such as how-to guides and e-books which are not authorized guides and composed by publishers without the qualifications to advise you. Rely on printed publications (from mainstream publishers) which have been correctly projecting managed and include information and advice from qualified tax practitioners.

But if you have any doubts on how to go about submitting tax returns on time, whether manually or online (and even after reading this guide) seek the advice of an accountant and/or financial planner who either specializes in tax practice or has expert knowledge on all matters related to tax submissions and savings.

The verification process

When consulting tax practitioners in particular always make sure that they provide you with documented proof of their license to practice and the relevant qualifications that show that they have the expertise to help you. This is easy to do. Simply walk away from alleged practitioners who are reluctant or refuse to provide you with the required proof.

Once you are empowered with correct and full knowledge of tax regulations, procedures and timelines you can approach the use of online submissions (and other web-based applications) with peace of mind and confidence knowing that you are able to use the forms correctly, compiling and inserting accurate, truthful and relevant documentation and data.

Save by providing correct information

As with anything in life and to maintain a positive frame of mind, you may be eligible for tax refunds. Rest assured that if you are using qualified tax accountants and financial planners, they will be able to provide you with detailed information, Government-sanctioned, and requisite advice on how you can save when claiming for refunds (and by providing authorities with correct information and documented proof of your eligibility for refunds).

2015 Tax Return

The unfortunately phrased cliché that states that there are two things in life that are certain – death and taxes – does not mean that it is the end of your world just so long as you submit your tax returns on time (if you are mandated to do this) and empower yourself with as much knowledge on taxes as possible.view more latest news on this link.

What is tax back, and how can I apply for my Tax Return?

In Australia, workers are entitled to receive their tax refund money if they have not earned over $18,200 in a tax year. The tax year is June 1st to July 31st that most visitors who are working may not have been in the country that amount of time. Backpackers and holiday workers are still entitled to a full refund if they have lived and worked for six months in Australia. The process of getting tax back is very easy to file for and is required by law to do.check this article for more updates.

How can I apply for my Tax Return?

Most people prefer to use a Tax Agent to file for their tax returns. The reason is because most agents can do it quickly and get a full refund within twenty-four hours. Simply bring in all of the proper paperwork so the agent is able to apply to the Australian government on your behalf for a full refund. The required paperwork consists of the following:

• Final pay slip or PAYG provided by the employer.
• The Tax File Number
• Your bank account for early deposit
• Expenses incurred while working in the country for work or living expenses.

The other method to file is by going on the government website www.taxreturn247.com.au where you will find all the information you need and the proper forms to fill out. It is advisable to only use this system if you know how to claim any deductions that you are entitled. There is a possibility of obtaining as much as $2,600, so it is well worth your effort to file. Remember this method will take you up to three weeks before you receive your tax money. Be sure to file at least one month before you plan on leaving the country.

Tax Back

Those who have lived and worked in Australia for at least six months are entitled to getting the tax money that their employer held from their wages while they were working. Those who earned as little as $18,200 or less usually receives tax back for the whole amount paid while working. Many backpackers and holiday workers are entitled to a refund and should apply through a tax agent. Most tax agents only charge about 10% of your return and collect when you are refunded. That is a small amount to pay to get a handsome return on money that you have already paid out to the government.

my Tax Return

In conclusion

Those who lived and worked in Australia for six months to a year are entitled to a tax refund. It is necessary to file in order to receive a tax refund. It is actually the law that you do file for a tax refund. Filing for your tax money is easy. It can be done by two easy methods the use of a Tax Agent to file for you or by going to the Australian website and filing online. Make sure you have all the necessary paperwork to ensure your swift tax return of tax money.

Tax Refund: Claim back your tax Australia

Those who have worked in the country for six months or longer are entitled to a tax refund. The tax year for Australia runs from July 1st to June 30th. It is essential that you were in Australia for at least six months working in order to get your tax money returned to you. It is very easy to file, and while you can do it yourself, it is recommended that you use an Australian tax agency to assist you. This will help to eliminate any delays or confusion in your tax filing.

Information needed to claim back your tax from Australia

Most Australian tax agencies will give you a simple tax packet that you can use to file your tax returns. This will help you in gathering the information needed to file for your tax money. Most workers are able to receive around $2600 depending on your salary and the length of time you have worked in the country. It is required to be in the country for at least six months before you are eligible to apply for your tax back money.

One of the first things that you will need is your Tax File Number, which you should have gotten before you started to work. It is necessary to have given this information to your employer within the very first thirty days of work. There is an emergency tax wage on those who avoided getting the number and giving it to the employer.

Information required to file for your tax back

Those who are backpackers or holiday workers are eligible for a tax refund if they comply with all the stipulations to file. You will need your PAYG or final pay slip in order to claim taxes from your employer. If you do not have this information, normally most Australian tax agents use a Document Retrieval Team to track down the employer for the proper documentation. It is very easy to file and usually receive a large refund. Most of all remember it is required by law to file your tax report at the end of the tax year when you have worked in the country.

Filing a tax report made easy

Tax Refund

The government of Australia makes it easy for anyone to file their taxes by providing a website for your convenience. Simply go to www.taxreturn247.com.au and many of your questions will be answered as well as the proper paperwork for you to file a simple tax return online. When you have exceeded the amount of income allotted in order to get tax money it is advisable to use a tax, agent. The agent is able to help you claim certain expenses incurred while you lived and worked in Australia. This will lower the amount of your earnings and help you to get a full amount of tax money that you deserve. Most of these agencies are able to help you get a tax refund within twenty-four hours of filing.