Several tax tips for taxpayers starting a new business

Below are several items the IRS wants taxpayers to be aware of when starting a new business:
1. Business formation- what type of entity are you going to form? Sole Proprietorship, LLC, Corp, etc.. ? The type of entity you form has significant tax ramifications.
2. After forming/structuring your business, understand which type of taxes you will be responsible for (ie: income, self employment, excise, etc.)
3. Determine if your business needs an EIN
4. Determine your calendar year
5. Determine your accounting method
6. Maintain good records

Please feel free to e-mail/contact me if you have additional questions.

source: http://www.irs.gov/newsroom/article/0,,id=172970,00.html

Several tax tips for students with summer jobs

During the summer months, students end up with various types of jobs. Listed below are several tax tips the IRS wants you to know about student income.
1. As student end up with many various types of jobs, make sure the withholdings are correct and consistent.
2. All income (incuding tips and self employment) greater than $400 are taxable and must be reported.
3. Exceptions may apply to students under 18 yrs old who are in the business of industries such as newpaper delivery.

source: http://www.irs.gov/newsroom/article/0,,id=210802,00.html

There's several basic tax tips for newly married couples.

1. Notify the Social Security Administration of the name change. This would avoid any confusion when you file your next tax return.
2. Make any address changes with the IRS and US Postal Service.
3. Name and address changes should be made to your HR. Check your next paycheck to make sure the correct name, SS# and address is properly reflected. This would advoid any confusion with the W2 at year-end.
4. If you are an employee, check your Withholdings. If you and your spouse work, then there is a chance you will be bumped up to a higher tax bracket.

source: http://www.irs.gov/newsroom/article/0,,id=210762,00.html

House Democratic leaders introduced a healthcare bill that would charge significant tax increases to high income individuals.

One of President Obama's prized reform has been proposed by the Democratic House on Tuesday. This bill is suppose to help "fix" our health system by reducing costs and covering approximately 97% of Americans with health care benefits. How will this be reached? Part of the answer is to signigicantly increase taxes to the high income individuals:
- Additional 1.0% tax increase for couples earning > $350K
- Additional 1.5% tax increase for households earning > $500K
- Additional 5.4% tax increase for individuals earning > $1 million

Microsoft responds to Google's free online version of "Office" which allows users to create, edit documents, spreadsheets and presentations.

마이크로소프트 - 구글, 이번엔 오피스프로그램 무료경쟁

Medical expenses are expensive. There are many strategies to use for deducting medical expenses.

미국의 의료비는 비싸지만 텍스를 줄일수있는 여러방법들이 있다.

Child care tax credits

There are several tax credits available for qualified individuals for child care expenses. Listed below are three scenarios where child care expenses may qualify for tax credit:
1. If your childcare provider is a day care center or a baby sitter, you may qualify to get some tax credit.
2. Costs related to day camp may qualify for tax credit.
3. Unreimbursed expenses of up to $3K may qualify for tax credit per child.

아래 차일드케어 텍스 크레딧이 가능한 몇 가지를 예를 들어보았다.
1. 자녀를 데이 케어에 보내거나 베이비 시터가있을경우
2. 자녀를 캠프에 보냈을 경우
3. 자녀에게 든 비용이 $3,000 이내일 경우