Take Advantage of IRS Free File

Image representing Free File Alliance as depic...

Image via CrunchBase

Comprehensive tax preparation and e-filing is available to 70 percent of taxpayers, thanks to Free File – a partnership between the Internal Revenue Service (IRS) and a coalition of industry-leading tax software companies called the Free File Alliance.

Every taxpayer with a 2013 Adjusted Gross Income of $58,000 or less may visit www.IRS.gov/freefile to prepare, complete and e-file their federal tax returns at no cost using software from Free File Alliance members. Free File also offers a basic federal e-filing service – called “Free File Fillable Forms” – which has no income limitations.

“Free File is here to make tax time less taxing for 70 percent of Americans,” said Tim Hugo, executive director of the Free File Alliance. “If you made $58,000 or less in 2013, Free File is your portal to free tax software from more than a dozen of the country’s top companies. It’s all online at www.IRS.gov/FreeFile, and unlike commercial products, there are no pop-up ads when you use Free File to access tax software.”

Hugo continued, “Software from the Free File Alliance provides step-by-step help and calculations to make tax-filing quick, simple and convenient. After you e-file, you’ll receive a confirmation email so you can rest assured that you’re done for the year, and you’ll get your refund in as few as 10 days. Free File is fast, safe and – most importantly – completely free.”

Free File is available at www.IRS.gov/freefile, which provides a list of free tax software offered by Free File Alliance member companies. Users may either choose the company that fits their tax situation or utilize the “Help me Find Free File Software” tool. After selecting a company, users will be transferred to the company’s website to prepare, complete and electronically file their federal income tax returns. The service is also available in Spanish.

Free File Fillable Forms, which allow taxpayers who are familiar with tax law and need no preparation assistance to complete and file their federal income tax electronically, are also available at www.IRS.gov/freefile.

Free File has already saved taxpayers an estimated $1.2 billion in preparation and filing costs since the program began in 2003. Free File Alliance member companies have continually worked with the IRS to strengthen the Free File program, and taxpayers have consistently reported that it is user-friendly and efficient. Responding to a 2009 IRS survey, 96 percent of users said they found Free File easy to use, while 98 percent said they would recommend the program to others.

Enhanced by Zemanta

Changes in Bankruptcy for Small Business Owner Cases

December 5, 2013 by  
Filed under A Note for You, Front Page

1787 Debtor's Prison

1787 Debtor’s Prison (Photo credit: jimmywayne)

Bankruptcy can be a difficult decision for any small business. There are a number of consequences associated with bankruptcy, including tax consequences that you may need to consider. For more help on the tax issues involved, I would suggest you consult with a small business tax attorney, Samuel D. Brotman or a lawyer within your own jurisdiction to help you mitigate any potential legal problems with the IRS.  However, when evaluating whether or not it is time for your small business to file bankruptcy, before you hire an attorney, it is important to know exactly what the requirements for bankruptcy are and how they impact you. These requirements differ slightly when a small business owner files for bankruptcy vs. a regular Chapter 7 or Chapter 13 debtor.

Here are some examples of how small business cases In small business owner cases, if the court makes the finding that there is enough information about the business in the reorganization plan then the debtor may not be required to file an additional disclosure statement related to the business. Also, to determine the classification of small business debtor, the debtor must pass a two-part test. The first part of the test requires that the small business debtor be participating in actual commercial activity. This means that the small business cannot be dedicated to passive income, such as owning real property. In addition, it is required that any liquidated debts, whether secured by a fixture or UCC filing or otherwise unsecured, must not exceed approximately $2,343,300. The second part of this test does not have to do with the business at all, but rather the creditors’ committee. If the creditors committee has already been appointed or if that committee is not active enough, in the court’s eyes to provide sufficient supervision of the debtor, than it will fail that part of the test. A qualified tax attorney or bankruptcy attorney can help explain the nuances of the test to your small business.

The small business debtor is required to submit with the petition a recently prepared balance sheet, a statement of operations, a cash flow statement, and the most recently filed tax return. The debtor is also required to submit a statement under oath explaining the absence of such documents and must attend court and the U.S. trustee meeting through senior management personnel and counsel. To meet ongoing filing requirements, the small business debtor must report information concerning the company’s profitability and projected cash receipts and disbursements, and must report whether it is in compliance with the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure and whether it has paid its taxes and filed its tax returns.

Knowing the nuances of the changes of in the bankruptcy code is important when considering bankruptcy as an option for your small business. For more information and specific advice, please speak with a qualified small business tax or bankruptcy attorney.

Enhanced by Zemanta

Reflection Week

Reflection Week

We are almost into June 2013

It’s been 6 months and it’s now time to look around.

When looking at this years goals? Are you half way there?

Are you ahead? Behind? Or what?

Where do you need assistance?

 Dr. Letitia Wright

We are almost into June 2013

It’s been 6 months and it’s now time to look around.

When looking at this years goals? Are you half way there?

Are you ahead? Behind? Or what?

Where do you need assistance?

Are you willing to put in place the help you need or are you going to continue to TRY it on you own.

Have you neglected some things on your pursuit to your success? Some are so focused on business; their heath and family life is going to crap.

Some are so focused on family and personal health that their jobs and business suffer. While I do not believe in balance (I believe in synergy) the main idea is that your life has to work for you. You have to enjoy it. The work, the home and the self.

I love to travel however; I try to balance it with more time with the Dogs when I am home.

When my frustration levels with work get high, I make sure I balance with self- care, gratitude and relaxation and I think it’s paying off.

Next steps?

Put your exercise and relaxation routine back into your schedule

Follow up on dropped balls in business

Get at 360-degree check at work (your job may not be as secure as you think)

Check your 2013 goals and locate yourself on your own achievement map

Celebrate your wins; work out what needs to be worked out.

Post your ideas on what you need to do in the comment section

Enhanced by Zemanta