eringarrett.legalshieldassociate. 8 MUST READ Tax Preparation Tips The deadline to file your taxes is right around the corner. Whether you hire a professional tax service, use software, file online or via mail these tips are designed to help you make the right decisions. Procrastination Costs Money - Many individuals put off filing their taxes until the last minute, but waiting may be costly. The pricing of tax preparation services often increases as filing deadlines approach. Disorganized late filers may pay late fees, miss key deductions or make costly mistakes. Documents - If you do not have adequate documentation to prove your deductions are legitimate you could end up in hot water. Do not claim anything you cannot back up with documentation. Save copies of your return as well as all of the receipts and other documents you use to prepare your taxes. You may need them in the future. Select Professional Preparers Carefully - Professional tax preparation can be invaluable to businesses and individuals with complex personal finances. If you decide to utilize a professional tax preparer find someone you can trust and always make sure they sign the return. Click here to read Ten Tips to Help You Choose a Tax Preparer. Online Filing - Online tax preparation and filing is quickly growing in popularity. You may be eligible for free online filing if you meet certain income requirements (learn more U.S. and Canada). Direct Deposit - The IRS and Canadian Revenue Agency (CRA) offer direct deposit for refund payments. The earlier you file the faster you can get your refund via direct deposit. Security - Whether you file online or use a professional you must keep your personal information safe. Tax returns are a goldmine for identity thieves. Never store sensitive information on public computers or transmit financial information through unsecured Wi-Fi. Also, keep paper copies of your return in a safe location. Avoid Scams - Tax scams can come in all shapes and sizes. Be cautious. If you have any questions or feel you may be the victim of a scam call your LegalShield provider law firm. Click here to read the IRS’ Dirty Dozen Tax Scams. Check Your Work - No matter how you prepare your tax filing you should always double-check the work. Compare your current return to last year’s. Unless you have experienced major financial changes your refund or the amount you owe should be similar to the prior year. Tips7 Legal Tips for Starting a Business Starting a successful business takes time, money, patience, determination and a healthy dose of luck. Getting off to a good start means being prepared for any number of challenges. If you are a small business owner or are planning to start a new business, these tips may help put you on the path to success. If you have any questions, contact your LegalShield provider law firm today. Business Plan - Every business should start with a well crafted business plan. Your plan should cover basic topics such as your company’s goals, management structure, services/products, target clients and marketing strategies. A business plan provides internal guidance and increases external confidence in your business, making it more likely to secure funding. Insurance - There are many different types of coverage you should consider, from general business liability insurance to business errors and omissions insurance for directors and officers. Depending on the number of employees and state or provincial laws governing your business, you may be required to purchase workers’ compensation insurance. You may also need to pay unemployment insurance. Talk to an experienced insurance agent and become familiar with best practices and the regulations that govern your industry. Business Entity Formation - There may be significant benefits to forming a limited liability company (“LLC”) or corporation. These types of entities may benefit you in regard to personal liability, taxation and protection of personal assets. Consult with an attorney or CPA to determine which business entity, if any, will be most beneficial to your business. To learn more about the laws and requirements in your state or province, call your LegalShield provider law firm. Permits & Licenses - Before you begin operating a business, check with your state or provincial regulatory agencies to ensure that you have the authority to proceed. Certain businesses require special licensing or certification. Intellectual Property (IP) - IP laws can be incredibly complex, but they should not be ignored. Make sure you understand what can be done to protect your IP. Call you LegalShield provider law firm and speak with an experienced attorney. Advisers - Consult with attorneys, accountants and businesspeople that have experience in your industry. Surrounding yourself with advisers who are knowledgeable will help you get off to the best possible start. Commitment - Your business will only be successful if you commit to it completely. Understand that there may be setbacks and challenges along the way but learning from and moving past those difficulties will make you and your business stronger. eringarrett.legalshieldassociate.
Posted on: Mon, 27 Jan 2014 05:09:54 +0000
Trending Topics
Recently Viewed Topics
© 2015