President of PayrollonaBudget.com, Recently Interviewed on 'Heartbeat of America,' Offers Tax Tips
Lewisville, TX (ContentDesk) December 21, 2005 -- December marks tax time again for small businesses and, as such, many business owners are turning to the Internet in search of ways to reduce the painful bite they are about to experience. One such Web site is PayrollonaBudget.com. Recently featured on the news television series, "Heartbeat of America," this Web site provides business owners with helpful tips, advice and services to legally cut their business' payroll and taxes. During his interview, Charles J. Read, President of PayrollonaBudget, was asked to discuss problems that business owners face in handling their payroll while maintaining compliance with the country's burdensome tax regulations.
The eight-minute episode aired November of 2005.Read is now offering several tips to the public on how to avoid paying estimated income tax and estimated tax penalties."For those business owners who haven't yet made the estimated tax payments they should have made and are looking at penalties on their 1040 there is still a way out," he says. "You know that the IRS says you have to pay estimated taxes on income from self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards. You have to make quarterly payments and if you have not made them on time there are penalties even if there is no tax due. "What you may not know is the IRS treats all W2 withholding as if it is made ratably through out the tax year," he adds. "So if you pay your entire tax liability the last day of the year as Federal Income Tax Withholding (FIT) you have no problem with penalties due to the underpayment of estimated taxes.
If you can have your payroll increased, you can run it up to the amount necessary to cover any missing estimated payments and have the entire amount deposited as FIT withholding. That withholding will show on your W2 as if it had been made through out the year. Even if you cant increase your payroll at will, you still can take the last or last several payrolls and have all the wages withheld to cover any short estimate payments for the year."Read also notes that a number of high income individuals make only a yearend payroll run to cover their entire estimated liability for the year. It is perfectly legal, he says, I have seen it done for many years. This way the taxpayer is not giving the IRS use of his money for the year.
It is one more tactic to reduce overall cost of taxes. The money is not even due to the IRS in 2006 until the third or fifth of January and some not until the 31st of January. If you have estimate taxes due during the year and you can manage your cash flow you are better off investing that money during the year and paying only when you have to through FIT. Invest the money and dont give an interest free loan to the IRS."For more tips and advice regarding payroll and taxes he suggests visiting his company's website at http://www.PayrollonaBudget.com.About PayrollonaBudget.com:PayrollonaBudget.com is an outgrowth of RMARK Services Inc., a company that has been in the small business payroll service offering payroll solutions since 1991. It is member of the Better Business Bureau and is not a CPA firm.
The founder and current president of the company is Charles J. Read. He is a CPA with a BBA and MBA from the University of North Texas. He is also a long time Rotarian, a treasurer of the Dallas Rotary Club, and a member of the Lake Cities Chamber of Commerce and the American Payroll Association. In addition he teaches school as a volunteer at the Lake Dallas High School.
Media Contact:Charles Read972-353-0000.
Self Employed Mortgage Loans - A Survival Guide
When you're self employed you have numerous advantages. As you are a free agent, you will write off every deduction you can on your tax return. You acquire the potential to earn extra income much more so than someone who is employed by someone else. The best part is that you are the gaffer, the boss! On rare occasions, being freelance has some drawbacks. One is when you go to get finance for a property or a large purchase.
However, here are some items to know that could help you prepare for the mortgage loan process. A self-employed mortgage loan survival guide, if you will.While confirming your income - the average lender will need to be made aware of at least 2 years of self employment history, occasionally they will request 3 years. They will ask to see this history verified in tax returns, generally. Occasionally the lenders may figure your income as being the average income you claimed on your income taxes as profits, not your gross business income. Another time the lender...
Self Employed Mortgage Loans - A Survival Guide
Tax help > Self Employed Mortgage Loans - A Survival Guide
Time is Running Out: Acquire Equipment Before Dec 31st Can Save on Taxes
Las Vegas, NV (ContentDesk) November 29, 2005 -- With this year's Section 179 limit set at $105,000, you may want to purchase that equipment you were debating about. The benefit? Get your shopping done before December 31st, and come April, you can count your eligible equipment acquisitions in this fiscal year.Many MedSpa and healthcare center owners operate on the principle that purchase costs for equipment and furniture must be depreciated over a number of years for tax purposes. This, however, is often not the case. In order to stimulate economic growth, the Internal Revenue Service Section 179 states: "You may elect to expense part or all of the cost of Section 179 property that you placed in service during the tax year and used predominately (more than 50 percent) in your trade or business." Before 2003, Section 179 deductions for each piece of equipment were limited to $25,000. With the Jobs and Growth Act of 2003, the Section 179 small-business expensing limits increased to $100,000....
Time is Running Out: Acquire Equipment Before Dec 31st Can Save on Taxes
Tax help > Time is Running Out: Acquire Equipment Before Dec 31st Can Save on Taxes
Ten Top Tax-saving Ideas at Year-end
Popular techniques for individuals and business ownersNow is a good time to figure out how to cut your 2004 tax bill. Although everyone's situation is different, the National Association for Black Accountants www.nabainc.org (NABA) offers ten popular year-end strategies for individuals and small-business owners:1. Charitable donations: As a general rule, the full amount of a cash donation is deductible on the donor's personal tax return. If a donation is made by credit card at year-end, the gift is deductible in 2004, even if the charge is not actually paid until next year. Added tax break: For donations of property, the full fair-market value is deductible if the property has been held for more than one year.2.
Alternative minimum tax liability: The alternative minimum tax (AMT) can sneak up on unsuspecting taxpayers. It applies if your AMT liability, based on a special tax computation involving tax preference items, exceeds your...
Ten Top Tax-saving Ideas at Year-end
Tax help > Ten Top Tax-saving Ideas at Year-end
Ascentis Announces Partnership with RSM McGladrey
Bellevue, Wash. (ContentDesk) July 27, 2005 -? Microsoft Gold Certified Partners Ascentis and RSM McGladrey work together to strengthen mid-sized companies businesses through the integration of Microsoft Business Solutions ? Great Plains and Solomon with HROffice."We are excited to be able to offer automated HR [HROffice to our clients," says Tom Burtner, Director, IT Consulting at RSM McGladrey ? Mid-Atlantic. "HROffice is truly a program that can pay for itself by providing workflow efficiencies. Its integration with Microsoft Business Solutions - Solomon and Great Plains, external payroll solutions, and insurance carriers is unparalleled. HROffice will help us retain current clients who require an HR solution as well as obtain new ones."HROffice is a human resources management system (HRMS) that builds on the latest Microsoft technologies and integrates with the tools HR departments already use.
The software integrates with Microsoft Business Solutions ? Great Plains, Solomon,...
Ascentis Announces Partnership with RSM McGladrey
Tax help > Ascentis Announces Partnership with RSM McGladrey
Tax Guru Sandy Botkin Endorses Internet Based KeepMore.Net
Boulder, CO. (ContentDesk) April 6, 2006 -- Sandy Botkin, author of the best selling book, Lower your Taxes Big Time, is a strong proponent of capturing expenses as they occur so you do not miss tax deductions at year-end. During the past ten years, Mr. Botkin has taught millions of taxpayers how to save millions on their taxes with his various seminars.
"It makes no sense to overpay your taxes.
My goal is to help you stop overpaying, and start pocketing more! It's simple. By keeping better records of expenses, mileage, and income, you will make more money each year.
Give yourself the peace of mind of not having to worry about an IRS audit because your records will be in much better shape with the KeepMore.Net system. The celebrated Mr. Botkin is a tax advisor to SageFire, Inc. and more information about his Tax Reduction Institute can be found on the web at www.sagefire.com/tax.Take advantage of Internet...
Tax help > Tax Guru Sandy Botkin Endorses Internet Based KeepMore.Net