Uncategorized

Where’s Your Refund

Sometimes you  just need to know the status of your refund . If offices are busy or IRS is taking forever you can check online  the website is www.irs.gov 

   The site is only updated once a day and I believe at night so no point in checking all day 
Check out this amazing app 

in google store

irs

*W4*Let Me Help You to Help You in The Long Run * W4*

                                                   

                                                                     W4

                 
      Let’s help you to not owe taxes at the end of the year or to give you a little more back. If you are one of my customers and you owe after reading I’m going to be upset with you, seriously. This form does impact your taxes at the end of the year rather you want to believe it or not.
     SO WHAT IS A W4? A w4 is a form that your employer gives you when you first start working at your job and it’s the Employees Withholding Allowance Certificate, it tells your jobs payroll people how much federal withholding to tax or hold from your paychecks. Once that form is filled out it will present a SPECIAL number and that SPECIAL shows the number of allowance you have, and by that Special number, they determine your withholding.
     Hopefully, that part didn’t confuse you and your still here. Believe it or not, when I first started doing taxes I still didn’t know what to put for that special number. W4 form

    When going through the paper to figure out this once again a SPECIAL number, you have to count your dependents because that’s where you get your exemptions. That’s a deduction of $4,050 (as of 2016 taxes). An EXEMPTION is basically a reduction of the amount of income that is taxable. if you make XYZ for the year and your have 3 dependent’s they reduce the amount of XYZ. Last year that number was $4,000 it changes each year don’t quote me on this but I want to say by inflation.
    *if you can’t be claimed as a dependent by anyone else but yourself you then get one exemption for yourself. If you are married with 1 kid under the age of 19 then you get three, and so on.

THE MORE ALLOWANCES YOU CLAIM, THE LESS TAX IS BEING TAKEN OUT OF YOUR PAYCHECK.{ YOU HAVE MORE PEOPLE TO FEED SO YOU NEED MORE MONEY OUT OF YOUR CHECK, IS HOW I EXPLAIN TO CUSTOMERS}
     –EACH ALLOWANCE REDUCE THE AMOUNT OF WITHHOLDING
      -NORMALLY YOUR ALLOWANCES ARE YOURSELF, DEPENDANT KIDS, AND YOUR SPOUSE
 
  The number you claim on your w4 doesn’t necessarily have to match the number you claim on your taxes.
Claiming less dependent’s on w4 means that you’re having more tax being withheld which can result in you being a happy person once you file your taxes because you are getting a bigger refund. Also look at it as you’re being the nice considerate person your parents raised you to be and you’re giving your wonderful government an interest-free loan.
If you had a lot taken out and didn’t get it all back lower your withholding. ITS YOUR MONEY AND YOU WANT IT NOW. Vice Versa if you claimed more allowances and didn’t have the means to do so your gonna owe them some taxes and you may be penalized.
       Below I’m going to break it down a little more for whoever I may have confused, or I need to better elaborate so the concept is well understood.

      These are my opinions this is what I would personally do, this is not me saying this is what anyone should do or this is the best thing to do. I AM ME AND YOU ARE YOU, AND THIS IS WHAT I WOULD DO.

ONLY ONE JOB
single one allowance

YOU HAVE A CHILD
add another allowance; for each child (got 4kids do single with 5 one for you and all your children)

SINGLE BUT WORKING TWO JOBS
-single zero; due to more money higher tax rate you need more taken out.

STUDENT NO KIDS, NO SPOUSE UNDER 24 AND PARENTS  CAN CLAIM YOU
-Single zero allowances

MARRIED AND YOU BOTH WORK- I would say whoever is getting paid more or actually have a higher AGI needs should claim.
     .Married and all the allowances (for higher AGI spouse)

      -Married zero allowances(lower paying job)

  

Another thing is you have a new baby or get married start another job I would suggest changing your w4.


irs

Did the Irs Call You ??

     

      I just got a call, it was a automated phone call stating  the police authorities were going to get me in 24 hours if I don’t contact them back or get whatever issue solved. THE IRS DOESNT CALL PEOPLE AND DEMAND ANYTHING . So I just sat there and listened I got the number in case you may have received a call or in case you do 865-299-7097 . In case you did call back and it seems a little legit or to professional to not be real. I had a co-worker call them back before and they had like a whole set up, placed her on hold to speak to the manager , once she said lawyer or something they hung up. PLEASE DONT GIVE ANY PERSONAL INFORMATION OUT.
   If the irs does come your door, they should have two pieces of identification and you can ask to see it. They must show it to you and if not I personally wouldn’t talk to them or entertain whoever. A audit person may call and that is  only to set up a appointment. click here to see what iris may do and other scams.  Don’t share your identity because you are scared and don’t give personal info to someone you have no idea who they are

Is Your Blog Taxable

       



If you are a paid blogger, and made over 400 dollars of income you have to report it on your taxes? Yes that is correct. That’s not just a blogger, a babysitter, hairdresser, self contractor. A self contractor or freelance your basically self employed you are given a 1099 MISC at the end of the year.  When given a 1099 MISC (miscellaneous) you have no taxes taken out.


😠 Yes I know disheartening to most. Your thinking you didn’t have enough taxes taken out, you are going to owe, and your are being self employment tax. What ever it is you do for work more then likely you have some kind of expenses. lets take a blogger for example, here are some expenses for you to claim

Blogger fees
  •  domain subscription
  • blog maintenance
  • the new mouse you bought because you are always clicking away,
  • the new laptop you have because it is used for work,
  • A portion of your home
  • hosting fees
  • supplies
  • internet
  • meetings
       Those are some of the things that can be claimed for expenses. If you want to know more about the income portion it will be another blog for that. Find out if those gifts received, from other people for services count as something considered as income.
      Another thing I would suggest would be a log it comes in handy when you need to know how much you paid out and how much income came in. KEEP RECEIPTS  IRS may ask for these to verify and see how you constructed these numbers.
     Any questions you can email me. Also don’t forget to subscribe and or share the information. If there is any information you feel is helpful to other people leave in the comments. KNOWLEDGE IS POWER

afcc5c95b381b7b393d5d2cb1b52def9e0102b50fbe39be0d5