If you are planning on financing your next car purchase, there is more to consider than just the sticker price of the vehicle. You may also have to pay dealer fees, document fees and taxes. What types of taxes are included in the total cost of your automobile loan?
If you are a freelancer, you are classified as being an entrepreneur or independent contractor and so you probably will receive a 1099 form to file your taxes. As an independent contractor, you have to be organized for the next tax year well in advance. You have to calculate and save your estimated tax payments for each quarter and try to figure out what your deductions are before you file your taxes. With several software and phone apps out and several easy tips, you can simplify your taxes so that you can focus on other projections and still not have to worry about any potential penalties during tax season.
We are now in the season of filing tax returns for 2015 and many people are intimidated by the suspecting litany of modifications made by the IRS in their tax rules. This is a normal occurrence every year. However, be encouraged that there are not as many modifications as was in the past years. Most of the modifications this year for the 2015 tax year is due to the increase in inflation, which is quite standard every year and these are the things that affect the different types o deductions, exemptions and credits associated with the tax code. For a head start with your 2015 taxes, you need to know the list of changes made and some of the main numbers necessary to prepare your tax return.
If there is one thing that may make a dirty diaper change appear as if it is the best option, it is tacking your income tax return. In the same way you have to change those diapers, it is the same way that you cannot avoid filing your taxes. More importantly, you need to do it sooner rather than later. But here is the good news: as a parent, you have many tax benefits that are available to you. Those same kids that need you to change their diapers are some of your benefits when it comes to tax deductions. In fact, you could easily rake in thousands of dollars of tax refund. Don’t wait until the last minute to file, but if you have to do so, no one will judge you. It happens to the best of us.
Read more: Last Minute Advice for Parents in Filing their Tax Return
The Internal Revenue Service (IRS) wants you to be aware that almost everything related to cash received is taxed. Your salary will be totaled and you will see the amount of tax paid each year on your W-2 when you get ready to file your income tax return. Income that the IRS receives from your paycheck means the same from all types of sources. As you organize for the dreaded income tax filing, remember that the laws change each year and you may have to contend with the new laws in a different way. However, there are certain things that don’t change.
Read more: What You Should Know About the Items Taxed By the IRS?