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Archive for January, 2014

Question by zonryzita: What if I pay less on my “Estimated Taxes” during the year?
So my accountant calculated that our Estimated Taxes that we should pay during 2011 are $ 800 every voucher. He calculated this based on what we earned last year. However, it’s very clear that we will earn less during 2011. In fact, we weren’t even in the USA during January and February, therefore we had NO income during these months. In March, we hardly worked. So, we want to know if we can send in less than $ 800 (perhaps $ 600) on every ES voucher, since we know for a fact that we will not make nearly as much as we did last year. Can we do this? Thanks!

Best answer:

Answer by dawgdays
Sure you can. Remember, the intent of estimated taxes is for you to pay your federal taxes “as you go.” So, if you have less income subject to estimated taxes, you can pay in less.

You should have some understanding of the level of income that the accountant assumed when he came up with the quarterly numbers. And you should have some understanding of how the quarterly taxes are calculated. You need this knowledge, and an understanding of your taxes overall, because when you sign your return, you are attesting that the return is correct.

If you have this understanding, you can determine how much less you can pay in.

If the quarterly payments are to cover Social Security, Medicare and income taxes on self-employment income, I’m guessing that you have somewhere around $ 2500-3000 of that income each quarter. So, if you had nearly zero income in the first quarter, you can probably reduce the payment significantly. But I’m not going to guess as to how much you could reduce it.

What do you think? Answer below!

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Alpharetta, USA

Spring Lake, New Jersey (PRWEB) January 28, 2014

SavingsBonds.com has identified three things every savings bond owner should know about their savings bond investment. Understanding these basics along with insider hints can help bond owners maximize their investment and avoid costly mistakes.

Over 50 million Americans own approximately $ 180 billion worth of U.S Savings Bonds. While purchasing savings bonds has traditionally been a fairly easy task over the last 7 decades, understanding the investment is quite a different story. Here are three basics bond owners should know:

Savings bonds are not created equal. Various series of U.S. Savings Bonds, such as Series A-D, E, EE, I, H and HH have been sold since 1935. Depending on the series and the month and year of issue will determine the rules, regulations, interest rates, maturity dates and investment performance that will apply to that specific bond. Hint: Savings Bond calculators management services will indicate cash-in values, interest posting dates, interest rates along with maturity and taxation issues. Cash-in Reports select best bonds to redeem in a portfolio of bonds.

EE bonds are often worth more than the amount printed on the face of the bond. This misconception often results in unpleasant cash-in surprises with unfortunate tax consequences. Many paper EE savings bonds will continue to earn interest beyond their initial maturity (the dollar amount printed on a bond) until it reaches its final maturity, which is usually 30 years from the issue date. Series I Bonds are purchased at face value and the difference between the cash in value and the purchase price in reportable interest Hint: Some EE paper bonds can be worth 5-7 times more than the amount printed on the bond. Use a savings bond calculator to determine how much interest is earned before cashing in any bonds.

Cashing in savings bonds creates a taxable event. The difference between the purchase price of a bond (often one half of the amount printed on the face of paper EE bonds) and the cash-in value is considered reportable interest. When cashing in bonds, interest earned amounts over $ 10 will be reported on a 1099-INT by the financial institution that redeemed the bond. That amount can be substantial when holding onto a bond until it reaches its final maturity date. The 1099-INT should be included on one’s federal income tax return in the year the bond is redeemed. Hint: If two owners (aka co-owners) are listed on a bond, regardless of the name that appears first on the bond, the person who cashes in the bond will receive the 1099-INT.

SavingsBonds.coms goal is to educate savings bond investors. They have created Top 5 Savings Bond Myths and Top 5 Costly Mistakes videos along with brief, daily savings bond tips. The videos can be viewed at the companys website, http://www.savingsbonds.com.

About SavingsBonds.com:

SavingsBonds.com is the #1 non-governmental site valuing over $ 1.1 billion in savings bonds. Complimentary calculator offers personalized, unique color-coded, Savings Bond Inventory Report

(PRWEB) January 27, 2014

With W2 Mate 2013 (http://www.W2Mate.com/) by Real Business Solutions, 1099 filers have the right tools for 1099 INT compliance in tax year 2014. The 1099 Interest software provides everything users need to import, create PDF, print and E-File 1099 INT forms for 2013.

The PDF 1099 Interest forms feature available in W2 Mate makes issuing 1099-INTs to recipients as simple as sending email. No forms to print, no envelopes to stuff, no paper cuts, no postage and no headache. Just enter recipient information, generate a PDF file and email. The PDF files generated by the W2 Mate W2 / 1099 compliance system are encrypted and require a password in order to be opened. This makes sending these files by e-mail or any other electronic means more secure. The electronic version of form 1099 generated by W2 Mate contains all required information and complies with applicable IRS procedures relating to substitute statements to recipients.

1099-INT software evaluation can be downloaded from http://www.W2Mate.com/download.html. Customers can purchase the software and receive it instantly.

Using 1099 E-File is secure, easy to use, efficient, fast, flexible and helps save the environment. Any filer of information returns may file their returns electronically. Any corporation, partnership, employer, estate or trust, who files 250 or more 1099 forms for any calendar year must file their Information Returns electronically. However, if you have less than 250, we encourage you to file these returns electronically. W2 Mate complies with IRS Publication 1220- Specifications for Filing Form 1098, 1099, 5498, and W-2G Electronically or Magnetically. W2 Mate also complies with SSA EFW2 format – Specifications for Filing Forms W-2 Electronically).

Users of popular accounting software like QuickBooks, Sage Peachtree, Sage DacEasy, Sage MAS 90, Sage MAS 200, SAP and Microsoft Dynamics GP can save a lot of money by using the electronic reporting features available inside W2 Mate such as W2 PDF, 1099 PDF, W2 e-File and 1099 e-File.

Meet the 2013 / 2014 1099-INT filing deadline. Download W2 Mate free demo and print 1099-INT forms in minutes: visit http://www.W2Mate.com/.

Port of Hueneme – California (PRWEB) January 25, 2014

Port of Hueneme Board President Mary Anne Rooney made her official report to the World Affairs Council (WAC) of the Central Coast on the national leadership mission to Taiwan ROC, attended by her and nine other WAC representatives representing New Hampshire, New York, North Carolina, Pennsylvania, South Dakota, Texas, Washington and Washington, DC.

It was an honor and privilege to represent the United States on this leadership mission and I developed valuable insights about Taiwan, Rooney said.

The World Affairs Councils of America represents and supports the largest national non-partisan network of local councils dedicated to educating, inspiring and engaging Americans in international Affairs and the critical global issues of our times.

The recent Taiwan trip allowed members of the mission to learn firsthand about Taiwan, its recent history, politics, cultural and economic development, and included site visits to factories and the Port of Taipei.

Taiwan sits a mere 118 miles off Chinas south coast across from Fujian province. A little larger than the State of Maryland, Taiwan has a population comparable to Australia and is one of Asias economic Tigers boasting the worlds 19th largest economy.

Commission President Rooney shared with the Council that of particular interest was Taiwans growing relationship with mainland China. According to President Rooney, there have been 19 separate agreements between Taiwan and China since 2008 focusing on economic trade and tourism. Prior to 2008, there were no direct flights between Taiwan and China and today there are 670 weekly flights connecting the two as well as a vibrant Taiwanese population living and working in Mainland China.

According to President Rooneys report, there is a lively competition between the two main political parties in Taiwan, the Nationalist (KMT) party which arrived in 1949 as the result of the Civil War with the Chinese Communists and the Democratic Progressive Party (DPP). The DPP has its roots in liberal opposition to the Kuomintangs one-party rule. This movement culminated in the formation of the DPP as an alternative party in 1986. Todays DPP is Taiwans progressive, liberal party and a viable political opponent. Traditionally associated with strong advocacy for human rights the DPP has a distinct Taiwanese identity, including promotion of de jure Taiwan independence as opposed to the KMTs policy of eventual reunification with China.

Education still remains a priority for Taiwan which boasts more than 23,000 students studying in the U.S. and 87% of all Taiwanese students attending college.

President Rooney concluded her presentation with targeted actions to better connect with Taiwan including, governmental visits, educational outreach with Ventura Countys educational community, expansion of Foreign Trade Agreements and agricultural agreements connecting our local growers with Taiwans marketplace.

The Port of Hueneme is one of the most productive and efficient commercial trade gateways for niche cargo on the West Coast. The Port is governed by 5 locally elected Port Commissioners. The Port moves $ 7 billion in goods each year and consistently ranks among the top ten U.S. ports for autos and fresh produce. Port operations support the community by bringing $ 1 billion in economic activity and creating 9,448 trade-related jobs. Trade through The Port generates more than $ 63 million in annual state and local taxes which funds vital community services.

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