J and J Taxes and More
J and J Taxes and More

We Keep You Up to Date

FOR MORE TIPS AND UP DATES CHECK OUT OUR FACEBOOK PAGE

 

 http://www.facebook.com/pages/J-J-TAXES-AND-MORE/226060349206

 

 



 

The Affordable Care Act

The Affordable Care Act (ACA), or health care law, includes new health insurance coverage and financial assistance options, including the Premium Tax Credit, for individuals and families. The IRS will administer the tax provisions included in the law. Visit HealthCare.gov for more information on coverage options and assistance.

 

http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions-Home

 

Tax Tips if You’re Starting a Business

                                                 

If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips from the IRS that can help you get started.  

  1. Type of Business.  Early on, you will need to decide the type of business you are going to establish. The most common types are sole proprietorship, partnership, corporation, S corporation and Limited Liability Company. Each type reports its business activity on a different federal tax form.
  2. Types of Taxes.  The type of business you run usually determines the type of taxes you pay. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.
  3. Employer Identification Number.  A business often needs to get a federal EIN for tax purposes. Check IRS.gov to find out whether you need this number. If you do, you can apply for an EIN online.
  4. Recordkeeping.  Keeping good records will help you when it’s time to file your business tax forms at the end of the year. They help track deductible expenses and support all the items you report on your tax return. Good records will also help you monitor your business’ progress and prepare your financial statements. You may choose any recordkeeping system that clearly shows your income and expenses.
  5. Accounting Method.  Each taxpayer must also use a consistent accounting method, which is a set of rules that determine when to report income and expenses. The most common are the cash method and accrual method. Under the cash method, you normally report income in the year you receive it and deduct expenses in the year you pay them. Under the accrual method, you generally report income in the year you earn it and deduct expenses in the year you incur them. This is true even if you receive the income or pay the expenses in a future year.

Tax Tips for Newlyweds

 

Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes. Here are several tips from the IRS for newlyweds.

  • It’s important that the names and Social Security numbers that you put on your tax return match your Social Security Administration records. If you’ve changed your name, report the change to the SSA. To do that, file Form SS-5, Application for a Social Security Card. You can get this form on their website at SSA.gov, by calling 800-772-1213 or by visiting your local SSA office.
  • If your address has changed, file Form 8822, Change of Address to notify the IRS. You should also notify the U.S. Postal Service if your address has changed. You can ask to have your mail forwarded online at USPS.com or report the change at your local post office.
  • If you work, report your name or address change to your employer. This will help to ensure that you receive your Form W-2, Wage and Tax Statement, after the end of the year.
  • If you and your spouse both work, you should check the amount of federal income tax withheld from your pay. Your combined incomes may move you into a higher tax bracket. Use the IRS Withholding Calculator tool at IRS.gov to help you complete a new Form W-4, Employee's Withholding Allowance Certificate. See Publication 505, Tax Withholding and Estimated Tax, for more information.
  • If you didn’t qualify to itemize deductions before you were married, that may have changed. You and your spouse may save money by itemizing rather than taking the standard deduction on your tax return. You’ll need to use Form 1040 with Schedule A, Itemized Deductions. You can’t use Form 1040A or 1040EZ when you itemize.
  • If you are married as of Dec. 31, that’s your marital status for the entire year for tax purposes. You and your spouse usually may choose to file your federal income tax return either jointly or separately in any given year. You may want to figure the tax both ways to determine which filing status results in the lowest tax. In most cases, it’s beneficial to file jointly.

 

http://www.irs.gov/uac/Newsroom/Tax-Tips-for-Newlyweds

Consumer Alert

June 2012

Taxpayers should be on the lookout for a new, email-based phishing scam now
circulating that targets Department of Defense military members, retirees and
civilian employees. The email appears to come from Defense Finance and
Accounting Services and displays a .mil email address. The email states that
those receiving disability compensation from the Department of Veterans Affairs
(VA) may be able to obtain additional funds from the IRS. Email recipients are
then asked to send various VA and IRS documents containing their personal and
financial information, such as copies of VA award letters or their income tax
returns, to an address in Florida.

The information on these documents is then used by the scammers to commit
identity theft. Typically, identity thieves use someone’s personal data to empty
the victim’s financial accounts, run up charges on the victim’s existing credit
cards or apply for new loans, credit cards, services or benefits in the victim’s
name.

 

http://www.irs.gov/newsroom/article/0,,id=97322,00.html

Contact Us

Contact us with your questions or to schedule an appointment:

 

(734) 523-8291

(734) 523-TAX1

 

Fax:

(734) 469-2014



 

Remember we're a small business, so if we're not able to answer your call, please leave us a voice message and we'll return your call or email me joe@jandjtaxesandmore.com for a quicker response.

 

Or you may use our contact form.

 

Business Hours

Hours by Appointment

Address

J and J Taxes and More

29217 Ford Rd

Suite 104

Garden City, MI 48135

Print Print | Sitemap
© J and J Taxes and More