Financial Business Solutions

Small saving strategies that will help you save in the long run https://americasaves.org//make-a/five-strategies-to-saving

Don't be afraid to file back taxes. It's worse when you do not file them. It's a lot better than you think!

Check Your Withholdings Now to Avoid Surprises at Tax Time!!!! Here are some tips to prevent a tax-time surprise. IRS Withholding Calculator: https://www.irs.gov/individuals/irs-withholding-calculator

What are your plans? #motivationalquotes #makeaplan #taxes #dreambig #fbstaxes #getmotivated #stayfocused

Don't forget to file your Quarterly Federal and State tax returns if you have employees. You will use form 941 to report income taxes, social security, or Medicare tax withheld from employee's paycheck. The Employer pays a portion of social security and Medicare.

IRS says more than 6 million taxpayers did not file taxes this year because they afraid of owing taxes. I say you won't know if you owe taxes if you never file.

Beware of "W-2 Scam" The IRS just released an alert to HR and payroll professionals to watch out for fake emails being sent to employees asking for personal W-2 information. Please read the article to find out how you can protect yourself. https://www.irs.gov//irs-alerts-payroll-and-hr-professiona

January 2017 newsletter With the transition in the White House, 2017 could be a very eventful tax year. One thing we've all learned from the uncertainty of the past few tax years is to not make plans based on what may happen. Instead, make plans using current law while remaining flexible to possible changes. Included in this month's edition are some audit risk factors to consider, determining whether a Roth IRA makes sense for you, and some New Year's resolutions for 2017.... https://www.afsb.net//financial-business-s/newsletter.php

The Federal legislation passed the PATH Act which prohibits the IRS to release #REFUNDS until Feb. 15th, 2017. This means, anyone who is receiving Earned Income Credit (EIC) or Additional Child Tax Credit on their tax return will have to wait until Feb. 15th to receive their refunds, even if they e-file before that date. #unclesam #pathact #thefeds

Reduced Home Sale Exclusion (Pub 523) In a nutshell: Taxpayers can exclude up to $250,000 ($500,000 MFJ) of gain on the sale of a home if ALL three of the following are satisfied: 1) The taxpayer owned the home for at least two years during the 5-year period ending on the date of sale,... 2) The taxpayer used the home as a principal residence for at least two years during the 5-year period ending on the date of sale, and 3) The taxpayer did not exclude gain from the sale of another home during the 2-year period ending on the date of sale. Reduced exclusion. If the taxpayer does not meet the 2-year ownership and use tests, or has already excluded gain from the sale of another home during the 2-year period prior to the sale of a current home, the taxpayer may qualify for a reduced exclusion if the primary reason for the sale is due to: 1) A change in place of employment, 2) Health reasons, 3) Unforeseen circumstances. Examples of unforeseen circumstances that may qualify for a reduced exclusion include: - Involuntary conversion of home. - Natural or man-made disasters, acts of war, or terrorism. - Death. - Unemployment. - Change of employment resulting in an inability to pay reasonable basic living expenses. - Divorce or legal separation. - Multiple births resulting from the same pregnancy. - Any other event the IRS determines to be an unforeseen circumstance. https://www.irs.gov/publications/p523/ar02.html