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INCOME TAX-FILING INFORMATION

Do i have to file return?

You must file a federal income tax return if you are a citizen or resident of the United States or a resident of Puerto Rico and you meet the filing requirements for any of the following categories that apply to you.

The filing requirements apply even if you do not owe tax.

1. Individuals—in general:

If you are a U.S. citizen or resident, you must file a return depends on three factors:

• Your gross income,
• Your filing status, and
• Your age.

Gross income.  This includes all income you receive in the form of money, goods, property, and services that is not exempt from tax.

Filing status.  Your filing status depends on whether you are single or married and on your family situation. Your filing status is determined on the last day of your tax year, which is December 31 for most taxpayers.

Age.  If you are 65 or older at the end of the year, you generally can have a higher amount of gross income than other taxpayers before you must file. You are considered 65 on the day before your 65th birthday.

2. Dependents:

If you are a dependent See the above table to find out whether you must file a return.

Responsibility of parent.   Generally, a child is responsible for filing his or her own tax return and for paying any tax on the return. But if a dependent child who must file an income tax return cannot file it for any reason, such as age, then a parent, guardian, or other legally responsible person must file it for the child. If the child cannot sign the return, the parent or guardian must sign the child’s name followed by the words «By (your signature), parent for minor child.»

Child’s earnings. Amounts a child earns by performing services are his or her gross income. This is true even if under local law the child’s parents have the right to the earnings and may actually have received them. If the child does not pay the tax due on this income, the parent is liable for the tax.

3. Children under age 18:

If a child’s only income is interest and dividends (including capital gain distributions and Alaska Permanent Fund dividends) and certain other conditions are met, a parent can elect to include the child’s income on the parent’s return. If this election is made, the child does not have to file a return.

4. Self-employed persons:

You are self-employed if you:

• Carry on a trade or business as a sole proprietor,
• Are an independent contractor,
• Are a member of a partnership, or
• Are in business for yourself in any other way.

Self-employment can include work in addition to your regular full-time business activities, such as certain part-time work you do at home or in addition to your regular job.

5. Aliens:

Your status as an alien—resident, nonresident, or dual-status—determines whether and how you must file an income tax return.

Resident alien.  If you are a resident alien for the entire year, you must file a tax return following the same rules that apply to U.S. citizens. Use the forms discussed in this publication.

Nonresident alien.  If you are a nonresident alien, the rules and tax forms that apply to you are different from those that apply to U.S. citizens and resident aliens. See Publication 519 to find out if U.S. income tax laws apply to you and which forms you should file.

Dual-status taxpayer.  If you are a resident alien for part of the tax year and a nonresident alien for the rest of the year, you are a dual-status taxpayer. Different rules apply for each part of the year. For information on dual-status taxpayers, see Publication 519.

Who should file?

Even if you do not have to file, you should file a federal income tax return to get money back if any of the following conditions apply.

1. You had federal income tax withheld from your pay or made estimated tax payments.
2. You qualify for the earned income credit. See chapter 36 for more information.
3. You qualify for the additional child tax credit. See chapter 34 for more information.
4. You qualify for the health coverage tax credit. See chapter 37 for more information.
5. You qualify for the refundable credit for prior year minimum tax

What if i made mistake?

Errors may delay your refund or result in notices being sent to you. If you discover an error, you can file an amended return or claim for refund.

You should correct your return if, after you have filed it, you find that:

1. You did not report some income,
2. You claimed deductions or credits you should not have claimed,
3. You did not claim deductions or credits you could have claimed, or
4. You should have claimed a different filing status. (Once you file a joint return, you cannot choose to file separate returns for that year after the due date of the return. However, an executor may be able to make this change for a deceased spouse.)

How to Start a Business and Still Be There Next Year

So, you want to know how to start a business and still be there in a year or two?

You need plenty of drive and determination if you want to succeed. While drive and determination are broad ranging concepts, I’m talking about the ability to get out of bed in a morning, not have that second cup of coffee, and not «just browse the internet» before you start calling potential customers or negotiating a price discount with key suppliers.

Evaluating your own personal character strengths and weaknesses as compared to a successful owner of a small business is a great idea. (If you don’t know any successful business owners then now’s a good time to find one). What else?

Now, where did I put that..

We’ve all been to the small workshop where the owner can’t find anything, didn’t know you were coming (even though you phoned last week) and hasn’t got your order ready. It’s far from impressive.

Being organized, following up on the details and managing projects is all down to you. Even if that means delegating. And while we’re talking about tricky situations, how well do you handle tricky situations or deal with different personalities? (I mean difficult personalities, but diplomacy is needed). Keeping your word and following up on your promises shows high personal integrity and is valued greatly by all the people you will deal with.

As a potential business owner, you will need to get yourself technically up to speed and develop successful working relationships with key professionals you need to make your business work. Customers, suppliers, staff (hopefully some day), accountants, probably lawyers, and of course the bank manager.

Let me think it over

I struggle with this one myself. Sometimes there’s just no substitute for straightforward — quick from the gut — decision making. As a small business owner you will often need to make rapid decisions under stressful conditions or tight deadlines without the ability to consult.

Ok, but what about when you’ve already been on your feet for 12 hours, your children kept you awake last night and the computer just crashed? Physical and emotional stamina is essential. This is because you can only live on the adrenaline and excitement of being an entrepreneur for so long. There is nothing more frustrating than wanting to keep going, but having nothing left in the tank. It’s very important to know when to take a break

All that for that?

You’ve dug deep, you’ve made the calls, got the goods, delivered the product, collected the money, paid the supplier, the accountant, the taxman, the rent, the, the, the…

There’s nothing left. You’ve been a busy fool. Oh No. Better give up now. No not really. Resolve to learn from mistakes and make essential changes is critical. We’ve all heard research that shows poor planning is responsible for many failures, but not as many as running out of money. Cash is King for a reason. Without it you just can’t go on.

Many different operational aspects of your business end their life either in or out of your bank account. Things like managing inventory (stock), delivery and production schedules and quality control all need to be managed through your financial statements. A tight fist of control and mastery of your business dynamics will have you ordering that new car soon enough!

Get your credits into the emotional piggy bank first

The first few years of business start­up is the hardest. It’s important that you brief your family so they know what to expect, but it’s as important to make sure you have their support during this time. You’re not going to be as well off as you used to be until you make the business profitable and trade above break even. You’re going to be short tempered, tired and crotchety at times and you’re not always going to be home in time for dinner.

There are no guarantees that you will succeed, and there are many risks when you start out. Careful planning can eliminate many of these, but even the best plan in the world cannot take everything into account.

Now you know you’ve evaluated your own personal character strengths and weaknesses and know you’ve got what it takes

Ideas for Recession resistant home based business

Ideas for Recession resistant home based business

With the fabric of economy withering day by day, the unemployment is seeping in the nations across the globe. Recession has hit hard not only the companies but the lives of the common people have undergone a drastic change.  Finding job is not as easy as it seems a reality that you must have realized.  Why don’t you make your earnings through home based jobs which you can amply find through Internet, till the economy boosts. If you make your pick of the home based business prudently and after much consideration, then this will enable you to flourish financially at the same time have flexibility to spend good deal of time with your near and dear ones. If your services or product are cost effective and valuable to their demands and needs, it is possible that your business will flourish even in times of recession. A list of 5 most popular as well as low initial cost that can be considered during the recession times is discussed.

Setting up a home day care is one of the best home based business and demands minimal investments. The business can be set up easily, but it is imperative to make sure that have contracts that will enable you to earn decent amount of profit. With daycare going above the budget of the working families, home day care is an easily alternate where the child is taken care personally and a t the same time the cost is also reasonable. Make sure the guidelines and rules for the same are followed prior to offering the services to avoid any major problems.

A business of web design is another alternate to beat the recession times. Too initiate this it is not essential for you to be extremely proficient in web designing. All you require is to have brilliant personal expertise to sell to the companies in your own area. There might be several companies in your locality who do not have their own web page but spend huge sum of money on costly as well as vain advertising in yellow pages. Even outsourcing of the work will make you earn huge profits.

If you think you can express yourself in a creative manner then you can make money through this. This can also serve as a foundation for your new career. An Internet search will enable you to come across web sites proffering you with places where your articles on various topics will make you earn money.  You can also find online people who are seeking for e-books, e-mails as well as articles for auto responder. Nonetheless, prior to writing make sure that the topics you have decided on is in demand. Offering such people proficient services and at affordable prices will enable you to create your own niche in the market.

Accounting is also an option for home based business, but it is possible this pick will not interest everybody. However, if you are amongst those who enjoy this then consider attaining a certificate in it and offer your services to the people. You have an option to set up your own business or you can also buy a franchise.

for more info or knowing further please visit    http://www.workfromhomeincomesystem.com

Keep Your Home Fresh with Natural Carpet Cleaning, Virginia Organic Dry Carpet Cleaning

There are many ways to keep you home feeling fresh and healthy and one of the major ways is by organic dry carpet cleaning. This is done by professionals who are licensed in organic cleaning methods. There are many differences between this type of cleaning service and the more traditional version. The most noticeable difference is there is no waiting for your carpet to dry before you can return to your normal activities. When it comes to organic dry carpet cleaning there are many advantages that do not just affect the drying time of the carpet. This method will also protect your family from harsh chemicals and the possibility of mold.

With the more traditional methods of carpet cleaning harsh chemicals and water is used to eliminate any odors, stains, and germs in the carpet, this is not the case with natural carpet cleaning. Virginia is one of the states that is jumping to the forefront of this trend and now has many service operating in the state. The organic dry carpet cleaning method is one of the safest and least evasive options available to the consumer. This method uses state of the art equipment and technology that creates a safe and healthy living environment for both you and your family.

When it comes to natural carpet cleaning, Virginia has set itself on the cutting edge of this new technology. There are many other options available, but none that offer the peace of mind that organic dry carpet cleaning does to both you and your family. The way this system works is by using an all natural powder instead of a chemical solution. The powder attaches itself to the dirt, germs, and stains in your carpet to leave it completely clean and germ free for your family.

The advantage to organic carpet cleaning is that you can resume your normal living habits the second the technicians are finished with the carpet cleaning process. There is no waiting for you carpets to dry, and no risk of mold forming from excess solution left in the carpet fibers. This is a great incentive for those with small children and pets, because there is no harmful residue left with natural carpet cleaning. Virginia is one of the first states to take this type of carpet cleaning to heart, and it is now used in many of the homes in that state.

It is no secret that carpets need to be cleaned regularly to keep your home’s environment as healthy as possible, and this can be accomplished with natural carpet cleaning. Virginia is on the cutting edge of this technology by offering the service in many areas. Playing on the fact that traditional carpet cleaning uses harsh chemicals to leave your home fresh; technology has come up with a better solution to this problem in natural carpet cleaning. Virginia has claimed this technology as one of the rising stars of the carpet cleaning community, and its popularity will only continue to grow as homeowner’s discover all of the benefits of this natural alternative.

How to Create a Traditional Christmas Tree for Your Work Christmas Party

Putting together magnificent d?cor for a Christmas party is the easiest way to create that jolly atmosphere that Christmas brings. Adding a traditional Christmas tree to your d?cor will without doubt give that seasonal effect to the venue – just what you needed!

To create a traditional Christmas tree for your work Christmas party, you will require a traditional Christmas tree. The tree traditionally used is the Norway Spruce- a nice smelling spruce with elegant vertical foliage. This tree will keep if watered for the festive periods; however, it will drop many of its needles. An alternative is the rounded Fraser Fir  — a fruit smelling fir with soft foliage. These, unlike the spruce, often last longer than the Christmas period and can be planted afterwards if still small and alive.

Traditional Victorian decorations ranged from little ornaments and toys to ribboned bags of sweets and even sweetmeats!  Today, chocolates and sweets are still used on Christmas trees but usually the Children and adults get to them before Christmas is out. D?cor in the shape of toys can also be found in local markets mainly, but also department stores. Real silver d?cor and glass was used in the richer households, which has created the tradition of using silver decorations at Christmas time. Although not real silver, silver tinsel does look amazing on a Christmas tree and can be easily found on the high street for a much cheaper price than real silver!

Victorian women’s fine handcraft skills were often put to use as they created the delicate lace and silver bags for the sweets. Snowflake dollies and cotton wool angels will also made to adorn the tree. Although you may not be able to spend as much time as a Victorian lady making these d?cor, why not make a few paper decorations for the tree and buy some simple jewellery bags for the sweets. They will not only look lovely on the tree but will provide each guest with a little surprise present!

Further additions to Christmas trees have included various fruits, such as apples, an array of firmly attached candles and cinnamon – the smell of Christmas! Although candles are not permitted to be lit in most venues, you can put in lights in the shape of candles or unlit candles with lights cleverly positioned in order to create that half lit Christmas atmosphere. You can also add fake apples and sticks of real cinnamon, if you really want to be traditional.

If you interested in shared and exclusive work Christmas parties, have a look at www.christmascorporation.co.uk