Jayashree-Iril Tax Calculator

The Tax-Free Savings Account

November 7, 2013
by Admin

Checking The Status of Your Tax Refund Online

If you are getting a sizeable refund, you need to give some thought to how much money you are deducting from paychecks or paying in quarterly taxes. While a tax refund may sound like a good thing, it really is not. If you overpay your taxes during the year, you are giving the government a free loan. The IRS does not pay interest on any excessive tax payments, so you are really taking it in the pants by not modifying your tax payments. The second issue to keep in mind is you can ONLY check the status of your tax refund online by going to the IRS web site. With phishing scams starting to focus on tax issues, you may receive emails regarding any and all facets of tax refunds. These emails are scams! The IRS does not send you emails, and surely doesn’t alert you to the fact you are due a refund. If you want to check on your refund, go to the IRS web site and nowhere else. Do not turn a good thing like a tax refund into a bad thing like identity theft.

To check the status of your tax refund, go to the IRS web site by searching for it in a search engine. Next, click the Where’s My Refund link on the home page. Follow the simple steps, click enter and the status will be shown. FYI, you will need a copy of your tax return.

Once you have completed the above, the IRS software will give you a couple of responses. Summarized, they include the fact the return has been received, but not yet processed; the tax refund has been mailed or wired to your bank account on a particular date; or notice the IRS was unable to deliver the refund to you because of some mailing problem. The IRS will also let you know if the refund is delayed because it has issues with your tax return.

November 7, 2013
by Admin

How to Get a Tax Refund Online for Your Overpaid Taxes?

Are you confused about how to get a tax refund in an organized way? The emergence of advanced technology has made our lives smoother than ever. Not only the daily courses have gone automated but also the important tasks like filing e-tax or claiming an online tax discount etc. have erased the medieval techniques. Life is faster now! So, if you think that the government may owe you a refund, then do not waste any more time in claiming it back. You must be thinking that it will be a time-consuming procedure. But, if you are not aware of the online procedure then read below.

Tax repayment is like tax rebates. A person can only claim a tax return when he/she has overpaid a tax amount i.e. the amount paid is more than the actual amount of tax. Most of the time, this overpayment happens unknowingly. Now, when you know that you have paid more than your original tax liability, then you can proceed with an online tax discount. But, to e-file a tax discount, you must know how to get a tax refund as it will help you in the long run. Though online refund is a hassle-free process, but it requires your serious concentration and effort.

There are thousands of online tax repayment companies which guarantee refunding your tax within one working day. To expedite your tax return, you must have to be careful while filing all the necessary information and data. If you commit any mistake or play any trick in filling up the form, the IRS will not allow you another chance. So, before understanding how to get a tax refund, get an idea about these trivial yet important issues. Learn how to get a tax refund by availing the online tax refunding service offered by www.bob-backs-the-tax-repeal.com. This is an online tax refund company offering tax refunding services for overpaid emergency tax, student tax etc.

There are different ways to claim any overpaid tax that people get a little confused on how to get a tax refund in the most methodical way. This confusion leads most of the people to take help of the old-fashioned techniques of refunding tax i.e. mailing which is more complicated than an online tax refile. Some people even have safety concerns over how to get a tax refund online. For them, the time has come to change all these pre-conceived notions and embrace the advanced technology of modern time for their own benefits.

You must be thinking that you need to know all the income tax clauses and norms. But, for your benefit, the online tax repayment companies design their software in a way which incorporates all these necessary laws, norms and clauses. What you have to do is collect all the pay slips, tax papers and other such documents before you sit. Keep all the papers handy to avoid any unnecessary time loss. Fill up the refund form and you will soon get a mail from the online tax repayment company. Now, you are well-aware of how to get a tax refund online in the easiest and tension-free way! Then what are you waiting for? Apply your knowledge about how to get a tax refund now and get your tax credited to your bank account within one business day.

November 7, 2013
by Admin

How to Start a Tax Accounting and CPA Firm

Having gained considerable experience developing five of my own accounting practices and spending the next two decades individually assisting over 2000 accountants develop their own practices, there are a few basic principles accountants can observe to provide themselves the greatest opportunity for success.

The best way for accountants to succeed in starting their own Accounting and Tax CPA practice is by providing themselves with the greatest opportunity for that success. This can be done by remembering that the basic principles for a successful practice are good clients together with the basic tools to service them. Many accountants seeking to develop their own practice position themselves with large amounts of unnecessary overhead undermining their opportunity for success. Unnecessary costs can be deferred until they become necessary. Obtain only necessary items to service the initial clients. It is important to keep the initial overhead as low as possible to create a positive cash flow quickly to finance the development of the practice.

When starting an Accounting and Tax CPA Firm, it is recommended that accountants start from their home. In today’s technological world, clients are very accepting to accountants working out of their homes. In some respect, it provides the clients with the perception that they are receiving a greater value. They feel if the accountant is incurring less overhead, perhaps part of the savings is being passed on to the clients. By saving the cost of rent and other office expenses, accountants will accelerate their positive cash flow, which may be used for financing the expansion of the practice without going into debt. Once the cash flow is sufficient to support an office, then the accountant can decide if expansion into an office is warranted. Accountants who do work from home may also find they enjoy it so much that they may choose to forgo moving to an outside office.

Another way accountants can maintain a low overhead is by avoiding unnecessary costly software. Numerous accountants procure very expensive unnecessary software to support clients they have yet to develop. There are extremely good software companies that provide an excellent product at a low to medium price range. Drake Tax Software is a very cost-efficient software program that has an excellent reputation. In the September 2011 edition of The Journal of Accountancy, the results of a software survey were published, and Drake Tax Software received an excellent score. Accountants who are starting their own Accounting & Tax CPA Firm are encouraged to pursue good software at affordable prices giving them the basic tools to service clients.

There are many other simple ways accountants starting their own Tax and Accounting Firm can reduce startup costs. Simply the name that accountants decide on for their firms will reduce their initial costs. If accountants would use their first name, middle initial, and last name followed by CPA and/or Certified public Accountant, they may avoid DBA registration costs, bank charges, and filing fees. In addition, active licensed Certified Public Accountants have legal rights to practice public accounting under their own names saving them costs associated with fictitious names. Many times, Certified Public Accountants can choose fictitious names, which would diminish potential clients’ perceptions of them, which in turn would impede a start-up business. For example, a licensed Certified Public Accountant doing business as “Bay City Tax Service” or “Accounting & Tax Service” loses credibility. Prospective clients may perceive this company as uncertified and unlicensed.

Accountants who are considering developing an Accounting/CPA practice and who are currently employed are encouraged not to terminate their employment in pursuit of starting their own Accounting & Tax CPA Firm. Instead, they should develop their practice concurrently while still employed. This can be a time-demanding decision when compared to terminating their employment and devoting full time to their practice; however, the sacrifice is well worth the reward. As the practice grows, accountants can grow with it and transition themselves full-time into their own practice without placing unnecessary financial pressure on themselves or on their families.

Remember, opportunity starts with action. No action, no opportunity. Accountants who take action provide themselves with the opportunity to succeed. They should start their own CPA and Accounting Firms from home while employed. Their successful experience without jeopardizing their future will provide them the confidence and cash flow they need to enjoy the freedoms in ownership of an Accounting and Tax CPA Firm. If you want to start an accounting practice or to learn more about  marketing techniques, please visit www.sweeneysaysrepealthetax.com.

With the relief of financial pressure while operating the new practice concurrently with employment, there will be a substantial boost in income without incurring large expenses. Cash reserves will substantially increase as employment income is maintained, and new income will begin to flow in from the new practice as well. This increase in cash reserves will be of great assistance in financing a full-time transition, and this will make the move go more smoothly when the time comes