Tax-filing and Payment Extensions Expire Oct. 15

ABA Tax Accounting | Tax Services | St. Paul, MN Accounting Firm

Federal, State, Local and International Taxes - IR-2012-73 The Internal Revenue Service today urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file system.

Many of the more than 11 million taxpayers who requested an automatic six-month extension this year have yet to file. Though Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in Iraq, Afghanistan or other combat zone localities who typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due. Considering a Tax Professional? For no obligation free consultation contact us today!  

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll Free

http://www.abataxaccounting.com

www.abatax81.blogspot.com

www.abataxaccounting.wordpress.com

As self-employed how do I file my annual return?

ABA Tax Accounting | Tax Services | St. Paul, MN Accounting Firm

Federal, State, Local and International Taxes - To file your annual tax return Self-Employed Individual, you will need to use Schedule C or Schedule C - EZ to report your income or loss from a business you operated or a profession you practiced as a sole proprietor.

Small businesses and statutory employees with expenses of $5,000 or less may be able to file Schedule C-EZ instead of Schedule C.

In order to report your Social Security and Medicare taxes, you must file Schedule SE (Form 1040), Self-Employment Tax. Use the income or loss calculated on Schedule C or Schedule C-EZ to calculate the amount of Social Security and Medicare taxes you should have paid during the year. Considering a Tax Professional? For no obligation free consultation contact us today!  

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

amare@abataxaccounting.com

612-282-3200

866-936-0430 Toll Free

http://www.abataxaccounting.com

www.abatax81.blogspot.com

www.abataxaccounting.wordpress.com

IRS increases focus on IC-DISC use by U.S. exporters

ABA Tax Accounting | IC-DISC | St. Paul, MN Accounting Firm

International Tax - U.S. exporters increasingly are using interest-charge domestic international sales corporations as tax-planning devices, putting the issue on the Internal Revenue Service's radar. The IRS released an audit guide for IC-DISCs this year that can help CPAs direct clients' decisions. Read the full story at The Tax Adviser (10/2012). Considering a Tax Professional? For no obligation free consultation contact us today!

ABA Tax Accounting

Amare Berhie, International Tax Advisor

amare@abataxaccounting.com

612-282-3200 Toll free 866-936-0430

http://www.abataxaccounting.com

As Self-Employed Individual how do I make my Quarterly Tax Payments?

ABA Tax Accounting | Small Business Accounting | St. Paul, MN Accounting Firm

Self-Employed Individuals Tax Center - Estimated tax is the method used to pay Social Security and Medicare taxes and income tax, because you do not have an employer withholding these taxes for you. Form 1040-ES, Estimated Tax for Individuals, is used to figure these taxes. Form 1040-ES contains a worksheet that is similar to Form 1040. You will need your prior year’s annual tax return in order to fill out Form 1040-ES. Use the worksheet found in Form 1040-ES, Estimated Tax for Individuals to find out if you are required to file quarterly estimated tax.

Form 1040-ES also contains blank vouchers you can use when you mail your estimated tax payments or you may make your payments using the Electronic Federal Tax Payment System (EFTPS). If this is your first year being self-employed, you will need to estimate the amount of income you expect to earn for the year. If you estimated your earnings too high, simply complete another Form 1040-ES worksheet to refigure your estimated tax for the next quarter. If you estimated your earnings too low, again complete another Form 1040-ES worksheet to recalculate your estimated taxes for the next quarter. Considering a Tax Professional? For no obligation free consultation contact us today!

ABA Tax Accounting

Amare Berhie, Senior Tax Accountant

amare@abataxaccounting.com

612-282-3200  866-936-0430 Toll Free

http://www.abataxaccounting.com

www.abatax81.blogspot.com

www.abataxaccounting.wordpress.com

What’s New in QuickBooks Premier Contractor 2013?

ABA Tax Accounting | QuickBooks Premier: Contractors Edition | St. Paul, MN Accounting Firm

QuickBooks Accounting Services - The latest version of QuickBooks Premier features a refined layout, simplified navigation, and other improvements to help you do more with QuickBooks.

• Create 'Jobs by Vendor' report: Organize your job costs by vendor, and see which vendors still need to be paid.
• Run 'Cost to Complete Job' report: Keep tabs on how much it will cost you to complete each job, and how your actual costs are comparing to your estimated costs.
• Analyze job profitability: Customized job cost reports allow you to see a job's profitability on a detailed, task-by-task level.
• Create job estimates and track change orders: As a job changes simply enter change orders into the estimate to keep track of the changes and their impact on your bottom line. Change orders are included on documents you print for your customer so that there are no surprises at the end of the job.
• Bill clients progressively by job phase: Track and bill clients by time & material, job phase, or percentage completion, whatever works best for your unique business.
• Track expenses that are not assigned to jobs: Identify expenses that haven't been categorized and easily assign them to jobs.

For no obligation free consultation contact us today!

ABA Tax Accounting

Authorized QuickBooks Affiliate

612-282-3200 Toll Free (866) 936-0430

www.abataxaccounting.com

amare@abataxaccounting.com

QuickBooks Accounting Services