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Posted by on Aug 8, 2014 in Blog | 0 comments

Selecting The Best Tax Withholding Option On Your W-4

If you work a “traditional” job where you’re paid through an employer and Federal, state, and Medicare taxes are withheld from your paycheck, you’ll need to fill out a W-4 form and turn it in to your Human Resources department upon being hired. Your W-4 form will indicate how much money you’d like to be withheld from your taxes with each paycheck, which can help to ensure that you don’t end up owing money to the government when it comes time to file your tax return. Still, knowing how many exemptions to take on a W-4 form can be a challenge; read on for some helpful tips.

Overpaying vs. Underpaying

With each exemption you claim on your W-4, your employer will take out less money in taxes from your paychecks. Some people like to claim as many exemptions as they legally can in order to receive the maximum paycheck. However, the drawback to this is that, in doing so, you could end up owing money when you file your tax return. On the other hand, if you don’t take enough exemptions, you could end up overpaying; sure, this does mean that you’ll receive a refund at the end of the year, but at what cost? That’s money you could have used throughout the year rather than essentially lending it, interest-free, to the government.

Ideally, then, you should fill out your W-4 so that you pay as close to the right amount of taxes through your employer’s withholding.

Calculating Your Withholding

It takes a bit of research and calculation to determine exactly how many exemptions you should take to break even come tax time. The best way to do this, however, is to estimate your earnings and tax responsibilities for the year using IRS Form 1040-ES. This form allows you to calculate your estimated annual income and contains information on current tax brackets and rates to help you determine what your tax responsibility will be at the end of the year based on your exemptions. If you work a job where you’re paid an annual salary, you should be able to calculate this quite accurately. If you’re paid hourly and your hours fluctuate each week, do your best to estimate.

From there, you can determine whether you’re better off taxing zero exemptions, one, two, or more. Come tax time, you can enjoy the peace of mind in knowing that you should at least come close to breaking even. For more information, or if you would like professional assistance, contact Tri-Check Income Tax Service or a similar company.

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Posted by on Aug 7, 2014 in Blog, Finance & Money | 0 comments

Bridge The Paycheck Gap With A Payday Advance Loan

When financial times are tight, it can be easy for individuals who are working full or part time to run low on funds from time to time. The cost of living combined with out-of-the-blue financial emergencies can often lead to low checking account balances and a need for additional funds. While dipping into savings is an option for many, there are also people who live paycheck-to-paycheck and feel they have nowhere to turn in the event of a cash crunch. However, there is hope for those with limited resources in the form of payday advance loans.

What is a Payday Advance Loan?

A payday advance loan is a short-term direct deposit loan that is designed to be paid back within a short period of time, usually within two weeks or on the borrower’s next payday. Payday loans differ from bank loans due to the fact that borrowers are not required to have perfect credit in order to obtain funds. Loan amounts are based on the potential borrower’s income, so it is much easier for individuals in need of emergency cash to qualify.

Payday Advance Terms

In order to qualify for a payday advance, most borrowers are required to possess active checking accounts with direct deposit. In most cases, applicants are required to work full or part time or have steady sources of regular direct-deposit income. Employment, income and banking information are verified by the lender prior to releasing funds. The maximum amount of money an individual can borrow can range between $50 and $1,000, depending on their specific income and state lending regulations. Payday lenders may also charge an interest fee that is added onto the loan when payment is due. Interest rates also vary, depending on the amount borrowed and specific state laws.

The Loan Process

Once an applicant has been approved for a payday advance, they are usually required to sign a contract that clearly outlines the agreed-upon loan amount, interest fees and repayment date. After the paperwork is processed, funds are generally deposited into the borrower’s account within 1-2 business days. The money can be used for last minute expenses, emergency car repair, utility bill payments, rental payments and more.

Under most circumstances, payday advances must be repaid on the borrower’s next payday. The lender schedules an automatic debit to coincide with the borrower’s direct paycheck deposit. Certain lenders may also offer loan extensions that allow borrowers to keep the loans open by paying interest fees every two weeks.

Financial Breathing Room

In today’s economy, many people find themselves low on cash before payday. While not designed to fulfill long-term cash needs, payday loans provide a helpful financial cushion to individuals who are in need of short-term funding between paychecks.

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Posted by on Aug 5, 2014 in Blog | 0 comments

Tax Mistakes To Avoid When You’re Self-Employed

Isn’t being self-employed great? You get to work from wherever you want, you don’t have any bosses to answer to, and you get to determine your own schedule. However, there are some drawbacks to being self-employed, too. Sometimes, you may feel as though you’re never truly “off the clock.” Oh, and then there’s tax time. Taxes can be tricky when you’re self-employed, not only because you’re subjected to additional taxes but because figuring out how much you owe can be a challenge. Read on to learn about some common mistakes you’ll want to avoid come tax time.

Failing to Pay Quarterly

If you’re new to filing taxes as a self-employed worker, you may be surprised to learn that you need to pay taxes not once a year, but four times.

Anybody who expects to owe $1,000 or more in taxes by year-end must pay quarterly taxes in January, April, July, and September. Failure to do so will result not only in you having to pay interest on the money you owe, but could subject you to penalties and fines as well. Even if you’re not 100% sure how much you’ll owe by the end of the year, it’s best to estimate (or even overestimate) and pay that amount in four equal installments.

Relying on 1099s

If you make $600 or more with a client, he or she should send you an earnings statement in the form of a 1099-MISC at the end of the year. However, you shouldn’t rely on this form to determine how much you made and, thus, how much you owe. If you do and there’s an error in the reporting of your income, you’ll never know and you could end up overpaying on your taxes as a result. Avoid making this mistake by keeping detailed records of your own regarding how much you make with each client.

Missing Deductions

There are all kinds of deductions available to self-employed workers. For example, you may be able to deduct a portion of your Internet bill, phone bill, or even mortgage. Failure to take advantage of these deductions will result in you paying a lot more in taxes than you may be legally required to.

Now that you know which mistakes to avoid as a self-employed worker, you should be in much better shape come next tax season. For more instruction on how to properly deal with taxes, consult with a professional accountant at HBE Becker Meyer Love LLP or another firm.

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Posted by on Aug 1, 2014 in Blog, Finance & Money | 0 comments

Bail Bonds: What Happens In Vegas, Doesn’t Always Stay In Vegas

Las Vegas is known as the city of advertisements, but many don’t know that it is legal to advertise for bail bonds anywhere in Vegas, except at a court house. When planning a trip to Vegas, nobody knows exactly how crazy their night could get, and when a loved one ends up in a city jail, there are a few actions you need to take. In order to ascertain a bail bond, you must first decide upon a bail bondsman, like Gene Hood Bail Bonds Inc, which is usually either an individual or a company that is willing to pledge money or property as bail for persons accused of a crime with a set court date.

Prices:

According to Express Bail Agency, bail bond agents in Las Vegas usually charge a rate of approximately 15%. This fee is not refundable. In the event that the defendant fails to show up to his or her set court date, some bail bond agents have specific guidelines in their contracts that state they may bill the client for gas, phone calls, mileage, etc. that is required to apprehend the defendant. Read all paperwork associated with the bail bond to ensure your bail bond is clear cut in terms of pricing. If at any time during the transaction you feel you are not working with a professional company, you may ask to see their licensing because many bond agents in Las Vegas are working illegally. 

If You or Your Loved One Fails to Appear:

If the defendant fails to show up to his or her court date, the bail bond agent will either apprehend the defendant themselves or send a bounty hunter after them. Bounty hunters are usually very practical, but bounty hunters working in Vegas have usually been hardened to the city and are, therefore, a bit more harsh in their pursuits, and some companies even offer to let tourists come with them on their pursuit, according to a Las Vegas Bounty Hunter agent.

Looking for Skips:

They are an extremely skilled business. Courts in Las Vegas primarily put “skips,” or persons that have failed to appear to their court date, at a very low priority. It happens daily, and unless the skip has committed a very hefty crime, it could go completely unnoticed. However, if you use a bail bond agent, they have incentive to bring the skip back to the court in order to increase their pay. 

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