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Frequently asked Tax and Accounting Questions
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- What are tax implications of withdrawing money early from a retirement account?
You can withdraw money from your retirement funds before you retire, though this should be avoided as much as possible. When cashed in early, retirement funds would have a tax penalty of 10 percent on every withdrawal. You may also have to pay income tax on the amount you withdraw.
Affordable Care Act ‘Shared Responsibility’- What are the tax payers’ responsibilities?
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The “Affordable Care Act” has come into being on 1st of January 2014. Under this act, the responsibility to ensure minimum essential health coverage for every individual is shared among a number of players, i.e. the individual, employer, insurer, state government and federal government. This applies to each month of a calendar year, i.e. January 1st to December 31st.
What to do when you have ‘Unfiled Tax Returns (Back Filing)’?
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You would be aware that every adult in the USA is required to file taxes every year by the 15th of April. There are times when for some or other reason you are unable to do so, and end up with “unfiled tax returns”. What do you do when you find yourself in such predicament?
EIC – What Is Needed And Who Can Claim It?
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The EIC is the common name for “Earned Income Tax Credit” or EITC. This is a tax benefit for working people who earn a moderate or low income. The credit amount under EIC depends upon the amount earned and the filing status. The qualifying person will be permitted to pay less federal tax or get a tax refund.
Type of Business
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Starting and Forming A Small Business- ‘Do It Right’
When you are planning to set up a business, whether this is a small home business or you plan a massive launch, you need to be aware and informed about the various types of business in the USA as each one of the structures will mean different tax implications and legal bindings. The most common structures are briefly described here:
Self-Employed Taxpayers – Advantages/ Disadvantages
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Post-recession many realized that putting all eggs in one basket is not a good idea. Many started considering starting small, part-time home businesses with a future vision to upgrade it to full-time home business once it is profitable. It’s fun to be your own boss; to work for yourself; to be able to do what you’ve always wanted.
Small Business Consulting – Why Is It Important?
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A wise man once said, “Stop! Don’t make new mistakes. Use my experience as your guide.” When you start a new business, you will be too intoxicated with passion, excitement, and romantic idealism to cover all the bases. Besides, in most cases when it comes to a “new business” you might not even know about the bases.