Thoughts, Ideas, and Concepts by Sandra Parks

Posts tagged ‘Taxes’

Should you file your taxes???

You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive.

Check the Individuals section of IRS.gov or consult the instructions for Form 1040, 1040A, or 1040EZ for specific details that may affect your need to file a tax return with the IRS this year.

Even if you don’t have to file, here are eight reasons why you may want to file:

  1. Federal Income Tax Withheld If you are not required to file, you should file to get money back if Federal Income Tax was withheld from your pay, you made estimated tax payments, or had a prior year overpayment applied to this year’s tax.
  2. Making Work Pay Credit You may be able to take this credit if you have earned income from work. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers.
  3. Government Retiree Credit You may be eligible for this credit if you received a government pension or annuity payment in 2009. However, the amount of this credit reduces any making work pay credit you receive.
  4. Earned Income Tax Credit You may qualify for EITC if you worked, but did not earn a lot of money. EITC is a refundable tax credit; which means you could qualify for a tax refund.
  5. Additional Child Tax Credit This credit may be available to you if you have at least one qualifying child and you did not get the full amount of the Child Tax Credit.
  6. Refundable American Opportunity Credit This education tax credit is available for 2009 and 2010. The maximum credit per student is $2,500 and the first four years of postsecondary education qualify.
  7. First-Time Homebuyer Credit The credit is a maximum of $8,000 or $4,000 if your filing status is married filing separately. The credit applies to homes bought anytime in 2009 and on or before April 30, 2010. However, you have until on or before June 30, 2010, if you entered into a written binding contract before May 1, 2010. If you bought a home after November 6, 2009, you may be able to qualify and claim the credit even if you already owned a home. In this case, the maximum credit for long-time residents is $6,500, or $3,250 if your filing status is married filing separately.
  8. Health Coverage Tax Credit Certain individuals, who are receiving Trade Adjustment Assistance, Reemployment Trade Adjustment Assistance, or pension benefit payments from the Pension Benefit Guaranty Corporation, may be eligible for a Health Coverage Tax Credit worth 80 percent of monthly health insurance premiums when you file your 2009 tax return.

For more information about filing requirements and your eligibility to receive tax credits, SAP Taxes at 972.569.7938

TREASURY OFFSET PROGRAM

Please let me know if you are in need of a tax professional.  Visit us at www.saptaxes.net or call at 972.569.7938.  Thanks!

If you call the treasury offset program call center, (1800-304-3107),you can put in your social security number and the automated voice will tell you if you have been “flagged” and if your income tax refund will be offset.Has anyone called this number before, and does anyone know if the information provided is accurate.Also, can anyone tell me when (what month) DOE submits defaulted student loans to the treasury offset program.

8 Facts about Filing Status

Eight Facts About Filing Status 

Everyone who files a federal tax return must determine which filing status applies to them. It’s important you choose your correct filing status as it determines your standard deduction, the amount of tax you owe and ultimately, any refund owed to you.

Here are eight facts about the five filing status options the IRS wants you to know in order to choose the correct filing status for your situation.

  1. Your marital status on the last day of the year determines your marital status for the entire year.
  2. If more than one filing status applies to you, choose the one that gives you the lowest tax obligation.
  3. Single filing status generally applies to anyone who is unmarried, divorced or legally separated according to state law.
  4. A married couple may file a joint return together. The couple’s filing status would be Married Filing Jointly.
  5. If your spouse died during the year and you did not remarry during 2009, you may still file a joint return with that spouse for the year of death, provided the joint return election is not revoked by a personal representative for the deceased spouse.
  6. A married couple may elect to file their returns separately. Each person’s filing status would generally be Married Filing Separately.
  7. Head of Household generally applies to taxpayers who are unmarried. You must also have paid more than half the cost of maintaining a home for you and a qualifying person to qualify for this filing status.
  8. You may be able to choose Qualifying Widow(er) with Dependent Child as your filing status if your spouse died during 2007 or 2008, you have a dependent child and you meet certain other conditions.

For more information please contact me at sandra@saptaxes.net

Let’s Help Support Each Other

1.  Company Name: F2B

What I Do: Couture Online Boutique for sizes 12-24

Website: under construction , will be unveiled January 2010

Areas to be served: National/International

2.  Company name: VISIONS

Visions is a Public Relations ,Marketing and Event Management business. I work with individuals, small businesses and corporations. I utilize strategic campaigns,image development,and consultation to promote and present their goods and services .I specialize in sports and entertainment but no job is too big or too small

Website: http://www.visionsct.com

Areas served: USA

Twitter www.twitter.com/AgentLME

3.  Company name: Exceed Resources

What you do (in 20 words or less): Personal development, career success workshops and career coaching — helping you experience greater success in work and life.

Website: http://www.exceedlearning.com
http://www.exceedworkshops.com

Areas served: Dallas-based, national and international clients

Facebook fan site: http://tiny.cc/exceedFB

Twitter: exceedlearning

4.  Company name: Liberty Travel Woodfield Mall, Schaumburg, IL
What you do: Make travel dreams come true. I plan upscale vacations all around the world. My specialities are Hawaii, Carribean, Mexico, Honeymoons/Destination Weddings, Family and Group vacations.
Website: http://www.libertytravel.com
Email: coulterp@libertytravel.com

5.  Company Name: Cake And A Prayer ( http://www.cakeandaprayer.com )

http://www.facebook.com/cakeandaprayer , http://www.twitter.com/cakeandaprayer

We offer products and gifts that allow spiritually-minded women to experience and share the power of C.A.K.E. (Compassion, Appreciation, Kindness and Encouragement). Our products include delectable pound cakes, 100% natural soy candles, and C.A.K.E. inspired apparel beautifully packaged in ur signature cake box. 96% of our customers surveyed said it is the most “unique gift” they have ever received. 2 to 3 day shipping available to anywhere in the U.S. Become a facebook fan and take advantage of special offers.

Email: info@cakeandaprayer.com or kcorley@cakeandaprayer.com

6.  Company name: Aerobics, Yoga & More Fitness and Dance Studios

What we do: We offer group and individual Yoga, Pilates, Zumba, Kickbox and Dance at our studio and to corporate clients onsite.

Websites: http://www.AYMFitness.com & http://www.Altheatized.com

Areas served: Atlanta

Facebook fan site: http://tiny.cc/HGMXT

Twitter: http://twitter.com/Altheatized

7.  Company Name: Acupuncture Works
As a licensed acupuncturist, I provide acupuncture treatments to help relieve such conditions as infertility, digestive problems, and pain.
Website: http://www.acuworks.net
Areas served: Greater Atlanta
Facebook Fan Site:
http://www.facebook.com/#/pages/Atlanta-GA/Acupuncture-Works/124090266337?ref=ts
Twitter: http://twitter.com/kerriwinston

8.  Company Name: Soulfully Speaking (Photography and Poetry)

What I do: Photography – Portraiture (individual, engagement, maternity, baby, family, etc), Weddings, Events, Products, Digital Photo Albums, DVD Slideshows

What I do: Author, Poet

Websites: http://www.soulfullyspeakingphotography.com and http://www.soulfullyspeaking.com

Blog Site: http://www.soulfullyspeaking.wordpress.com

Areas Served: Based in Washington, DC Metro Area, but will travel

Contact me: cipriana@soulfullyspeaking.com

Facebook Fan Site: http://www.facebook.com/pages/Largo-MD/Soulfully-Speaking-Productions/67466426965

9.  Company name: MLE Realty & Property Management, Inc
What you do (in 20 words or less): Assists buyers, sellers, investors, and renters in attaining property in the Memphis metropolitan area.
Website: http://www.mlerealty.com
Areas served: Memphis metropolitan area
Facebook fan site: http://tinyurl.com/y8zqm6p

10.  *Company Name*
Mary Kay, Inc.

*Role*
Independent Beauty Consultant

*What I Do*
Enrich the lives of women by helping them discover how to let their true inner beauty shine through!

*Website*
http://www.marykay.com/daniellelove

*Email*
daniellelove@marykay.com

*Areas Served*
Based in Metro-Detroit, MI — but, currently service clients world-wide;

>>Be sure to contact me if you’re interested in Mary Kay products and/or creating a business opportunity for yourself!

11.  Company name: Vizion Group LLC
What you do (in 20 words or less): We help small businesses and non-profit organizations fulfill their missions. We offer Organization and Financial development and training.
Website: http://www.viziongroupllc.com
Areas served – Nationwide

12.  Company name: SAP Taxes
What we do: We professionally prepare income taxes for individuals, small business, HOAs, and S Corps
Website: http://www.SAPTaxes.net
Areas served: USA and the US Army world wide

13.  Company name: Bellybuttonboutique.com, LLC

What you do (in 20 words or less): Online store that offers products of comfort for pre and postnatal women

Website: http://www.bellybuttonboutique.com

Areas served: All of U.S.

Facebook fan site: http://tinyurl.com/yhzty2o

Twitter: bbuttonboutique

14.  Company Name: NAMC Services, Inc.

What I do: Electronic Medical Records training and consulting

Email: EMRQuestions@gmail.com; andrea@namcservices.com

Areas Served: USA

15.  We are a full service Real Estate Company. WhiteHawk Larson Realty
http://www.whitehawkrealty.com
Commercial Sales and Leasing
Residential Sales and Leasing
Short Sales Specialist, Foreclosure sales, REO( Bank Owned)
Loan Modification

If you are in a mortgage call your lender and ask to be considered for President Obama’s HAP program. If you need assistance or know of someone who may let us know. Our clients are getting their rates reduced and payments lowered. Call for more details. Visit our website for more information or you can call me at 469-628-4542.
email: shellytherealtor@gmail.com

17.  Company Name: B Joy S, Incorporated

What I do: Business/Leadership Development, Grant Writing, Team Building and Personal Development Strategy

Website: Coming Soon! Bjoys2005@hotmail.com

Areas Served: USA

Facebook Fan site: B Joy S, Incorporated

Twitter: Bjoys

18.  Company Name: Suddenlink Media
What I do: Cable TV advertising sales and marketing on cable networks, i.e. BET, Lifetime, USA, CNN, ESPN…..etc
Email: linette.perry@suddenlink.com
Area Served: MS, ARK, LA, TX and others

19.  Company Name: CAREER Event Pros
What I do: Produce & Execute professional Career & Business Networking Events and Career Expos. We promote career advancement opportunities and resources.
Website: http://www.careereventpros.com (revamped 01/01/2010)
Email: info@careereventpros.com
Twitter: CareerEventPros
Areas Served: Atlanta

20.  Company Name: Blueprint for Style

What I Do: Blueprint for Style is an Image Consulting & Personal Styling company. We work with individuals to develop their own personal style and image fundamentals; and we work with business on Image & Style Management training

Website: http://www.blueprintforstyle.com

Areas Served: USA

Email: barnettm@blueprintforstyle.com

Twitter: Blueprint4Style

21.  Company Name: Melange Coffee

What I Do: Independent distributor with Organo Gold and we sell Gourmet coffees, green tea and hot chocolate infused with Ganoderma. We also offer ganoderma nutraceuticals.

Website: http://www.melangecoffee.com

Areas Served: USA, Canada, Jamaica, Bahamas, Peru, China, Phillipines, Chile, Mexico

Email: ada@melangecoffee.com

Twitter: adansmith

22.   Company name: Harper & Harper Creative Group, LLC

We create cost-effective and memorable campaigns with branded promotional products. Custom Imprints, Branded Apparel, Executive Gifts, Tradeshow Giveaways and more!

Website: http://www.harperandharpercreative.com

Areas served: All of U.S. & Internationally

Facebook fan site: Harper & Harper Creative Group

23.  Company Name: C & S Webb

What We Do: We are an eMerchandising company founded in November 2007. We provide the quality specialty products. We sell to customers, businesses and provide products to groups & churches for fundraising.

Website: http://www.cnswebb.com

Areas Served: National and International

Facebook Fan site: http://www.facebook.com/pages/C-S-Webb/161733954957

Twitter: http://twitter.com/cnswebb

24.  Company Name: Z. Hall Literary Agency

What I Do: Find publishing deals for writers. Establish long-term relationships with writers and help them develop their careers.

Website: http://www.publishersmarketplace.com/members/zhla

Facebook: http://www.facebook.com/pages/Z-Hall-Literary-Agency/178612135605

Areas Served: National and International

Twitter: http://twitter.com/zhla

25.  Company name: Scribe, Etc.
What you do: Scribe, Etc. is a business consulting, marketing / corporate communications and author services firm. We help businesses be better communicators; we help authors to become author-entrepreneurs.
Website 1: http://www.Scribe-Etc.com (Business / Marketing Services)
Website 2: http://www.Scribe-Etc-Publishing.com (Independent Author Services)
Areas served: Worldwide

26.  I’d like to introduce you to FinePoint Communications, LLC. Founded about a year ago, my company specializes in brand and message development, especially for entrepreneurial and mid-sized businesses. In addition, I offer a full range of corporate marketing and communications services, leveraging my many years of Fortune 500 communications experience.

Read more about us at http://www.finepointcommunications.com . You can also contact me directly at 571.432.6075, or via email at kimg@finepointcommunications.com.

27.  http://www.greekkeystore.com

I serve all of the U.S.

28.  Company name: Green2Wealthy
What you do (in 20 words or less): PART TIME- I am both a home based business consultant and an Independent Marketing representative for a wellness company promoting toxic free products.
Website: http://www.green2wealthy.com & http://www.green2healthy.com
Areas served: USA; however, currently focusing on Northwest, IN; Mokena, New Lenox, Dupage County, Il

29.  Company Name: Professional Ladders

What I do: Resume Reviews,Critiques, and Development

Website: Coming Soon! Email Address : professionalladders@gmail.com

Areas Served: USA

Please stay connected to this blog.    There will be more added.  Also if  you are interested in show casing your company and/or talent please leave me a message with your information formatted just like these listed her.  Thanks and HAPPY NEW YEARS to all.

Tax credit is coming back to bite millions

WASHINGTON – More than 15 million taxpayers may owe the government $250 or more because of how the IRS last spring set up President Barack Obama’s tax break that was designed to help consumers spend the U.S. economy out of recession.

Individuals with more than one job and married couples in which both spouses work may have to repay the government $400, either through a smaller tax refund or a larger tax bill, according to a report released Monday by the Treasury Department’s inspector general for tax administration. Social Security recipients who also earn taxable wages may have to repay $250.

The tax credit, which is supposed to pay individuals up to $400 and couples up to $800, was Obama’s signature tax break in the massive stimulus package enacted in February. The credit has increased weekly paychecks for 95 percent of working families, giving them cash to help boost consumer spending during the worst economic recession in decades.

Workers concerned about whether they are withholding enough taxes can use a calculator on the IRS Web site to find the appropriate amount that should be withheld.

Taxpayers can adjust their withholding by filing a new W-4 form with their employer. But with only a month and a half remaining in the 2009 tax year, it’s getting late to make adjustments.

Most workers started receiving the credit through small increases in their paychecks in April. The tax credit was made available through new tax withholding tables issued by the Internal Revenue Service.

The withholding tables, however, do not take into account several common categories of taxpayers. And that could force some people to repay what the government gave them.

For example, a worker with two jobs gets a $400 boost in pay at each job, for a total of $800. That worker, however, only is eligible for a maximum credit of $400, so the remaining $400 will have to be paid back at tax time — either through a smaller refund or a payment to the IRS.

The IRS recognized there could be a similar problem for married couples if both spouses work, so it adjusted the withholding tables. The fix, however, was imperfect.

A married couple is eligible for an $800 credit. However, if both spouses work and make more than $13,000, the new withholding tables give them each a $600 boost — for a total of $1,200.

There were 33 million married couples in 2008 in which both spouses worked. That’s 55 percent of all married couples, according to the Census Bureau.

Also, a single student with a part-time job gets a $400 boost in pay. However, if students are claimed as dependents on their parents’ tax returns, they don’t qualify for the credit and would have to repay it when they file their returns.

Some retirees face even bigger headaches.

More than 50 million Social Security recipients received $250 payments in the spring as part of the economic stimulus package. Those lump sum payments were intended to provide a boost for people who didn’t qualify for the tax credit.

However, the payments were sent to many retirees who also received the tax credit. Those retirees will have the $250 payment deducted from their tax credit — but not until they file their tax returns next year, long after the money may have been spent.

“More than 10 percent of all taxpayers who file individual tax returns for 2009 could owe additional taxes,” said J. Russell George, the Treasury inspector general for tax administration.

Sen. Chuck Grassley of Iowa, the senior Republican on the Senate Finance Committee, called problems with the tax credit “another unfortunate example of what can happen when Congress and the White House rush through legislation like the stimulus without thinking through the consequences.”

The tax credit is also available for 2010. George said the problems will continue if workers don’t adjust their withholding for next year.

For many, the new tax tables will simply mean smaller-than-expected tax refunds. The average tax refund this year was about $2,800. A little more than three-fourths of the 143 million taxpayers filing a return last spring received refunds, according to the IRS.

The IRS was aware of the issues when the withholding tables were released last spring and waged a public awareness campaign to get people to check their tax withholding, said Michael Mundaca, acting assistant treasury secretary.

“It’s just technically how withholding works,” Mundaca said. “It’s an approximation and therefore for some people there will be overwithholding and for some people there will be underwithholding.”

Separately, the IRS estimated that about 65,000 taxpayers could face penalties for not withholding enough taxes in 2009 because of the Making Work Pay tax credit. However, those taxpayers will be eligible to have the penalty waived, IRS spokeswoman Michelle Eldridge said.

The credit pays workers 6.2 percent of their earned income, up to a maximum of $400 for individuals and $800 for married couples who file jointly. Individuals making more than $95,000 and couples making more than $190,000 are ineligible.

Sandra Parks 972.569.7938 http://saptaxes.net

HELLO

Hello Everyone,

Sorry I’ve been away for the pass few days.  So not like me.  However I’ll be away again until Monday.  Please let me know how you are doing by leaving me a comment.  Also take some time and visit my other sites, The Sandra Parks School of Etiquette at http://sandraparksschoolofetiquette.com  and visit SAP Taxes at http://saptaxes.net .  If you need anything from either companys please send me an email and I will be touch with you next week! 

I’m a Veteran so I would like to extend a BIG THANK YOU to all my Veterans!!!!

Love ya,

BUSINESS ENTITY

Are you a business owner?  Have you registered your business in your current state/county?  Have you applied for your EIN? An EIN is an employment identification number that is used instead of your social security number for your entity in most cases.

If you are a business owner the answer to these questions should be yes.  You must register your company in your local county and/or state.  You need to apply for your EIN.  After you do those two things you need to determine what type of company/buisiness/organization you will run.

Do you know some of the various entities that you can apply for?  If you need to know the difference between the various entities such as Sole Proprietor, LLP, LLC, S-Corp, and C-Corp which are the most common used, please contact via leaving a message on here and I will contact you.

Until later,

Sandra A. Parks, SAP Taxes http://saptaxes.net 972.569.7938

Tag Cloud