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  • Estimated Taxes - To Pay Or Not To Pay
    at changing savings behavior Forty four percent who calculated a goal changed their retirement planning and of those almost two thirds 59 percent started saving or investing more The moral of the whole story Figure out how much you need to save for those golden years It s easier than you think with a new online tool from the Employee Benefits Security Administration EBSA EBSA part of the U S Department of Labor now offers an online version of its guide Taking the Mystery Out of Retirement Planning EBSA published the 62 page guide several years ago It included a number of worksheets to help users calculate how much they needed to save for retirement Now those interactive worksheets are available at the EBSA Web site You simply fill in figures for your assets savings and investments and then let the computers at the Department of Labor handle the heavy lifting The worksheets ask you for information such as Age at which you expect to retire Current dollar amounts in retirement savings and investment accounts Amounts you re saving each month in different accounts Expected Social Security and pension benefits at retirement Current home value Current home mortgage With that and other information you provide the system calculates your post retirement assets and gives you an estimated monthly income for your retirement years You then complete an expenses worksheet and presto You can see the anticipated financial status for your retirement years The Web site offers explanations and guidance throughout the process It also lets you change assumptions such as the rate of return on your savings and investments Best of all you can store your data and change your numbers Simply register at the site with a user name and password no other identifying information is requested If you ve been intimated by other online retirement calculators don t let that stop you from trying this one It s straightforward and navigation is easy If you haven t yet put your retirement numbers together start here Whether you re 12 months or 12 years from retirement this resource helps make retirement planning much less painful Get started at www dol gov ebsa Click on Publications Reports then on Taking the Mystery Out of Retirement Planning From there you can go directly to the interactive worksheets or download a PDF of the fully illustrated 62 page guide Suzanne Martin is a contributing editor for Self Employed She thinks she should save more for retirement More Tax Articles More Tax Videos View all NASE news Are You Saving Enough For Your Golden Years Monday September 01 2008 Find Out With A New Online Tool By Suzanne Martin If you re afraid you ll be scavenging for pennies during your retirement years you re not alone The 2008 Retirement Confidence Survey RCS conducted by the nonpartisan Employee Benefit Research Institute EBRI told a scary story It found that The percentage of workers who are very confident about having enough money for a

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/2008/09/01/Are_You_Saving_Enough_For_Your_Golden_Years (2016-02-14)
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  • Key Tax Incentive Extensions from the American Taxpayer Relief Act
    401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax Blog Your resource for small business tax advice Key Tax Incentive Extensions from the American Taxpayer Relief Act by User Not Found Jan 11 2013 Earlier this month the government came together and Congress passed the American Taxpayer Relief Act of 2012 ATRA which President Obama then signed into law While the effort failed to extend cuts to the payroll tax the rate had been reduced from 6 2 percent to 4 2 percent for 2011 and 2012 but will now go back up to 6 2 percent it did provide some extensions that should prove to be beneficial to the self employed The Small Business Administration released an article that highlighted some of the key extensions in the bill and we encourage you to read through it As the article points out there are some signs of hope on the horizon for the self employed including the extension of the research and experimentation tax credit This tax credit expired back in 2011 but you will be able to apply it retroactively for 2012 so if you are a small business owner who conducts any R D make sure you remember this one Additionally if you purchased any property or equipment the section 179 deduction and the bonus depreciation provision have been extended through the end of 2013 Also extended in the bill were incentives to hire military veterans or individuals from undeserved communities There were certainly some great provisions and extensions in the ATRA but we didn t get everything Don t be discouraged and

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2013/01/11/Key_Tax_Incentive_Extensions_from_the_American_Taxpayer_Relief_Act (2016-02-14)
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  • Which Retirement Plan Should I Choose? [NASE Experts]
    long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax Blog Your resource for small business tax advice Which Retirement Plan Should I Choose NASE Experts by User Not Found Jul 19 2012 Posted by Keith Hall National Tax Advisor Investing in your own future is always a good idea but it s even better knowing that Uncle Sam will help by making qualified retirement plan contributions tax deductible Congress and the IRS will actually let you pay less tax simply for investing in your own future Only in America So which plan is right for you There are lots of options to choose from including making a contribution to a traditional IRA setting up a 401 k plan for your business and setting up a Simplified Employee Pension Plan Most of us can contribute up to 5 000 to a traditional IRA and get a deduction for the full 5 000 Setting up a 401 k plan could allow you to make even a larger contribution but may be a bit more expensive to set up The Simplified Employee Pension Plan or SEP Plan may sound more complicated but is as easy to set up as opening a new bank account and will allow you to contribute up to 20 percent of the net earnings from your business Further the SEP contributions can even be made as late as the extended due date of your tax return which gives you up to six more months to make that investment in your future and still save taxes on last year s return As you can tell the SEP Plan is

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2012/07/19/Which_Retirement_Plan_Should_I_Choose_NASE_Experts (2016-02-14)
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  • Business Meals [Ask The Experts Q & A]
    Business Law Marketing 101 Finance Accounting Health Care Reform Marketing Advertising Real Estate Information Technology NASE Minute Get Help Tax Healthcare Reform Health Marketing 101 Business Management Marketing Advertising Real Estate Calculators Business Breakeven Analysis Calculator Cash Flow Calculator Equipment Buy vs Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory Tax Blog Your resource for small business tax advice Business Meals Ask The Experts Q A by User Not Found May 15 2012 Question Our small business consists of myself and my wife doing copyediting and proofreading As such we don t really have much occasion to entertain customers as nearly all our work consists of receiveing electronic files or hard copy and doing what we do and sending it off often to other states But if we go out to dinner once a month and discuss business such as planning projects office organization etc can we deduct that as a business meal Answer The easy answer to your question is absolutely YES those business meals will be deductible The key point is whether or not the primary purpose of the meal is business and that the expense has an expected business benefit The idea of planning organization etc are all legitimate business purposes It is a good idea to keep notes from the meeting for documentation Doesn t need to be a lot of notes so don t get carried away but if there is ever a question notes or minutes of the meeting make the business portion look

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2012/05/15/Business_Meals_Ask_The_Experts_Q_A (2016-02-14)
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  • Does Your Tax Planning End On New Years?
    Unfortunately in both cases by that time it is already too late to make any real difference Most tax planning strategies end with the New Year s Eve party Once the year is over so are most of your options for truly reducing your total tax liability The best time to start thinking about taxes about reducing taxes is right now You are completing and filing last year s income tax return so now is the best time to make next year s tax return most more pleasing If you did not take advantage of the Home Office Deduction for last year try and find some place in your home that you can use regularly and exclusively for your business The Home Office Deduction can save on average about 1 000 in taxes If you have children that you are giving money to anyway consider creating a job for them within your sole proprietorship They can earn up to 5 700 in wages tax free but those wages would be fully deductible for your business So create a job and you could save over 2 000 in taxes per child If you have unreimbursed medical expenses or self employed health insurance premiums consider adopting a Health Reimbursement Arrangement or and HRA 105 Plan If your spouse helps in your small business these plans can provide a full deduction for all of your family s medical expenses Many small businesses with average family medical costs can save over 3 000 in taxes by adopting an HRA 105 Plan Think about your business equipment needs computers accessories furniture etc If you know you will need these items soon consider buying them prior to the end of the year and therefore utilize available accelerated depreciation options Certainly don t spend money just to

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog/self-made/2012/04/10/Does_Your_Tax_Planning_End_On_New_Years (2016-02-14)
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  • Tax Blog
    name it Most of us know that these stories are not real yet our hearts beat faster and our sleep comes slower just thinking of them Perhaps none of these classics can accelerate heartbeats nor steal as much sleep as a small business owner s fear of an IRS audit The overall chances of being audited in any one year NASE Member Dues Are Tax Deductible Ask The Experts Q A Thursday March 01 2012 Q What do I list my NASE membership dues under on my tax return A The best place to include business association or other deductible dues is on Line 27 of your Schedule C Other Expenses You can include a specific description such as Business Association Dues on line 48 in Part V on page 2 of the Schedule C HRA 105 For Medical Expenses Ask The Experts Q A Tuesday February 14 2012 Q I set up an HRA 105 for my wife who is employed by me in my home office My understanding is that both her and my qualified medical expenses from the HRA can be deducted but cannot find a suitable category on TurboTax to enter this amount Please advise where this amount is entered A If I can be so bold let me change your terminology a bit as it relates to your HRA 105 plan You DID NOT set up an HRA 105 plan for your wife but instead your Company adopted an HRA 105 plan for the benefit Can I Take A Loan From My 401 k Ask The Experts Q A Wednesday January 11 2012 Q I read something several months ago about taking a loan from your 401K retirement plan If you were at least 55 years old you were not required to pay this back and there was no penalty for this Is that true A From a technical standpoint you still must repay the loan If you don t repay the loan regardless of how old you are then the loan becomes a distribution The tax treatment and potential penalties for such a distribution will then be dependent upon your age The key point is whether a 10 penalty will apply to the distribution If Top Tax Changes For The Self Employed Friday January 06 2012 Prior to preparing 2011 tax forms the self employed and micro businesses fewer than 10 employees should be aware of a number of tax law changes but also must stay focused and connected for new changes that are inevitable during 2012 As always stay tuned to the NASE for the most recent updates The following tax law changes relate to 2011 returns Self Employed Health Insurance Deduction Unfortunately the payments that small business owners make for health insurance premiums for themselves and their families won t be as tax beneficial for 2011 tax returns as they were for 2010 The premiums paid for health What To Do With Year End Inventory Ask The Experts Q A Monday December

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/tax-blog (2016-02-14)
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  • Estimated Taxes - To Pay Or Not To Pay
    rate you can have all of your documentation organized and available and have the patience and persistence to get the job done Sallie Hyman writes on small business issues and owns and operates her own small business in Purcellville Va Do Your Research And Read The Fine Print NASE Business Strategy Expert Gene Fairbrother offers the following points for finding personal loans 1 How much are you looking for and for what purpose The amount plays an important role because if you are looking for 7 500 to improve your kitchen you will be looking for a different source than if you are looking for 250 000 to buy a new home 2 Just because you don t qualify for a 400 000 house or a 60 000 vehicle doesn t mean that you will not qualify for a 200 000 house or a 30 000 vehicle Talk to a bank or other lender to get pre qualified on how much you can borrow based on your history You may need to lower your expectations 3 The key components for any loan are your credit score your credit report your debt ratio and your open credit available Be sure to know all of these facts before making any application for a loan 4 Consider peer to peer lending lending clubs or open lines of credit on your credit cards While these might all carry a higher cost to borrow money they are resources Also be cautious and carefully check the sources for anything you do online such as peer to peer loans 5 Don t forget family and friends While you don t want to put them in a difficult situation they are a common source to help out short term 6 If you cannot get a loan to buy consider leasing If that loan was for a car and you don t meet the criteria for a purchase leasing is a good option 7 Remember to check all the details in any loan you are looking at and read the fine print The more difficult it is for you to find a personal loan the more money it is going to cost you in interest rates and fees Not knowing exactly what the real costs are could put you in a situation of paying a lot more than what the big print says 1 Comment 1 CURTIZ MORGAN 18 Jan LOAN OFFER APPLY NOW Have you been denied loan by banks and other financial bodies Then contact us now as we provide unsecured loans at a minimized interest rate of 3 within the shortest period in order to meet the financial request of our numerous applicants To apply send down your details below 1 Name Of Applicant in Full 2 Telephone Numbers 3 Address and Location 4 Amount in request 5 Repayment Period 6 Purpose Of Loan 7 country 8 phone 9 occupation 10 age sex 11 Monthly Income 12 Email You will be contacted within 24 hours with the loan terms and conditions as soon as the details have been received Send the details to us via email curtizmorganloanfirms mail com CURTIZ MORGAN C E O Comment Your name Click to add Email optional Click to add Comment RadEditor HTML WYSIWYG Editor MS Word like content editing experience thanks to a rich set of formatting tools dropdowns dialogs system modules and built in spell check RadEditor s components toolbar content area modes and modules Toolbar s wrapper Content area wrapper RadEditor hidden textarea RadEditor s bottom area Design Html and Preview modes Statistics module and resize handle It contains RadEditor s Modes views HTML Design and Preview Statistics and Resizer Editor Mode buttons Statistics module Editor resizer RadEditor please enable JavaScript to use the rich text editor RadEditor s Modules special tools used to provide extra information such as Tag Inspector Real Time HTML Viewer Tag Properties and other The code you entered is not valid Type the code from the image More Tax Articles More Tax Videos View all NASE news Getting a Loan While Self Employed Monday June 03 2013 By Sallie Hyman Qualifying for personal loans when you are self employed can be very difficult especially in today s economic climate Most people are looking for mortgages either a first time mortgage or refinancing a current mortgage Many also seek car loans It was not that long ago that banks would throw money at you as you walked in the door That has changed dramatically in the wake of the subprime mortgage scandal Prior to the housing crisis two popular loan options included no documentation and stated income stated asset low documentation loans These riskier loans are not offered by many lending institutions today If they are available the interest rates are usually quite high making them a less appealing option Most banks will ask for verification of stated income by requesting your Schedule C forms from at least the last two years Preparing for the Process The self employed are now faced with trying to qualify for a traditional fully documented loan One of the greatest hurdles facing them when trying to get that loan is the paperwork Traditional employees can verify income with a couple of years worth of W 2s It requires much more diligent work on the part of the self employed to prove their income It is imperative to keep good records Make sure that all large payments received are properly documented so that they will be recognized as income Try to keep business and personal bank accounts separate Keep copies of all tax returns so they are readily accessible At least two years of tax returns will be required Some lenders will ask for a Form 4506 or 8821 Form 4506 is used to request a copy of your complete tax return directly from the IRS thus preventing you from submitting falsified returns to the mortgage company and costs 39 per return But you may be able to request

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/2013/06/03/getting-a-loan-while-self-employed (2016-02-14)
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  • Estimated Taxes - To Pay Or Not To Pay
    advice Estimated Taxes To Pay Or Not To Pay Articles Ask The Experts LLC Formation Contract Templates We operate a fast growing tutoring business with more than 20 tutors Although we are still small we ve decided to form an LLC This is an exciting time in our business and we want to make the best choices regarding structure and entity Does the NASE offer a step by step guide to help small business owners make these difficult and important decisions Click here for more Are You Saving Enough For Your Golden Years If you re afraid you ll be scavenging for pennies during your retirement years you re not alone Click here for more Latest Tax Blog Entries Key Tax Incentive Extensions from the American Taxpayer Relief Act Which Retirement Plan Should I Choose NASE Experts Business Meals Ask The Experts Q A Does Your Tax Planning End On New Years More NASE Tax Blog Posts Connect with Us More Tax Articles View all NASE news Ask The Experts Health Insurance for Employees Monday June 03 2013 Comment Your name Click to add Email optional Click to add Comment RadEditor HTML WYSIWYG Editor MS Word like content editing experience thanks to a rich set of formatting tools dropdowns dialogs system modules and built in spell check RadEditor s components toolbar content area modes and modules Toolbar s wrapper Content area wrapper RadEditor hidden textarea RadEditor s bottom area Design Html and Preview modes Statistics module and resize handle It contains RadEditor s Modes views HTML Design and Preview Statistics and Resizer Editor Mode buttons Statistics module Editor resizer RadEditor please enable JavaScript to use the rich text editor RadEditor s Modules special tools used to provide extra information such as Tag Inspector Real Time HTML Viewer Tag Properties and

    Original URL path: http://selfemployed.nase.org/business-help/get-help/tax/2013/06/03/ask-the-experts-health-insurance-for-employees (2016-02-14)
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