Tax-filing and Payment Extensions Expire Oct. 15

Federal, State, Local and International TaxesIR-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

Published in: on October 10, 2012 at 9:55 pm  Leave a Comment  
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As self-employed how do I file my annual return?

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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

Published in: on October 10, 2012 at 5:46 pm  Leave a Comment  
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