Posts Tagged ‘Wayne M. Davies’
The 37 Cent Mistake
by Wayne M. Davies
When it comes to filing your tax return, spending 37 cents could be the biggest mistake you ever make.
Millions of taxpayers make the mistake of putting their income tax return in a regular letter-sized envelope, sticking on a 37 cent stamp, and placing the envelope in their mailbox.
And millions of taxpayers “get away” with this mistake year after year.
Why do I say that putting your tax return in the mailbox is a mistake? Read the rest of this entry »
How To Avoid Getting Burned By Your Own Tax Return
by Wayne M. Davies
I did it. I finally did it.
Last weekend, while the rest of Fort Wayne celebrated the long-awaited onset of springtime temperatures, I stayed inside and did something I’ve never done before.
I burned my first CD. Read the rest of this entry »
IRS Free File Is Not A Free-For-All
by Wayne M. Davies
Looking for a way to reduce the cost of income tax preparation this year? Then you came to the right place — maybe!
The IRS has launched a new program this year — it’s called “Free File”, and it enables you to prepare and e-file your personal income tax return online for free.
But, alas, there is no free lunch and likewise this “free” program isn’t really free for everyone. You have to meet certain eligibility requirements to take advantage of Free File, so read on! Read the rest of this entry »
How To Audit-Proof Your Tax Return Forever! (My Recent Close Encounter Of The IRS-Kind)
by Wayne M. Davies
Congress recently passed legislation that is supposed to result in a more “sensitive” Internal Revenue Service. You know, not such a lean, mean, tax-collecting machine.
I DON’T THINK SO! Here’s why. Read the rest of this entry »
How To Avoid Double The Trouble: Why A Partnership Can Be Twice As Dangerous
by Wayne M. Davies
Let me introduce you to another client of mine, let’s call him Tony.
Tony is a computer programmer who always wanted to be “on his own.” One of his co-workers, Kevin, felt the same way. On their lunch breaks they often talked of the day when they’d be calling the shots and making all the money.
Before long, they got the guts to tell their employer they were quitting to start their own business. They didn’t know much about paperwork, but Tony’s brother-in-law, Kyle, who worked for an insurance company, always seemed to know a lot about “how things worked” in the business world.
Kyle told Tony that the business didn’t need to do anything fancy to operate as a business. They could just run things as an informal partnership — they each contributed 50% of the start-up funds and they agreed to share equally in the profits. Read the rest of this entry »
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