Patty Duke Applies Online for Social Security Retirement Benefits . . . In Her Pajamas!

Are you one of the many Baby Boomers nearing retirement? And are you wondering what it will be like when it’s finally time to apply for Social Security?

Patty Duke, a long-time spokesman for the benefits of signing up for S.S. benefits online, videotaped her somewhat emotional experience of applying electronically with her husband, so you can see just how easy it is!

5 Things to Know About Hiring Independent Contractors

The Small Business Administration (SBA) exists to help entrepreneurs navigate the sometimes challenging world of owning your own business. This article was posted on their website.

An independent contractor (also known as a consultant or freelancer) does not regularly work for an employer, but instead performs work on a temporary or as required basis, according to their employment contract. If you’re thinking of hiring an independent contractor, here are some factors to consider:

QuickBooks QuickTip: How to Avoid Duplicate Check Numbers

Don’t Use the Same Check Number Twice in QuickBooks

QuickBooks has an option that is enabled by default, to help you make sure you don’t use the same check number twice (unless you’re silly enough to ignore the warning, because QuickBooks only warns, and won’t actually prevent you from using a check number twice).

Disabling this option can cause extreme stress when you’re trying to reconcile your bank account, go over your finances with your accountant, or deal with a disputed bill payment.

To be sure this feature is correctly enabled:

1. Choose Edit | Preferences from the QuickBooks menu bar.
2. Click the Checking icon on the left pane to open the QuickBooks Checking preferences, and click the Company Preferences tab.
3. Be sure that the Warn About Duplicate Check Numbers checkbox is selected.
4. Click OK.

Source: CPA 911

Learn How SBA Can Help You

Listen to three small business owners share about how SBA programs and services helped them start and grow their small businesses.

Consider whether an SBA loan might be right for you or someone you know who is starting a business.

Back-to-School Tips for Students and Parents Paying College Expenses

Whether you’re a recent high school graduate going to college for the first time or a returning student, you’ve headed back to campus by now, and payment deadlines for tuition and other fees are not far behind.

The IRS offers some tips about education tax benefits that can help offset some college costs for students and parents. Typically, these benefits apply to you, your spouse or a dependent for whom you claim an exemption on your tax return.

• American Opportunity Credit. This credit, originally created under the American Recovery and Reinvestment Act, is still available for 2012. The credit can be up to $2,500 per eligible student and is available for the first four years of post secondary education at an eligible institution. Forty percent of this credit is refundable, which means that you may be able to receive up to $1,000, even if you don’t owe any taxes. Qualified expenses include tuition and fees, course related books, supplies and equipment.
• Lifetime Learning Credit. In 2012, you may be able to claim a Lifetime Learning Credit of up to $2,000 for qualified education expenses paid for a student enrolled in eligible educational institutions. There is no limit on the number of years you can claim the Lifetime Learning Credit for an eligible student.

You can claim only one type of education credit per student in the same tax year. However, if you pay college expenses for more than one student in the same year, you can choose to take credits on a per-student, per-year basis. For example, you can claim the American Opportunity Credit for one student and the Lifetime Learning Credit for the other student.

• Student loan interest deduction. Generally, personal interest you pay, other than certain mortgage interest, is not deductible. However, you may be able to deduct interest paid on a qualified student loan during the year. It can reduce the amount of your income subject to tax by up to $2,500, even if you don’t itemize deductions.

These education benefits are subject to income limitations, and may be reduced or eliminated depending on your income. For more information, visit the Tax Benefits for Education Information Center at IRS.gov or check out Publication 970, Tax Benefits for Education, which can be downloaded at IRS.gov or ordered by calling 800-TAX-FORM (800-829-3676).

Starting a Business? 10 Steps Every Entrepreneur Needs to Know, Part 2

Step 6 – Register Your Business Name (“Doing Business As”)

Registering a “Doing Business As” name or “trade name” is only needed if you name your business something other than your personal name, the names of your partners, or the officially registered name of your LLC or corporation. Here’s how to register your “Doing Business As” name.

Step 7 – Get a Tax ID

Not every business needs a tax ID from the IRS (also known as an “Employer Identification Number” or EIN), but if you have employees, run a business partnership, a corporation or meet certain IRS criteria, you must obtain an EIN from the IRS. You’ll also need to start paying estimated taxes to the IRS; this blog explains more about this process.

Step 8 – Register with Tax Authorities

Employment taxes, sales taxes, and state income taxes are handled at the state-level. Learn more about your state’s tax requirements and how to comply.

Step 9 – Apply for Permits and Licenses

All businesses, even home-based businesses, need a license or permit to operate. This guide explains more and includes a handy “Permit Me” tool that lets you determine what your permit and licensing needs are, based on your zip code and business type.

Step 10 – Hiring Employees

If you’re hiring employees, follow these 10 steps. If you’re working with a contractor or 1099, read 5 Things to Know About Hiring Independent Contractors.

Related Resources

Check out SBA’s Starting and Managing a Business for more tips and guides.

Click here to read the original article from SBA.gov.

Your Guide to an IRS Audit

Have you received a notice that your business is being audited? If so, don’t panic – but don’t ignore it. Respond immediately, and do some research.

The best place to start is the IRS website. Type “audit” in the search box. You’ll find several resources, including a new video series. “Your Guide to an IRS Audit” follows three small business taxpayers step by step through an IRS audit. You’ll see the best ways to prepare for an audit, what to bring and what to expect, and your responsibilities during the process.

Remember – for more information about audits, or to view your guide to an IRS audit, go to www.irs.gov and type “audit” into the search box.

Starting a Business? 10 Steps Every Entrepreneur Needs to Know, Part 1

From planning to financing, SBA.gov has resources to help small businesses succeed. Get started with these 10 steps. Article Source: SBA.gov. Article author: Caron Beesley.

Starting a business? Confused about the planning, legal and regulatory steps you should follow?

Did you know that home-based businesses are required to hold permits to operate legally in most states? What about incorporation? Many new businesses assume they need to incorporate or become an LLC from the get-go – but the truth is, more than 70 percent of small businesses are owned by un-incorporated sole proprietors (although even this group is required to register their businesses).

So, variables aside, there are still some fundamental steps that any business needs to follow to get started. SBA has compiled 10 steps that can help you plan, prepare, and manage your business – while taking care of the startup legalities. Not all these steps will apply to all businesses, but working through them will give you a sense of what needs your attention and what you can check off.