Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Do you know what taxes you need to pay?

Are you familiar with what tax forms you need to file?

Do you have a tax strategy?

Independent-Contractor-Taxes...Know-Your-Options
There are many potential pitfalls that independent contractors should be aware of. Receiving a 1099 for income paid to you means it is time for you to review your options as an independent contractor. The key is to understand what taxes you are responsible for and what tax forms you need to file.

As an independent contractor, not being prepared at the year-end can be very stressful. This is especially true if you find out you owe a large amount of money for taxes that you didn’t plan for.

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You probably think you are ready to file because you have received a 1099 for your services, held on to all your receipts, and have all your documents in order.

Independent Contractor Tax-FormsThis is the sixth installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

It seems like everything is falling into to place with your Independent Contractor status. Once you file your Independent Contractor Tax Forms, it will be smooth sailing!

Wrong! Have you…
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Home office business deductions is another area that has changed recently. The Internal Revenue Service has provided a $5 per square foot (max $1,500) standard deduction for individuals that qualify.

Business Deductions

This is the fifth installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

The rules to qualify for a deduction have not changed and you should review your situation with a tax professional before taking any deduction as it relates to a home office.

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Are you concerned that you may be setting yourself up for a future problem when it comes to banking? It is a valid concern.

Independent Contractos This is the second installment of
Independent Contractor Taxes…Know Your Options.
It can be downloaded from our eBook library.

Independent contractors need to set up separate bank accounts.  It is a must, be aware it will help you avoid depositing income earned and paying expenses out of your personal checking account.

Two of the problems you may encounter are:

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When you are an independent contractor receiving a 1099 for income paid to you, it can be difficult to figure out what your options are regarding taxes.

independent contractor taxes

Independent contractor taxes can be managed when you understand what your choices are, what taxes need to be paid, and what tax forms need to be filed.

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Have you put off planning for your retirement because you find it daunting and intimidating? Are you familiar with the “3 Key Plans” you need to have in place to build a solid retirement plan?

Retirement Plan

Visualize yourself on a “three-legged stool”, each leg is a different plan that is vital to your retirement planning. All three legs have one thing in common – all of them need to support you! Each leg must be strong, balanced, and able to support you during your retirement.

So what are the three plans?

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Did you know that divorce affects over 50% of couples in the United States?

Considering Divorce

Going through a divorce is a life changing. Even when the divorce is non-contested and a collaborative divorce, you need to make sure you’ve made all the proper preparations. It is the best way to protect yourself and your family.

Are you considering divorce? Are you ready to start the process? The financial aspects of divorce can create a tough road ahead. Understanding the process is a must. Working with my clients through the divorce process has allowed me to put together some tips that may help you.

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Tax and investment planning has always been an important part of any individuals financial future, however as the two calculations below show it has become more important and costly to ignore or “I will do it next year”.

 Capital Gains Tax Rate

This is the fifth installment of 2013 and Beyond Tax Planning
which can also be downloaded from our eBook library.
The ordinary income tax rate and LT capital gains tax rate have risen significantly in 2013. Having a conversation regarding your overall financial plan with your tax and investment advisor more than once a year can save tax dollars in the end an increase overall cash flow for your financial plan.

If you only come away with one thing after reading this eBook, understand spreading of income and expenses is the new method for financial planning (tax and investment). My suggestion would be…

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Have you determined what tax planning opportunities are available for you to put in place? Are you familiar with the tax changes, Medicare Surtax, and Net Investment Income updates? If not, here’s your chance to review some of them.

Net Investment Income

This is the fourth installment of 2013 and Beyond Tax Planning
which can also be downloaded from our eBook library.

Provisions and Tax Changes that were set to expire on December 31, 2012

Changes that have been extended:

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The 2010 Tax relief Act reinstated the Estate, Gift and GST tax at a 35% tax rate and $5.12 million (for 2012) exemption.

Portability Election

This is the third installment of 2013 and Beyond Tax Planning
which can also be downloaded from our eBook library.

In addition to the increase in the exemption amount the Act also created a portability election for decedents dying after 2010. This election is made by…

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