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Taxes And Bookkeeping-Questions And Answers

Q. Why did you become a tax preparer? Are you any good?

A. Well, after the frustration of having my previous tax preparers screwed me over my taxes, I decided to read my own forms and asked questions that my own tax preparers could not answered, so I decided to enroll to a tax preparation class. This was the main issue for me to become my own tax preparer. And Yes, I’m god at what I do.

Q. I wonder if I can deduct my personal expenses? What about business expenses ?

A. Yes you can, as long and those expenses are ordinary and necessary. Let’s say you are a nurse, and you spent money on your nurse uniform and the gas to commute to work, these expenses are ordinary and necessary for your profession, then yes you can deduct them from your taxes. Business expenses are deductions that you incur in order to make your business run,the ordinary and necessary rule ALWAYS applies. You have way more deductions when you have a business than when you have personal deductions.

Q. What about if I am unemployed? Do I have to pay taxes on my unemployment checks?

A. Uncle Sam wants his money. If you are unemployed, you still are required to pay federal taxes. If you choose not to, when is time to file your taxes then you’ll get a big bill (all at once). The smartest thing to do is to just pay as you go. Especially if you have a business on the side.

Q. Do you have any tips about getting a job with this economy?

A. Sure, just get as much information of what you want to do, be super flexible, if your potential employer asks you “jump” you say “how high”. You need to go the extra mile literally!! But I would say starting your own business is the best choice, second choice is gettingeducation that will help you improve your chances of getting a job. Why not both?

Q. Can I possible to plan my taxes? You know, like the rich people do?

A. Yes, of course you do can, you should do. The earlier you start is the best. It depends on what you want to do with your life, what is your goal, a new car? a house? a new career? a business?

Q. I recently got fired. What to do?

First, file for unemployment, second cope with the loss. Then, figure out what you want to do with your life from this point. I have a lot of people asking the exact same question these recession years, the answer is different for everybody. Maybe you need a new direction in your life. It is a matter of what do you want to do with your life? The answer is in your head, in your heart

Q. Tax season is over, how can I prepare myself for next year?

A. Easy, first prepare a file folder where you’ll place all you tax paper work, save your receipts of everything, specially the big items. Second save your bank account statements too. If you own a business, well, you just know what you have to do. You don’t want to be running the last day to your nearest tax store with a bunch of receipts in a shoe box? Do you? Some preparers will just turn you down, some are just rude and unprofessional. So, be prepared.

Q. Any experience with nonprofit organizations, I want to start one, do I still need to file taxes?

A. I have worked and volunteered for a few in the past years. Nonprofits are a totally different animal. Nonprofits and for-profits work similarly but the essence of each is way different. And yes, you still need to file taxes, but it depends on the cash flow of your organization.