Month: August 2017

Ways the IRS Can Seize Your Tax Refund

You might not want to hear this, but there are ways that the IRS can seize your tax refund. This means that you will not get your refund, or that they are keeping it until you have paid what you owe them. Many think that no matter what, they will be able to get their refund that the IRS owes them, but this isn’t completely the truth. Here are some ways that the IRS can seize your tax refund without your permission:

When you are behind on your federal student loan

One of the things that people don’t consider is that if they have a federal student loan, and they are behind on the payments, you can lose your tax refund.

The IRS is allowed to take your tax refund and pay the amount that you are behind on your student loan. They will refund you back, when there is any money left. This can be a surprise if you are planning on using that money, just to realize that they are seizing your tax refund.

When you owe child support

Many parents are struggling with the other parent to pay child support when they are divorced. Even if the court is saying that they should pay this child support, they just don’t pay the money so that their child can survive.

Now, the IRS has the right to seize your tax refund to pay for the child support that you are owing. Meaning is that the money will go to your child’s caregiver and not you. If you want the refund next year, you need to make sure that you are paying your child support each and every month.

Spouse support that is behind

There are some people that are obligated to pay spouse support for some reason. And, when you are failing to pay this, just like the child support, they can seize your tax refund and pay the spouse the money that they are legally should get.

This is to make sure that you are using the money to pay off your debt that you have with your spouse. This can be a good thing, so that you can start paying, without the worries about the outstanding amounts that you can’t repay.

When you didn’t file tax return the previous year

You might have forgotten or you didn’t think that you needed to file your taxes the previous year. The IRS has the right to seize your tax refund that you should have gotten this year to pay for the taxes that you didn’t do the previous year. This is why you should always do your tax return on time.

There are many cases where the IRS can seize your refund and pay off some debt. These mentioned reasons are just a couple of reasons why the IRS can seize your refund and pay off some of your debts that you neglected to pay. You might not get your tax refund back, but you will get the outstanding debt paid without any worries. Click:

The Pros and Cons of Starting a Bookkeeping Business

Could This Be the End of Tax Refund Loans

Unless you are a bookkeeper, you will find that many people do not enjoy math. In fact, most people would go so far as to say that they actually hate math. However, chances are, if you’ve become a bookkeeper as your profession you both love math and love helping people. But what are the pros and cons of starting your own bookkeeper business?

Pros of starting a bookkeeper business

If you are already a professional bookkeeper and want to share those skills with the public by starting your own bookkeeping business, there are many pros to just going out and doing it! Start up costs for starting your own bookkeeper business is minimal, especially if you already own your own bookkeeping software. Also, depending on where the demand is, you can choose to become specialized in any specific areas that are the most marketable, although certification is not mandatory to be a bookkeeper.  This can increase your business’s marketability as well as allows you to charge a higher amount. Owning your own business also means you can set your own schedule instead of being tethered to the business that you’re an independently contracted bookkeeper at – it allows you to set the rules. You also can do digital/virtual work and broaden your client base outside of your immediate region to serve clients potentially all over the country and even the world. Just make sure you don’t bite off too much at the start – it can be tempting to take on all clients but you should be picky when first starting out. See more 

Cons of starting a bookkeeper business

Although start up costs of becoming a business owning bookkeeper is minimal, you may want to consider the liability concerns. It is important to make sure you are insured in case anything may happen. It is also your responsibility to make sure all client data is safe and secure, which is a lot of responsibility on the part of your new bookkeeper business and can feel overwhelming. Make sure that you are computer savvy or that you hire a good tech support specialist to keep errors and risks at a minimum and impress your clients. Keeping up to date with the newest bookkeeping technology out of your own pocket can seem like an impossible task, but it is imperative to both the health and security of both you, your business and your client’s information. Many clients won’t even consider taking your bookkeeper business on for their small business without those types of guarantees. Make sure you’re increasing your marketability by offering up to date tech, software and promises of the safety of their important and confidential data.

If you’re an experienced bookkeeper considering opening up your own bookkeeping business, it’s important to consider both the pros and the cons of doing so. Although it can be risky, opening your own bookkeeper business can also be fun and create a significant amount of business, both local and global! Good luck to both you and your new bookkeeper business! See more this site: