Martin Cantu, EA - Tax Consultant - Tax Relief Services Blog

This information is provided by The Law Office of Martin Cantu and SATaxHelp.com . Everyone can prepare and e-file their federal tax returns for free using the IRS Free File Program. Free File is offered through a public-private partnership between the Internal Revenue Service and tax software companies. Free File can help you do your taxes fast; it’s safe and it doesn’t cost anything. Free File offers two options: easy-to-use software or online fillable forms. Free File software is for taxpayers who earn $57,000 or less Here’s how it works: You must access Free File through the IRS website. At www.irs.gov/freefile , there’s an online tool which allows you to give a little information about yourself then guides you to the software for which you are eligible. Or, you can review a complete list of companies and their offerings and make a selection. Once you select a software product, you will be directed away from the IRS website and onto that company’s website...

Tax Tips for the Self-employed  There are many benefits that come from being your own boss. If you work for yourself, as an independent contractor, or you carry on a trade or business as a sole proprietor, you are generally considered to be self-employed. Here are six key points the IRS would like you to know about self-employment and self- employment taxes: 1. Self-employment can include work in addition to your regular full-time business activities, such as part-time work you do at home or in addition to your regular job. 2. If you are self-employed you generally have to pay self-employment tax as well as income tax. Self-employment tax is a Social Security and Medicare tax primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners. You figure self-employment tax using a Form 1040 Schedule SE. Also, you can deduct half of your self-employment tax in figuring your adjusted gros...

This is Part One of my continuing series of basic tax help articles.    This series of articles applies to the 2012 tax filing season for the tax year ended December 31, 2011 – Fling status and exemptions. As always, consult a tax professional for specific guidance on your individual situation.  Contact the Law Office of Martin Cantu for more information, or www.sataxhelp.com . Filing Status This is step number one in filing your tax return. You have five choices - Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child.   Filing status determines basic tax items such as filing requirements, your standard deduction, eligibility for certain credits and deductions, and your correct tax. This is the foundation of your tax return and making the wrong choice here will have detrimental impacts throughout your return. You may qualify for more than one filing status, so the choice of filing sta...

Here is some information on how to determine your tax filing status. For more information or other tax related questions, place contact the Law Office of Martin Cantu or sataxhelp.com. Determining your filing status is one of the first steps to filing your federal income tax return. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. Some people may qualify for more than one filing status. Here are eight facts about filing status you'll need to know so you can choose the best option for your situation. 1. Your marital status on the last day of the year determines your marital status for the entire year. 2. If more than one filing status applies to you, choose the one that gives you the lowest tax obligatio...

Here is some basic information on Dependents and Exemptions that you may find helpful in filing your 2011 tax return. Contact the Law Office of Martin Cantu or www.sataxhelp for more information on this question, or other tax issues you may have.  Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return. 1. Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,700 on your 2011 tax return. 2. Your spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you’re filing a separate return, you may claim the exemption for your spouse only if they had no gross ...

The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April, you can make tax time easier on yourself with an early start. Here are the Internal Revenue Service’s top 10 tips to ensure a smooth tax-filing process. For more questions contact the Law Office of Martin Cantu . 1. Gather your records. Round up any documents you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return. 2. Be on the lookout W-2s and 1099s will be coming soon; you’ll need these to file your tax return. 3. Have a question? Use the Interactive Tax Assistant available on the IRS website to find answers to your tax questions about credits, deductions, general filing questions and more. 4. Use Free File. Let Free File do the hard work for you with brand-name tax software or online fillable forms. It's available e...