Income Tax: Capital punishment

Ok, you should have all your W-2 forms (due to be sent by January 31st by employers) and soon to receive your bank or broker 1099 forms. Its now time to pull together your tax documents to drop off at the tax preparer or to handle your own through e-file or even regular filing via the mail by this year’s filing deadline, April 17.

About 77% of Americans are now filing online, often receiving their 79 million refunds, electronically deposited, just a couple of weeks after filing. So, does it cost money? It depends. It is worth checking out your options. You can visit the IRS website for a listing of various free e-file companies. Link: Free File Companies on the IRS Website.

If you qualify for EITC (Earned Income Tax Credit), an active duty military with an AGI (adjusted gross income) of $57,000 or less, or has an AGI of $31,000 or less, you can use TurboTax Online Tax Freedom Edition.

There is also a TurboTax Free file for the 1040EZ & Simple Federal Tax Returns. This will be perfect for my son since he doesn't have any major deductions, has a very low AGI and will only be getting a refund.

You can file with H&R Block's Free File if your Adjusted Gross Income is $57,000 or less,you are 52 or younger, and live in any state or U.S. Citizens and resident aliens with foreign addresses.

If you have simple tax situations, you most likely won't pay a fee through these programs for your Federal taxes but to file your state taxes electronically, you will need to pay a fee (all fees are tax deductible along with any costs for an accountant, tax software or cost of tax publications, internet subscriptions about taxes and books about taxes). Note: the deduction for tax preparation expenses is only available in the year that you actually spent the money. So if you pay for the software today, it is taken off of next years taxes. Save those receipts.

Not sure which company to use? Have some unique circumstances? Take the time to read the different websites and ask questions. I personally have used TurboTax, TaxSlayer and TaxAct without a problem in the past. You can also use the Free File Fillable Forms, the electronic version of IRS paper forms, with no income restrictions.

Small Print Note: I am not an accountant or a tax attorney, etc. Although the information contained here is presented in good faith and believed to be correct, it is General in nature and is not intended as tax advice. Furthermore, the information contained herein may not be applicable to or suitable for the individuals' specific circumstances or needs and may require consideration of other matters.

Click image to enlarge. Source: H&R Block

Digital Marketing for the Small Business

OutMarket has put out in interesting white paper on " 15 Ideas to Grow with Digital Marketing ". Online marketing is not just for the big guys but is easily available for small businesses and you need to take advantage of that opportunity to level the playing field in your industry. The article provides some of the first steps in developing your online marketing plan and well worth reading. Some small business owners want to save funds and do it themselves but you might want to consider hiring this out to an online marketing specialist so you can focus on YOUR business. Twitter, Facebook, Google Analytics and social media monitoring can monopolize your time, taking you away from running your business. Shameless plug, McAllister Park Design can help you with your online marketing and increase your exposure online to potential clients. We will work with you as a consultant to help you develop a plan or as your regular marketing guru, your choice.

Google: Now you know!

Google has released clear information on how to perform better in search engines. Provide useful, legitimate content! This update is called the " Helpful Content Update " and it is clear that original, informative information is king. A new sitewide ranking system is being added which awards people with good quality content. Now, this isn't really new, but it clarifies that your ranking can be impacted and if you are a subject matter expert in your field or business, make it shine! Utilize your website as informational, not just a short brochure or a business card. Show your knowledge and experience and make it work for your organically.

How Do We Prepare Students for a Global Knowledge Economy?

I recently participated in a discussion regarding the direction of our community here in Northwest Georgia. Although many candidates for our county commission would like to see more manufacturing jobs, I truly feel that we are not preparing our students to be part of the 'global economy'. Why are we happy with more retail jobs at minimum wage or warehouse jobs for $10 per hour? In our community we can strive to provide a better education geared toward the future. We can also improve our local economy with drawing technology related businesses that are required to have access to highways and won't require more truck routes into our area. We, as a community, aren't preparing our students to strive for better jobs. We, as a community need to move into the 21st century before its too late. Check out this seminar on preparing our students for a global knowledge economy. I hope you will consider the need to prepare your children for the world with soft skills such as d

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