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Articles by Wayne Davies

Browse published articles attributed to Wayne Davies, with full-archive search.

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Showing 51–78

By Wayne DaviesRecently published1 topic

Tax Preparation Services - How to Get a Copy of Your Income Tax Return From the IRS for Free

Taxpayers often need a copy of a previously filed tax return for any number of reasons. Perhaps you are applying for a mortgage loan or you'd like to amend a return. What do you do if you can't find your copy? The article will explain the options for this often overlooked tax preparation service. Option 1 - Get a written transcript of the return for free.r

Primary topic: Personal Finance

Personal Finance

968 views

By Wayne DaviesMay 17, 20161 topic

5 Compelling Reasons to Read the Bible Today

Are you looking for motivation to read your Bible today? There are many good reasons to do so; here are five. Any one of them should provide the inspiration you need to take action and follow through on your desire for some quality Bible-time. Read the Bible today because . . . 1. The Bible is the authentic and authoritative Word of God. Imagine if Jesus Christ knocked on your front door and offered to come inside and have a face-to-face conversation with you. Wouldn't that

Primary topic: Christianity

962 views

By Wayne DaviesMay 17, 20161 topic

Are You Making These 3 Big Mistakes When Reading the Bible? (What to Do Instead)

Reading the Bible is critical to your spiritual growth. The Word of God is our daily bread, and without it you'll become a weak and ineffective Christian. So it's vital to spend quality time in the Bible every day. To improve your Bible reading, be sure to avoid these 3 big mistakes. Bible Reading Mistake #1 - Not praying before reading. Perhaps you are so eager to get into the Word, you forget to ask God for help to understand what you are about to read. This is easy to do

Primary topic: Christianity

961 views

By Wayne DaviesRecently published1 topic

Tax Preparation Services - Why You Want and Need An Experienced Tax Preparer

Finding a good tax preparer can be a challenge. When it comes to credentials, there is no substitute for years of experience. Here's a story that will help communicate the importance of hiring an experienced tax preparation service rather than a novice. My father recently had heart surgery. My mother and I were sitting anxiously in the waiting room before the operation when the doctor came in to speak with us briefly. We exchanged pleasantries and then I asked him, "How many times have you done this particular type of procedure?" He smiled and said, "Thousands of times."

Primary topic: Personal Finance

Personal Finance

959 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - What Happens If You Don't Make Quarterly Estimated Tax Payments?

How about a quick multiple-choice question on the world's most complicated subject: taxes. Here's the question: As a sole proprietor or self-employed person, what will the IRS do to you if you don't make federal quarterly estimated tax payments? Here's the possible answers: a. Carry you off to prison b. Fifty lashes with a wet noodle c. Nothing d. Assess a penalty Depending on your particular tax situation, the correct answer is either "c" or "d".

Primary topic: Personal Finance

Personal Finance

953 views

By Wayne DaviesMay 17, 20161 topic

What Is So Wonderful About Reading The Bible?

Have you ever prayed this prayer? "Open my eyes that I may seer Wonderful things in your law." This prayer was written about 3,000 years ago. You can find it in Psalm 119:18. It's a request to experience wonderful things by reading the Bible. The psalmist expected to see something wonderful by reading God's Word, which he calls "law" or "instruction". The Bible is a book of instruction – it teaches us many things about God and ourselves and our world. When you read the Bi

Primary topic: Christianity

952 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - How to Contact the IRS Without Breaking Into a Sweat

We all love to criticize the IRS, don't we? It's easy to ridicule a huge organization of government bureaucrats who often seem to be Public Enemy #1. Our negative attitude toward the IRS can lead to a strong desire to just ignore it altogether. But self-employed people who ignore the IRS do so at their own peril. So when it comes to providing free information about taxes, let's not throw the baby out with the bath water. The IRS does provide some excellent resources to help us make the best of a potentially bad situation.

Primary topic: Personal Finance

Personal Finance

950 views

By Wayne DaviesRecently published1 topic

Small Business Tax Mistakes - Why Getting a Big Refund is a Bad Idea

I will never forget the day that a tax client came into my office to pick up his income tax return. "How's it look?" he asked. "Well," I said, "It looks like you're getting a refund." "Great! How much?" "Oh, it's a big one," I said. "Over $5,000 dollars." Mr. Client couldn't have been happier. He face lit up like a light bulb. He was ecstatic -- he sincerely believed that he had "beat the tax man" by getting such a large refund.

Primary topic: Personal Finance

Personal Finance

948 views

By Wayne DaviesRecently published1 topic

Summer Tax Savings - How to Properly Document Your Non-Cash Charitable Contributions

If you want to donate your old stuff instead of having a yard sale, you must make sure that what you want to donate can actually be deducted on your tax return. How do you know? Here's a simple rule to follow: If you're unsure whether your item qualifies for a tax deduction, then consider this - if you would give it to a relative or friend, then the item is most likely in good condition and is appropriate to donate. The official wording from the IRS is this: clothing and household goods must be in "good used condition" or better in order to qualify for a deduction.

Primary topic: Personal Finance

Personal Finance

942 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - Are You a Sole Proprietor (and Don't Even Know It?)

Do you wonder whether the IRS views you as a sole proprietor? Then you came to the right place. Step right up and get an answer to this all-important question. According to the IRS, a sole proprietor is someone who owns an unincorporated business by himself or herself. There are two key words in that definition. Let's unpack them both. First, "unincorporated". The IRS is saying that if your business is not a corporation, a partnership, or a limited liability company (LLC), then you are a sole proprietor.

Primary topic: Personal Finance

Personal Finance

938 views

By Wayne DaviesRecently published1 topic

Summer Tax Savings - How to Get a Tax Deduction For Donating Used Items

The purpose of this article is to help you prepare Form 8283, Non-cash Charitable Contributions. The rules for reporting charitable contributions on your tax return are a bit tricky, so take your time as you read on. We'll start with some of the basics on how to report what are known as non-cash charitable contributions on your federal personal income tax return. 1. You must itemize deductions on Schedule A in order to get a deduction for donating used items. So if you don't itemize, you don't get a deduction. So sorry to give you the bad news, but it's best that you find that out now.

Primary topic: Personal Finance

Personal Finance

929 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - What is the #1 Reason You Pay Too Much Tax?

What is the Number One reason you pay too much tax? Let's brainstorm. We all pay too much tax because: 1) Our elected politicians created the complicated and convoluted monster known as the U.S. Tax Code, and this monster takes our money away. 2) Public Enemy #1 (The IRS) takes our money away. 3) Tax preparers are too busy preparing tax returns to help us take advantage of all the complicated and convoluted tax loopholes, leaving us to fight a losing battle against The Monster and its evil watchdog, the IRS. What do you think? Are we on the right track?

Primary topic: Personal Finance

Personal Finance

916 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - 6 Compelling Reasons to Pay Your Taxes Electronically

Did you know that the IRS has made it significantly easier to make your federal tax payments on time? Let me introduce you to EFTPS - the Electronic Federal Tax Payment System. It's been running along quite smoothly for many years now, and if you're not using it, here are six compelling reasons to sign up today. Reason #1: It works. Millions of small businesses use it successfully every day. Reason #2: It saves time.

Primary topic: Personal Finance

Personal Finance

909 views

By Wayne DaviesRecently published1 topic

Payroll Taxes - How to Reduce the Likelihood of a Tax Penalty by 31 Times

Here's the latest version of the age-old story, "The Tale of Two Small Business Owners." It goes like this: Small Business Owner #1 is 31 times less likely to be penalized by the IRS tha Small Business Owner #2. Hmmm. What gives? What is the difference between these two chaps? It's simple, really. Small Biz Owner #1 makes his federal tax payments electronically, using the government's Electronic Federal Tax Payment System (aka EFTPS). Small Biz Owner #2 makes his federal tax payments manually, using good old paper 'n ink to write the check.

Primary topic: Personal Finance

Personal Finance

902 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - How to Get an Employer Identification Number (EIN)

Do you need an Employer Identification Number (EIN) for your small business? You may be required to get an EIN for any number of reasons, such as: 1. Hiring employees 2. Forming a corporation 3. Forming a partnership 4. Buying a business 5. Starting a retirement plan 6. Filing excise tax returns 7. Opening a business bank account There are four ways to get an EIN. 1. Apply online.

Primary topic: Personal Finance

Personal Finance

892 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - What is Your Biggest Obstacle to Paying Less Tax?

Before I tell you the biggest obstacle to small business tax reduction, let me tell you a story. One foggy night the captain of a large ship saw what appeared to be another ship's lights approaching in the distance. The two were on a course that would mean a certain head-on collision. So quickly the captain signaled to the approaching vessel, "Change your course ten degrees west." The reply came, blinking back through the thickening fog, "You change your course ten degrees east."

Primary topic: Personal Finance

Personal Finance

890 views

By Wayne DaviesRecently published1 topic

Last Minute Tax Tips - How to File an Extension For Your Personal Tax Retu

Do you need more time to prepare your personal tax return? Look no further tha Form 4868. And if you need help completing Form 4868, look no further than this article. Here are five tips for completing the extension form without a glitch. Tip 1: Relax. This form is one of the easiest tax forms on the planet. Tip 2: Go to the IRS website to print out a copy of Form 4868. Or you can use your tax preparation software program to fill it out. Either way, have a copy of the form in front of you as you read the rest of this article.

Primary topic: Personal Finance

Personal Finance

885 views

By Wayne DaviesRecently published1 topic

Small Business Taxes - What is Self-Employment Tax and Why Must You Pay It?

If you are new to the world of self-employment, it's time for you to meet an old nemesis known as Self-employment tax. Self-employment (SE) tax is the sole proprietor's version of the social security and Medicare tax paid by employees. In case you didn't realize it, in 2008 employees were required to pay 6.2% social security tax on the first $102,000 of wages or salary. In 2009, the amount subject to social security tax increases to $106,800. And they were also required to pay 1.45% Medicare tax on all their wages or salary, regardless of the amount.

Primary topic: Personal Finance

Personal Finance

883 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - How to File an Extension For Your Income Tax Retu

For all you procrastinators out there, here's a nuts 'n bolts guide on how to legally postpone the filing of your 2008 income tax returns. When it comes to putting things off, you can never plan too far ahead. In many cases the IRS allows you to file a no-questions-asked extension form. Which particular form you file depends on what type of entity your business happens to be. SOLE PROPRIETORSHIP: You need to file Form 4868 to get an automatic 6-month extension to file your personal income tax return. CORPORATIONS:

Primary topic: Personal Finance

Personal Finance

880 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - 3 Reasons to Benefit From IRS Audit Rates

Who's afraid of the IRS? Let's face it: We all are! And with good reason. IRS horror stories abound, and we all know someone who's been through an IRS audit and barely lived to tell about it. So the purpose of this article is to help calm those fears. Maybe I can't remove them completely, but I do hope you find some comfort in what I'm about to tell you.

Primary topic: Personal Finance

Personal Finance

877 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - What's the Difference Between a Tax Deduction and a Tax Credit?

Do you understand the difference between a tax deduction and a tax credit? This story should clarify the difference. A self-employed client (let's call her Debbie) came to me to prepare her income tax return. She was quite distraught because she had a balance due of $400. She could barely stand the thought of paying the government any more money.

Primary topic: Personal Finance

Personal Finance

875 views

By Wayne DaviesRecently published1 topic

How To Reduce The Chance Of An Audit By Over 50 Percent

Perhaps you've been thinking about making a change in your Choice of Entity. Maybe you've been asking, "What type of Business Entity should my business be?" By "Business Entity", I mean the legal structure of your business, and there are basically five from which to choose: Sole Proprietorship Partnership Limited Liability Company (LLC) "C" Corporation "S" Corporation This is not a question that is easily or quickly answered. There are many factors to consider, and here's one that is often overlooked: If you are a Sole Proprietorship, your odds of getting

Primary topic: Personal Finance

Personal Finance

866 views

By Wayne DaviesRecently published1 topic

What Are State Payroll Taxes and Why Must You Pay Them?

Every small business owner with employees must withhold and then pay state payroll taxes. It's just part of doing business that every employer must handle properly. If you don't, you face the likelihood of incurring stiff penalties (late payment fines and interest charges). The purpose of this article is to give you an overview of how the state payroll tax system works, so you can do it right not only the first time, but every time, and thereby avoid any unnecessary expenses.

Primary topic: Personal Finance

Personal Finance

863 views

By Wayne DaviesRecently published1 topic

How to Find the Right Tax Preparation Service for You

What should you look for in a tax preparation service? Since there are so many tax preparers to choose from, it only makes sense that you know what you need before making a decision. Here are three essential qualities that any reliable tax preparation business will have: 1. Many years of experience.

Primary topic: Personal Finance

Personal Finance

832 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - How to Get a $1,000 Refund For a Return You've Already Filed

Did you know you can get a refund for a return that you already filed? Yep, it's true. If you think you forgot a deduction on a previously filed return, you have three years to tell the IRS about it and receive a refund. Here's how it works: You can file an amended return up to three years after the due date of the return in question.

Primary topic: Personal Finance

Personal Finance

792 views

By Wayne DaviesRecently published1 topic

Small Business Tax Tips - Why You Might Need to File Two Returns This Tax Season

Does just the thought of preparing your income tax return this year make your blood boil? And when you're done, do you break out the champagne and celebrate like it's New Year's Eve? (Or just reach for the Tylenol?) Well, guess what? I'm going to suggest that you inflict yourself with that same punishment twice, because it may be that filing a return not once, but twice, for the same year can put hundreds or even thousands of dollars in your pocket.

Primary topic: Personal Finance

Personal Finance

761 views

By Wayne DaviesDec 15, 20211 topic

One Great Christmas Verse, Three Incomparable Gifts

For many people, Christmas is primarily a time of physical consumption, feeding our bodies with much food and other material goods. May this also be a season of greatly needed spiritual consumption, feeding our souls with the Word of God and the great truths about the purpose of Christ’s birth. To that end, here is one of my favorite Christmas verses: “For you know the grace of our Lord Jesus Christ, that though he was rich, yet for your sake he became poor, so that you by h

Primary topic: Christianity

662 views

By Wayne DaviesDec 15, 20211 topic

How to Spend Christmas with Jesus This Year

Life is full of distractions. It’s so easy to lose sight of what is most important. And with Christmas right around the corner, I’m reminded of this now more than ever. The urgent tasks of today have a way of crowding out the ultimate priorities of ete ity. Christmas is about Christ. It can take intentionality to realize this – a conscious effort, by the grace and power of God, to remove the distractions and focus on the reason for the season. How will you do that this Chr

Primary topic: Christianity

659 views

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