Box 60b - Household employment taxes - If you employ a nanny or maid who works in your home a Schedule H must be filed so that you can account for the payroll taxes you should be paying your employees. Guaranteed to ruin any chances you had at a government appointment if you don't do this right.
Box 47 - Taxpayers who because of residence must pay foreign
taxes are given a break here in that they can deduct those taxes paid. Must use 1116 form to report it.
"My neighbor Joe has X coverage from the "ABC" Insurance Company and he is pretty happy with it. He's a pretty sharp guy so I trust his judgment. I'll just get what he has." There is a danger in relying on friends, neighbors and family members for guidance. Of course, the reason you want to do this is trust. I understand that and I don't blame you. The problem is that you put a great deal of trust is someone who lacks the expertise to help you make the best decision. How do you know they have the best plan? Are you in similar health, on the same medications? Is your financial situation the same? Maybe that person is more of a risk taker then you and is OK with high deductibles and co-pays. Are you?
Why does it matter? It matters because if you've been paying your workers as employees, you should have been issuing paychecks and withholding income taxes (federal and state) as well as payroll taxes (Social Security and medicare tax) from those paychecks. You should have also been paying these taxes to the appropriate government agencies over the course of the year. Depending on the amount of withholdings, you can be required to make payments weekly, monthly or quarterly. In addition, if you have employees you should also be calculating and paying federal and state unemployment tax, which can also be due every quarter.
Do not weight yourself often. Weighing yourself a lot may discourage you because the results are not instant. Exercising builds muscle, which is heavier than fat. Judge your progress
by seeing how your clothes look on your body, not by obsessing over numbers on the scale.
But as the deficit keeps increasing which makes people sad, pressure will increase on the government to do "something". That "something" could be a result to inflate our way out of this mess, rather than risk the type of deflationary spiral that Japan has suffered over the past 2 decades.
Treasury Inflation Protected Securities (TIPS) are often known as Treasury Inflation Index Securities and Real Return Bonds (RRB). TIPS are 'safest of the safe'. There is small amount of downside risk on investment. TIPS are long-term fixed income investments protected against fluctuations in the rate of inflation.
Box 66 - Additional Child Tax Credit - Where the child tax credit reduces your tax owed, the Additional Child tax credit is a refundable tax credit. So for example if you owed 1000 in taxes the child tax credit of 1000 would reduce it to zero, but if you owed no taxes, you wouldn't get the child tax credit, that's what is medicare - what Is medicare advantage
the Additional child tax credit will do is give you that credit regardless of how much in taxes you owe.
Box 30 - Penalty on Early Withdrawal of Savings - If you withdraw money from your retirement plan as a self employed individual and it's not your allotted time to be able to do so, the IRS will add a penalty to your withdrawal. Speak to a good financial planner to help avoid this from happening.