A few years ago, I retired from my career job and began a micro-business, for which I've been filing an annual 1040-ES, Estimated Tax form. In April of 2012, I ended the business and am now completely retired and living on a fixed income. For this Tax season, do I file one last 1040-ES to cover the earnings I had from my micro business in 2012? If so, what is the next step? Is there another form I must file to indicate that my status has changed from owner of a micro-business to a completely retired, non-working Senior Citizen? If so, what is this form? What is the official procedure I must follow to transition from Estimated Tax payer to non-working, fixed income Senior? Thank you. Kelby, but I do have to file a 1040-ES this year for the 2012 tax period, because I did earn until April 2012. Is that correct. Do you know what I found? The last 1040ES for 2012 was due Jan 17, 2013, it is now too late to worry about that one you file your business as you would normally have done, sch C, SE if necessary and you claim the 1040ES payments you made just like you do when your employer withholds income tax from your paychecks and no there is no form to let IRS know you are fully retired when you are ready to file 2013 income tax returns you will have the information about your income that you will need, maybe you won't need to file at all, or maybe you will your final Sch C indicates that your business is no longer viable
Premieres Thursday, Feb. 23 @ 8 p. M. On Western Reserve PBS Repeats Feb. 23 @ 10 p. M. & Sunday, Feb. 26 @ 7 p. M. Also airs Saturday, March 24 @ 9 a. M. Teens . . .
Turning to debt negotiation is a great consolidation alternative when your monthly expenses have gotten out of control. This is a process recommended for individuals who have fallen behind on their payments because they just don't have enough income on a monthly basis to cover them all. This is one smart way for you to lower your monthly payments, yet still accept responsibility for the debt you have accumulated. Debt negotiation generally involves working with a for-profit or a non-profit organization. They will sit down with you to evaluate your debt situation, bad credit or good credit does not matter. You will be required to bring in current statements for all of your monthly bills as well as your monthly income.
A employee of a debt negotiation company will go over the information with you. They have negotiations already in place with the various lending institutions available, especially credit card companies. This means they will negotiate with the lender a lower interest rate for you. This will reduce the amount you will have to repay over the term of the debt. You will have a monthly payment to make to the debt negotiation company rather than paying each creditor on a monthly basis. They will then allocate the agreed upon amount to each creditor. You will continue to get a monthly statement from each creditor. Make sure the statement reflects the amount of payment your debt negotiation states they will be getting.
It is very important that you work with a qualified debt negotiation agency with a solid track record. Take the time to research their background. Find out how long they have been in business. You should also check their status with the Better Business Bureau. This is a great way to find out about consumer complaints against a particular debt negotiation agency and their dealing with satisfied and dissatisfied consumers.
While debt negotiation is a great way to be responsible for your debt, keep in mind your credit score will be affected. It will be lower as long as you remain on the debt negotiation plan. In most cases, your credit score will be better than if you had continued being late and missing payments like you were before. Creditors will have to show your account as paid in full once the negotiated amount has been paid. It is very important that you review your credit report to make sure this has been done.
Developing a business requires a strategy. You must be clear about your methods and objectives to be able to quantify your goals. Aside from the capital required, business development will predominantly depend on how you manage your people as well as your resources.
To be successful in your business development, you should first be aware of a of the most important qualities that you should possess as an owner or manager. Here are any of these qualities.
A successful business does not happen overnight. It would take years to polish your product and also hire employees who would want to stay for the long-term as much as you want them to be a part of the company. Along the way, there will be a lot of mistakes and your patience will be stretched to the limit. It is also normal that you will feel very frustrated with any of your employees' performance and you should try very hard to train and motivate them. In addition to patience, you should also try to stay calm and composed especially when making necessary decisions.
Being open minded is very important. You can achieve this by accepting that not all things can be in your control. If you continue believing that they are, you will end up frustrated. Set realistic targets and provide allowances for revisions, delays and errors. In addition to this, you should also be receptive to suggestions which could improve your business output. By being open to changes, you are allowing your business to adapt easily. This is actually one of the keys to long-term business success.
When establishing or developing a business, make sure you are dedicated and commitment. During difficult times, you may be easily frustrated and feel like giving up. You should understand that as your business grows, it becomes more complicated. Just like bringing up a child, developing a business requires constant attention, which could be tiring. During setbacks or failures, you may even feel depressed. If you need to get motivated in an instant, you could try hypnotherapy to alter your behavior. Your subconscious is said to be more receptive to changes especially if you are under hypnosis.
You must remember that business development is a serious matter and the fact the many people depend on you should be enough to make you dedicated and committed. In the end, you are the first one who will enjoy the fruits of your labor.
Bernie Brenner enjoys the development of new businesses and markets and has spent most of his career incubating ideas into venture-backed companies. Currentl. . .
A penny saved is a penny earner but with inflation we can say that a "A dollar saved is a dollar earned". One can easily get out of debt for free. If a person starts saving on a monthly or a daily basis, the savings can amount to a lot of money. For example if you were to save $150 on a monthly basis, this would amount to $1800 annually. This is quite a saving.
This amount can then easily be used to pay back debts and small loans that you may have. This amount can also be used o fund any unforeseen expenditure such as a medical emergency which may not be covered by your insurance company. Debt is a financial burden, if not paid hence to, its essential that you write down all the debts for you to get out of the debt structure, in this way, you can prune your debts. Debts comprise of the principal as well as the interest component. If you miss the interest for even a month, the lender has the right to take away the service or the goods and will also charge you penalty for the same.
You can get out of debt free by asking the lender on an early settlement, the lender may charge a penalty for repaying the loan early. Ask the lender for all the clauses before you take debts from them. One can get out of debt provided that they act wisely to get out of debt free, in fact there are also many websites which can provide free advice for getting out of debt. They don't charge any fees. The advice can be general, however you can take their tips and solutions and apply it to your situation to make it work. Debt not paid also makes your credit report negative, which is accessible to all future lenders that you may approach.
July 28 (Bloomberg) — The debt-ceiling proposals put forth by Senate Majority Leader Harry Reid of Nevada and House Speaker John Boehner of Ohio would each . . .