Tax Season is Here!
I'm not a fan of taxes... I'm not sure anyone is. But more than the actual money involved the process of figuring it all out is.. in the very least, confusing. A couple of things I've learned. Filing your business taxes: If your company is an LLC- you file your losses and income as part of your individual tax return. If you company is an S-corp- you need to file your corporate taxes by March 15th , and then include a shareholder form along with your personal taxes, due on April 15th. If you file an extension you need to estimate the taxes you would owe, and pay them on the date they were originally due. About your IRA: For tax year 2012, the limit that you can put into your Roth IRA and IRA combined is $5,000. But that begins to fade out once you start making more than $110,000 a year. You can deduct the money you put into your traditional IRA from your taxable income. This is what people call a 'tax deduction'. The money you put into a Roth ...