February Income Tax Preparation Discount

 

What You Need To Know About Taxable and Non Taxable Income

All income is taxable unless a law specifically says it isn’t. Here are some basic rules you should know to help you file an accurate tax return:

• Taxable income.  Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services received is normally taxable.

Some types of income are not taxable except under certain conditions, including:

• Life insurance.  Proceeds paid to you upon the death of an insured person are usually not taxable. However, if you redeem a life insurance policy for cash, any amount you get that is more than the cost of the policy is taxable.
• Qualified scholarship.  In most cases, income from a scholarship is not taxable. This includes amounts used for certain costs, such as tuition and required books. On the other hand, amounts you use for room and board are taxable.
• Other income tax refunds.  State or local income tax refunds may be taxable. You should receive a Form 1099-G from the agency that paid you. They may have sent the form by mail or electronically. Contact them to find out how to get the form. Report any taxable refund you got even if you did not receive Form 1099-G.

Here are some items that are usually not taxable:

• Gifts and inheritances
• Child support payments
• Welfare benefits
• Damage awards for physical injury or sickness
• Cash rebates from a dealer or manufacturer for an item you buy
• Reimbursements for qualified adoption expenses

 

Ways To Pay Your Income Tax Bill

If you owe federal tax, the IRS offers many easy ways to pay. Make sure you pay by the April 18 deadline, even if you get an extension of time to file your 2015 tax return. You can get an automatic extension of time to file when you make an electronic payment by April 18. Here are some of the ways to pay your tax:

• Use Direct Pay.  IRS Direct Pay offers taxpayers a free, secure and easy way to pay. You can schedule a payment in advance to pay your tax directly from your checking or savings account. You don’t need to register, write a check or find a mailbox. Direct Pay gives you instant confirmation after you make a payment.
• Pay by Debit or Credit Card.  Choose a payment processor  to make a tax payment online, by phone or by mobile device. It’s safe and secure. The payment processor will charge a processing fee. The fees vary by service provider and may be tax deductible. No part of the fee goes to the IRS.
• Use IRS2Go. IRS2Go is a free app that you can use to make a payment with Direct Pay and by debit or credit card. Simply download IRS2Go from Google Play, the Apple App Store or Amazon.
• Pay When You E-file. If you file your federal tax return electronically, you can schedule a payment at the time that you file. You can pay directly from your bank account using Electronic Funds Withdrawal.  You choose the date and amount of the payment, and as long as it is on or before April 18, it will be on time. Some software that you use to e-file also allows you to pay by debit or credit card with a processing fee.
• Choose Other Options to Pay. The IRS offers other ways to pay:
  • Use the Electronic Federal Tax Payment System to pay your taxes online or by phone. This free system provides security, ease and accuracy. To enroll or for more information, call 888-555-4477 or visitEFTPS.gov.
  • Pay by Check or Money Order. Make the check, money order or cashier’s check payable to the U.S. Treasury. Do not staple, clip or attach your payment to the tax form. Include your name, address, daytime phone number and Social Security number or Employer Identification Number on the front of the payment. Use the SSN shown first if it’s a joint return. Also include the tax year and related tax form or notice number. Do not send cash through the mail.
• Can’t Pay Now?  If you are unable to pay in full, you have options:
  • Apply for an online payment agreement to pay your tax liability over time. Use the IRS.gov tool to set up a direct debit installment agreement. With a direct debit plan there is no need to write a check and mail it each month.
  • Owe more than you can afford? An offer in compromise may allow you to settle for less than the full amount you owe. It may be an option for you if you can’t pay your full tax liability. It may also be an option if paying in full creates a financial hardship. Not everyone qualifies. Use the Offer in Compromise Pre-Qualifier tool to see if you are eligible for an OIC.

In short, remember to pay your tax bill on time. If you are suffering a financial hardship, the IRS is willing to work with you.

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.

Income Tax Preparation: February Discount Available

 

Parents: Don’t Miss Out On These Tax Savers

Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return:

• Dependents.  In most cases, you can claim your child as a dependent. You can deduct $4,000 for each dependent you are entitled to claim. You must reduce this amount if your income is above certain limits. For more on these rules, see Publication 501, Exemptions, Standard Deduction and Filing Information.
• Child Tax Credit.  You may be able to claim the Child Tax Credit for each of your qualifying children under the age of 17. The maximum credit is $1,000 per child. If you get less than the full amount of the credit, you may be eligible for the Additional Child Tax Credit. For more information, see Schedule 8812 andPublication 972, Child Tax Credit.
• Child and Dependent Care Credit.  You may be able to claim this credit if you paid for the care of one or more qualifying persons. Dependent children under age 13 are among those who qualify. You must have paid for care so that you could work or look for work. See Publication 503, Child and Dependent Care Expenses, for more on this credit.
• Earned Income Tax Credit.  You may qualify for EITC if you worked but earned less than $53,267 last year. You can get up to $6,242 in EITC. You may qualify with or without children. Use the 2015 EITC Assistant tool at IRS.gov to find out if you qualify. SeePublication 596, Earned Income Tax Credit, to learn more.
• Adoption Credit.  You may be able to claim a tax credit for certain costs you paid to adopt a child. For details see Form 8839, Qualified Adoption Expenses.
• Education Tax Credits.  An education credit can help you with the cost of higher education.  Two credits are available. TheAmerican Opportunity Tax Credit and the Lifetime Learning Creditmay reduce the amount of tax you owe. If the credit reduces your tax to less than zero, you may get a refund. Even if you don’t owe any taxes, you still may qualify. You must complete Form 8863, Education Credits, and file a return to claim these credits. Use theInteractive Tax Assistant tool on IRS.gov to see if you can claim them. Visit the IRS’s Education Credits Web page to learn more on this topic. Also, see Publication 970, Tax Benefits for Education.
• Student Loan Interest.  You may be able to deduct interest you paid on a qualified student loan. You can claim this benefit even if you do not itemize your deductions. For more information, seePublication 970.
• Self-employed Health Insurance Deduction.  If you were self-employed and paid for health insurance, you may be able to deduct premiums you paid during the year. This may include the cost to cover your children under age 27, even if they are not your dependent. See Publication 535, Business Expenses, for details.

 

Marilyn Monroe Facts: 25 Things You Don’t Know About the Hollywood Icon

by Gary Susman

What possible secrets can there still be about Marilyn Monroe?

Quite a few, apparently, from the identity of her birth father, to the nature of her fatal overdose at age 36 — was it suicide, accident, or murder? In 2012, on the 50th anniversary of her death, Moviefone previously published “25 Things You Didn’t Know About Marilyn Monroe.” Turns out that list barely scratched the surface. Here, then, are 25 more.

1. Monroe’s birth certificate from 1926 lists her birth name as Norma Jeane Mortenson. The last name was a misspelling of the surname of her mother’s second husband, Martin Mortensen, who separated from Gladys before she became pregnant. Soon after, she reverted to her first married name, Baker, and gave that name to her daughter.

2. Gladys later told Norma Jeane that her father was Gladys’ boss, Charles Gifford, who looked like Clark Gable in the snapshot that Gladys showed her. Monroe never met him and never knew for certain who her father was.

3. Gladys Baker was a film cutter at Consolidated Film Industries, a Hollywood film lab. Believing herself to be incapable of raising the child, she left Norma Jeane with various foster families. More than once, the girl lived with Gladys’s friend, Grace McKee. For a time, she even lived in the Los Angeles Orphans’ Home, as a ward of the state.

4. When Norma Jeane was seven, Gladys bought a house and brought the girl to live with her. But within a few months, the mother suffered a nervous breakdown and was institutionalized.

5. Gladys had a history of suicidal depression in her family. Both her brother and grandmother had killed themselves.

6. In her memoir, Monroe claimed she had been sexually abused by several different people during her years in foster care. One of the abusers, she said, was the son of a great-aunt she lived with for a while. Another, she said, was Ervin “Doc” Goddard, the man Grace McKee married during one of Monroe’s stays at her home.

7. In 1942, when Monroe was 16, Doc Goddard got a job in West Virginia. He and McKee were either unwilling or unable to take the girl with her when they moved. Rather than let her become a ward of the state again, they arranged for her to marry a neighbor, James Doughterty, who was 21.

8. During World War II, while James Dougherty was serving in the Merchant Marine, his wife was working in the Radioplane factory in Van Nuys, where her duties included inspecting parachutes and coating airplane parts with fire-retardant spray.

9. The official story of Norma Jeane Dougherty’s discovery, put forth by Monroe’s estate, had her walking down Sunset Boulevard in the summer of 1944, when the 18-year-old was spotted by photographer Bruno Bernard, a.k.a. pin-up pioneer Bernard of Hollywood, who gave her his business card and offered to take some test shots, insisting that he’d be “strictly professional.” But it’s not clear that he took any pictures of her before the fateful 1947 session at the Palm Springs Racquet Club, where she was to meet talent agent Johnny Hyde. By that time, she’d already been a pin-up for a couple of years and had already signed her first movie contract.

10. We may have Ronald Reagan to thank for Monroe’s entry into modeling and show business. In June 1945, the actor and future U.S. president was a captain in the Army’s 1st Motion Picture Unit, doing publicity and propaganda work. He ordered photographer David Conover to visit the Radioplane factory to shoot pictures of pretty girls contributing to the war effort. He was particularly struck by the beauty of the 19-year-old Norma Jeane Dougherty. She told him of her desire to become an actress, and he offered to take portfolio shots of her. He spent two weeks showing her how to pose and how to woo the camera. He also encouraged her to sign with the Blue Book Modeling Agency, where she was advised to dye her brown hair blonde.

11. By 1946, she was calling herself Marilyn Monroe. “Marilyn” supposedly came from 1920s performer Marilyn Miller, while Monroe was Gladys Baker’s maiden name. 20th Century Fox talent scout Ben Lyon, who had seen Norma Jeane Dougherty’s pin-ups and signed her to the studio, is generally credited with coming up with the stage name, whose “MM” alliteration he thought would be good luck.

12. Paradoxically, the actress’ legal name became Marilyn Miller once she wed playwright Arthur Miller. She used that legal name as an alias when she visited doctors.

13. Monroe filed for divorce from her first husband in 1946, while he was still overseas. He claimed her reason for the divorce was that Fox wouldn’t sign her unless she was single. (“They didn’t want a pregnant starlet,” she explained.)

14. A decade later, at the height of her stardom, Dougherty would anger his ex-wife by claiming in a magazine interview that she once threatened to kill herself by jumping off the Santa Monica Pier if he left her. Her version of the story was that she’d threatened suicide out of boredom.

15. People were surprised when Monroe, who had been married for nine months to Yankees legend Joe DiMaggio, married the intellectual Miller in 1956, but she was well-read. She had studied literature at UCLA and had a library of 400 books in her home, many of them first editions.

16. “Bus Stop” director Joshua Logan was impressed enough with Monroe to recall later that working with her was “the first time I learned that intelligence and, yes, brilliance, have nothing to do with education.”

17. “Gentlemen Prefer Blondes” co-star and fellow bombshell Jane Russell tried to proselytize Monroe. The actress later joked, “Jane tried to convert me, and I tried to introduce her to Freud.”

18. Monroe’s billowing white dress from “The Seven Year Itch” was not her only famous movie costume. Tommy Hilfiger bought her jeans from “River of No Return” at an auction for $37,000. He gave them as a gift to Britney Spears.

19. The glittering Jean Louis gown she wore during her rendition of “Happy Birthday, Mr. President” at John F. Kennedy’s birthday in 1962 was so skin-tight that she had to be sewn into it. In 1999, it was sold at auction for $1.3 million.

20. Monroe was infamous in Hollywood for being chronically late to movie sets and struggling with her lines. These problems apparently stemmed from her crippling insecurity that no one would take her seriously as an actress. Billy Wilder, who directed her twice (in “The Seven Year Itch” and “Some Like It Hot“), insisted that all the trouble she caused was worth it, given the results. “I have an Aunt Minnie who’s very punctual,” Wilder said, “but who would pay to see Aunt Minnie?”

21. “Some Like It Hot” co-star Jack Lemmon recalled decades later that nothing seemed to help Monroe remember her lines. Cue cards would be placed all over the set, outside camera range, even inside a drawer Monroe had to open in one scene. Yet it still look Wilder dozens of takes to get Monroe to deliver the lines as written. But when the daily rushes were screened, Lemmon recalled, something magical would happen. No matter what she was saying, the camera would capture a sparkling performance that the human eye had missed. She knew better than anyone how to act for the camera.

22. When Monroe’s “The Misfits” co-star Clark Gable suffered a fatal heart attack at age 59 shortly after the shoot ended, Monroe blamed herself. She cited the stress she caused through her delay-generating behavior throughout the shoot. (Then again, Gable’s insistence on doing his own stunts and his crash diet during the shoot may have been contributing factors.) Between the loss of Gable and the dissolution of her marriage to Miller, Monroe became so despondent that she nearly jumped out the 13th-story window of her Manhattan apartment in early 1961.

23. Alarmed by her depression, her psychiatrist committed her to the Payne Whitney clinic at Cornell University-New York Hospital. To her horror, Monroe had found herself institutionalized — just like her mother. She managed to track down ex-husband DiMaggio, called him from the psychiatric ward and begged him to come spring her — which he did. The two reportedly rekindled their relationship, and she was even supposedly planning to remarry him until her fatal overdose, which happened a few days before the August 1962 wedding date.

24. Marilyn Monroe’s Facebook page has 13 million “likes.” But her Twitter feed has just 228,000 followers.

25. Monroe’s estate continues to use her image to work marketing magic. There’s a line of Marilyn Monroe fashions at Macy’s, a string of Marilyn Monroe beauty spas in various cities, Burton snowboards bearing her likeness, and a Marilyn Moments app for iPhones that lets users create their own Monroe-themed memes using portraits and quotations from the actress.

Who, What, How: 3 Secrets Investment Bankers Wish Every Business Knew

Many entrepreneurs fail to consider what investment bankers can do to help them raise money. Let’s look at investment bankers — who they are, what they do, and how they differ from a VC or an angel — and key reasons that hiring an investment banker can be one of the smartest decisions an entrepreneur can make.

WHO they are.
Investment bankers are not bankers and they are not investors. An investment banker is an individual who works for a financial institution that primarily raises capital. Investment bankers have a network of investors (often both institutional and private angel investors). Investment bankers work to bring quality deals to this network of investors for funding. Unlike with VC or Angel Investors, funds aren’t readily available to an investment banker.

WHAT is the process.
Investment bankers require a retainer, sometimes a closing fee, and could demand a percentage of capital raised. It is wise for the entrepreneur to ask for a basic plan — where funding will come from and in what form — before agreeing to pay a retainer or fees. Also ask what the fees will be used for, and inquire about payment terms (upfront or monthly, etc).

Initially, the Investment banker will assess viability of your startup. If they do not see your idea as fundable, the investment banker should stop work on your project, explain why, and perhaps spare you the final payment of your retainer. If your startup is fetching interest, the investment banker will prepare your business plan and marketing documents to support raising capital, solicit investors, and negotiate term sheets.

HOW do they help.
In the process, investment bankers help entrepreneurs by:

Lending Expertise The Investment Banker can teach an entrepreneur many things. They can help determine viability of the startup and whether the concept has investor appeal in the most cost-effective manner.

When considering an investment banker, ask for examples of previous successes. While past success doesn’t predict future success, it is important that the firm have an established track record. With investment bankers, experienced advisors collaborate with you to help determine the optimal fund raising plan (debt vs equity capital), meet goals, and they can help with an exit strategy. Plus, many investment bankers provide management services to startups.

Preparing The Way An investment banker can help your startup reach funding targets faster than most other options. They will diligently assess you, your idea, and your value proposition to ensure your startup is fundable. Then they will help create a business plan, marketing materials and documents to accurately present your proposition for funding. This includes a Private Placement Memorandum, or PPM, which protects parties from any misunderstanding. It is a legal document designed to support full understanding of a mutually beneficial investment.

Following Regulations The investment banker will ensure meeting SEC and NASD rules for raising of capital. Make sure the brokerage and principals are licensed by NASD (check out www.nasd.com).

From finding out investor appeal of your concept to reaching funding targets, a good investment banker can be a smart choice for your startup.

PRISON BREAK Is Also Getting a Limited Series at Fox

by Joey Paur

It looks like Prison Break is the next show to get a limited series. According to  Fox is developing a revival of the show that would bring back stars Wentworth Miller and Dominic Durcell, who recently reunited for The Flash series on The CW. They are also set to star in Legends of Tomorrow for the network.

Prison Break isn’t a done deal yet, but if it happens, the network is looking to give it about a dozen episodes, just like last year’s 24: Live Another Day. It will also feature a closed-ended storyline. In a previous interview with E! News, Miller talked about planting the idea at Fox:

“We actually floated the idea to Fox very casually and they seemed very not casual about this interest. They seemed to think there was something there.”

Well, Fox certainly seems to be seriously entertaining the idea, as they are currently in the process of developing it. I enjoyed the series when it was on the air, and I think it would be fun to resist. I have no idea where they would take the story for a limited-series, but I’m sure they’ll come up with something fun. Miller explains the potential of it:

“To go back and do something like we did at the end of season four, where there were those two standalone episodes were Sarah was in trouble; it was like a hidden chapter, we didn’t know this, but we’re going to share this with you, wouldn’t it be cool to go back and layer one of those things in. Like another standalone chapter, this is what you didn’t see before. Or a where are they now, it’s five years later, limited series kind of thing. I think that’d be really cool.”

 

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Here’s the One Beloved Film Franchise that Is Safe from Reboot Fever … for Now

BY JOANNA ROBINSON

 

In an interview with The Telegraph, Zemeckis was asked about any prequel/sequel/reboot/remake plans for the Back to the Future franchise. “Oh, God no,” he said. Fortunately, Zemeckis and his writing partner Bob Gale have the rights to the original trilogy and the final word on whether or not Hollywood can take the McFly saga for another spin. Zemeckis went on to say, “That can’t happen until both Bob and I are dead. And then I’m sure they’ll do it, unless there’s a way our estates can stop it.” The director then expressed his larger fatigue with Hollywood’s reboot trend, saying, “I mean, to me, that’s outrageous. Especially since it’s a good movie. It’s like saying ‘Let’s remake Citizen Kane. Who are we going to get to play Kane?’ What folly, what insanity is that? Why would anyone do that?”

Zemeckis eventually answered his own question, acknowledging that the reason behind the reboot trend is, of course, the money that comes from brand recognition or, to use studio vocabulary, “pre-sold title.” (The financial success of Jurassic World makes that point rather succinctly.) Zemeckis told The Telegraph, “Pre-sold title, that’s the reason. But can you imagine them getting skewered?”

Of all the trilogies we’d least want to see meddled with, Back to the Future is high on the list. Though the original film was intended as a stand-alone story, Zemeckis took several years to plan out the narratives of the second and third installments very carefully. The shaggier, interlocking sequels spanning the futuristic 2015 and the old West of 1885 may not be as universally beloved as the original film, but they tie up the arcs for Marty and Doc in a pretty neat bow. It would be a shame to see that all unravel to serve the convoluted contortions necessary to freshen up the franchise for 2015. After all, if Back to the Future taught us anything, it’s that messing with the space/time continuum is always a dangerous idea.