You’ve went all year waiting to file your taxes, but now that it’s time, you can’t remember where you stashed all those receipts you need to provide proof for your fuel expenses. If this sounds like you, there’s no need to fret. Simply keep these last minute income tax filing tips in mind and you’ll not only lessen your stress, but you can also save money on your taxes.
Gather the documents you need
If you’re self-employed, you’ll need 1099s from your clients. However, even if you don’t get one, you can still report the income. Simply tell your tax accountant how much your total income was and he can figure your taxes for you. If you’re not self-employed, make sure to bring all of your W2s with you to your tax appointment. Other important documents to bring include:
- Out of pocket medical expenses paid
- Job-related expenses
- Failure to pay documentation (where clients failed to pay you for the services you provided)
- Savings and retirement account information
Don’t forget student loan expenses
Did you pay interest on a student loan? If so, you need to let your tax accountant know how much interest was paid. This amount in itself can bring forth huge tax savings.
E-file
Want your tax refund fast? If so, take comfort in knowing that 90 percent of tax filers are going to receive their refunds within 21 days after filing as long as they e-file. This means if you want your tax refund fast, you need to e-file, too. All this requires is that you allow the government to deposit your refund into your checking or savings account automatically. Its as simple as that.
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Workers’ compensation requires an end of the policy year audit to assure proper premium is charged. This process protects both the insured and insurers.
Think through this process to make it easier, and cost saving. First, choose a policy year that creates an easy audit. The calendar year works for many companies. You already must report payrolls to the US government, the paperwork is essentially done. Calendar quarters work for the same reason.
If you prefer to use your corporate tax year, go ahead. If you complete quarterly profit and loss, you can use a financial quarter. But choose an annual period which already has an audit trail.
Keep payroll records separate for each workers’ compensation classification. Normally, this record keeping is straightforward. The same people specialize in certain tasks: clerical, sales, labor, or drivers.
Some operations can be more complex. If labor crosses from one specialty to another, perhaps a carpenter helps pour a concrete slab, that payroll should be split on an hourly rate. The higher rate applies otherwise.
Demand any subcontractor, for example a hood cleaning crew for a restaurant, provide a Certificate of Insurance (COI). Technically, insurance companies can charge for the payroll portion of any contracted work in the absence of a COI.
If you use to a non-covered contractor, keep those records to properly assign a discount for premium.
Lastly, keep records to isolate overtime pay. Overtime payroll receives a discount for premium purposes.
Make audits easier. Choose a convenient policy period. Keep records for independent contractors with COIs, and payments to those without. Isolate overtime pay. Segregate individual payroll by classification if that individual works in multiple job descriptions.
Your premium will be more accurate with a minimal additional management effort. And, the default position is always to increase payroll, and therefore, premium.
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Riding ATVs with your buddies or family combines the thrill of the great outdoors with the power of a four wheeling machine. Insurance protects your investment if it’s damaged or stolen, and some riding clubs require insurance before they’ll allow you to join. Lower your ATV insurance premiums with seven tips.
1. Buy a utility model. Sporty models or ATVS with bells and whistles look and ride nice, but they may cost more to insure. Utility models are often economical to insure. Likewise, keep in mind that the ATV’s mileage, condition and age also affect your premium.
2. Take a safety course. Most ATV dealers offer safety courses that include a book test and riding instruction. Your insurance company may reward you and anyone who shares your machine for knowing how to navigate your ATV safely in all terrains.
3. Maintain a clean driving record. Your insurance premium stays low when you operate the ATV safely and only on grounds where you have permission to ride legally.
4. Store your ATV safely. Locking your toy in the garage and installing an anti-theft device on it can reduce your insurance costs.
5. Compare policies. Different insurance companies offer different deductibles, coverage options and rates, so take your time and comparison shop.
6. Use one company for all your insurance needs. Most companies give you a discount when you combine, home, auto and ATV insurance.
7. File claims only when you have to. You pay for insurance so that you can file a claim if you have to, but don’t file for every little damage or your premium will rise.
If you love riding your ATV, make sure it’s properly insured. Then, use these seven tips to obtain a lower premium. Call us today for additional information on how we can help you find the affordable ATV insurance coverage you need.
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Spring cleaning does more than remove dirt and grime left over from winter. It also protects your house and reduces maintenance costs. So, try four spring cleaning tips this season as you cleanse your home.
1. Wash walls, windows and baseboards.
Often overlooked during weekly cleaning, the walls, windows and baseboards of your home harbor plenty of dirt and dust. Wash them at least once a year to ensure they look nice and to protect their finish.
*Move the furniture away from the walls, and wipe down the walls with a slightly damp cloth or magic eraser.
*The baseboards are also easy to wash off with a damp cloth. A toothbrush reaches into all the crevices.
*Use vinegar on the windows instead of glass cleaner to cut through accumulated dirt and prevent streaks.
2. Scrub the carpet.
Accumulated dirt, pet dander and odors can quickly ruin your carpets. Instead of merely running the vacuum each week, deep clean the carpets at least once a year. You can easily rent a carpet cleaner and do the job yourself or hire a professional cleaner as you prolong the life of your floors.
3. Care for furniture.
Modern or antique, your furniture will last longer when it’s free from dirt. Take time this spring to wipe off each piece from top to bottom. Use a soft cloth on wood to prevent scratches, and remember to spot treat dirty upholstery, flip the cushions and repair any tears or holes in the fabric.
4. Reduce clutter.
In addition to attracting pests and rodents, clutter reduces your ability to exit your home in an emergency. Commit to tossing or donating clutter like piles of books, excess furniture or anything you haven’t used in six months. Your home will thank you.
With these four spring cleaning tips, you’re able to reduce maintenance costs over time. So, look forward to protecting your home this season.
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Given the ever expanded concept of what constitutes a disability, employers will continue to face an ever growing compliance challenge. Here are some basics to be remembered:
- Knowledge of the need to accommodate an employee can come from numerous sources including a work comp claims manager, a company supervisor or manager, HR, the employee themselves, a union rep, a doctor, poor performance, simple observation, or some kind of hotline call.
- To have a good process, it must be laid out step-by-step with supporting documentation.
- Be interactive. Remember the rule that the first to give up on the dialogue process generally loses.
- Have appropriate education and training. For example, HR could create a simple video to help employees with the accommodation process.
- Allow managers to engage in simple, easy and quick accommodations.
- Proper documentation of all steps in the process.
- Ongoing communication, monitoring, feedback, and improvement.
The accommodation process begins with a needs assessment. This means a thorough review of the job description and duties and a clear understanding of the employee’s limitations including potential absences etc. Remember you can accommodate an employee by the following means:
- Changing facilities or equipment
- Job restrictions
- Modifying schedules
- Modifying a test, training, or policies
- Offering vacant positions within their skill range
- Offering temporary positions (the ADA does not require you to create a new position for an employee)
- Support including readers, interpreters, or even dogs
- A leave of absence
- Any other idea that would generate a reasonable accommodation
Proper documentation of any undue burden
One of the biggest mistakes an employer makes is to assume in advance that an accommodation would create an undue burden. If the request is reasonable, the best approach is to let them try it and to be clear about performance standards. Document any shortcomings their accommodations may be causing and continue to communicate about ways to elevate them.
There is extensive material on the ADA on HR That Works including flow charts, checklists, forms, and policies to use. There is also training you can provide your managers (a good idea). Also remember if you have over 50 employees the FMLA may allow an employee who has serious medical condition up to 12 weeks of leave which they may use instead of accepting an accommodation.
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People are losing jobs to robots and technology at an accelerating rate. Have you used one of those self-serve checkout stands lately? One was installed at my local CVS only 3 months ago. Awkward at first but seems like old hat now. The manager there told me the new system allowed him to let two full time clerks go. Two jobs lost to robots and their technology that will never reappear. Here’s just some of the other jobs that are suffering the same fate as retail clerks:
- Pharmacists
- Soldiers
- Reporters
- Drivers
- Fast food workers
- Assembly workers
- Bank tellers
- Secretaries
- Stock traders
- Warehouse workers
- …and there is more
Technology alone changes the employment landscape. Objects like the iPhone have the consequence of laying off Kodak workers, as well as workers in the mapping, printing, alarm clock and record industry.
I recently listened to an interesting podcast (all Radiolab podcasts are interesting!) about work in a shipping warehouse for online mega-providers, such as Amazon. If you thought stop watches were banned in the workplace at the beginning of the last century, guess what – they’re back! Technology, along with its gamification, is reducing worker output to a competitive logarithm using the most minute of performance indicators.
Years ago Buckminster Fuller (otherwise known as “Bucky”) surmised that the rise of computers and technology would bring use to a place where it is inefficient to have full scale employment. It would actually be cheaper to pay people to stay at home. And we are getting there. Even in a “good” economy we have 7% unemployment. And we are being asked to pay for those folks who have to stay at home…because there are no jobs. This has more to do with the macro-economics of production than it does anything a politician can influence.
While Bucky believed that less is more, most folks don’t think that way. In their idleness they will want to be serviced, entertained and otherwise cared for, by a growing service class economy. So the fantasy of growing the middle class back to where it was before all these technology changes is a pipe dream. A political football divorced from reality. There will be a continued division between highly paid knowledge workers and low paid service workers. Sooner or later we will end up paying service workers to stay home or do some form of public service.
As we march forward you will either be a highly paid knowledge worker who cannot yet be replaced by a machine or a low paid service worker who cannot yet be replaced by a machine. That’s true for your kids’ future too!
FYI – Looks like John Henry would be out of a job today. Now trains lay their own tracks http://www.wimp.com/traintrack/
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