Posts Tagged ‘taxes’


4 Ways to Make Your Tax Return Work for You

Sunday, April 26th, 2015


Depending on what state you live in, the average IRS tax refund is between $2300 and $3300. With this kind of cash infusion, it’s tempting to thank Uncle Sam and then blow a bunch of money on entertainment. However, savvier citizens know that saving or investing your refund can turn it into a gift that keeps on giving. Below are four uses for your tax return that you won’t regret later on.

Home Improvement

Unless you pass down housing through your family, your home is an investment. When you move or pass away, you want to be able to sell it for a profit, and some relatively cheap improvements could significantly increase its market value. Spending tax return money on your handyman could financially benefit you or your family in the long run.

Insurance and Warranties

Everyone’s clumsy sometimes, and you can make smarter decisions as a consumer if you identify the valuables that you are most likely to break or lose. Extended warranties are available for everything from bikes to laptops, and spending some of your return insuring your at-risk possessions could save you big money down the road.

Bulk Purchases

Almost everything is less expensive if you buy a lot of it at once. This principle can turn your tax return into huge savings on consumer goods. Spending a few hundred on well-planned bulk purchasing of household commodities like paper towels and detergent could cut your grocery bills by around 50%.

Next Year’s Taxes

It’s the biggest bummer of any of these options, but it might be the most logical. Your tax return could easily become $2300-$3300 that you won’t have to pay out-of-pocket next time April 15 comes around. Alternately, you could put some of the money toward hiring a CPA to make next year’s taxes easier.

All four of these strategies have something in common – they turn your extra money into even bigger savings. TalkLocal can also help you with that by connecting you to an accountant to make some of those options not only savvy, but simple.

Visit TalkLocal, download our app on iPhone or Android, and email us about how you can earn a $20 Amazon Gift Card with your first booking while supplies last.

4 Tax Season Tips for Entrepreneurs

Sunday, March 29th, 2015


Once again, the season is changing and so is your small business’ bank balance. Tax time is here, and you’re probably fretting over your quarterly payment. If this is a struggle for you every three months, you may want to look into ways to make filing your business’s taxes easier. Here are four of the most popular tips.

Get In Touch with a CPA

You wouldn’t try to give yourself a dental checkup or a legal consultation; what’s so different about filing your taxes? Unless you have accounting skills or an unusually simple tax situation, hiring a professional could save you time and money. Find a CPA whose prices and services fit your business; they deal with these issues for a living. TalkLocal may help you find an available CPA in your area.

Find Software that Works for You

Quickbooks is a lifesaver for many small business owners, but fear not if it isn’t your style – their monopoly on tax software is no more. Shop around for an electronic organizer that works for you; some of the biggest newcomers to the market include Xero and FreshBooks.

Keep Expenses Organized

Nobody’s perfect; chances are you’ve probably forgotten to use the company card or get a receipt for some purchase. Unfortunately, every time this happens your future taxes get a little more annoying. Keep track of your expenditures and double-check them with your bank account(s) occasionally. If you’re drowning in receipts and invoices, scan and file them electronically so that retrieval is a click away.

Stash Tax Money Ahead of Time

Too many entrepreneurs get themselves in a bind by putting off their tax planning until it’s time to pay. There are two main ways to prepare for taxes in advance: budget for your business’ total taxes over a given period of time or immediately set aside the government’s cut every time you receive a payment. One or both of these methods could save you a lot of stress on April 15.

Nobody looks forward to tax season (except maybe the aforementioned CPA’s). However, many small business owners make it harder than it needs to be by not using all the tools and strategies at their disposal. Follow our tips and you might actually be able to enjoy the beginning of spring, instead of spending it hunched over IRS forms with a calculator.