Monthly Archives: November 2017

Sample Balance Sheet Template for Excel #income #tax #refunds

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Balance Sheet Template

Download a sample Balance Sheet for Microsoft Excel – by Jon Wittwer

The balance sheet is a very important financial statement that summarizes a company’s assets (what it owns ) and liabilities (what it owes ). A balance sheet is used to gain insight into the financial strength of a company. You can also see how the company resources are distributed and compare the information with similar companies.

No balance sheet statement is complete (in my opinion) without an income statement to go along with it. As a small business owner, I find the income statement to be more useful in the general operation of the business, but the balance sheet is still a critical accounting tool that provides a key piece of information.

The balance sheet informs company owners about the net worth of the company at a specific point in time. This is done by subtracting the total liabilities from the total assets to calculate the owner’s equity. also known as shareholder’s equity (for corporations) or simply the net worth .

Balance Sheet


Download our free Balance Sheet template. designed for the small-business owner. It includes common financial ratios and works well for a two-year comparison. See below for more information on the different asset and liability categories.

Balance Sheet Essentials

The Accounting Equation. Assets = Liabilities + Owner’s Equity

Current Assets

The term current in a balance sheet generally means short-term which is usually one year or less. Common current assets includes cash (cash, coin, balances in checking and savings accounts), accounts receivable (amounts owed to your business by your customers usually within 10-60 days), inventory (goods for sale), and prepaid expenses (e.g. insurance and rent).

Long-Term Assets

These assets include long-term investments. cost of property and equipment (e.g. land, buildings, equipment, tools, furniture, computers, vehicles, etc.) offset by accumulated depreciation, intangible assets (e.g. patents, contracts, trademarks, copyrights, and goodwill), and other assets (like deferred income tax arising from the loss of value of property that cannot be reported as a tax deduction until the property is sold).

Current Liabilities

These include the obligations to be paid within one year, including accounts payable. short-term loans, income taxes payable, wages, unearned revenue (e.g. service contracts), and the current portion of long-term debt (e.g. mortgage payments payable within 12 months).

Long-Term Liabilities

These include long-term debt (e.g. notes, mortgages), capital lease obligations (e.g. leases structured as loans), and deferred income tax (e.g. the tax due on the increase in value of an investment security that isn’t paid until the security is sold).

Owner’s Equity (or Stockholders’ Equity for corporations)

This is basically the amount left over when you subtract Total Liabilities from Total Assets. In includes the owner’s investment (s) and retained earnings (the portion of the profits reinvested in the business). For corporations, there are usually more categories (see the references below).

Balance Sheet References

Disclaimer. This balance sheet spreadsheet and the information on this page is for illustrative and educational purposes only. We do not guarantee the results or the applicability to your financial situation. You should seek the advice of qualified professionals regarding financial decisions.

Related Content

2016 Earned Income Credit Amount and EITC Table #income #tax #refund

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#irs earned income credit table


Browse: Home / 2016 Earned Income Credit Amount

By John D on October 23, 2015

The IRS announced the 2016 Earned Income Credit amounts which have some small changes from the 2015 EIC. In a statement, they noted that for tax year 2016 the maximum Earned Income Credit (2016 EITC) amount is $6,269 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $6,242 for 2015 EITC. According to the rules, much has stayed the same in calculating the earned income amount This is the amount of earned income at or above which the maximum amount of the earned income credit is allowed. You can see this amount on the 2016 EIC table.

The earned income tax credit is a powerful tool fighting poverty and changes each year. You can receive this money when filing a yearly tax return. Each person will receive a different amount and taxpayers must look at the current 2016 EITC table to estimate the amount of credit that will be on their tax return. Some taxpayers may not owe any tax because of the credit and receive a very large tax refund due to the EITC. Remember, that there are small changes from the 2015 earned income credit so taxpayers should always double check before relying on any funds. This could have an effect on the size of the tax refund received by some taxpayers.

The IRS revenue procedure has a table providing maximum credit amounts for other categories, income thresholds and phase-outs. It is updated yearly and below is the most current amounts. Below is a current earned income credit tax table for tax year 2016. Taxpayers can use this EIC table to complete their own taxes or use it to double check that their tax preparer is correcly preparing their 2015 tax return and claiming all credits when they get it done during the 2016 filing season.

2016 Earned Income Credit Table

The 2016 Earned Income Credit still is a tax credit that many Americans will continue to rely upon. Taxpayers can use this 2016 EITC to estimate how much they will receive from the earned income tax credit during the 2016 tax year. When using the EITC table, it absolutely essential to be certain of your tax filing status. This will have a big impact on the amount of the credit that you will receive. Be careful to note that the numbers are slightly different than the 2015 earned income credit. Very important to make sure you are claiming the 2016 earned income tax credit for your 2016 federal income taxes.

Restrictions on 2016 Earned Income Tax Credit

For taxable years beginning in 2016, the earned income tax credit is not allowed if the aggregate amount of certain investment income exceeds $3,400. This would be if someone owns many investments that are generating income. The IRS does not want people to use the EITC when they have other means of supporting themselves.

There are also other limits related to the advancing the earned income tax credit. If you are unfamiliar if you will qualify for the 2016 earned income tax credit, it may be best to consult with a skilled tax preparer or use software that will allow you to determine the amount you can receive.

Other 2016 Earned Income Credit Information

Remember, certain taxpayers may also be eligible for state earned income tax credit programs. It is important to check with you local state tax authority to learn about other programs that low-income taxpayers could qualify for. There are many out there that can provide a boost to income right away at tax time.

It is also important to be honest when claiming the tax credit. The IRS is vigorously enforcing EITC fraud and will investigate suspicious claims. This could lead to large penalties and fines if a taxpayer is caught claiming the EITC when they should not have been claiming it. However, many EITC errors occur primarily because of the complex rules related to claiming the credit and are unintentional. If this is really the case, the IRS could be lenient in fines or penalties levied against the taxpayer who submitted the incorrect EIC claim. They understand that the instructions are long and earned income tax credits can be confusing to professionals as well as ordinary taxpayers. Taxpayers should not hesitate to file for the EITC because they feel they are at an increased risk for an audit if they really should qualify for the funds.

More Information about 2015 and 2016 Earned Income Tax credit (2015 EIC)

Earned Income Credit Table Amounts and Qualification for 2015, 2016 #e #filing #homepage

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#irs earned income credit table


Earned Income Credit Table Amounts and Qualification

The Earned Income Tax Credit (EITC) is a credit that is for low to moderate-income taxpayers to get ahead and have more money in their pockets. It can boost refunds significantly if you are able to meet the criteria’s required to claim it.

For example, if you are employed, but your income is considered “low” by the IRS you may be able to take advantage of this credit, which currently has a maximum credit amount of $6,242.

To determine your credit amount all you have to do is enter your information into tax software and it will automatically calculate the amount you will receive.

Below you will find some of the most common questions that taxpayers have about the Earned Income Credit.

Do I qualify even if I did not have tax withheld from my pay and I am not required to file taxes?

Yes, you can qualify for the EITC and get a refund. This is a refundable credit, however, in order to receive it you have to file even if you are not required to file.

Does my income have to be very low to qualify?

If you do not have qualifying children, you must have a low income to be able to claim this tax credit. For 2015, you have to have earned less than $14,820 to qualify ($20,330 for couples) if you have no children. However, if you only have one qualifying child the income limit is $39,131.

How much are the credit table amounts?

Who qualifies for the EITC?

In order to qualify for the EITC you have to meet the income criteria’s for the current year. However, you, your spouse, and children can qualify as long as you all have social security numbers and you should be working for yourself or as an employee. You aren’t able to claim this credit if you use the status “married filing jointly” and you must be a U.S. citizen or married to one.

If you can be claimed by another person as a qualifying child or are not between the ages of 25 and 65 you will not be able to claim. You also cannot have to file Form 2555 or any variation and you are not allowed to have more than $3,400 in interest, dividends, or other investment income.

Will military combat pay affect my credit?

If you have received military combat pay, you do not have to disclose this information. Usually, this income does not affect your taxable income. However, it depends on your total earned income and family size whether or not you will receive this credit and the amount. Sometimes it could be beneficial to include combat pay as taxable income so you could receive the EITC. Lastly, if you decide to include your combat pay, remember that it is “all or nothing”.

Can the credit be added to my paycheck during the year?

The IRS used to allow the Advance Earned Income Credit throughout the year. However, this ended in 2010.

Can I claim this credit if my child’s other parent claims him as a dependent?

Usually, if your child lived with you for majority of the year, you would be able to claim this credit without having to claim the dependency exemption.

It is important to remember that the number of children that are claimed, as dependents are not always the same number that qualify you for this valuable credit. In the event that the time evens out amongst parents, the parent with the highest AGI takes the credit. Only one person can claim the child and noncustodial parents are not allowed to claim children for the EITC.

Determining if your child qualifies for the EITC

  • Age or disability – The child has to be under 19 or younger than 24 if they are a full time student for at least 5 months. The child must be younger than you. If they are permanently and totally disabled, they can be any age.
  • Relationship – The child has to be your son, daughter, stepchild, sibling, stepsibling, foster or adopted child, or a descendent of any of these.
  • The child must have resided with you in the US for more than six months.
  • Your child cannot be required to file a joint return.

Can I go back and claim the EITC if I qualified but didn’t do it in past years?

You can file an amended return to receive the EITC for past years that you qualified but didn’t claim.

If you did not get the credit because you didn’t file or you were not sure if you could claim a child that lived with you, you have to file a separate return for all of the years you qualified. However, you cannot go back indefinitely. Usually, you are only able to file amended returns for three years back.

Claim your credit the easy way by filing online

Keep in mind, if you file online with H R Block or TurboTax they will ask you the correct questions to let you know which deductions you qualify for and guarantee you will receive the largest refund ever.

Their online filing services have the ability to import your W2 information into your tax return so you can avoid worrying about your forms being delivered via snail mail. You can also use their free tax refund estimator to see how much of a refund you can expect.

Income-tax return legal definition of income-tax return #sample #of #income #statement

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#income tax return definition




The return in money from one’s business, labor, or capital invested; gains, profits, salary, wages, etc.

The gain derived from capital, from labor or effort, or both combined, including profit or gain through sale or conversion of capital. Income is not a gain accruing to capital or a growth in the value of the investment, but is a profit, something of exchangeable value, proceeding from the property and being received or drawn by the recipient for separate use, benefit, and disposal. That which comes in or is received from any business, or investment of capital, without reference to outgoing expenditures.


n. money, goods or other economic benefit received. Under income tax laws, income can be “active” through one’s efforts or work (including management), or “passive” from rentals, stock dividends, investments and interest on deposits in which there is neither physical effort nor management. For tax purposes, income does not include gifts and inheritances received. Taxes are collected based on income by the federal government and most state governments.


INCOME. The gain which proceeds from property, labor, or business; it is applied particularly to individuals; the income of the government is usually called revenue.
2. It has been holden that a devise of the income of land, is in effect the same as a devise of the land itself. 9 Mass. 372; 1 Ashm. 136.

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Efile Pennsylvania Tax Return-PA Tax Forms, Refund, Facts #it #return #e #filing

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#pennsylvania income tax forms


Pennsylvania Taxes and PA State Income Tax Forms

Prepare and efile Your Pennsylvania Tax Return

The tax software makes it easy for you to prepare efile your PA taxes online. All Pennsylvania state tax forms are available for you to prepare and efile. You can use to prepare and efile your Pennsylvania state tax return (whether you are a resident, nonresident, or part-year resident) together with your federal tax return, or to simply prepare and efile your state and federal returns separately. When done, will provide you your federal and state filing status. Should you have to make any corrections, will provide you instructions on how to correct your PA income tax return.

Pennsylvania Income Tax Filing Deadlines

The regular deadline to file a Pennsylvania state income tax return is April 15.

Tax Deadline Date

Type of Income Tax Return

Filing Deadline / Due Date Description

2015 Pennsylvania State Tax Return

Due date for Pennsylvania State Income Tax Returns – income tax filing deadline

2015 Pennsylvania State Tax Extension

Due date for Pennsylvania extension requests and automatic extensions

October 17, 2016

2015 Pennsylvania State Tax Return

Last day to efile a 2015 Pennsylvania State Income Tax Return for tax extension filers and late efilers

PA State Tax Forms

Pennsylvania honors federal tax extensions if you owe no state tax. If you got a federal extension and you do not owe Pennsylvania tax, then you do not have to file any state or federal extension form to get an automatic 6-month extension of time to file your state return. The extended filing deadline is October 17, 2016.

If you do owe state tax or you did not file a federal extension, you can get an automatic 6-month extension of time to file a state return by filing PA Form REV-276. If you owe state tax, you must still pay the amount due by April 18, 2016 or you will begin to accrue penalties and interest on the unpaid amount. Furthermore, if you owe state tax, you must include a payment with your Form REV-276. You can also file for an extension and pay your taxes online with the PA Department of Revenue agency website.

Complete Form REV-276 if you owe tax or did not file federal extension

Important Reminder! If you are efiling a Pennsylvania tax extension, you may need to efile a federal tax extension as well.

PA Tax Amendment

Amended Pennsylvania state tax returns cannot be efiled; they can only be filed by mail. Learn how to prepare and file a Pennsylvania tax amendment.

Important Reminder! If you are filing a Pennsylvania tax amendment, you may need to file a federal tax amendment as well.

2014 Pennsylvania Tax Forms

Pennsylvania tax returns for 2014 cannot be efiled. Download the tax forms, fill them out, print them, and mail them to the Pennsylvania Department of Revenue.

Business Opportunity #federal #income #tax #booklet

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Business Opportunity

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Anyone can be successful, but it does take time and a commitment to getting your business going. The beauty of our system is that once you get the ball rolling you greatly increase your probability of long term success because you now leverage the dedication and work force of those in your downline. Many people start off strong in business, but then fade away. Our system was designed to let you capitalize on the efforts made in the first stage of our Referral Program and heavily rewarding you for these efforts with residual income from 10 Tiers of referring customers in your downline.

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Get Life Insurance Policies from Nationwide #retirement #income #strategies

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#about life insurance


Concerned About Long-term Care Costs?

Life Insurance

Made Easier

Protect What’s Important With Life Insurance From Nationwide

In today’s financial environment, it’s important to know that there are some things you don’t have to worry about. Life insurance can be the foundation of financial security for you and your family. It can be the base upon which other insurance and investment decisions are built.

Choosing life insurance

Different life situations call for different types of life insurance. Think about these things when you choose term, universal variable and whole life.

Not a deposit • Not FDIC or NCUSIF insured • Not guaranteed by the institution • Not insured by any federal government agency • May lose value

Life and annuity products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Company, Columbus, Ohio. The general distributor for variable products is Nationwide Investment Services Corporation, member FINRA. The Nationwide Retirement Institute is a division of NISC. Nationwide Funds distributed by Nationwide Fund Distributors, LLC, Member FINRA. King of Prussia, PA. Nationwide Life Insurance Company, Nationwide Life and Annuity Company, Nationwide Investment Services Corporation, and Nationwide Fund Distributors are separate but affiliated companies.

The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities issued by Nationwide Life Insurance Company. It also includes trust programs and trust services offered by Nationwide Trust Company, FSB a division of Nationwide Bank ® .

Nationwide, the Nationwide N and Eagle, The Nationwide Retirement Institute, Nationwide is on your side and Nationwide Funds Group are service marks of Nationwide Mutual Insurance Company. Let’s Face it Together is a service mark of Nationwide Life Insurance Company.

©2016 Nationwide Mutual Insurance Company and affiliated companies

Freeware Files – Free Software Downloads and Reviews #income #tax #returns #e #filing

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Pennsylvania income tax forms #department #of #income #tax #return

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#pennsylvania income tax forms


Welcome to Berkheimer.
We are Pennsylvania’s most trusted tax administrator.

Electronic Services

berk-e is our suite of industry leading electronic tax filing, payment, and management services. It is an easy, safe and secure method of electronically filing and paying your taxes directly on our website.

Please note, if you are a Microsoft windows XP user, due to the fact that Microsoft is no longer supporting this version, the information you enter may not be secure. We recommend you use an alternate version of windows.

Online Payments

If you have received a Delinquent Notice (HAB-DLT), EIT Correspondence (HAB) or a Real Estate Tax Bill (HAB-RET) asking you to remit payment, you can pay online. You can select from the following fast, easy secure options.

Pay online using a checking or savings account (ACH) FREE of charge or make a credit or debit card payment (fees apply). To learn more, click the appropriate link below.

Deliquent Notice (HAB-DLT)?
Earned Income Balance Due Notice (HAB)?
Real Estate Tax Bill (HAB-RET)?

Act 32 Information

Act 32 is effective in Pennsylvania as of January 1, 2012. To learn more about this important change to the Pennsylvania tax system, click here .

Learn more about Act 32 from the PA Department of Community and Economic Development

See the list of Tax Collection Districts serviced by Berkheimer (as of 1/1/2014)