|
Click on the link below and type in your name at the Missouri State Treasurer's website to see if you have unclaimed funds. Ladies, remember to use your maiden name and married names.
And for those of you who are not from Missouri, here's a national data base. It covers most states. Good Luck!
|
|
You've Been Audited
The IRS refund site |
|
| Thanks for reading the May edition of Taxing Times. This month, I have something cool for you--it's money. Did you know that 1 in 10 Missourians have unclaimed funds? Check out the link on the left. It'll only take a minute of your time, so why not try it? For those of you not from Missouri, I've included a national link below it. (I tried the national one and found I have money from a 20-year-old insurance claim in Massachusetts!) |
|
Student Loan Forgiveness for the Arts and Public Service  A tag-along provision to the new health care bill is related to student loans for persons working in the non-profit sector. If you're working for a non-profit organization (or will be when you graduate) and you have student loan debt, you could be eligible for loan forgiveness after 10 years of on-time payments. Okay, yes, there are a ton of rules and requirements and record keeping, but if you're in the arts or public service, you should click on this link and find out more.
|
|
The Accidental Entrepreneur  It's summertime and the students will be out looking for summer jobs. Every year at tax time, I wind up helping some kid whose summer job made him or her a 1099 employee. That means they just get paid a straight rate and no taxes are taken out. According to the IRS, if you receive a 1099, you're self employed--that means filing a Schedule C and paying self employment taxes. Even if you're only 16! So how does this work? Let's say Johnny gets a regular summer job making $10 an hour working 40 hours a week. If he takes out no withholding for state and federal taxes, his weekly paycheck will be $369.40. Come tax time, assuming he only worked 12 weeks, he'll owe no tax and won't even have to file. His net take home for the summer will be $4,432.80. Now let's say that Johnny takes the same summer job as a 1099 employee. He gets to take home the full $400 each week, but come tax time, Johnny now is required by file a tax return and he'll owe $678 to the feds. Now Johnny's net take home is $4,122. It's okay to take that 1099 job, just know in advance what it's going to cost you. |
|
|
Thank you for taking the time to read Taxing Times. I hope you're all enjoying this beautiful spring. This is the time of year when I truly wish you don't need me, but if you or someone you know gets one of those lovely IRS letters, I'm here all year round.
Sincerely,
Jan Roberg
Roberg Tax Solutions
(314) 275-9160 |
|
|
