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Can Filing Bankruptcy Prevent a Creditor From Filing a Mechanic's Lien?
by Vinicios in Personal Finance
A significant benefit of a bankruptcy filing is the automatic stay. The automatic stay is a court injunction that automatically prevents the filing of any liens and lawsuits once the bankruptcy case is filed. Although the automatic stay may be lifted in certain circumstances by a motion, it may not be lifted merely to record a lien, such as a mechanic's lien. Bankruptcy and the Mechanic's LienA

Instructions for W-2 Filing and Social Security Employer Filing
by Oli in Personal Finance
If you run a business then you probably have employees. If you have employees, then you issue W-2s and fill out Social Security employer forms. If this is your first year in business, you may not be familiar with the process of completing these tax forms. It can be a very simple or a very arduous process, depending on the size of your business and number of employees. But, regardless of business s

What Credits Do I Lose When Filing Married Filing Separately?
by ancapdev in Personal Finance
If you file your taxes separately, you cannot claim certain tax credits for which you may have been eligible if you were filing jointly. For this reason, certain married people choose to file joint returns. However, deciding whether to file joint or separate returns is a decision each couple must make on their own, but knowing what credits you could lose when filing separately can help you make th

Tax Filing Tips for Married Filing Separate Parents
by Paul J Warner in Personal Finance
As long as you are legally married, the Internal Revenue Service gives you the option of filing your taxes jointly or separately. It doesn't matter if you still actually live together or not, as long as no divorce decree exists. It's your call, and if you are parents, several tax ramifications exist, depending on which you choose. Child Tax CreditsIf you file separately, you must decide which o

The Advantages of Electronic Filing Vs. Paper Filing
by Mpalle in Personal Finance
More than 100 million Americans filed their tax returns electronically in 2010, a number that is only expected to grow as consumers grow more comfortable with the option. Taxpayers collaborate with an approved provider who finds the appropriate forms, and prepares them automatically. E-filing offers four major advantages, including the elimination of paper records, greatly improved accuracy and ac

Does Filing Jointly Have More Taxes Than Filing Single?
by jaysen in Personal Finance
Conventional wisdom is mixed when it comes to addressing taxes and marriage. Talk of marriage penalties, joint account nightmares and the tax benefits of filing jointly paint a confusing picture for couples mulling their tax status. Many views about tax implications of marriage exist for a reason: the situation varies greatly between couples. What's advantageous for one couple may be a burden for

How to Amend Your Filing Status Due to Incorrect Filing
by Barry in Personal Finance
In most cases, you may amend your federal tax returns due to incorrect filing within three years of filing the original return. For instance, if you erroneously filed a tax return with your filing status as single, you can use Internal Revenue Service Form 1040X to change your filing status to married filing separately or jointly. However, if amending your return means that you will owe additional

Advantages & Disadvantages of Filing Taxes "Married Filing Separately"
by Skipholiday in Personal Finance
While many married couples may believe that filing taxes together is always the best thing to do, the reality is much more complicated, and filing separately has its own advantages. In many cases, specific circumstances may cause a couple's tax burden to become lower if they file separately. The state that the couple lives in is also important in calculating a couple's approach to their taxes.

How to Setup a Paperless Filing System to Match a Current Filing System
by cheese_doodle in Business
Whether you are setting up a paperless filing system to match a current filing system or creating a new one, you use the same process, which involves applying a few logical organizing principles. The advantage of matching the two systems over creating a new one is that your employees already know the process for identifying their entries in the old one. Because you can already retrieve the materia

The Tax Withholding Difference Between Married Filing Jointly & Married Filing Single
by robvp in Personal Finance
When you earn income from employment, the Internal Revenue Service requires your employer to withhold federal income tax from each of your paychecks. However, the amount your employer withholds depends on the information you report on a W-4 form. If you are married, your decision to file a joint return or to use the married filing separately status will significantly impact the number of allowance

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