Act Now to Avoid Tax Surprises Later

As 2014 winds down, there is still time to act so you aren’t surprised at tax-time next year.  There are a few steps you can take to avoid owing more taxes or toward getting a larger refund than you expect.  

Adjust your withholding.  If you’re an employee and you think that your tax withholding will fall short of your total 2014 tax liability, you may be able to avoid an unexpected tax bill by increasing your withholding.  If you are having too much tax withheld, you may get a larger refund than you expect. 

Report changes in circumstances.  If you purchase health insurance coverage through the Health Insurance Marketplace, you may receive advance payments of the premium tax credit in 2014. It is important that you report changes in circumstances to your Marketplace so you get the proper type and amount of premium assistance.  

Change taxes with life events.  You may need to change the taxes you pay when certain life events take place.  A change in your marital status or the birth of a child can change the amount of taxes you owe. 

Be accurate on your W-4.  When you start a new job, you fill out a Form W-4.  It’s important for you to accurately complete the form.  

Pay estimated tax, if required.  If you get income that’s not subject to withholding, you may need to pay estimated tax.  This may include income such as self-employment, interest, or rent. 

For more, see Publication 505, Tax Withholding and Estimated Tax. 

To read the entire article, please visit www.irs.gov.

Up Your Leadership Game

How can you be a more effective, inspiring, well-respected leader for your company?
Start by leading by example.  Trade a “Do as I say, not as I do,” attitude for a “Watch and learn” attitude.  Be punctual, dress for success and treat everyone with courtesy and respect.   Set the tone and your employees will follow it.  

 

Be humble.  There’s a key difference between a leader and a boss: a leader shares the spotlight and is comfortable crediting others.  While it might seem counter-intuitive, being humble takes more confidence than basking in glory.

Effective communication is a two-way street and making the most of it will have your company zooming forward instead of pumping the breaks.

You can also add these to your bag of leadership tricks: trust your team to do their job, make meetings efficient, set boundaries and stick to them, find a mentor and be emotionally aware. 

Finally, be sure to watch out for the common pitfalls of leadership, learn from the past and never stop improving. 

For more on these tips and to read the entire article, please visit www.entrepreneur.com.