With a little more than a quarter left in 2016, it is time to compute your estimated projected 2016 family Income. A good place to start is to compare how much your income has been this year through eight months compared to last year. Has your family income increased 2016 over 2015. If so , was the corresponding withholding increased to compensate for the increased income?
I would suggest that you project your annual family income for 2016 and compare it to the gross income on your 2015 tax return. Look at the 2015 return and see if you obtained a refund or had to pay taxes. If you had a refund in 2015 and your income and withholding have not changed in 2016 , then you probably can sleep well and leave your withholding and paid tax estimates the same. If you had to pay taxes last year when you filed the family return and possibly even incurred interest and a penalty, ask yourself did I increase my 2016 withholding so there will not be a tax deficit in 2016? Or did your family pay additional estimates to make sure your family will not have a penalty in 2016. If your income has increased or decreased in 2016 , then estimate the effect the change will have on your tax liability for 2016 If you need to change the withholding make up the difference by getting a W-4 form from your Human Resources department and change the amount withheld for the months of October, November , and December. Most of the time if you do not owe taxes after adjusting your withholding so you get a refund , or owe a small amount, the IRS will not charge interest or a penalty.
A warning, even though you may have paid enough to so that you get a refund or owe a very small amount, the IRS Code explains that the taxes paid are supposed to match the period the income was earned. So, if you earned the income evenly throughout the year and made up the deficit in withholding for the year in the last quarter of the year, you technically could receive a bill from the IRS for penalty and interest. The tax laws change , but in past years if 90% of the taxes due have been paid by the end of the year there will be no interest or penalty assessed.
If ;your family is getting a large refund every year. Maybe you need to go to your Human Resources department and see if you need to increase your number of exemptions. If you increase the exemptions on a W-4 form within the legal limits so that the withholding is reduced, then you can use the money throughout the year and not let the government use your money.
INCOME OPPORTUNITY
Each month on my monthly post , I will outline an income opportunity. Also I will continue to supply links to income opportunities for families.
THIS NONTH’S INCOME OPPORTUNITY IS A USED BICYCLE BUSINESS:
Recently I decided to buy a used bicycle to ride at my son’s home when I visited them. I have purchased several bikes in Colorado and Arizona listed on Craigslist. There is a large number of bikes listed in Craigslist.
I saw an ad in the Colorado Springs Craigslist for a Specialized Expedition 21 Speed Bicycle 2013 model in good condition for $150 in like new condition. That bike cost $483 new. I called and agreed to meet the advertiser at a storage shed complex at his rented shed. The bike looks like new , I offered him $110 and we settled for $115. The bike looks like new , no wear showing , and rides great It has a special Swedish gear indicator. This fellow had several bikes in his shed and had another customer there. He explained to me that he was an engineer for a large corporation, but decided to start a part time bicycle business. He said I sell about ten bikes a a week with an average profit of $50 or about $500 profit each week. He explained that he looked at Craiglist for bargains and went to garage and estate sales that had bicycles, to get the bikes. He commented that so many people just want to get the bike out of their garage so are willing to negotiate.
I would suggest that you stick to quality lower priced bikes like Schwinn, lower priced Trek, Diamondback Wildwood, and Specialized Expedition bikes. Specialized makes high priced bikes made of titanium that cost several thousand dollars. Specialized makes a lower priced quality line of 21 speed bikes also. Diamondback bikes cost from $200 to $400 new depending on the model , some are hybrid meaning street and mountain, and mountain bikes.
BASED ON THIS INFORMATION IF YOU LIVE IN AN AREA WHERE THERE IS A CRAIGSLIST AND A LARGE SUPPLY OF BIKES THEN POTENTIALLY YOUR FAMILY COULD HAVE A GOOD FAMILY BUSINESS THAT ALL MEMBERS COULD PARTICIPATE IN AND MAKE SEVERAL HUNDRED DOLLARS A WEEK.
There is a site called Real Writing Jobs which offers a large number of writing job listings that are real offers, some full time job offerings, and a large amount of information about opportunities writing for magazines. Look at the opportunities for yourself by clicking on this link Real Writing Jobs
Most of the part time jobs listed are for writing blog information, proofreading, editing , key word optimization , blog writing for specified businesses, maintaining address files, etc. The person is an independent contractor. There are free tests to determine the person’s skill level in writing, bookkeeping, accounting, and more. Once a person is established it is much easier to get assignments on a regular basis.
This site has a “Get paid to write for Magazines” section. Taking the Saturday Evening Post as an example , they are seeking appropriate articles for publication, humorous stories, jokes, photos etc. There is a form that the submitter completes on line and sends to the publishers
There is also a section listing full time work at home assignments working as a personal assistant, call center person, and other bookkeeping type assignments.
Real Writing Jobs offers six different tutorials on ways to make money on line.
Click on this link Real Writing Jobs The cost for this service has a one time fee of less than $40 after a 50% discount coupon on the site.
I have had this service for two years and only had to pay for the service one time. I have taken the tests for English, writing, bookkeeping, and accounting. This information shows for prospective employers. There are several writing contractor companies that advertise for help on this site. Once you have done a few jobs for these companies you can have a webpage resume for prospective employers to see. Some jobs require the person bid on what they will do them for.