Indiana Self-Sufficiency Standard Calculator

Screen_Shot_2013-04-22_at_8.57.18_AM The Self-Sufficiency Standard Calculator measures how much income is needed for a family of a certain composition in a given place to adequately meet their basic needs - without public or private assistance. It makes it possible to determine if families' incomes are enough to meet basic needs.

The Standard assumes that all adults (married or single) work full-time and includes the costs associated with employment - transportation and taxes, and for families with young children, child care. It takes into account that many costs differ not only by family size and composition (as does the official poverty measure), but also by the age of children. And while food and health care costs are slightly lower for younger children, child care costs are much higher particularly for children not yet in school - and are a substantial budget item not included in the official poverty measure.

Click here for the calculator.
Source: www.indianaseldsufficiencystandard.org

Pro$perity Building Campaign Sponsorship

1st_Source_color_logo The Pro$perity Building Campaign is sponsored by our great community partner 1st Source Bank.

Tips for Taxpayers Who Can't Pay Their Taxes on Time

Source: Internal Revenue Service (IRS)

Issue Number: IRS Tax Tip 2013-53

If you find you owe tax after completing your federal tax return but can't pay it all when you file, the IRS wants you to know your options.

Here are four tips that can help you lower the amount of interest and penalties when you don’t pay the full amount on time.

1. File on time and pay as much as you can. Filing on time ensures that you will avoid the late filing penalty. Paying as much as you can reduces the late payment penalty and interest charges. For electronic payment options, see IRS.gov. If you pay by check, make it payable to the United States Treasury and include it with your return.

Smart Tips for Your Tax Refunds

If you’re anticipating a tax refund this year, you need a plan for your money. Many U.S. taxpayers dread April 15 each year, but if viewed with the right attitude, filing taxes and receiving a tax refund isn’t always a daunting task. Having a specific purpose in mind can prevent your refund from burning a hole in your pocket.

Think of your tax refund as a part of your monthly paycheck. Being responsible with your tax refund should always be a main consideration, so if you have bills to pay or financial obligations to address, consider using your refund toward shaving off debt, paying necessary bills and decreasing the amount of money you owe. If you aren’t strapped down by debt and look forward to your tax refund every year, there are countless creative and smart ways to make the best out of your returned dollars.

Top Six Tax Tips for the Self-Employed

Source: Internal Revenue Service (IRS)

IRS Tax Tip 2013-46

When you are self-employed, it typically means you work for yourself, as an independent contractor, or own your own business. Here are six key points the IRS would like you to know about self-employment and self-employment taxes:

1. Self-employment income can include pay that you receive for part-time work you do out of your home. This could include income you earn in addition to your regular job.

2. Self-employed individuals file a Schedule C, Profit or Loss from Business, or Schedule C-EZ, Net Profit from Business, with their Form 1040.