Ask Keryl

K & K Financial and Tax Services

Tax Questions?

Plan Ahead
K & K Financial and Tax Services

Business Questions?

Strategic Plans
K & K Financial and Tax Services

Personal Questions?

Long Term Plans
K & K Financial and Tax Services

Emergency Questions?

Contingency Plans

Ask Keryl : Taxes

You will need to file a Schedule C using IRS Form 1040. Depending on your type of business and where you conduct business, there may be other forms you will need. You may also need to make quarterly estimated payments by filing Form 1040-ES, Estimated Tax for Individuals.
Yes, you can opt to pay your tax liability through an installment plan. In addition to paying taxes through an installment payment plan, there may be other options such as the Offer in Compromise (OIC). Under an OIC agreement, the IRS may agree to settle the taxpayer’s liability for less than the full amount of taxes owed. The IRS is not likely to approve an OIC if there’s evidence that the taxpayer could pay the full amount through an installment payment plan or another method. A taxpayer can request consideration for an OIC by filling out Form 656, Offer in Compromise, or Form 656L, Offer in Compromise (Doubt as to Liability), and mail the application package to the IRS.
Depending on which Chapter you filed for, taxes may not be exempt. With Chapter 7 bankruptcy, federal taxes are exempt from discharge. When filing Chapter 13 bankruptcy, it is very important to file and pay your taxes during the bankruptcy proceedings because the court can dismiss your claim if you fail to meet this requirement. Dismissing the claim leaves you responsible for all of your debts.
Yes, any money which you received as a result of work is taxable income and must be reported on your tax return. Attach your W-2 showing your earnings and your taxes withheld to your tax return.
K & K Financial and Tax Services


Satisfied Clients


Combined Experience


Cases Won


Money Saved

K & K Client Family Experiences

Ask Keryl : Personal Finance

Never, ever just pay the minimum. Let me stress that again for emphasis: Never Pay The Minimum. Paying off the monthly balance is beneficial to both you and your creditor. It builds history which is good for your score, shows you're responsible, and you never earn interest.
This differs for everyone. You want to set the percentage of your salary that you will put into your retirement plan based on your current budget. As your budget changes, the amount you save can change. Save as much as you can in your retirement pot to make it easier later in life.
You will want to keep your debt somewhere between 27%-35% of your income to ensure a good mortgage rate. Make sure you're making all your payments above their minimums and on time/early. So long as you have around five years or more great standing history with what's being reported with the credit bureau's then you shouldn't see any problems with mortgage offers. I also recommend talking to realtors because they seem to know a trick or two, I had one tell me that a mortgage loan will almost always reject the applicant if they have been employed with their company for less than three years.
You want to try and do both at the same time, but clearing off debts is better if you have to choose. Debts rack up higher amounts of interest than you could even save. Work on one debt at a time and then move onto the next to help with money management. If you can, at least save up your emergency fund while clearing debts.