Accounting terms and what they mean

"OVERSTATED"

When an accountant states that a reported amount is overstated, it means two things:

1. The reported amount is incorrect, and
2. The reported amount is more than the true or correct amount.

For example, a company reports that its prepaid insurance is $8,000. However, the true or correct amount of prepaid insurance is only $7,000. The accountant will say that the reported amount for prepaid insurance is overstated by $1,000.

Because of double-entry accounting or bookkeeping, another general ledger account will also have a reporting error. In our example, if Prepaid Insurance is overstated (too much being reported) it is likely that Insurance Expense will be understated (too little is being reported).

More about the article here http://blog.accountingcoach.com/what-does-overstated-mean/

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What it takes to be an accountant and why even in this economy accountants are in need.

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How much do i have to make in order to file for taxes?

The amount will vary depending on 3 Major Factors:

Your Age

Filing Status

Type of Income You Receive

For example if you’re single and under 65 years of age, and earned at gross income of least 8,950 then you need to file. And if you were 65 years or older and had a gross income of at least 10,300 you need to file.

These filing requirement variations can go on & on all day long. Again, it all depends on the 3 Major factors of Age, Filing Status and Income Type Received.IRS 1040 Manual gives further details concerning the question of How much money do you have to make to file taxes.

Full article http://hubpages.com/hub/how-much-money-do-you-have-to-make-to-file-taxes

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Different types of tax forms

As an employee, you should receive W2 forms that reports your earnings for the year. If you were an independent contractor then you should receive a 1099 form. If you were both, then expect to get both. When you file, in order to maximize your return and lessen the amount of taxes that you owe, be sure to deduct as many legitimate items as possible. Consult with with your tax professional or guide for best results.

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Full article here http://hubpages.com/hub/how-much-money-do-you-have-to-make-to-file-taxes

How much do you have to make in a second job before you have to claim the income?

The first penny is taxable. No exemption based on number of jobs or earnings.

Always find the correct forms and submit all earnings to protect yourself from future auditing.

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Free vs. Paid tax assistance

If you just can’t afford to hire a tax professional to work on your behalf, there are a few places you might be able to get them done absolutely free. You can check your local government offices or do a “free tax” search online.

However, this isn't recommended. Completely free tax route should be a last resort.

Tax professionals are professionals for a reason and filing a correct tax return will save you a lot of stress and maybe auditing in the future.

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