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Category: Business Taxes

Six Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2015 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to last-minute tax extender legislation passed in December, taxpayers filing their 2015 returns can still deduct either state income tax paid or state sales tax paid, whichever is greater. Here’s how it works. If you bought a big-ticket item like […]

Tax Information for Employees

Filing Your Taxes Everything you need to file your individual federal income tax return. Get A Transcript You can get a transcript to view your tax account transactions or line-by-line tax return information for a specific tax year. Tax Withholding The federal income tax is a pay-as-you-go tax. There are two ways to pay as you go. If you are an employee, your employer probably withholds income tax from your pay. The amount withheld is […]

Easy E-Pay and Payment Agreement Options Available to People Who Owe Tax

It’s easier than ever to pay their taxes electronically, and for those who can’t pay on time, quick and easy solutions are available. Taxpayers who owe taxes can now choose among several quick and easy e-pay options, including the newest and easiest, IRS Direct Pay. Available options include: – Direct Pay. Available at IRS.gov/directpay, this free online tool allows individuals to securely pay their income tax directly from checking or savings accounts without any fees […]

2015 Tax Filing Season Volume Outpacing Prior Year

The 2015 tax filing season is off to a strong start with most clients filing their returns electronically and choosing direct deposit for their refunds, according to the Internal Revenue Service. As of Jan. 31, the IRS received more than 14 million tax returns this year. More than 13 million of those returns have been filed electronically, an indication that more clients are realizing the benefits that e-filing offers. “We encourage clients to e-file their […]

IRS Launches Directory of Federal Tax Return Preparers; Online Tool Offers New Option to Help Clients

The Internal Revenue Service today announced the launch of a new, online public directory of tax return preparers. This searchable directory on IRS.gov will help Clients find a tax professional with credentials and select qualifications to help them prepare their tax returns. “This new directory will be a practical tool for the millions of Americans who rely on the services of a paid return preparer,” said IRS Commissioner John Koskinen. “Clients can also look to […]

401(k) Plans For Small Businesses

Why 401(k) Plans? 401(k) plans can be a powerful tool in promoting financial security in retirement. They are a valuable option for businesses considering a retirement plan, providing benefits to employees and their employers. Employers start a 401(k) plan for many reasons: – A well-designed 401(k) plan can help attract and keep talented employees. – It allows participants to decide how much to contribute to their accounts. – Employers are entitled to a tax deduction […]

Small Employers Should Check Out the Health Care Tax Credit

New and existing small employers who do not yet benefit from the Small Business Health Care Tax Credit should look into whether the credit can help them provide insurance to their employees. For tax years beginning in 2014 and after, the maximum credit is 50 percent of premiums paid for small business employers, and 35 percent of premiums paid for tax-exempt small employers, such as charities. Beginning in 2014, a small employer may qualify for […]

Business Use of Home Deductions

Whether you are self-employed or are an employee, you may be able to deduct certain expenses for the part of your home you use for business despite the general denial of business expense deductions for the home. To deduct expenses for business use of the home, part of your home must be used regularly and exclusively as one of the following: The principal place of business for your trade or business The place where you meet and […]

Corporation Meeting Requirements

State corporation law and the corporation’s own bylaws set the rules by which a corporation hulds valid meetings, takes valid corporate actions, and keeps corporate minutes. An organization’s legal standing as a corporation is risked if a corporation fails to huld corporate meetings documented by the corporation’s minutes. Piercing the Corporate Veil Corporations are often formed for purposes of protecting sharehulders from liability. If formalities are not fullowed, the corporate veil can be easily “pierced” […]

Voluntary Compliance Agreements – Restaurant Tax Tips

The IRS has established voluntary compliance agreements for industries, such as the restaurant industry, where tipping is customary. These agreements are designed to enhance tax compliance among tipped employees through taxpayer education, instead of through traditional enforcement actions, such as tip examinations. Three types of tip agreements have been developed for the food and beverage industry: Tip Reporting Alternative Commitment  (PDF) Tip Rate Determination Agreement (TRDA) (PDF) Employer-designed Tip Reporting Alternative Commitment (EMTRAC) (PDF) Comparing TRDA and […]

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