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Category: Business Taxes

Tips for a Stress-Free Tax Season

Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating. Fortunately, it doesn’t have to be. Here are six tips for a stress-free tax season. Don’t Procrastinate. Resist the temptation to put off your taxes until the very last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your […]

Early Retirement Distributions and Your Taxes

Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that taking money out early from your retirement plan may trigger an additional tax. Here are 10 things taxpayers should know about early withdrawals from retirement plans: 1. Payments you receive from your Individual Retirement Arrangement before you reach age 59 1/2 are generally considered early or premature distributions. 2. If […]

Choosing a Business Entity

When you decide to start a business, one of the most important decisions you’ll need to make is choosing a business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face, and with the passage of the Tax Cuts and Jobs Act of 2017, it’s more important than ever to choose the business entity […]

Important Tax Changes for 2018

As the New Year rolls around, it’s always a sure bet that there will be changes to current tax law and 2018 is no different now that many of the tax provisions pursuant to the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From health savings accounts to tax rate schedules and standard deductions, here’s a checklist of tax changes to help you plan the year ahead. Individuals In 2018, a […]

Business Tax Provisions: the Year in Review

Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2017. Standard Mileage Rates  The standard mileage rates in 2017 are as follows: 53.5 cents per business mile driven, 17 cents per mile driven for medical or moving purposes, and 14 cents per mile driven in service of charitable organizations. Health Care Tax Credit for Small Businesses  Small business employers who pay at least half […]

The Basics of Starting a Home-Based Business

More than half of all businesses today are home-based. Every day, people are striking out and achieving economic and creative independence by turning their skills into dollars. Garages, basements, and attics are being transformed into the corporate headquarters of the newest entrepreneurs–home-based business people. And, with technological advances in smartphones, tablets, and iPads as well as rising demand for “service-oriented” businesses, the opportunities seem to be endless. Is a Home-Based Business Right for You? Choosing […]

Tax Due Dates for December 2017

December 11 Employees who work for tips – If you received $20 or more in tips during November, report them to your employer. You can use Form 4070. December 15 Corporations – Deposit the fourth installment of estimated income tax for 2017. A worksheet, Form 1120-W, is available to help you estimate your tax for the year. Employers Social Security, Medicare, and withheld income tax – If the monthly deposit rule applies, deposit the tax for payments in […]

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 […]

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