There are a lot of awesome things that go along with owning a business. For example, personal fulfillment, passion—and, of course, making money. But what goes hand in hand with making money? Paying taxes. Filing business taxes can be complex, daunting, and nerve wracking. After all, everyone makes mistakes. So if you own a small […]
IRS
IRS Highlights Credits and Deductions for Small Businesses
During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. This year, National Small Business Week is May 5-11. For more than 50 years, the week has recognized the important contributions of America’s entrepreneurs and small business owners. Reviewing […]
Businesses Should Review Depreciation Deductions Rules
Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, except land. Tangible property includes: Buildings Machinery […]
Why Did I Receive a Payroll Tax Notice?
Letters from the IRS are never fun. What makes it worse is not knowing why you got one in the first place. When it comes to payroll tax payments and potential fees, you want to get to the heart of the issue ASAP. But first, take a deep breath… It’s likely that you missed a simple […]
What the New Tax Law Could Mean for Your Earnings
Signed into law last December (2017), the new Tax Cuts and Jobs Act made wholesale changes to the tax code. While you may be aware of many of these changes, you may not realize the full impact the law will have on your paycheck stub if you are employed, or on your income if you […]
How Cutting SALT Deductions Affects Your Taxes
As part of the new Tax Cuts and Jobs Act, Congress placed a $10,000 limit on deductions for state and local taxes, commonly called SALT. If you typically pay less SALT than that, then no problem, right? Many taxpayers in states with high income taxes, though, don’t see it that way. They feel the regulation […]
Payroll Tax Errors: Who Does the IRS Hold Accountable?
If you are an employer or employee who has fallen behind on payroll taxes and are now facing a hefty bill from the Internal Revenue Service, ignoring it will not make it go away. When it comes to unpaid payroll taxes, the IRS often comes down much harder on taxpayers than they do with unpaid […]
7 Things Not to Do During an Audit
We get it. Tax audits can be nerve-racking, to say the least. And while there is a lot of information out there on what is appropriate to do, there isn’t much on what not to do. So allow us to outline some of the things you should never do during an IRS audit. 1. Do […]
6 Different Ways to Resolve Outstanding Tax Debts
Getting a notice from the IRS that you owe back taxes can be intimidating. Usually, though, the IRS is willing to work with taxpayers who want to resolve tax debt. The Fresh Start Program makes payment options available to people who didn’t qualify previously. The program offers repayment choices including installment plans, Offers in Compromise, […]
When Is It Time to Become an S Corporation?
For most new businesses and business owners, keeping it simple is key. After all, launching a new business requires attention to detail and doing many things right. For that reason, most new businesses start out simply as a sole proprietorship or a Limited Liability Company (LLC). As a successful business matures, however, the savvy owner […]
