Posts Tagged ‘IRS’
Working from Home? Claim Your Home Office Deductions
Some of us are just too lazy to drive/ride to work every day, so we prefer to set up office at home. Well, jokes apart, some of the small business that operates right out of their homes qualify for deductions. But the fear of audit keeps them away from any such declarations. But in all…
Read MoreSteps to Avoid an IRS Worker Classification Audit
Any small business must hire more people as the business grows and thrives. At the initial stage when work is sporadic, it may make sense to hire contractors like a web designer to create an online presence or a bookkeeper to manage business accounts. But as work piles up, it may require hiring a full-time…
Read MoreTIGTA Reports Billions of Dollars of Uncollected Taxes
Despite having thousands of employees and information matching programs in place, the Internal Revenue Service has not always been able to follow up with every instance of a tax discrepancy. However, a recent report from the Treasury Inspector General for Tax Administration (TIGTA) advises the IRS to take further measures to help lessen the “tax…
Read MoreAn Expert Guide to US Payroll Taxes
U.S. Payroll Taxes — The Taxes No One Expects… While everyone is well aware of the impact of business income taxes, the sleeping giant of payroll taxes (also known as employment taxes or trust fund taxes) often catches business owners and employees by surprise. This guide will give you an overview of what payroll taxes…
Read MoreHire Your First Employee—But Make Sure You Follow IRS Standards
So, you’re seeing some success with your one-man band. Business is looking up, and it’s time to hire some help. We know it can be both exciting and scary to take that next step, so it’s important to keep certain things in mind as you hire your first employee. The IRS has specific requirements to…
Read MoreSecrets and Tips to Avoid or Conquer an IRS Audit
If your reported income seems a little high or low, chances are you might hear a knock on your door from the Internal Revenue Service. We know the tax filing process is a colossal headache. But unless you’re evading taxes like Al Capone—and we don’t recommend that at all—the IRS understands how complex the U.S.…
Read MoreDo You Owe Estimated Taxes on April 18?
We all know that April 18, 2017 is Tax Day this year—the day by which personal income tax returns must be postmarked and mailed or electronically filed with the IRS. However, many taxpayers forget that this longstanding personal filing deadline also represents an estimated tax payment deadline. What Are Estimated Taxes? The concept of estimated…
Read MoreIRS Reveals 2017 Dirty Dozen Tax Scams
Each and every year, the Internal Revenue Service releases a list of the “dirty dozen” tax scams the agency recommends taxpayers be on the lookout for throughout the year. That’s because scammers seem to come up with innovative tactics to bilk money out of innocent taxpayers all the time. The list also includes tax moves…
Read MoreBusiness Entity Selection and Tax Consequences of Converting
For this post, Brandon Rains, founder of the Rains Laws Firm and an expert on business formation, espouses his observations about business structure changes and I address the income tax reporting requirements of those changes therein. Generally speaking there are five choices when it comes to business structure and income reporting requirements: Sole Proprietorship (IRS…
Read MoreNew IRS Filing Deadlines for Partnerships and C Corporations in 2017
The tax-filing deadlines for small business owners have traditionally remained the same for many years. More specifically, March 15 has been a longstanding date on the calendar for entrepreneurs who operate formal business entities across all fields. However, if you haven’t heard, the IRS has changed a few key due dates for certain business income…
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