Posts Tagged ‘IRS’
Hire 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…
Read MoreShould I Use Form 1040, Form 1040A, or Form 1040EZ?
When you file a personal income tax return with the IRS by April 15, you have a choice of 3 basic tax forms to select from that are essentially designed to report similar tax and financial information. These personal income tax returns include: Form 1040 Form 1040A Form 1040EZ While they have similar intentions, each…
Read More2017 Tax Law Changes That Could Affect You
After “Auld Lang Syne” plays to usher in a new calendar year, you can always bet on the government and the Internal Revenue Service making changes and adjustments to tax laws from the previous year. Some years see lots of changes, while others only endure minor adjustments to the federal tax code. Below is an…
Read MoreA Lowdown on the 2017 Tax Season
The Internal Revenue Service has officially announced when the opening bell for the 2017 tax season will ring, signaling the start of when the federal tax collection agency will begin processing federal income tax returns. There are also some other important changes of note. So, here is our preview of the 2017 tax season with…
Read MoreWhen is a Corporation Not a Corporation?
Most taxpayers are aware that an organization must submit papers to a state official, usually the Secretary of State in order to obtain a corporate charter and file an 1120 tax form as a corporation. However, one must meet all the IRS requirements for corporate status in order to file as a corporation. First, some…
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