You must file Form 1099-MISC for each person in the course of your business to whom you have paid during the year (Personal payments are Continue reading “When To Issue 1099Misc”
Author: Yana Rudneva
Record keeping Requirements for Federal Income Tax – IRS
Why should I keep records?
Good records will help you monitor the progress of your business, prepare your financial statements, identify sources of income, keep track of deductible expenses, keep track of your basis in property, prepare your tax returns, and support items reported on your tax returns. Continue reading “Record keeping Requirements for Federal Income Tax – IRS”
2019 Quarterly Estimated Tax Payments Due to the IRS – Individuals
For estimated tax purposes, the year is divided into four payment periods. Each period has a specific payment due date. If you don’t pay enough tax by the due date of each payment period, you may be charged a penalty even if you’re due a refund when you file your income tax return at the end of the year.
If you mail your estimated tax payment and the date of the U.S. postmark is on or before the due date, the IRS will generally consider the payment to be on time. If you use IRS Direct Pay, you can make payments up to 8 p.m. Eastern time on the due date. If you use a credit or a debit card, you can make payments up to midnight on the due date.
Continue reading “2019 Quarterly Estimated Tax Payments Due to the IRS – Individuals”
2019 Federal Income Tax Due Dates
The IRS filing deadlines are as follows for 2018 returns: Continue reading “2019 Federal Income Tax Due Dates”
2019 EXCISE TAX RETURN DUE DATES
Read the information below to find out when your tax return is due. If the due date falls on a weekend or legal holiday, the due date is extended to the next business day.
Protected: COMPLETE TAX REFORM GUIDE FOR SMALL BUSINESSES & INDIVIDUALS
Tax Reform Changes to Businesses
This article will cover The Tax Cuts and Jobs Act changes to businesses from 2018-2025. Continue reading “Tax Reform Changes to Businesses”
Business Expenses vs. Assets | Is there a difference according to the IRS? and Tax Reform changes.
Business owners often think that if they pay money for anything that is business related it’s a business expense; while this is often true, sometimes it’s not. If the expenditure falls under a different IRS definition it could cause different deductability rules and limits to be applicable. Therefore, putting the business owner at risk of an audit do to over stating business expenses. This may result in unnecessary penalties and interest along with an increase in tax liability for the year in question.
Prevent that from happening to your business by understanding the difference of these expenditures. Continue reading “Business Expenses vs. Assets | Is there a difference according to the IRS? and Tax Reform changes.”
Tax Reform Changes to Individual Tax Payers Tax Returns through 2025
Like mentioned before there were both benefits and negative impacts brought by tax reform. Most of the negative impact affects the itemized deductions. I have already covered those in another webinar. I will link that video bellow. Continue reading “Tax Reform Changes to Individual Tax Payers Tax Returns through 2025”
Selling your Home? Plan ahead, and Make it a Tax FREE transaction.
Generally, when a home owner sells their main residence IRS allows an exclusion of gain from the sale. To qualify for the maximum exclusion of gain ($250,000 or $500,000 if married filing jointly) you must meet the Eligibility Test. Continue reading “Selling your Home? Plan ahead, and Make it a Tax FREE transaction.”