Federal, State and Local taxes for small startups?

So, you have started a new businesses venture, and wondering what taxes you need to file, to whom and what’s the difference.  The U.S. Constitution authorizes U.S government(s) to collect various types of taxes from you. Each form of taxation is governed by separate and distinct bodies of law, and vary depending on where your business is register, under what entity type, what type of goods and services the business provides, and where the business provides these goods or services to their customers.   Continue reading “Federal, State and Local taxes for small startups?”

New 2018 Postcard-Size 1040 DRAFT Tax Return Released

As promised Filing taxes on a post card from now on, or are we? IRS has released a 2018 DRAFT 1040 Tax return that would fit on a post card. The new smaller size 1040, is intended to replace the old 1040, 1040A and 1040EZ.   Continue reading “New 2018 Postcard-Size 1040 DRAFT Tax Return Released”

Itemized Tax Deductions Post Tax Reform 2018-2025

With Standard Deductions doubling after the Tax Reform it became harder to benefit from the Itemized Deductions. For, Itemized Deductions only start to benefit the taxpayers tax return when they exceed the Standard Deduction. Under the previous law that threshold was $6,500 for single filers and $12,000 for married filing joint filers. After the Tax Reform those amounts increased to $12,000 for single filers and $24,000 for married filing joint filers. Continue reading “Itemized Tax Deductions Post Tax Reform 2018-2025”

TAX REFORM ON 1031 | CRYPTOCURRENCY AND REAL ESTATE INVESTORS

The major change to Section 1031 is the complete repeal of personal property exchanges. The Code section now refers exclusively to real estate assets, and has been retitled, “Exchange of real property held for productive use or investment.” Continue reading “TAX REFORM ON 1031 | CRYPTOCURRENCY AND REAL ESTATE INVESTORS”

2018 Quarterly Estimated Tax Due Dates

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 “2018 Quarterly Estimated Tax Due Dates”