If you run a small business, you are responsible for filing your taxes by a specific due date every year. The date you are required to send in your tax filings depends on your business structure and industry. However, no matter what type of small business you run, you should be aware of all the latest tax laws that could affect your business.
Tax preparation is incredibly important as tax season approaches. Sadly, roughly 40% of individuals wait until April to begin gathering the necessary documents and information that are required to file one’s taxes.Image source Even if you are a business owner, proper tax filing preparation is a must. When you prepare adequately, you’ll have an easier time filing your taxes and you’ll avoid many common IRS and tax-related issues. Here are some key points to remember as you get organized and begin preparing [...]
Happy New Year! I hope 2016 was a great year for you and your family. We are looking forward to a healthy, happy and prosperous 2017! Yet another year has passed an it’s time to gather last year’s financial data and get ready to file your 2016 Income Tax Return. Please take a moment to read through this letter as it contains important tax updates. Officially, the tax season begins January 23rd when the IRS will open the gateway to begin accepting electronically [...]
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Happy New Year! I hope 2016 was a great year for you, your family and your business. We are looking forward to a healthy, happy and prosperous 2017! Several significant tax law changes took effect in 2016 that may affect your business’s federal tax filings in 2017. Please take a moment to read through this as it contains important tax updates. We are grateful for your patience with us but due to the busy nature of tax season, we ask you to [...]
If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind:Child Support. Child support payments are not deductible and if you received child support, it is not taxable. Alimony Paid. You can deduct alimony paid to or [...]
The IRS is warning against telephone scammers targeting students and parents during the back-to-school season and demanding payments for non-existent taxes, such as the “Federal Student Tax.” People should be on the lookout for IRS impersonators calling students and demanding that they wire money immediately to pay a fake “federal student tax.” If the person does not comply, the scammer becomes aggressive and threatens to report the student to the police to be arrested. As schools around the nation prepare [...]
September Th 15 Pay the third installment of your 2016 estimated tax – Use Form 1040-ES. Th 15 Partnerships: File Form 1065 if you timely requested a 5-month extension. Th 15 Corporations: File calendar year Form 1120 or 1120S if you timely requested a 6-month extension. Th 15 Corporations: Deposit the third installment of your 2016 estimated tax. Fr 30 File Form 730 and pay tax on wagers accepted during August. Fr 30 File Form 2290 and pay the tax for vehicles first used during [...]
Louisiana storm victims will have until Jan. 17, 2017, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Following this week’s disaster declaration for individual assistance issued by the Federal Emergency Management Agency (FEMA), the IRS said that affected taxpayers in East Baton Rouge, Livingston, St. Helena and Tangipahoa parishes [...]
There are several new factors that could affect refunds in 2017. A new tax law change requires the IRS to hold refunds a few weeks for some early filers in 2017 claiming the Earned Income Tax Credit and the Additional Child Tax Credit. In addition, the IRS and state tax administrators continue to strengthen identity theft and refund fraud protections, which means some tax returns could again face additional review time next year to protect against fraud. Taking a [...]
