April 15 used to be Tax Day. But due to COVID-19, the IRS has changed a number of filing deadlines so that most tax filing and payment deadlines that normally fall from April 1, 2020, through July 14, 2020, are extended to July 15, 2020. Some new federal law changes also affect some due dates. But …
All 2020 Tax Filing Deadlines Are Not Created Equal Read More »
Although the filing deadline for federal taxes has been pushed back to July 15th, many small businesses will still be filing in April. Additionally, many states have not pushed back their filing deadlines. So even if your business isn’t filing federal taxes right away, you may still need to compile your state returns quickly. Whether …
The tax season can be a stressful period for businesses. This period is marked with pressures to file for returns by a deadline and it inadvertently provides good opportunities for scammers to strike. Scammers pounce on opportunities to steal your sensitive data, identity theft or trick you out of money by employing elaborate ruses using …
Understanding and fulfilling your tax obligations remain one of the biggest challenges with running a business. You usually complete your personal tax returns once a year with a few forms. But preparing and filing your business taxes can prove, for lack of a better term, taxing. Even more so if you do not know about …
You may incur certain costs for your company that make good business sense. Unfortunately, the tax law doesn’t view them all as write-offs. Check out this list of business expenses that remain non-deductible (in whole or in part) these expenses on your 2019 tax return. NOTE: This article has been specially updated for the …
Perfectly Legitimate Business Expenses You Can’t Deduct Read More »
The new year is moving along swiftly. Martin Luther King Jr. Day has passed, the Grammys have come and gone, and many a person has already given up on their well-intended New Year’s resolutions. Fortunately, if requesting S Corporation tax treatment for your business in 2020 is on your list of resolutions, there’s still time to …
5 Things to Know About the Upcoming S Corporation Election Deadline Read More »
Estimated income tax payments remain a fact of life for most of us who run our own businesses. Those who are employed receive paychecks where the employer withholds taxes. But most business owners and the self-employed must to periodically send an amount called “estimated tax payments” to the IRS. You may also need to pay …
Estimated Tax Payment Answers for SMB Owners, Self-Employed Read More »
The gig economy has made side business a norm. Whether it is Uber or Fiverr, professions across virtually every industry are now earning money as a side business. Plumbers and electricians are working on TaskRabbit as are homeowners renting their property on Airbnb. There seems to be no end to what the side business has …
Filing tax returns remains a time-consuming and complex task. But tax filing software enables you to accurately and quickly file tax returns. As a result, you can spend more time doing what you do best — running your own business. Tax Filing Software Take a look at our list of the best tax software for …
Top 15 Tax Filing Software Products for Small Business Owners Read More »
The Tax Cuts and Jobs Act drastically cut the corporate tax rate. But it also introduced the qualified business income (QBI) deduction. The QBI offers a way to lower the effective tax rate on the profits of owners of pass-through entities. These include sole proprietorships (including independent contractors), partnerships, limited liability companies, and S corporations. …
What’s the Qualified Business Income Deduction and Can You Claim It? Read More »
