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From your trusted authority on tax law.
Most Common Tax Deductions for Small Businesses
There are many expenses incurred in starting, running, and growing a business. Luckily for business owners, many of these expenses can be deducted. Knowing which expenses you can deduct helps to lower your tax burden and keep more money in your business. However,...
Considerations for Hiring Your Child as an Employee
Hiring your child to work in the family business can be a win-win situation for both you and your child. A child employee offers you tax advantages not available with other employees. There are also potential tax savings for the child employee, who can set aside that...
What Happens to Your Business When You Die
You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place,...
IRS is increasing its collection efforts
IRS is increasing its collection efforts Like almost all government agencies, the IRS was badly impacted by the coronavirus pandemic. It had to shut down various service centers and extend filing deadlines. Most of the collection and enforcement efforts were suspended...
Individual returns are due Oct 15th for those on extension
Individual returns are due October 15th for those on extension The IRS extended the deadline to file your federal income tax from April 15 to May 17, 2021, and they gave a six months extension for filing upon application. If you got a tax extension this year,...
Tax returns aredue Sept 15th for flow-thru entities (SCorps & Partnerships)
Tax returns are due Sept 15th for flow-thru entities (S Corps & Partnerships) While filing your business returns yourself or through help, it is very important to know the right deadlines marked on your calendar. The federal income filing deadline for tax purposes...
IRS is actively trying to find individuals who are not reporting their cryptocurrency transactions
IRS is actively trying to find individuals who are not reporting their cryptocurrency transactions The world of cryptocurrencies is expanding and then are the efforts of the IRS to gather taxes from Americans who aren’t paying taxes on them. First introduced...
IRS Audits & What to do.
IRS Audits & What to do The IRS is the agency that collects taxes for the federal government. They collect more than $2 billion every day. Taxes are required by law, and those who refuse to pay can face serious repercussions like hefty fines or even jail time. To...
Business Entities & Taxes. What to do!
Business Entities & Taxes. What to do! Business taxes are a confusing subject, but it is not as difficult as you think. The first step to filing your business taxes is understanding what type of tax entity you have created. This will determine how much...