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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,...
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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...
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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,...
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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...
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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,...
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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...
