Worried about filing taxes late? We will walk you through each situation you may have and look at what options you may have. Don’t know what penalties you may owe the IRS? Here’s a quick look at the penalties you may incur: Failure to pay: 0.5% up to 25% Failure to file: 5% up to […]
Filing Taxes Late: Penalties and Missing Tax Deadlines Read More »
In-kind, also known as like-kind exchanges, is the process of exchanging property used for business for the sole purpose of another company similar to that (“like-kind”). This has long been allowed to occur under the Internal Revenue Code. The issue at hand is that there are now restrictions on this exchange. Curious about what you
The Ins and Outs of In-Kind Exchanges Read More »
With the virtual world being bigger than ever before, there are more and more taxpayers who work out of their homes. Many of these people own small businesses or are freelancers and may even qualify for the home office deduction. Often the words “home office deduction” make taxpayers fear it as an audit trigger. However,
Home Office Business Deduction, Can You Take It? Read More »
Do you owe the IRS money instead of the other way around? You may be caught off guard if you receive an unexpected tax bill. The first thing you should do is double-check your tax return. Is it right? Why is this debt unexpected? Dig a little deeper; find out what you did differently this
Unexpected Tax Debt: Everything You Need to Know Read More »
Here is a graphic the IRS asked us to share. It will let you know how much you can expect from the government as far as your Economic Impact Payment. Most people who file their taxes regularly do not need to do anything, but there is more information to let you know if you need
How Much Money Will I Get From The Economic Impact Payment Read More »
According to the IRS, the most common federal tax form filed by the majority of one-owner businesses is Schedule C. It is the “Profit or Loss from Business” form. The form is used to report business income and business expenses. Business income is any income you receive that is related to your business. It is
Small Business Taxes: What Can You File on Schedule C? Read More »
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