Tax season can be stressful but the saving grace is that many tax filers will receive a refund. In past years, about 75% of filers receives refunds after filing their federal income tax returns. Many people even count on a refund to help them pay down debt or cover bills early in the year. That means …
Category: IRS issues
When Are Taxes Due? 2020 Filing & Extension Deadlines
Filing deadlines can creep up on you, and there’s nothing more frustrating than having to pay a fine that could have been avoided. Take a few minutes to save each relevant filing date to your calendar, and stay ahead of the IRS. If you’re sending your return in via snail mail, the IRS considers your …
Continue reading When Are Taxes Due? 2020 Filing & Extension Deadlines
IRS releases new Form W-4: What to know to avoid a refund surprise in 2020
Trump's proposed tax cuts will boost retirement plans: Grover Norquist Americans for Tax Reform president Grover Norquist on Trump wanting to see more tax cuts and Kanye West's huge tax refund. The IRS on Thursday released its final version of the 2020 Form W-4, with some important changes that could impact both employers and workers. The new form …
Continue reading IRS releases new Form W-4: What to know to avoid a refund surprise in 2020
Small Business Tax Changes to Help You Prepare 2019 Taxes
Every year, tax laws change and certain IRS regulations affecting businesses change, too. This article describes the most recent changes you need to know about to do your business tax planning and to prepare your small business taxes for the current year. Some of the changes for the 2018 tax year include updates to the Social Security maximum, IRS …
Continue reading Small Business Tax Changes to Help You Prepare 2019 Taxes
Get Your Business Taxes in Order Before the New Year With These Tips
While IRS tax forms have largely stayed the same, you will need to make sure you're up to date on various deduction limits from the Tax Cuts and Jobs Act.It may be tempting to do your business's taxes yourself to save money, but you should always consider getting professional help.Making an end-of-year capital investment or …
Continue reading Get Your Business Taxes in Order Before the New Year With These Tips
Small Business Taxes: A Simple Guide
How to prepare for tax season The hell of tax season madness can mostly be avoided by staying organized. Here’s how to make sure everything is in its right place. Gather your business records Before you start anything, make sure you have all your relevant business records on hand. Depending on your type of business entity, …
Why Tax Projections are Important for Your Small Business
We often see individual taxpayers and business owners caught by surprise with an unexpected large tax bill which they were never prepared for. This situation can result in significant stress and cash flow issues both on a personal and business level. There is often very little that can be done at the end of the …
Continue reading Why Tax Projections are Important for Your Small Business
Why should I keep records?
Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you do the following: Monitor the progress of your business Prepare your financial statements Identify sources of your income Keep track of your deductible expenses Keep track of your basis in property Prepare your tax returns …
Business Taxes
The form of business you operate determines what taxes you must pay and how you pay them. The following are the five general types of business taxes. Income Tax Estimated Taxes Self-Employment Tax Employment Taxes Excise Tax Income Tax All businesses except partnerships must file an annual income tax return. Partnerships file an information return. …
Homeowner Alert! Review Your Tax Forms
New tax rules are creating confusion Because of new laws many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. So when your mortgage company reports tax-related information to you and the IRS using Form 1098, …
Velisa Bookkeeping Services LLC 