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What everyone should know Small business owners have a number of options on how to organize their business for tax purposes. And if you sell items on eBay or Esty, drive for Uber, or offer your services as a writer or programmer, you are probably considered a flow-through entity in the eyes of the IRS. …
Continue reading Understanding Tax Terms: Pass-through Entities
Time to make an estimated quarterly tax payment! Both your individual tax return AND first quarter estimated tax payment are due by Monday, April 18th. Here is what you need to know.First quarter due date: Monday, April 18, 2022The estimated tax payment ruleYou are required to withhold or prepay throughout the 2022 tax year at …
Great tips to identify scams BEFORE they happen In honor of the traditional day of practical jokes and harmless antics, instead of chasing the hottest new tax scam, why not arm yourself with traits that will help identify even the most recent version of them. Here is what you need to know:You are a targetWhile …
Avoid tax increase surprises at the filing deadline by reviewing these common causes now. Picture this: For the past few years you've received your tax return and have had a small but nice refund. Now imagine your surprise, when this year, you are required to send in a fairly big check to settle your tax …
Continue reading Common Tax Increase Surprises – I did not owe that last year!
Get organized or pay the price when filing your taxes. This year it is more important than ever. The time to organize your tax records is now. Informational tax information is hitting your regular and digital mailboxes from now until late March. To make matters worse, this year there are economic recovery payments, unemployment benefits, …
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The 2021 4th quarter due date is now here. Due date: Tuesday, January 18, 2022 You are required to withhold at least 90 percent of your 2021 tax obligation …
Continue reading Reminder: Fourth Quarter Estimated Taxes Now Due
Understanding the like kind exchange rules can help you defer tax when buying real estate, but only if you follow the rules. The tax law provides a valuable tax-saving opportunity to business owners and real estate investors who want to sell property and acquire similar property at about the same time. This tax break is …
Continue reading Postpone Taxes with a Like-Kind Exchange – The real estate boom creates opportunity
Personal Information A Social Security or tax ID number for everyone included on your tax return Date of birth for everyone on your return. Valid ID or Driver License Income and Investment Information Form W-2 Wage and Tax Statement -Your W-2 shows how much you earned and how much was withheld for taxes. Retirement account contributions. If you have an IRA an …
Continue reading Tax Prep Checklist: Here is what you might need to file your taxes
Scams are getting more sophisticated and the IRS is a target. Here are tips to protect yourself. Pretending to be an IRS agent is one of the favorite tactics of scam artists, according to the Better Business Bureau. The con artists impersonate the IRS to either intimidate people into making payments over the phone, or …
Continue reading Is it really the IRS? – Four tips to ensure your security
NO you do not have to pay income tax on everything! Here are some employee tax-free benefits. While most income received from your employer quickly ends up on a W-2 tax form at the end of the year, here are some common employee benefits that often avoid the impact of Federal taxes. Health Benefits. While now …
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