It seems like you have to pay taxes and more taxes on everything. Think about it: You earn a dollar, you pay employment-related taxes on it. If you spend that same dollar at the grocery store, you pay more taxes. If you are a business, it’s worse. When you earn money by selling goods and […]
Because of the extensive changes in the tax law, you should contact a business tax attorney to help you with taxes. Even if you are working on your individual taxes, you should work with a tax professional. Before you have someone help you with your taxes, be sure everything is in order.
Update Your Beneficiary Designations
2018 is almost up and you are probably looking forward to the holiday with lots of activities. The end of the year is very important to any business as many countries have their financial year run from January to December.
As a business, it’s important that you check if your accounting records reflect what you’ve been […]
It may seem incomprehensible but making a gift out of the kindness of your heart may leave you on the hook for taxes. The IRS expects people who transfer things of value to friends or loved ones to also pay taxes even when you receive no consideration in return.
Before dubbing the IRS the “Scrooge” of […]
We mostly grumble about having to pay the tax man. The government, reeling in debt, paying millions to other countries for aid, comes along and wants to take a chunk of our hard-earned money! What for? We might wonder. Well, there are good reasons why we should be thankful that we pay taxes, for some […]
In terms of filing taxes, the world can be broken into four basic groups. There are those citizens who happily pay every April because they believe it is their civic duty. The second group pony up, begrudgingly, because they are responsible Americans. The third class pays because they recognize the ominous power of the IRS. […]
If you or your business, reside in an “affected area,” you are automatically granted relief from certain deadlines (Treas. Reg. §301.7508A-1(c)). In addition to those direct taxpayers, if your business records necessary to meet the deadline are located in an “affected area” you are also entitled to relief,” in addition to relief workers, and any […]
Closing a business means a life transition. It’s usually a stressful time even if you really wanted the change. However, you shouldn’t forget that closing your business calls for meeting several tax obligations. It’s the same whether you are self-employed and have incorporated or you’re shuttering your small business and letting your employees go. Your […]
With the many responsibilities that you must take care of as a small business owner, filing your taxes can become very time-consuming and overwhelming. There are many important steps that you must follow, requirements you must meet and documents you must find before you can complete your taxes. Keep yourself from getting too overwhelmed by […]
As a small business owner, it’s important to keep in mind that taxation is one area of your business practice that leaves no room for error. While most people are worried about the threat of additional taxes, penalties and interest charges, these are really just the tip of the iceberg when it comes to tax-related […]