Video Workshop: What You Need to Know About Schedule C and Other Business Tax Forms

Free Video Workshop for New Business Owners The Small Business and Self-Employed Tax Center at the IRS website irs.gov is a great resource for small businesses. They have recently designed a new program - Small Business Taxes: The Virtual Workshop.  The workshop has nine interactive lessons designed to help new small business owners learn their tax rights and … [Read more...]

Video Workshop: What New Businesses Need to Know About Federal Taxes

Free Video Workshop for New Business Owners The Small Business and Self-Employed Tax Center at the IRS website irs.gov is a great resource for small businesses. They have recently designed a new virtual workshop, Small Business Taxes, to help new business owners understand their federal tax obligations.  Click below to start Lesson 1 - What You Need to Know About … [Read more...]

Some Businesses Required to Use Blended Tax Rate for 2018

U.S. corporations that use a fiscal year end instead of a calendar year end for federal income taxes will need to use a blended tax rate this year. Due to a provision in the recently enacted Tax Cuts and Jobs Act (TCJA), a corporation with a fiscal year that includes Jan. 1, 2018 will pay their federal income tax using a blended tax rate and not the flat 21 percent tax … [Read more...]

Changes to Depreciation Are Affecting Businesses Now

The IRS wants to remind businesses that the passage of the Tax Cuts and Jobs Act may affect their depreciation deductions and taxes. Business taxpayers can generally depreciate tangible property except land, including buildings, machinery, vehicles, furniture and equipment. Changes to depreciation and how they will affect businesses could include: Businesses can … [Read more...]

It’s National Small Business Week!

The US Small Business Administration presents National Small Business Week April 29-May 5.  One of the main events of Small Business Week is the three-day Virtual Conference, created by the SBA and SCORE Association. You will have a chance to participate in webinars taught by national experts, all free of charge. The webinars cover a wide range small business issues, … [Read more...]

Is the IRS Calling? It Could be a Scam

IRS warns of a new twist on an old phone scam. WASHINGTON – The Internal Revenue Service Tuesday warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills. The IRS and its Security Summit partners – the state tax agencies and the tax industry – … [Read more...]

You’re Late! What to Do if You Haven’t Filed Your Taxes

Tax day has come and gone, and there are still some people who haven’t filed their returns or extensions. There is one important thing to know if you haven’t filed your taxes yet – file them as soon as possible, EVEN IF YOU CAN’T PAY ALL THE TAX YOU OWE. The IRS can apply two different penalties for late filers/payers. The first is a failure-to-file penalty for not … [Read more...]

Last Minute Tax Tips from CEA

Just getting around to doing your taxes?     You are in good company – there are about 40 million other taxpayers who haven't filed yet either. But don't worry. There is still time to get your taxes done correctly and filed on time. “With the tax deadline approaching, taxpayers shouldn’t panic. The IRS has many options available to help people as they finalize their … [Read more...]

Contribute to an IRA by April 17 for 2017 Tax Savings

INTERNAL REVENUE SERVICE, WASHINGTON, DC —The Internal Revenue Service is reminding taxpayers that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by April 17, 2018. How It Works An … [Read more...]

Estimated Taxes – Who, How and When

FROM THE SMALL BUSINESS AND SELF-EMPLOYED DIVISION AT IRS.GOV - If the amount of income tax withheld from your salary or pension isn’t enough, or if you receive extra income throughout the year, you may have to make estimated tax payments. Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If you don’t … [Read more...]