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...]

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...]

6 Tax Tips for Self-Employed Taxpayers

The IRS offers these 6 tips for self-employed taxpayers: If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received for part-time work. This is in addition to … [Read more...]

It’s Time for a Paycheck Checkup

The Internal Revenue Service has released a new version of Form W-4 (the Employee’s Withholding Allowance Certificate) and an updated withholding calculator to help taxpayers adjust the amount of taxes that are withheld from their paychecks. New tax law changes make it especially important for certain taxpayers to visit the Withholding Calculator on IRS.gov. If you … [Read more...]

IRS Alerts Taxpayers about Refund Scam

The IRS is warning taxpayers of a new twist on an old tax scam. Criminals are depositing fraudulent tax refunds into individuals’ actual bank accounts, then attempting to reclaim the refund from the taxpayers. Why would the criminals give you back the money they stole from you? Well... The thief follows these four basic steps: First, he hacks your computer to … [Read more...]