While it’s true that every business is different from the next – and every entrepreneur will go on his or her own unique journey – there are still a few constants that we know to be true. The start-up phase, for example, is when you write a formal business plan. You secure financing, you select […]
Article Highlights Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost during such a tragedy or disaster. Individuals will need these […]
It can be logical to assume that because you’ve moved out of the country, you no longer have to pay taxes on any money you earn. It can be logical… but it is also incorrect. Nearly all United States citizens must file a Federal Tax Return every year. This is true regardless of where in […]
Article Highlights: Repercussions of Incorrect Tax Returns Filing Amended Returns Statute of Limitations for Refunds Potential of Audit It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the […]
Article Highlights: Information Filing Due Dates Calendar Year Nonprofit Fiscal Year Nonprofits Which Form To File Extension of Time to File Late Filing Penalty Failure To File For 3 Years State Filing Requirements Most organizations exempt from income tax under section 501(a) must file an annual information return or submit an annual electronic notice (Form […]
Article Highlights Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost during such a tragedy or disaster. Individuals will need these […]
When it comes to income taxes, two things tend to be true every year. The first is that April will always roll around yet again, whether you like it or not – which means that it’s in your best interest to make sure your tax filing needs are accounted for. The second is that with […]
Warning Signs That You Should STOP Managing Your Own Books On the one hand, it’s almost a prerequisite for entrepreneurs of all types to have that “can-do spirit.” That sense that nobody else sees things quite like they do so, whatever it is they want to accomplish, it becomes something they know they’ll have to […]
If you’ve been following the news recently, you’re no doubt familiar with the talk about the Internet Revenue Service hiring new agents during a time when they’ve been critically understaffed for years. Indeed, the IRS is expected to receive approximately $80 billion in funding between now and 2031, much of which will be used to […]
May 2023 Individual Due Dates May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes […]