Business

Charitable Contributions

When preparing to file your federal tax return, don't forget your contributions to charitable organizations. Your donations (up to 10% of taxable income) can add up to a nice tax deduction for your corporation. Here are a few tips to help make sure your contributions pay off on your tax return: You cannot deduct contributions

By |2024-03-08T19:06:26+00:00February 10th, 2021||Comments Off on Charitable Contributions

Information About IRS Notices

It's a moment any taxpayer dreads. An envelope arrives from the IRS — and it's not a refund check. But don't panic. Many IRS letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to

By |2024-03-08T19:06:26+00:00February 10th, 2021||Comments Off on Information About IRS Notices

Your Appeal Rights

Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your

By |2024-03-08T19:06:26+00:00February 10th, 2021||Comments Off on Your Appeal Rights

Refund, Where’s My Refund?

Are you expecting a tax refund from the Internal Revenue Service this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in about half

By |2024-03-08T19:06:26+00:00February 10th, 2021||Comments Off on Refund, Where’s My Refund?

Filing Deadline and Payment Options

If you're trying to beat the tax deadline, there are several options for last-minute help. If you need a form or publication, you can download copies from the IRS Forms page under Tax Tools on our website. If you find you need more time to finish your return, you can get a five or six

By |2024-03-08T19:06:27+00:00February 10th, 2021||Comments Off on Filing Deadline and Payment Options

Deductible Home Offices

Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes, you may be able to take a home office deduction. You can deduct certain expenses if your home office is the principal place where your trade or business is conducted or where you meet

By |2024-03-08T19:06:27+00:00February 10th, 2021||Comments Off on Deductible Home Offices

Business Eligibility for Schedule C-EZ

Your business may be eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit on your federal income tax return, according to the IRS. That's because the deductible business expense threshold for filing Schedule C-EZ of the Form 1040 is $5,000. This change allows an additional 500,000 small

By |2024-03-08T19:06:27+00:00February 10th, 2021||Comments Off on Business Eligibility for Schedule C-EZ

Business or Hobby?

It is generally accepted that people prefer to make a living doing something they like. A hobby is an activity for which you do not expect to make a profit. If you do not carry on your business or investment activity to make a profit, there is a limit on the deductions you can take.

By |2024-03-08T19:06:27+00:00February 10th, 2021||Comments Off on Business or Hobby?

Organizational and Start Up Costs

Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as current deductions? Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins. However, based on the current tax provisions, you may

By |2021-02-10T14:51:17+00:00February 28th, 2016||Comments Off on Organizational and Start Up Costs
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