Part I –What is a 401 (k) plan and how you can save taxes by contributing to a 401 (k) plan? If your employer offers 401 (k) plan but if you have never contributed to a 401 (k) plan, think again. This article outlines few basic key points that may be helpful & will provideRead more about What is a 401k plan and how you can save taxes by contributing to a 401k plan?[…]
With the 2018 tax law changes, the businesses can immediately deduct depreciation cost of machinery & equipment. The new tax law increases the maximum deduction from $500,000 to $1 Million. The Section 179 depreciation deduction is reduced dollar for a dollar once the amount exceeds $2.5 Million. Contact us via our web form if you haveRead more about Here’s what is changing in 2018 relating to business depreciation (equipment and machinery)[…]
The Tax cuts and Jobs Act that was passed last year has many changes relating to child tax credit & personal exemptions that impacts your paycheck tax withholding. Below are few useful tools offered by the Internal Revenue Service that taxpayers can use to check their monthly paycheck tax withholding. Tax Withholding calculator : CheckRead more about Here’show taxpayers with children can check their tax withholding-(paycheck checkup)…[…]
What is an 83 (b) tax election and why it is important for startup founders? This article is relevant for startups who have issued restricted stock to the startup founders. Section 83 b defined in simple terms Section 83 b applies if the founders received restricted stock. In most cases and best practices, foundersRead more about What is a 83 (b) tax election and why it is important for startup founders?[…]
How to claim a parent as a dependent on your tax returns? The Tax Cuts and Jobs Act made major changes to the tax law for dependent exemptions. The following are few important key points for claiming dependents on your tax returns. 2018 Tax law changes Under the 2017 tax law, youRead more about How to claim a parent as a dependent on your tax returns?[…]
How to handle IRS tax notice after filing taxes? After filing tax returns, you may receive a tax notice from the IRS. There is no need to panic, check out these quick guidelines : There are few types of tax notices : Informational: Almost all notices of this type, clearly state there is noRead more about How to handle IRS tax notice after filing taxes?[…]
C Corporation Payroll and Tax compliances list C Corporation : This is a business entity structure that is taxed separately from its owners/shareholders. They are also subject to separate corporate income tax . A C Corporation is owned by its shareholders. There is double taxation of profits under this type of entity structure. Corporation isRead more about C Corporation Payroll and Tax Compliances list[…]
How to file an amended tax return? After filing your tax return, you may have either missed including certain expenses or found errors on the filed return. This may include deductions, income, credits, dependents etc. A form 1040 X needs to be completed and filed with the Internal revenue service within : 3 years fromRead more about How to file an amended tax return?[…]
