As a self-employed business owner, you may occasionally be taking help from your children in your business. On many occasions, it may be part-time work. There are many tax benefits of employing your children in the business. Below is a quick summary : From a business perspective : The wages that are paid to yourRead more about Here’s why it is tax smart to hire your children in business…[…]
Six Tax Tips for New Business Owners Starting a business is a big step in your career. In addition to developing, marketing and selling your product /service an important step is to understand the tax compliances which are critical for your business’s success. Below are few quick tips that you may find useful as aRead more about Six Tax Tips for New Business Owners[…]
As a taxpayer, you may need to access your tax history and key information relating to the most recently filed taxes. Our below article outlines important information regarding accessing your online tax history from the IRS website. You can access online through IRS online access. The online access will provide you following important tax information onRead more about How to check your tax information online ?[…]
The Tax Cuts and Jobs act has newer rules for deducting business meals and entertainment expenses. According to prior 2017 tax law, most meals and entertainment expenses were 50% deductible for tax purposes. We have received many questions about how meals and entertainment expenses will be taxed and impact on your businesses. In general, mostRead more about How meals and entertainment expenses will be taxed in 2018?[…]
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?[…]
Tax Tips for Summer Interns If this is your first job as a summer intern, you may want to know more about your tax compliances. The following are a few useful tips that may help you with your tax filing. Employee vs Contractor. In most situations, you will be classified as an employee receiving aRead more about Tax Tips for Summer Interns[…]
How to get a transcript or copy of a prior year tax return? As per IRS guidelines, taxpayers are required to keep copies of tax returns for at least three years. If you are unable to locate copy of your tax return you can either Request a copy from your Tax Preparer OR Request aRead more about How to get a transcript or copy of a prior year tax return?[…]
S Corporation Payroll and Tax Compliances list S Corporation: This is a business entity structure that makes a separate tax election under Sub Chapter S with the Internal Revenue Service. Important points relating to S Corporations S Corporations or LLC with S tax election required to file form 2553. S corporation election must be made within theRead more about S Corporation Tax and Compliances checklist[…]
Where is my tax refund? You can get information about your refund within 72 hours after an acknowledgment has been sent by the IRS to you. Most refunds are processed within 21 days. Filing online & electronically is the fastest way to receive status on your tax refunds. You will require the following informationRead more about Where is my tax refund?[…]
IRS alerts Taxpayers about a new Tax Refund Scam The Internal Revenue Service warns taxpayers about a new type of a tax scam. Fraudulent tax refunds into individual’s bank accounts are being deposited, then the criminals are trying to reclaim the refund from the taxpayers. The following are few basic steps you can takeRead more about IRS alerts Taxpayers about a new Tax Refund Scam[…]
