When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, the agency often mails a letter or notice to the taxpayer. Getting mail from the IRS is not a cause for panic but, it should not be ignored either. When… Read More
Know your limitations and know when you need to ask a professional for help: There are many Online Learning and Educational Products available to help you learn about taxes. For example, the IRS Tax Calendar has important tax dates for businesses. However, if you choose to hire a professional, it is important to choose carefully because you are trusting them… Read More
Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for gifts. It’s important to know that money raised through crowdfunding may be taxable. Some money raised through crowdfunding may be considered a gift. Under federal tax law, gross income includes all income from… Read More
There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It’s also important to notify the IRS of their plans. Business owners must take these steps when closing a business: File a final tax return and related forms. The type of… Read More
Hay algunas cosas que los propietarios de negocios deben hacer antes de cerrar su negocio. Por supuesto, tienen que cumplir con sus responsabilidades tributarias federales. También es importante notificar al IRS de sus planes. Los dueños de negocios deben seguir estos pasos al cerrar un negocio: Presentar una declaración de impuestos final y los formularios… Read More
From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also be mindful that their hobby might be a… Read More
Here’s what businesses need to know about the enhanced business meal deduction The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct the full cost… Read More
The Internal Revenue Service reminds all businesses, including self-employed and gig workers, to make estimated tax payments quarterly, and that making them electronically is fast, easy and safe. Individuals and businesses alike are required to pay taxes as income is earned or received throughout the year, either through withholding or estimated tax payments. That’s why those… Read More
Important reminders for people filing their tax return at the last minute The April deadline for filing a 2021 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension, or making a payment, the IRS website has answers to most tax… Read More
Recordatorios importantes para quienes presentan su declaración de impuestos en el último momento La fecha límite de abril para presentar una declaración de impuestos de 2021 está cerca, pero la ayuda tributaria del IRS está disponible las 24 horas del día en IRS.gov. Ya sea para presentar una declaración de impuestos, solicitar una prórroga o… Read More