There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS of their plans. The closing a business page of IRS.gov is designed… Read More
Our tax professionals can help you resolve any IRS notice regarding your 2020 tax return. Contact us for consultation.… Read More
Understanding the tax responsibilities that come with starting a business. Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new… Read More
Taxpayers can find answers to questions about payments and penalties on IRS.gov Taxpayers can find answers to most questions about tax payments and penalties on IRS.gov. The Let Us Help You page, features links to information and resources on a wide range of topics related to penalties and payments. Payments Payment options • This page lays out… Read More
If your business must close, there are some tax-related steps you’ll need to take. Find out more at: https://www.irs.gov/closingabiz. #IRS Here’s What To Do if You Must Close Your Business – YouTube… Read More
Taxpayers can view their IRS account online at IRS.gov.… Read More
Tax transcripts are used for a variety of things, like applying for a mortgage or a student loan. Taxpayers order a tax transcript on IRS.gov. They can also learn about the different types of transcripts available from the IRS. Order a tax transcript Taxpayers can request a transcript, either online or by mail at Get Transcript on… Read More
Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money or property… Read More
Form 1040-ES, Estimated Tax for Individuals, includes instructions to help taxpayers figure their estimated taxes. The fastest and easiest ways for individuals to make an estimated tax payment is electronically by using IRS Direct Pay from their checking or savings account or pay using a debit or credit card. Taxpayers should note that the payment processor, not the… Read More
Federal taxes are pay-as-you-go. This means that people need to pay most of their tax during the year, as they earn income. This can be done either through withholding or estimated tax payments. If the amount of income tax withheld from a taxpayer’s salary or pension is not enough, or they receive income such as… Read More