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IRS Tax Tip 2020-06, January 22, 2020 Taxpayers who work in the gig economy need to understand how their work affects their taxes. A little pre-planning can help make sure gig economy workers are prepared when it’s time to file their tax return. First things first, here’s a quick overview of the gig economy: The gig economy …
Gig economy work can affect a taxpayer’s bottom line Read More »
IRS Tax Tip 2019-178, December 17, 2019 Small business owners should review the rules for filing two commonly-used employment tax returns. The two forms are: Form 944, Employer’s Annual Federal Tax Return Form 941, Employer’s Quarterly Federal Tax Return Small business owners should remember these two forms are not interchangeable. A small business files one …
Small business owners should use the correct form to pay employment taxes Read More »
Tax Tip 2019-174, December 11, 2019 With the tax filing season just weeks away, tax professionals who have a data security plan should review it for updates. Those who don’t have a plan should create one and use the information below to get started. Having a written data security plan isn’t just a good idea, …
Here’s what tax preparers need to know about a data security plan Read More »
IRS Tax Tip 2019-164, November 21, 2019 A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat. They may think of doing their taxes as just another item to quickly cross …
Four common tax errors that can be costly for small businesses Read More »
Tax Tip 2019-156, November 6, 2019 The home office deduction can help small business owners save money on their taxes. Taxpayers can take this deduction when they file their taxes if they use a portion of their home exclusively, and on a regular basis, for any of the following: As the taxpayer’s main place of business. As …
Small business owners should find out if they can benefit from claiming this deduction Read More »
Tax Tip 2019-155, November 5, 2019 Veterans who are small business owners likely have lots of questions about their business taxes. National Veterans Small Business Week is as good a time as any other to connect with the IRS over social media. These business owners can pull out their smart phone or their computer and …
Veterans who own small businesses can follow the IRS on their smart phones Read More »
IRS Tax Tip 2019-154, November 4, 2019 National Veterans Small Business Week is the perfect time for veterans who are business owners to check out the IRS’s online resources. Here are a few of the webpages that can help small businesses understand their tax responsibilities. Self-Employed Individuals Tax Center This a great resource for sole …
IRS.gov resources help small businesses have big success Read More »
IRS Tax Tip 2019-152, October 30, 2019 Businesses providing goods and services that are subject to excise tax must file a Form 720 quarterly to report the tax to the IRS. What is excise tax? Excise taxes are charged on a wide variety of goods, services and activities. The tax may be imposed at the time of: Import …
Here’s basic info for businesses filing excise taxes Read More »
IRS Tax Tip 2019-136, October 1, 2019 Some taxpayers may think they need to visit an IRS office for help in person with their tax issues. However, many of these people may actually find what they need online or by phone. In fact, many questions can be answered without ever having to visit to an …
Taxpayers can explore several tax help options before visiting an IRS office Read More »
IRS Tax Tip 2019-129, September 18, 2019 Data thieves continue doing their dirty work. Despite major progress against them, their threats continue to put tax pros and their clients at risk. To help combat this, the IRS and its Security Summit partners created a new Taxes-Security-Together Checklist. Following this checklist is a great starting point …
Tax preparers should take another look at the Taxes-Security-Together Checklist Read More »