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IRS Tax Reform Tax Tip 2019-67, May 29, 2019 Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them. Here are some things taxpayers can do to help protect their financial safety should a disaster occur. Taxpayers …
All taxpayers should plan ahead for natural disasters Read More »
IRS Tax Tip 2019-66, May 28, 2019 Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of the following: As the …
Home office deduction benefits eligible small business owners Read More »
IRS Tax Tip 2019-65, May 23, 2019 IRS offers taxpayers convenient, secure ways to pay their taxes throughout the year. Taxpayers can pay: Online By phone With their mobile device using the IRS2Go app Additionally, some taxpayers must make quarterly estimated tax payments throughout the year. These taxpayers may include sole proprietors, partners, and S-corporation shareholders who …
IRS Tax Tip 2019-58, May 13, 2019 The IRS continues to highlight many resources available to help small business owners and self-employed individuals understand and meet their tax obligations. Here’s a recap of key topics covered in IRS Tax Tips during this year’s Small Business Week. How small businesses can connect with the IRS over …
Recapping highlights from National Small Business Week 2019 Read More »
IRS Tax Tip 2019-57, May 10, 2019 Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses: Standard mileage rate Actual car expenses For 2019, here are the …
Small businesses can benefit from deducting vehicle costs on their taxes Read More »
IRS Tax Reform Tax Tip 2019-56, May 9, 2019 Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, …
Businesses should review depreciation deductions rules Read More »
IRS Tax Tip 2019-55, May 8, 2019 Business owners who file payroll and employment taxes using paper forms should consider filing these electronically. Here are some of the forms employers can e-file: Form 940, Employer’s Annual Federal Unemployment Tax Return Employers use this form to report annual Federal Unemployment Tax Act tax. Form 941, Employer’s …
It pays for employers to file payroll taxes electronically Read More »
IRS Tax Tip 2019-54, May 7, 2019 Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful …
Taking care of business: recordkeeping for small businesses Read More »