Article Category: Business Tax Relief
Some Small Businesses May Owe Back Taxes In California
Posted on: November 7, 2013
A court ruling from December of 2012 could result in many small business investors in California owing large sums of money in back taxes from a practice now deemed unconstitutional. Five years ago many small business investors in California were promised a tax break. The investors were told that if they invested in specific types of businesses, they would receive a large tax deduction. Now these same investors are being told that they could receive tax bills that for up to $250,000 for deductions that were granted under tax laws that were on the books at the time the investments … Click to Read More
3 Tips for Your First Business Tax Return
Posted on: May 3, 2012
You’ve started your own business, and now it’s time to file your first tax return. Even if you hire a business tax preparation specialist, you will need to have your files in order and make some decisions on how you want to file your return. Here are 3 tips to help with your first business tax return. Make sure you carefully review the entire form. It can be easy to miss what you enter where, so make sure to completely review your business tax return to avoid mistakes. There may be questions about the nature of your business, how many … Click to Read More
The Tax Levy Relief Act of 2012
Posted on: April 26, 2012
This past week, a bill was introduced in the House of Representatives that would provide individual or business tax relief by giving the IRS the power to release a tax levy when the imposition of the levy would cause economic hardship. The bill, identified as the Tax Levy Relief Act of 2012, was introduced by Representative Jim McDermott, a member of the House Ways and Means Committee. At a time when many businesses are having difficulty meeting their tax obligations, McDermott’s bill is designed to provide tax relief by giving the IRS the discretion to decide the best way to … Click to Read More
People Fooled by TaxMasters Claims
Posted on: March 21, 2012
When choosing a business tax preparation specialist or a tax advisor for your personal needs, it is very important to select a trustworthy expert with proven experiences in tax settlements and good reviews. This is what clients of TaxMasters, a now bankrupt tax preparation company in Houston, Texas, found out after trusting their taxes to this company based on a commercial promising to settle tax debt for less. TaxMasters is now being sued by the State of Texas because while they claimed that they would get a free consultation with a tax specialist by calling a number in their TV … Click to Read More
Small Business Tax Relief – Back Taxes
Posted on: February 23, 2012
While taxes for 2011 are due in April, it is important to take care of any IRS notices and bills from past years that were not paid when due, called back taxes. Here are some frequently asked questions about back taxes in relation to business tax preparation. What back tax issues are commonly encountered by small businesses? · Due to the complexity of tax law, many small business owners do not know how to use available deductions to reduce their lax liability and therefore end up with tax balances that are more than the business can afford to pay. · With the current … Click to Read More
Business Tax Records—What Records to Keep and When to Shred
Posted on: February 4, 2012
Are you never quite sure what original information to save after you file your annual tax return? In this article, we discuss what business tax documents you must keep and how long to keep them. Good bookkeeping is difficult to manage for many businesses. Let’s face it—your priority is to keep the business running from day to day. It might not seem like it but now, as you prepare to file your business taxes for 2011, is actually the perfect time to develop good record keeping habits. Keeping organized records throughout the year is vital to making sure you have … Click to Read More
Help with IRS Payroll Taxes: What They Are, How They Work
Posted on: February 3, 2012
When your new employee fills out a W-4, it affects their withholdings for Federal Income Tax, Social Security, and Medicare. What does it mean for the business owner? Businesses are required by the IRS to withhold taxes from employee wages, and then pay them directly to the IRS. This usually occurs on a quarterly basis in March, June, September, and December. This type of tax is called a Payroll Tax. In some instances, the IRS allows a business to file payroll taxes annually instead of quarterly. Payment can be made electronically or in person at an authorized financial institution. The IRS … Click to Read More
Business Tax Tips | Help With Business Tax Preparation
Posted on: February 1, 2012
As you close out your finances for 2011, you or your business may need help understanding how to file and settle your IRS taxes. Filing incorrect information can be problematic. Errors may can mean that you are missing out on deductions, that you have paid too little (and can be hit by penalties, fines, or interest later in the year), or even that your company could be selected for an audit. At BusinessTaxPreparation.com, we have the experience to provide business tax services that will maximize your business deductions and ensure that your tax filing is accurate. While we recommend hiring a tax professional, here are some tax planning tips … Click to Read More