Tag Archives: Business Tax Services
Why wouldn’t you take advantage of a tax credit for small businesses? In the case of health care tax credit enacted in the 2010 Affordable Care Act, the answer is if it is too confusing or if the cost to receive it is more than the credit is worth. This health care tax credit was supposed to be helping millions of small business to be able to provide health insurance for employees, paying out a budgeted $2 billion dollars on tax returns for 2012. Instead, as the Government Accountability Office reports, only 170,300 companies out of the 1.4 million to … Click to Read More
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
The assistance of a qualified business tax resolution professional can be a valuable tool in attempting to resolve any type of tax issue. However, selecting a reputable tax professional can be a difficult task in itself. It is important to verify any and all credentials before hiring someone to help. Many individuals and companies who advertise business tax resolution services are actually marketing agents and salespeople with no professional qualifications. Tax law is intricate and the policies and procedures of the IRS can be so complicated that it takes an individual who is both knowledgeable and experienced to successfully negotiate … Click to Read More
There has been some confusion with the what is included on the new Form 1099-K form and what belongs elsewhere. Here is an update for clarification on credit card payments that may be useful in your business tax preparation. On the directions to Form 1099-MISC, the IRS has made it clear that payments made with a credit card or through any third-party payer, are not reported on Form 1099-MISC. The indicated amounts are now reported on Form 1099-K. As a result, if a business pays a service provider with a credit card, debit card, gift card, or electronically via a service, the … Click to Read More
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
Due to the complexity of tax law as it applies to self-employed individuals, the best tax strategy available is often to enlist the help of a qualified tax professional to handle all business tax preparation. Many self-employed taxpayers do not know how to use available tax deductions to reduce their tax liability and therefore end up with tax balances that are more than they would otherwise be required to pay. In addition, self-employed individuals have certain tax obligations which, if not met according to the strict guidelines outlined in governing tax codes, can result in unwanted consequences including interest, penalties, … Click to Read More
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
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