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. In continuation from last week’s post, here are 3 more […]
Help with IRS Taxes
The Tax Levy Relief Act of 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 […]
California’s Statewide Compliance and Outreach Program to Visit 16,738 Businesses
Early last month, the California Board of Equalization (BOE) sent letters to 16,738 retail business owners stating that the Statewide Compliance and Outreach Program (SCOP) Team would be paying them a visit. The purpose of the visit is to educate them on sales and use tax reporting, tax compliance, and make sure their businesses are […]
New House Bill Proposes Tax Cut for Small Businesses
A new bill was recently introduced in the House of Representatives that would allow companies with less than 500 employees to take an additional 20% tax deduction. Under this new proposal, small businesses would have the option of taking a 20% reduction on their annual domestic business income after they have taken all other available […]
Common Small Business Financial and Tax Mistakes
What are the most common tax mistakes for small businesses? Four small business tax mistakes topped the list of a recent Xero survey of 500 accountants. Failure to separate business and personal expenses Mixing business and personal expenses was the top mistake noted by 45% percent of those polled. Without professional help, you may trigger […]