Individual Income Tax
Some individuals have to pay estimated taxes or face a penalty in the form of interest on the amount underpaid. Self-employed persons, retirees and nonworking individuals most often must pay estimated tax to avoid the penalty. This is an issue that is not confined to just higher-income individuals. Any employee
deductibles checklist
Many business taxpayers fail to deduct otherwise eligible business expenses or fail to fully deduct qualifying business expenses. As a result, millions of dollars are overpaid to the Internal Revenue Service every year. While tax reporting season still seems far off, it’s a good idea to start identify and gathering
Whether your company supplies business autos to employees primarily as “perks” or as necessary tools to help them get their work done, their personal use of the auto has tax implications for them and for you. That’s because an employee’s personal use of a company auto generally must be treated
A first step in avoiding costly hassles with the IRS is identifying potential red flags before filing your business tax return. For example, a common source of audit conflict between the IRS and small businesses is the documentation of travel expenses. The IRS often has the edge in these disputes
Receiving a gift or a bequest or other inheritance can be unexpected. These types of events, do, however, carry a unique set of federal income, gift, and estate tax rules that must be observed and apply to everyone, not just high-income individuals. Knowing the ruleswill help you prepare for any