Most people only have to keep up one with tax deadline. It's common knowledge that April 15th is Tax Day (though that date actually changes based on holidays, weekends, etc). But for business owners like us, that isn't accurate. We actually have many tax deadlines to worry about through the year, and if your business is a partnership or S-corporation, your return is due in March, not April. … [Read more...]
Options for Paying Estimated Taxes
It’s almost time to pay those quarterly estimated taxes for your self-employment income. What are your options? EFTPS: The EFTPS, or Electronic Federal Tax Payment System, is available online for free. Registration takes about a week, so register ahead of the tax payment due date. The best thing about the EFTPS system is that you can look up your payment history at any time. Your tax … [Read more...]
Closing Tax “Loopholes” on S-Corps
Just when it looked like the small businesses in this country might begin to bounce back, our elected representatives are working to close the “tax loopholes” used by small professional companies operated as S-Corporations: H.R. 4213 American Jobs and Closing Tax Loopholes Act At present, S-Corporation shareholders who are employees working in the business must take a “reasonable wage” via … [Read more...]
Time for Quarterly Taxes!
April 15th is almost here -- time to send in your first quarterly estimated tax payment! Do you need help remembering your quarterly tax due dates? Sign up for my quarterly newsletter. It comes out two weeks in advance of each quarterly tax due date and includes a short article about recent tax law changes. Sign up online. … [Read more...]
What's Your Audit Risk?
The IRS just published their IRS Enforcement and Service Results for their fiscal year 2009. Based upon this new data, the higher your income, the more likely that you'll receive a letter from the IRS asking for additional information or tax payments. A correspondence audit of this kind is often triggered when you forget to report all of your 1099 payments, including "freelance" payments that … [Read more...]