Charitable Contributions

When preparing to file your federal tax return, don't forget your contributions to charitable organizations. Your donations (up to 10% of taxable income) can add up to a nice tax deduction for your corporation. Here are a few tips to help make sure your contributions pay off on your tax return: You cannot deduct contributions [...]

By |2018-12-13T20:24:40-06:00December 13th, 2018||0 Comments

Information About IRS Notices

It's a moment any taxpayer dreads. An envelope arrives from the IRS — and it's not a refund check. But don't panic. Many IRS letters can be dealt with simply and painlessly. Each year, the IRS sends millions of letters and notices to taxpayers to request payment of taxes, notify them of a change to [...]

By |2018-12-13T20:24:00-06:00December 13th, 2018||0 Comments

Your Appeal Rights

Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your [...]

By |2018-12-13T20:23:08-06:00December 13th, 2018||0 Comments

Refund, Where’s My Refund?

Are you expecting a tax refund from the Internal Revenue Service this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in about half [...]

By |2018-12-13T20:25:51-06:00December 13th, 2018||0 Comments

Filing Deadline and Payment Options

If you're trying to beat the tax deadline, there are several options for last-minute help. If you need a form or publication, you can download copies from the IRS Forms page under Tax Tools on our website. If you find you need more time to finish your return, you can get a five or six [...]

By |2018-12-13T20:26:03-06:00December 13th, 2018||0 Comments

Deductible Home Offices

Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes, you may be able to take a home office deduction. You can deduct certain expenses if your home office is the principal place where your trade or business is conducted or where you meet [...]

By |2018-12-13T20:26:11-06:00December 13th, 2018||0 Comments

Business Eligibility for Schedule C-EZ

Your business may be eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on your federal income tax return, according to the IRS. That's because the deductible business expense threshold for filing Schedule C-EZ of the Form 1040 is $5,000. This change allows an additional [...]

By |2018-12-13T20:26:21-06:00December 13th, 2018||0 Comments

Business or Hobby?

It is generally accepted that people prefer to make a living doing something they like. A hobby is an activity for which you do not expect to make a profit. If you do not carry on your business or investment activity to make a profit, there is a limit on the deductions you can take. [...]

By |2018-12-13T20:26:36-06:00December 13th, 2018||0 Comments

Organizational and Start Up Costs

Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as current deductions? Generally, these start up costs must be amortized over a period of 180 months beginning in the month in which the business begins. However, based on the current tax provisions, you may [...]

By |2018-12-13T20:26:46-06:00December 13th, 2018||0 Comments
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