Is it Worth Amending Your Tax Return?
Whether you feel that it is worth it or not to file an amended return is not the issue. The issue is whether you are required to file an amended return. If there is a change in your filing status, income, or deductions, the IRS states that you file an amended return. Keep in mind that the IRS receives copies [...]
Does Your Business Qualify for a 20 Percent Tax Deduction?
The 20 percent tax deduction under new 2018 tax code Section 199A is a nice tax break for business owners, except for owners with high income who also fall into the out-of-favor group. In general, the out-of-favor group includes lawyers, doctors, accountants, tax professionals, consultants, athletes, authors, security traders, actors, singers, musicians, entertainers, and others. Getting just a little more [...]
How to Get Out of an IRS Penalty
You hate IRS penalties, right? Everyone does! There are a lot of strategies we can use on your behalf to potentially defeat an IRS penalty. Thanks to the courts, though, we now have a brand-new way to beat an IRS penalty. It’s Section 6751(b) of the Internal Revenue Code. This provision can get you out of a penalty—even if you [...]
Pass Through Entities and the Tax Cuts and Jobs Act
Pass through entities include, LLCs, partnerships, S Corporations and sole proprietorships. It means that profits and losses from the business pass through directly to the shareholder’s individual tax returns. Under the Tax Cuts and Jobs Act, for tax years beginning after December 31, 2017 through December 31, 2025, some individuals will be able to deduct 20% of their Qualified Business [...]
Five Tips For Hiring a Quickbooks Consultant
So, you have gotten your business up and running and have decided to hire a Quickbooks Consultant. What should you look for? Here are five tips for hiring the right person for your business: Do Your Research. You want to make sure that you hire a person that is a good fit for your business. Before hiring someone, check around, [...]
Four Types of Employees and How to Pay Them
The IRS Schedule C (Form 1040), which is titled Profit or Loss from Business is mainly used by self-employed individuals (sole proprietors/independent contractors). The Schedule C form is used to report profit or loss from a business operated by a sole proprietor. Any activity qualifies as a business if the primary purpose for engaging in the activity is to generate [...]