Tag: income tax

Understanding the Business Structure

A major federal requirement for all new enterprises is the declaration of a company’s business structure. For income tax purposes, a new business needs to decide which type of organization will give their company the best liability and tax break. There are four common forms of business entities that a new entrepreneur may consider. They […]

EIN For My One-Member LLC

Do I need to get an EIN (Employer ID Number) when I’m the only member of LLC? One of the most important reasons that a business owner decides to establish LLC (Limited Liability Company) with only one member in the business is that they want to protect their personal assets from any loss that the […]

Small Business Tax Help – Get These Tax Deductions | Top Small Business Tax Help

If you are a small business owner, you already know that you will pay a tax on what’s left of your income after you’ve booked your expenses. So it’s logical to make sure you have booked as many legal expenses as you can. That way your net income (and your resulting taxes) will be as […]

Extension Vital to Avoid Penalties

Good news! The traditional April 15th income tax deadline falls on a Washington, D.C. holiday this year making April 18th the deadline to file your taxes.  The bad news – April 18th continues its advance regardless of this three day reprieve.  For those who have not yet filed their taxes the deadline brings a variety […]

Filing Season 2013: Year of the Extension?

This year may prove to be a record year for the filing of individual and business extensions. On January 1st, 2013 Congress passed the American Taxpayer Relief Act of 2012, AKA the Fiscal Cliff Tax Act. This legislation contained 157 pages of Tax Code changes, more than a dozen of which were retroactive and altered […]

Small Business Top Tax Questions

Basic Tax Questions That Small Business Owners Should Ask How should I keep my records? What kind of records should I keep and how long? One of the most important things in small business accounting is to keep good records. Good financial records help you calculate income and expenses, monitor financial status, and file tax […]

Small Business Top Tax Questions

Basic Tax Questions That Small Business Owners Should Ask How should I keep my records? What kind of records should I keep and how long? One of the most important things in small business accounting is to keep good records. Good financial records help you calculate income and expenses, monitor financial status, and file tax […]

Extension Vital to Avoid Penalties

Good news! The traditional April 15th income tax deadline falls on a Washington, D.C. holiday this year making April 18th the deadline to file your taxes.  The bad news – April 18th continues its advance regardless of this three day reprieve.  For those who have not yet filed their taxes the deadline brings a variety […]

Lower Your Business Taxes

Tax Deductions A tax deduction (tax write-off) is an expense that a business owner is entitled to subtract from their gross income, resulting in lowering their taxable income (the amount on which they are taxed on.) There are three types of deductions in tax return: personal, business and investment deductions. Business deductions are based on […]

Lower Your Business Taxes

Tax Deductions A tax deduction (tax write-off) is an expense that a business owner is entitled to subtract from their gross income, resulting in lowering their taxable income (the amount on which they are taxed on.) There are three types of deductions in tax return: personal, business and investment deductions. Business deductions are based on […]