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Category Archives: 1120 S Corporation Taxes
Tax penalties. When they may apply to you.
I’m frequently asked “what causes tax penalties?” or “why do I owe a tax penalty?”. Here’s an article I found in Forbes that does a great job of explaining tax penalties.
Year End Checklist for Closing Your Books
As a business owner, it’s imperative to maintain accurate accounting records in order to substantiate all the items of income and expense on your tax return. A vital piece of the accounting process is the year end (or month end) … Continue reading →
Small Business Tools
Accounting Today talks about some small business tools available from the IRS that may be helpful: IRS Showcases Small Business Tools
The Importance of Good Record Keeping
Everyone in business must keep records, especially those that will come in handy when it’s time to think about taxes on the business. Continue reading →
How long should you keep your tax records
Personally, I recommend keeping your tax records and tax returns forever… if you don’t have that much storage space, this article from the USA Today provides a good guide on what to keep and when to throw it away. Tax … Continue reading →
Tax Myths
Here’s a great article on some very widespread tax myths… one of my favorites is that claiming the home office deduction will lead to an audit. Read on to find more… Tax myths can lead to costly mistakes from the … Continue reading →
Senate Passes 1099 Repeal
A big relief for small businesses… and Obama is sure to sign this. Senate Passes 1099 Repeal from CFO.com
Business Use of Automobile Rules
What can you deduct for the business use of your automobile? See the IRS link below… this is one of the most asked tax questions and often the least understood by the average business owner: http://www.irs.gov/taxtopics/tc510.html