There are a lot of options when it comes to reporting income and expenses. Schedule C’s and Schedule E’s are the most familiar to taxpayers (and many tax preparers). But, BEWARE. These forms are […]
From the 'Taxation' Category:
You can just pay the difference. When you’re entitled to a refund, the IRS will first check to see if there are any amounts due for prior years and apply the refund to those […]
Filing a prior year return start the Statute of Limitations clock – as a general rule, the law allows the IRS to audit any return up to three years back from the date it’s […]
No, an “extension” is a request for more time to file your return, not an extension of time to pay your taxes. Taxes are generally due by April 15th, and in some cases, by […]
In almost every situation, it is ideal to report rental properties on a business return, not your personal return (Schedule E). If you have more questions and would like to schedule a free consultation, […]
The Tax Code allows you to report business activity on your personal return using a Schedule C or on a separate business return. Either way you’re providing a “Business” return. When you use a […]
If you receive income reported on Form 1099-MISC, then you’ll want to report that income under your “EIN” or tax ID number, not your social security number. If you end up with a 1099 […]
In some cases, yes. Some states that don’t have an income tax, still require that your business file a tax return. Texas for example, has no state income tax, but still requires businesses to […]
A company’s financial records are intended to track all transactions and provide company management with the ability to manage the business. The tax return information on the other hand is strictly used for tax […]
What about contacting the IRS – can’t you just call them and let them know the change? In theory, yes. But it’s a very complex process. In order to contact the IRS, we have […]