Advantages of S corporation S Corporation A business may elect to be an S Corporation (S Corp) by filing form 2553. This will provide additional tax benefits for the S Corporation as there is no taxation at the corporate level. All profits and losses will pass through at the shareholder level. Restrictions on S Corporation The followingRead more about Advantages of S corporation[…]
Five tax credits for a bigger 2017 refund Tax credits help reduce the amount of tax you owe. A refundable tax credit allows you to reduce your overall tax liability and it can also result in a refund. Child Tax credit: You are eligible to receive up to $1,000 on your tax return. YouRead more about Five tax credits for a bigger 2017 refund[…]
10 Business tax deductions not to miss this tax season 1)Business Startup expenses – Startup expenses that are up to $5,000 can qualify for a valid business deduction. This can be taken as a business deduction the same year. This covers legal and company formation fees paid in connection with creating/ acquiring another business. If costs exceed $5,000,Read more about 10 Business tax deductions not to miss this tax season (2017 tax year)[…]
What is your consulting practice worth today? Overview of consulting businesses Consulting businesses are knowledge-based businesses. Today, there are many consulting firms in niche industries eg: healthcare, government, information technology, human resources etc. Consulting companies are service-based businesses. Therefore, they may be relatively easier to value as compared to other product based businesses. They also have relativelyRead more about What is your consulting practice worth today?[…]
Who can you claim as a dependent on your tax return? This is the most important question on every taxpayer’s mind at the time of tax filing. So, below are few basic rules for adding dependents on your tax returns : There are 2 types of dependents who may be claimed on your taxRead more about Who can you claim as a dependent on your tax return?[…]
Income tax refunds may get delayed until Mid-February for EITC and Child Tax Credit Returns Income tax refunds may be delayed for taxpayers who are claiming Earned Income Tax Credit ( EITC ) and the Additional Child Tax Credit ( ACTC ). By law, IRS cannot issue refunds claiming the Earned income tax creditRead more about Income tax refunds may get delayed until Mid-February for EITC and Child Tax Credit Returns[…]
***The below guidelines are applicable if you have not yet received your original W2 or a corrected W2 has not yet been received by the tax filing deadline. Most employers would have already mailed out W2 forms to their employees. If your employer is out of business or if you did not receive your W2Read more about Here’s what you can do if you do not receive your W2 past February[…]
What’s your business worth? As a business owner, this is one the questions that you may be asking as your business grows. With the growing trend in online/e-commerce businesses, valuation has become a very challenging area as businesses are not just valued on revenues/ customers or their net assets but also on the user baseRead more about What’s your business worth?[…]
How to pay IRS if you owe taxes? This is one of the most frequently asked questions. Here are the various ways of paying IRS if you owe taxes. Pay by credit or debit card: IRS accepts all major credit cards American Express, Master Card, Visa. There may be small convenience fees charged by the creditRead more about How to pay IRS if you owe taxes?[…]
It is very easy to check the status of your refund online via the IRS website. Please check the following link https://www.irs.gov/refunds. Frequently asked questions about tax refunds How long are the processing times for paper filed and electronic tax returns? As per IRS website the normal processing may take as long as three weeks. MostRead more about How to check status of your 2018 tax refund ?[…]
