Tax
National Veterans Small Business Week
Tax Tip for a Happier New Year in 2020
For a Happier New Year, Gather and Organize your business tax documents now. Waiting until taxes are due will only create added stress and delays. The IRS in a series of reminders wants small business owners to gather their business tax documents early and organize them now. Need help? come see us at BusinessTaxPrep.org for…
Read MoreWithholding Estimator Now Saves Headache in New Year
Planning to figure your taxes after the new year? Why wait? In the first of a series of tax filing reminders, the IRS urges individual taxpayers to use the Tax Withholding Estimator to find out whether more should be withheld or worse, how much will be due when the tax return is filed. If you…
Read More5 Top ExPat Tax Tips
File on time, every time. This is actually a good tax tip for every US Taxpayer: File your tax return by April 15. If you don’t owe US taxes on your foreign income, the IRS extends that deadline by two months, June 15. You may apply for additional extensions through October 15, but you may…
Read More2 Million ITINs expire in 2019
By the end of 2019, 2 million ITINs will to expire. If you, or someone you know were unable to get a social security number, and needed to get an ITIN instead, you may need to renew it to avoid a delayed refund. Any ITIN with the middle digits 83,84,85,86,87 will expire as of December…
Read MoreE-file Oct 31 Payroll Tax Forms
The payroll tax return due date of October 31 is almost here. But you don’t have to scramble to mail these returns. The IRS is encouraging you to e-file forms 940,941,943,944 or 945. The IRS in a new release stated e-filing payroll returns are more accurate, due to instant alerts on missing information. Processing time…
Read MoreWatch for Fake Charities Donation Drives
We’re in the 4th quarter of 2019. If that reminds you that you still need to get your donations made, you might want to check the list with the IRS. This is International Charity Fraud Awareness Week (ICFAW). Fake charities are one of the IRS’s worst tax scams for 2019. These fake charities lure victims…
Read MoreAfter Tuesday Tax Tip
If there is any better indicator that virtual currencies such as bit coin are here to stay, it is the IRS figuring out how to tax virtual currency. The first step is to define virtual currency, and the next step is to track it. The IRS, in fact, has defined virtual currency. IRS Definition of…
Read MoreIRS 2019-20 New Rates in Effect for Business Travelers
If you are a regular business traveler incurring expenses, This is your heads up that as of Oct1, there are new IRS per-diem rates in effect. The daily business traveler expenses are broken into three categories: Special transportation industry meal and incidental expenses, or M&IE rates $66 for locations in the continental United States (CONUS)…
Read More