Has your business been audited by the IRS? It may be stressful, especially if you don’t know what to expect. It might help to know what information IRS auditors have about your industry. To prepare for an audit, IRS examiners generally research a specific industry, plus issues on a tax return. One tool they often [...]
If you have a life insurance policy, be aware that the proceeds your beneficiary receives could be subject to federal estate tax. That is, unless you take steps to ensure that the policy isn’t part of your estate. WHAT TO DO Life insurance proceeds will be included in your taxable estate if: Your estate is [...]
Unexpected disasters such as severe storms, flooding and wildfires can happen anywhere, causing damage to your home and personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But restrictions make it tougher to qualify for these deductions. What’s considered a casualty for [...]
There’s a harsh tax penalty that you could be personally responsible to pay if you own or manage a business with employees. It’s called the Trust Fund Recover Penalty. It applies to the Social Security and income taxes required to be withheld by a business from the wages of its employees. Because taxes are considered [...]
In these days of supply chain issues, you need to keep track of your vendors. QuickBooks has this covered. If you buy and resell products, or if you need to purchase materials to create your own items, good management of your company’s vendor records is critical. Maintaining a physical card file is way too inflexible. [...]
April 18 Last day to file (or extend) your 2021 personal return and pay any tax that is due. First quarter 2022 estimated tax payments for individuals, trusts and calendar-year corporations are due (the states of Maine and Massachusetts have an April 19th federal deadline).2021 returns are due for trusts and calendar-year estates and C [...]