3 Common Income Tax Mistakes that Businesses Make

.. And How To Avoid Them When it comes to preparing your company’s income taxes, you know how easy it is to make errors. IRS forms and schedules are complex, and you can overlook numerous details. The simplest thing you’ll do in this process is the cause...
Is Filing a Tax Extension Bad for Business?

Is Filing a Tax Extension Bad for Business?

Don’t be Like the White Rabbit: Late for a Very Important Date! Many small business owners are afraid to file for a tax extension because they think that it will increase their risk of an audit. This is one of the biggest tax preparation myths out there. The...
What to Bring to your Tax Appointment

What to Bring to your Tax Appointment

It’s Tax Time Again! April 15th will be here faster than you think. Now is the time to start organizing your tax information. Here’s what you’ll need to bring to your appointment: Personal & Dependent Information Drivers License or Government...
Estimated Taxes – Who Needs to Make Payments?

Estimated Taxes – Who Needs to Make Payments?

Estimated Taxes The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go, either by employer withholding or estimated tax payments. Employer withholding. If you are an...
Form 1099-MISC,  Miscellaneous Income, Reporting

Form 1099-MISC, Miscellaneous Income, Reporting

Form 1099-MISC, Miscellaneous Income, Reporting New Filing Date Form 1099-MISC is due to the IRS by January 31 of the following year when you are reporting non-employee compensation payments in box 7. Otherwise, file by February 28 if filing by paper, or March 31 if...
Mileage Logs Required to   Deduct Business Mileage

Mileage Logs Required to Deduct Business Mileage

A recent tax court case once again illustrates the point that written contemporaneous mileage logs are virtually a requirement to claim a deduction for business mileage. The taxpayer’s job required him to respond to emergencies, such as floods and hurricanes that...