PriorTax keeps you current on the most recent tax for business news from the IRS. There’s no need to decipher confusing IRS lingo because we’ve got you covered when it comes to business taxes. Always check back here for information on new business deductions and credits that you should be claiming for your LLC or Partnership. From claiming deductions to filing your return, we handle your taxes while you handle your business.
If you have questions about your business tax, then leave a comment on our blog posts. Our tax experts will provide you with the answers that you need!
The IRS has introduced a new form called Form 1099-NEC. Whether you’re well versed in reporting your taxes or not, this may be confusing.
Typically, your self employment income is reported on box 7 of your 1099-MISC statement. For the 2020 tax year it is now reported on a 1099-NEC. The IRS has done this to separate filing deadlines.
Biden’s tax plan will affect wealthier Americans, corporations, and everyday individual taxpayers. He also plans on making significant tax revisions on Trump’s previous tax plan which took place in 2017.
Skip the tax jargon by taking a look at this quick breakdown.
Here are the major findings in Biden’s tax plan.
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Tax season is a stressful time for some taxpayers. However, knowing each tax deadline will give you a heads up so you know how to stay on top of your game.
For all the 2019 tax deadlines that are left, take a look at the list of due dates below.
Like most Americans, we rush to get deals on Black Friday, or even better Cyber Monday. However, taxpayers rely heavily on Cyber Monday to buy the items they have on their wishlist because if an online retailer doesn’t have a physical presence in our state, we’re not required to pay any sales tax.
Nonetheless, consumers might notice a difference in the amount in their sales tax (depending on where they live) because of a Supreme Court ruling passed in June 2018.
Prior to this, online retailers did not have to collect sales tax if they did not have a physical presence in your specific state. (more…)
As a business owner, you might have already heard this one. Jack Welch, the founder of General Electric, made this statement and although he wasn’t talking about taxes, it applies.
The filing deadline for LLCs is always April 15th. The filing deadline for S-Corps and C-Corps is always March 15th. Sure, missing the filing deadline for your business tax return is a mistake. However, it can be resolved, and with less of a penalty than you may think. You’re constantly learning as a business owner and probably making your fair share of mistakes along the way. Let’s take a look at how you can prevent one of them.
Penalty fees for filing late LLC and S-Corp tax returns are based on how many months you are late to filing and the amount of shareholders or managing members involved. Late filing fees for a C-Corp are based on how many months the return is late. Let’s break it down a bit further. (more…)
If you need to report self-employment income or business income on a tax return, it’s best to organize the papers you’ll need before getting started.
Filing a Schedule C may seem like a daunting task. However, you can avoid complications by keeping your records organized throughout the year .
It’s also good to keep in mind that doing your taxes online will ultimately save you time and money.
Below, you’ll find the information you’ll need to report when completing a business tax return. Keep in mind, if you’re a sole proprietor, do freelance or contract work, you’re considered a self-employee and are required to file a business tax return (SCH C).
#1: Income
According to the IRS, you’ll need to report ALL income you’ve received.
Make a list of gross receipts or sales from the tax year. If you received 1099 forms from clients or individuals you provided services for, you’ll need to include these amounts.
The IRS requires you to report ALL income so be sure to include payments you received that aren’t reported on a 1099 form
There’s other amounts you may not think of that the IRS considers forms of income. This includes;
value of goods or services received through barter transactions
bad debts recovered that you wrote off on a prior-year return
interest on any business bank accounts
#2: Expenses (more…)
