by Jarel Daniels | Oct 25, 2021 | Tax & Accounting
Bookkeeping for Tax Purposes You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records: Copies of tax returns Keep copies of your tax returns as part of your tax records. Your tax returns can help...
by Jarel Daniels | Oct 11, 2021 | Tax & Accounting
What Should You Do If You Can’t Pay Your Taxes? Don’t panic! Here are some ideas for getting your tax bill paid and minimizing interest and penalties: 1. File your tax return on time. Individual income taxes are due and payable in full on April 15. If you expect to...
by Jarel Daniels | Aug 23, 2021 | Tax & Accounting
Custodial Accounts (UTMA/UGMA) Assets in a custodial account belong to the minor. Any income earned in a custodial account is taxed to the minor. A custodian, usually an adult relative, controls the assets until the minor reaches the age set by state law (21 in most...
by Jarel Daniels | Aug 16, 2021 | Tax & Accounting
What You Need To Know About S Corporations S corporations are corporations that elect to pass income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on...
by Jarel Daniels | Aug 16, 2021 | Tax & Accounting
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...
by Jarel Daniels | Aug 9, 2021 | Tax & Accounting
Representation Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct...
