Tax tips/best practices for Employers if you hired interns this summer Have you hired summer interns to assist you in your business? You may have many questions around tax compliances. The following are few quick tax tips that may help you : Choosing the right classification: In most scenarios, an intern should be classified asRead more about Tax tips for Employers if you hired interns this summer[…]
Tax Tips for Summer Interns If this is your first job as a summer intern, you may want to know more about your tax compliances. The following are a few useful tips that may help you with your tax filing. Employee vs Contractor. In most situations, you will be classified as an employee receiving aRead more about Tax Tips for Summer Interns[…]
General Information on forming Partnerships including Tax and Payroll Compliances Partnership is relatively common business entity structure when you have at least 2 members in your business. There are few other popular variations to the partnership structure -General Partnership, Limited Partnership (LP) and Limited Liability Partnership (LLP). Few important points relating to General PartnershipRead more about General Information on forming Partnerships including Tax and Payroll Compliances[…]
How to get a transcript or copy of a prior year tax return? As per IRS guidelines, taxpayers are required to keep copies of tax returns for at least three years. If you are unable to locate copy of your tax return you can either Request a copy from your Tax Preparer OR Request aRead more about How to get a transcript or copy of a prior year tax return?[…]
S Corporation Payroll and Tax Compliances list S Corporation: This is a business entity structure that makes a separate tax election under Sub Chapter S with the Internal Revenue Service. Important points relating to S Corporations S Corporations or LLC with S tax election required to file form 2553. S corporation election must be made within theRead more about S Corporation Tax and Compliances checklist[…]
Can you deduct moving expenses incurred in 2018? Under the prior year 2017 & earlier tax law, you would be eligible to qualify if : Your employer has not reimbursed the moving costs. They have also excluded the reimbursement from your income. Your new place of work is at least 50 miles away fromRead more about Can you deduct moving expenses incurred in 2018?[…]
C Corporation Payroll and Tax compliances list C Corporation : This is a business entity structure that is taxed separately from its owners/shareholders. They are also subject to separate corporate income tax . A C Corporation is owned by its shareholders. There is double taxation of profits under this type of entity structure. Corporation isRead more about C Corporation Payroll and Tax Compliances list[…]
Standard Mileage rates for 2018 The Internal Revenue Service has released the 2018 Mileage rates. Beginning January 1, 2018 the following are the IRS approved rates : Business Miles : 54.5 cents would be the business miles that would be permitted to be deducted on the tax return. This is 1 cent higher thanRead more about Standard Mileage rates for 2018[…]
How to file an amended tax return? After filing your tax return, you may have either missed including certain expenses or found errors on the filed return. This may include deductions, income, credits, dependents etc. A form 1040 X needs to be completed and filed with the Internal revenue service within : 3 years fromRead more about How to file an amended tax return?[…]
What are Health Savings Accounts (HSA) ? Health savings accounts are savings accounts that allow you to contribute pre-tax dollars to pay for qualified medical expenses. Overall healthcare costs can be lowered if they are used to pay for deductibles, co-pays and coinsurance amounts. You can contribute towards HSA only if you have a HighRead more about What are Health Savings Accounts (HSA) ?[…]
