Automatic Extension of Time to File U.S. Individual Income Tax Return
Form 4868 A U.S. citizen or resident can file IRS Form 4868 to request an automatic extension of time to file a U.S. individual income tax return. https://www.irs.gov/forms-pubs/about-form-4868 Where and when to mail the form Mail the extension voucher at the bottom of page 1 of Form 4868, with payment if necessary Mail to the […]
Make A Tax Payment
IRS Payments Website At the following website, the IRS provides several options for paying amounts due: https://www.irs.gov/payments This site also provides links for other related information, including: Individuals Pay Using Bank Account (Direct Pay)Pay Using Debit or Credit CardCreate Your Online AccountTax Withholding EstimatorPayment PlansTax Debt HelpPenalties & Interest Businesses Business Tax Payment (EFTPS)
Check Your Refund
Check Your Tax Return Status https://www.irs.gov/wheres-my-refund Check your Amended Tax Return Status https://www.irs.gov/filing/wheres-my-amended-return
S-Corp Reasonable Salary
Declare a Reasonable Salary The IRS states that “there are no specific guidelines for reasonable compensation in the Code or theRegulations.” IRS Fact Sheet In the following Fact Sheet the IRS provides information on wage compensation for S Corporation officers: https://www.irs.gov/pub/irs-news/fs-08-25.pdf The topics include:
Create Your Online IRS Account
At the following link you can create your IRS account https://www.irs.gov/payments/your-online-account Select the “create an account” option You will be required to verify your identity, follow the instructions to complete the process. Convenient Services Once you complete the registration process, your online IRS account will allow you to access information and services including:
Tax Terms for Business Owners
Tax terms can be confusing, technical and are often not intuitive. This IRS glossary is helpful for understanding basic tax terminology: Understanding Taxes. The following additional tax terms for business owners will shed some light on some common tax terms for business owners. If you are also interested in tax terms for individuals see the […]
Tax Terms for Individuals
Tax terms can be confusing, technical and are often not intuitive. This IRS glossary is helpful for understanding basic tax terminology: Understanding Taxes. The following additional tax terms for individuals will shed some light on some common tax terms for individuals. If you are also interested in tax terms for business owners see the article titled: […]
Business Incorporation
You’re Starting a Business You’re starting a business, and this is a major life event involving lots of work and many decisions. Any phase of the process without a plan is overwhelming. Hence, following a prescribed list of steps will help new small business owners with business incorporation and starting a business correctly from day […]
Schedule C – Profit or Loss From Business
Profit or Loss From Business Taxpayers use Schedule C to report profit or loss from a business owned and operated as a sole proprietor or as a single-member LLC (i.e. treated as a disregarded entity). Income and expenses are combined on this form to determine the net profit or loss for the activity. Schedule C […]
The Net Investment Income Tax
What is it? The Affordable Care Act created the Net Investment Income Tax (NIIT) effective as of tax year 2013. This is a 3.8 percent tax on net investment income earned by individuals, estates, and trusts above a specific threshold of modified adjusted gross income. The portion of income above the threshold representing investment income […]
