As the tax deadline nears, you’re probably worried about making sure that your paperwork is in order. The best way to prevent an audit is by making sure your documents match up with what the IRS has on file. If you won money from gambling last year, then you may be wondering about the taxes on gambling. Here’s what you need to know about gambling winnings and losses for your income tax return.
As a business owner, you may feel a little anxious during tax season. After all, dealing with an IRS audit is stressful and time-consuming. You want to make sure everything is prepared in a timely and accurate manner. You also want to ensure you maximize all deductions and credits to achieve the best possible tax outcome.
Proper tax preparation will give you peace of mind every year. Here are 8 steps you should take before you file.
Running a business is a lot of work. You enjoy what you do, but sometimes the less-exciting administrative tasks, like payroll and taxes, can feel burdensome. Your business is humming along and you’re excitedly drumming up business.
Then March 15th goes by and you’ve forgotten to file your taxes. You now owe the IRS back taxes. If running a business wasn’t hard enough, now you have the added stress of getting in trouble with the IRS.
The tax filing deadline for businesses is usually on March 15th or April 15th depending on your business type. Back taxes are those not paid by the deadline. If you owe taxes, there can be serious consequences to your business.
Among the raft of changes ushered in with the CARES Act is an overhaul to net operating losses that can impact your 2020 tax obligations. Overall, the changes were designed to increase the amount of liquidity available to businesses to help them survive the pandemic, with a special eye toward helping small business payroll obligations. This means that your business may be able to enjoy a wide range of unexpected benefits when you file this year. Find out how these changes can impact your 2020 taxes and if you stand to gain from them.
The year 2020 packed quite a wallop for business owners around the country and the world. Not wanting to lay off trusted employees, many businesses struggled to keep up with payroll, many were forced to close their doors during quarantine, and sadly, some were forced to close their doors permanently.
