Partnerships should use Schedule K-1 tax forms to distinguish partnership income from owners' income. By doing this, your business will more likely avoid the $54,171 tax penalties...
Posted by Taxes Made EZ Inc on 11/17/2022
The type of business you own determines what your tax returns will be like to a large extent, whether your taxes will significantly be reduced. Let’s start by defining what LLCs...
Posted by KLSM CPA Firm PLLC on 01/01/2022
The Federal Fuel Tax Credit is a program that allows businesses to reduce their taxable income dollar by dollar-based on specific types of fuel costs. The fuel tax credit encourages...
Posted by Dennis Jao on 01/06/2021
You can receive income in the form of money, goods, or services. This section deals with several types of taxable and non-taxable income. It includes discussions on employee salaries...
Posted by Carmen Garcia on 07/06/2021
It's tax season! Tax return companies and DIY software vendors work hard to convince individual taxpayers that their services and products are the way to maximize tax refunds or...
Posted by Don Bell Law on 03/31/2021
Finding out your business's shape can seem like a chore, as there are many types of businesses to start. A good option is a limited liability company (LLC), which has some of the...
Posted by Don Bell Law on 01/18/2021
The Schedule K-1 can be tied to different tax returns, depending on how the business was created. The K-1 tax form varies slightly depending on whether the ownership structure is a...
Posted by Larry Hurt on 07/23/2020
One of the complicated parts of managing your business is knowing and satisfying your tax responsibilities. Unlike personal income tax returns, which are usually completed with certain...
Posted by David Macgregor on 06/15/2020
The IRS allows individuals, businesses, and properties to file an income tax return after the deadline by obtaining an extension. The correct presentation of an extension means that...
Posted by Larry Hurt on 04/20/2020
