For the uninformed, the small business tax process can lead to inaccuracies and money wasted on penalties. Get up to speed with this article. RELATED: Business Vs Hobby: How The IRS Qualifies Hobby Income As A Business In this article: Be Knowledgeable About the Structure of Business Ownership and Schedule of Taxes Know the Small Business Tax Rate Send the … [Read more...]
A Guide To Estimated Taxes For Small Business Owners
The IRS takes the estimated taxes for small business owners and independent contractors seriously, which makes accurate tax guides crucial for business owners. RELATED: Tips To Contact The IRS If You: Receive A Notice, Owe Back Taxes, Etc? In this article: Estimated Tax Payments: A Primer Who Pays for These Estimated Taxes? What Happens If the Taxpayer Did Not … [Read more...]
IRS CP2000 Notices | Income Underreporting At A Glance
A taxpayer need not panic should he or she receive a CP2000 Notice about income underreporting, as long as they know how to handle the process properly. RELATED: 9 Types Of IRS Letters And Notices And What They Mean In this article: What Is the IRS CP2000 Notice For? What Does the CP2000 Contain? Who Typically Receives a CP2000 Notice? How Does the IRS Find … [Read more...]
Penalties For Late Filing Of Business Taxes
Business taxes make up the lion’s share of tax revenues, which makes any late tax filing an important matter for the IRS. RELATED: What Happens If You File Taxes Late | Frequently Asked Questions About Missing Tax Deadlines In this article: When Are Business Taxes Due? What Happens If You File Taxes Late? What Are the Penalties for Filing Taxes Late? Why … [Read more...]
How To Prepare For An IRS Audit [INFOGRAPHIC]
Preparing for an IRS audit can be a stress-free affair if you follow these best practices. RELATED: 9 Tax Audit Triggers To Watch Out For A Guide to IRS Audit Preparation Click here to jump to the infographic. Step 1: Know What Triggers an IRS Audit What does being audited mean? An IRS audit does not mean you are suspected of undertaking a tax-related criminal … [Read more...]