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...]
9 Tax Records You Should Keep In Your Business To Avoid IRS Audit
You never know when the IRS will knock on your door for an audit, making it crucial to have your tax records ready at all times. RELATED: How To Prepare For An IRS Audit [Infographic] In this article: Copies of Paper Returns Copies of Electronic Returns Business Income Receipts Documents Pertaining to Assets/Property Investment Income Purchase … [Read more...]
Can The IRS Close Down A Business For Back Taxes?
Any taxpayer operating a small or medium business should know how the IRS treats back taxes and how much the IRS can take from business assets. RELATED: What Happens If You Don’t File Your Taxes For 5 Years Or More? In this article: What Are IRS Back Taxes? How Does a Taxpayer Incur Back Taxes? How Do Payroll Taxes Affect Businesses? How Much Should a … [Read more...]
What Is A Bank Levy And What To Do When The IRS Levies Your Business Bank Account
What is a bank levy? A taxpayer faced with one from the IRS can expect quite a lengthy process, and therefore should know how to proceed efficiently to lower the time wasted and costs associated with it. RELATED: 9 Types Of IRS Letters And Notices And What They Mean In this article: What Is a Bank Levy? How Does the IRS Levy Notice Start? How Long Does a Bank … [Read more...]
Independent Contractor VS Employee: 4 Differences Taxpayers Need To Know
Here are the fundamental differences that govern the tax treatment of an independent contractor vs employee, which every taxpayer should know. RELATED: What Are The Penalties Employers Will Face Under Employee Misclassification? In this article: State and Federal Income Tax Social Security and Medicare Tax Unemployment Tax on Wages Required Forms 4 Tax … [Read more...]
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