There are new tax filing deadlines for business thanks to the Obama administration.
On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Highway Act), which includes a provision regarding transfers of excess pension assets to retiree health accounts. Though the bill doesn’t have much to do with taxes, it has impacted the 2016 and subsequent tax year filing deadlines for partnership, S corporation and C corporation returns.
If you have an entrepreneurial spirit and dream of becoming your own boss, you may eventually look into starting your own business. Many people have the desire and solid ideas for starting a business venture, but may either lack the courage to take the first step or simply don’t know where to start. Here are a few things to keep in mind that may help guide you in taking those first steps.
Working from home can have its advantages but the IRS requires that the rules are followed. Deviations from the rules are grounds for audits and tax penalties that no one wants to endure when starting a new business. It's important to understand the rules for use and for deductions before you are too far into your new office space.
It always seems to sneak up on us, but somehow the deadline comes around every year; so it’s a good idea to start preparing for your next tax appointment early. In preparation, you should set an appointment for as early in the season as possible. If you’re not sure what you need to bring, give me a call and I’ll help guide you and send you out a checklist.
The who, what, when, why and where of Paying Estimated Taxes for your business.
When clients become their own employer and stop receiving their own paycheck, I’ll usually schedule estimated tax payments, so the government can still collect taxes from their income.
Is having your own business right for you? You may have to do some soul searching to see if you are willing to take the chance. You are probably very good at the business you are thinking of doing; however, you also need to be aware of the administrative requirements that are helpful in keeping your business running smoothly. I recommend having a conversation with me if you are contemplating self-employment.