Businesses should review depreciation deductions rules Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, except land. Tangible… Read More »
Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes. Due to a provision in the TCJA, a corporation with a fiscal year that includes Jan. 1, 2018 will pay federal income tax using a blended tax rate (click here) and not the flat… Read More »
Taxpayers receive refunds faster with direct deposit WASHINGTON – With the tax deadline just around the corner, the Internal Revenue Service encourages all taxpayers to join the 80 percent of filers and choose direct deposit for your refund faster taxes. Direct deposit in a bank or other account is a safe option. Avoids the possibility… Read More »
With the deadline for filing taxes approaches, the IRS says about 50 million still need to present IRS YouTube Videos: Free help preparing your tax return – Spanish | ASL Do it yourself for free help preparing – Spanish | ASL WASHINGTON – With the deadline to file taxes April a few days, the Internal Revenue Service reminds nearly 50 million taxpayers who… Read More »
How taxpayers can request an extension to file your taxes Taxpayers who need more time to file your taxes can get an automatic extension from the IRS six months. For most taxpayers, the deadline for filing taxes this year is today, April 15th. Taxpayers who live in Maine or Massachusetts have until April 17, 2019… Read More »
Here’s how taxpayers can file an extension for more time to file their federal taxes Taxpayers needing more time to file their taxes can get an automatic six-month extension from the IRS. For most taxpayers, this year’s tax-filing deadline is today, April 15. Taxpayers who live in Maine or Massachusetts have until April 17, 2019… Read More »
IRS provides last-minute advice to taxpayers; Resources for extensions, payment and installment payment agreements WASHINGTON – As we approach the deadline for filing taxes, the Internal Revenue Service reminds taxpayers who have yet to file taxes, there are a variety of options to help them. IRS tax help is available 24 hours a day in… Read More »
You’re working with money on the daily when you’re running a tax firm, but how often do you take a look at your own finances? If you’re feeling like your business financing model could use a little TLC, follow our tips for how to boost profits in your tax firm and you’ll be on your… Read More »
IRS Phone Numbers / Helpdesk Verify your identity when you call IRS representatives must verify your identity before discussing your personal information. Have the following ready when you call: Individuals Social Security numbers (SSN) and birth dates Individual Taxpayer Identification Number (ITIN) for taxpayers without a Social Security number Filing status – single, head of household,… Read More »
How to file Federal Taxes for Free Free File is open for business! Click the Start Free File Now button to file your FREE federal return. The new tax law may affect your tax return. Review IRS Publication 5307, Tax Reform Basics for Individuals and Families (PDF). Welcome to Free File, where you can prepare and… Read More »