Whether you simply forgot to file your tax return or decided not to do so because you were unable to pay your taxes, it is important that you file your past due tax return as soon as possible. The Internal Revenue Service will start to assess penalties or fines for every month past the original…
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Although itemizing takes more work than using the standard deduction, it makes sense in many cases. In some cases, you may not have a choice. This blog will help you understand when you do not have a choice and when itemizing is better if you have a choice. When Itemizing Is Necessary? Some people are required…
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Under IRS rules, S corporation officers are treated as employees for tax purposes. This means that an S corporation must pay reasonable compensation to its officers in exchange for the services they provide instead of simply treating payments as distributions. The IRS closely looks at the compensation paid to S corporation officers and the distributions…
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If you receive wage income at any point during the calendar year, you will likely need to include it on your federal income tax return. This is true whether you’re an employee of a company that you don’t own, an employee of a corporation that you do own, or a sole proprietor. In most cases,…
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Tax Filing and Payment Deadline Extended The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from 04/15/2021, to 05/17/2021. The IRS will be providing formal guidance in the coming days. “This continues to be a tough…
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