Category Archives: Business Taxes and Accounting

Learn more about managing Business Taxes and QuickBooks Accoounting

Beware the 3.8% Investment Surtax

Plan now to save yourself from this new tax on investment income. If you meet the income thresholds below and have net investment income, an additional 3.8% tax will be due. This tax went into effect on January 1, 2013. … Continue reading

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NEW S-Corp Late Filing Election Procedure

Filing a late S-Corporation Election is now much easier and has a longer or no deadline for many filers. Previously, if a business intending to be taxed as a Sub-chapter S Corporation failed to to file a timely election, but … Continue reading

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2012 Small Business Calendar Available

Order the IRS Small Business Calendar and keep track of important tax and payroll dates. Did I mention that it’s free? Completely free and very handy to have around the office. I keep a few on hand to give to … Continue reading

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Good News – Business Cell Phone Tax Deduction

We love good news that makes tax record-keeping easier! If  your employees use cell phones for business, the rules for deducting the expense have gotten much easier. Previously, a cell phone was considered by the IRS to be “listed property,” … Continue reading

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Beware the IRS Mistake in Your Favor

According to the National Association of Tax Preparers newsletter, the IRS is issuing refund checks to certain taxpayers …. by mistake! I wouldn’t cash that check you receive (without checking with me or another tax preparer) if the letter that … Continue reading

Posted in Business Taxes and Accounting, S-Corp Taxes, Schedule C Tax Returns | 3 Comments

Tax Savvy for Small Business Book Review

Tax Savvy for Small Business is a clear and handy guide to many aspects of small business taxation. If you own a business, I recommend you leaf through it and then sit down and read the sections relevant to your … Continue reading

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Late Filing Your S-Corp Election Part 1

Did you just realize that no one filed the one piece of paper that changed your C-corporation or LLC into an S-corporation? The election to S-corp should have been filed the year before it applies or within 2 months and … Continue reading

Posted in S-Corp Taxes | Tagged , , , | 4 Comments