Posts Tagged ‘Business Taxes’
Important Dates In American Tax History Post-1812 Up to The Civil War
The war with the British plunged the new nation into debt and gave rise to protectionist policies being passed. The young nation wanted to protect its newly established manufacturing industries, but the policies started to drive a wedge between the interests of the Northern and Southern states. This set the stage for the Civil War.
Read MoreImportant Dates In Post-Revolution American Tax History
The Revolutionary War was sparked in part by the British imposing taxes on the American colonists without their permission or consent. Once the colonists had freed themselves from British rule, it was time to establish a government that could pay the debts it had incurred during the conflict. 1777 – Articles of Confederation This was…
Read MoreRequired Health Insurance for 2014
Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act (ACA) requires you and each member of your family to have qualifying health insurance (called minimum essential coverage), have an exemption, or pay a shared responsibility penalty with your 2014 individual income tax return, Form 1040.
Read MoreRetention Guide: Personal Finance Record Retention Guidelines
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), it may go back six years in an audit. If there is any indication of fraud, or you do not file a return, no period of limitation exists.
Read MoreBusiness Forms of Organization: FAQs
A “corporate double tax” happens when a business corporation (or an entity that is treated as a business corporation for tax purposes) pays a federal tax on its income, and then its owners pay another tax as they collect corporate profits.
Read MoreBusiness Expenses
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit.
Read MoreBusiness or Hobby?
Our Westchester tax preparation firm agrees. It is generally accepted that people prefer to make a living doing something they like. A hobby is an activity for which you do not expect to make a profit. If you do not carry on your business or investment activity to make a profit, there is a limit on the deductions you can take.
Read MoreHow and Why I Hired My Tax Accountant
Finding the right person to prepare my taxes after purchasing my small business wasn’t easy. It took me some time and personal evaluation to decide on the best one for me. Here’s the process I went through.
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