As the tax season is finally coming to a close, you might be looking back on your small business’ accounting and bookkeeping for tax year 2016 and think, “Why weren’t we more prepared?”
While tax season this year might seem like it’s running by at a quick pace, there are still a few more weeks left before the April 15th deadline. Is your business return prepared?
Each year the IRS finds the most common scams to avoid for the upcoming year. In an effort to help taxpayers, they highlight the list of various schemes taxpayers may encounter through the year, many of which peak during tax season.
Out with the old and in the with the new: tax season is finally here, and with it come changes to the filing deadlines for employers and delayed refunds for many.
As physical relief efforts continue in eastern North Carolina, the IRS has announced tax relief efforts for residents and businesses most affected by the storm. You or your business might be eligible for an extension on filing your return or making payments.
With October swiftly approaching, now would be an excellent time to discuss the October 15th filing extension deadline. While some states do not allow extensions on filing for state taxes, North Carolina does allow the tax payers a 6-month extension.
Your taxes can be affected if your vacation home was used a personal property or if it was strictly a rental property for other occupants. Basically, the amount of time you personally spend at your vacation home can determine how much you will owe in rent or taxes, as well as the type of deductions you can claim against the property.
Please beware of bogus phone calls from people that claim to be the IRS who demand payment for a “Federal Student Tax,” a non-existent tax. Are Scammers A Threat After Tax Season? The simple answer is “yes.” While the Raleigh tax season has passed, scammers will always be out there. Recently, the newest scam in […]
Accounting for your business can be a major stress. The crunching of numbers can get overwhelming and not having the right cash flow can mean closing your doors for the long-term. Now consider a few statistics: 50% of small businesses will fail within the first year. The, 95% of businesses will close down before their […]
When you have a small business, it is important that you get all of the tax deductions you can. Here are a few tax deductions to keep in mind that are often forgotten. Your Home Office Tax Deduction Many people believe that by claiming a home office deduction is going to increase your chances of […]