Because of the novel Coronavirus, COVID-19, the IRS moved tax deadlines to July. This may create challenges for quarterly payments, since your business results are likely different than in the past.
One of the biggest challenges for small business owners is understanding the difference between Income, an Accounting Concept, and Cash, the money that they actually take out of their business. https://www.youtube.com/watch?v=UD5-cYWwa3o One particular thing that I had a discussion about multiple times in the last two months is income versus cash. Now most of my [...]
Tax Extensions are a safe, legal, and reasonable way to get more time to file without paying penalties. You can quickly fill out Form 4868 and get a tax extension. Note, in 2020, because of COVID-19, the deadline was shifted, which had some implications. IRS Form 4868 - 2019 Addition. https://www.youtube.com/watch?v=BSOsxGfHEA0 We're getting close to [...]
1099-Misc forms, the bane of every January. There are many 1099 forms, but the most common business one is the 1099-MISC form. The IRS has really been cracking down on these forms and the reason is because their matching system lets them track who isn't paying taxes if they're being paid under the table. It's [...]