Midyear tax planning is critical this year With big tax changes scheduled to take effect in this year, every business should make time for a midyear tax review. Here are five tax-cutting ideas to consider as part of your review. 1. Hire your kids. If your child is under age 18 and works for your unincorporated business, there are no social...
Tags: midyear tax planning
Category: Taxes
All taxpayers should file on time, even if they cannot pay what is owed. This saves them from a potential failure to file penalty which can become significant over time, up to 60%! This plus the failure to pay penalty and the numbers can really add up. Filing an extension is only an extension to file the form, not pay...
Tags: IRS payment
Category: Taxes
It’s easy to get in the mindset that if you want things done the right way you have to do them yourself. But that isn’t always the best approach at work, even if you firmly believe you’re the best person for the job. There simply isn’t enough time in the day, especially if you have a business to run. Limke...
Are you receiving a tax refund this year? No doubt you’ve already heard about why you shouldn’t be giving the government an interest-free loan. Maybe you’ve decided to revise your withholding or estimated tax payments to reduce the amount of next year’s refund. Either way, you have options. Financial planning means creating effective strategies that work for you. The more...
Tags: tax refund
Category: Taxes
If you’re a business owner, one of the first questions to ask yourself is whether or not you should incorporate. The biggest advantage of incorporating is that it limits your legal liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk,...
Tags: corporations
Category: Taxes
If you aren’t able to finish your federal income tax return by the April 17 deadline, you can still get an automatic six-month extension. Even if you file for an extension, you are required to pay any taxes you owe by this filing deadline. An extension gives you more time to file your tax return, but not more time to...
Tags: 2017 extensions
Category: Taxes