The IRS reminds business owners that the passage of the Tax Cuts and Jobs Act may affect the depreciation deductions and taxes. Generally, we business taxpayers can depreciate the tangible property except for land, including buildings, machinery, vehicles, furniture, and equipment.
Small Business owners providing health care to their employees should take time to look into the Small Business Health Care Tax Credit, on the IRS website. There are guidelines for those wishing to claim the credit, as well as those that were unable to do so in 2017 because of unavailability of coverage in the Small Business Health Options Program (SHOP) Marketplace. Notice 2018-27 offers directions for calculating the credit under those circumstances.
While we all pray that natural disasters do not impact our lives, the IRS reminds us taxpayers of ways to prepare before the unthinkable strikes. We can reduce the stress when it comes time to file claims or rebuild after a hurricane or other catastrophic event.
National Small Business Week is in full-swing through May 5. Small business owners and the self-employed will find a plethora of online products to help them gain a good comprehension of their tax responsibilities, including special webcast education during National Small Business Week.
Did you owe the IRS or get a larger refund than you expected? If so, it may be a good idea to do a withholdings checkup. The IRS offers taxpayers the use of a Withholding Calculator on their website. It is a good idea to ensure that you are withholding the right amount of income tax from your paychecks. No one wants to loan money to or owe the IRS, so take time to do so now.
It’s tax day! Obviously, the best option is to file your taxes on time, even when you can’t pay what you owe. This will save you from the failure to file penalty. However, if your best efforts left you falling flat on finalizing your taxes today, all hope is not lost. You can file an extension, but you will still need to pay in order to not face fines or penalties. Here are some tips on how to handle things if you can’t finish today.