by Admin | Jun 9, 2022 | Business Taxes, Entrepreneurial, Tax Scams
A part-time bookkeeper is liable for his employer’s unpaid payroll taxes. He owes the 100% trust fund penalty for willful failure to deposit. He was an hourly employee of a doctor’s office and took care of the business’s payroll. Although he knew...
by Admin | Jun 8, 2022 | Business Taxes, Individual Taxes
Second Quarter June 15 Deadline Approaches for Those Who Pay Estimated Taxes Taxpayers who pay estimated taxes: the due date to pay your second quarter tax liability is June 15. Taxes are pay-as-you-goTaxpayers need to pay most of the tax they expect to owe during the...
by Admin | Jun 6, 2022 | Business Taxes, Individual Taxes, Tax Planning
An audit conducted by TIGTA has found that the IRS intentionally destroyed an estimated 30 million paper-filed tax return documents in March 2021. However, the tax collection agency says no taxpayers were negatively affected by the destruction of these documents. The...
by Admin | Jun 2, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning
Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their...
by Admin | May 31, 2022 | Business Taxes, Entrepreneurial, Tax Planning
If you own or manage an auto repair shop, then accounting and bookkeeping are likely pretty low on your list of favorite past times. Unfortunately, tracking revenue and expenses and other financial aspects of your business is absolutely essential to your success....
by Admin | May 26, 2022 | Business Taxes, Tax Planning
Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the virus, new businesses will be opening as the economy returns to near normal. ...
