Tax Tips

Learn the ins and outs of requesting a tax extension and avoid penalties. Find out how to ease tax season stress.

Non-deductible expenses are costs that cannot be subtracted from your income before it's assessed for tax. Understanding business tax deductions is crucial for the financial health and success of your small business.

Uncover the key criteria that make a charitable organization eligible for tax deductions. Learn about IRS rules, donation limits, and how to ensure your giving counts at tax time.

Taxes that haven't been paid when they are due are called “back taxes,” and they can be a huge headache.

If you keep them waiting long enough, the IRS can seize or ‘levy’ your bank account and other assets to help cover your tax debts.

If you missed filing a previous year’s tax return, don’t count on the IRS forgetting about it. There are several reasons to file your tax return retroactively.

If you’ve been penalized by the IRS for late tax filing or unpaid tax debt, IRS one-time forgiveness might be for you.

The IRS can audit returns filed within the last three years—but there are exceptions that can extend this period.

Tax season is ripe with scammers looking to trick people into handing over money. Here's what you need to watch out for.

The IRS can collect unpaid taxes through levies, liens, and offsetting tax refunds, unless you negotiate a payment plan.

If you file your taxes after the due date, you can expect IRS penalties.

The IRS Fresh Start program makes it easier for struggling taxpayers to resolve their tax debt and get back in good standing. Is it right for you?

A CP504 is one of your last chances to repay your IRS balance without triggering further penalties, collection action, levies, and even liens on your property.

Learn about the Employee Retention Tax Credit (ERC) and how it can significantly lower your federal quarterly payroll tax bill.

Filing an annual tax return is an important obligation for every business owner. Here’s what you need to know if you’re filing your taxes late.

Growing your side hustle? It could be your full time gig, but you should ask yourself these eight questions first.

If you're running a business in Delaware, here's what you need to know about the tax laws.

If you're running a business in Wyoming, here's what you need to know about the tax laws.

Founders, CFOs, and accountants are staring down a new tax paradigm, changing R&D from a deductible expense to a capitalized one. Learn more about the changes and how they impacts startups.

Learn about the potential consequences and implications of receiving an IRS Letter 1058 or LT11, also known as a "Final Notice Of Intent To Levy."

Discover what income tax liability means for your balance sheet and how to accurately track and report it. Get advice on how this critical element affects business decisions and operations.

These are the best states to incorporate your business in.

When you own stock in an S corporation, it's important to know how to calculate your basis. This article from Bench Accounting explains everything you need to know.

Unpaid tax debt affects many small business owners, but paying back that debt doesn't have to be stressful with these five tips.

In this guide you'll learn all there is to know about IRS Penalties: consequences, tips on avoiding them, how to stay compliant and more.

Everything you need to know about filing 1099s.

Having to calculate and pay estimated quarterly taxes four times a year may seem like a chore. But it can actually ease your burden come tax time.

Your employees don’t need to wear lab coats for you to benefit from the R&D tax credit. Read this to find out whether your small business qualifies.

If you're a freelancer, this guide will help you get sorted out for tax season, so you can get back to billing clients.

To minimize your tax bill, you’ll need tax credits and deductions. But what’s the difference? Which shrinks your bill the most? Find out in our guide.

Alternative Minimum Tax is aimed at high-earners, to make sure they pay their faire share. Here's how it works.

Writing off meals and entertainment for your small business can be pretty confusing. It all depends on the purpose of the meal, and who benefits from it.

Filing your business taxes early makes sense on many levels. Here are the dates you need to know.

There are two ways to deduct business mileage from your taxes. Which should you choose? The one that pays the most, of course.

You've heard of "spend money to make money," but what about "spend money to save money"? That's the case with tax deductions and you won't want to leave any on the table.

A simple breakdown of IRS forms W-2 and W-4.

Here’s what you need to know about itemized deductions, the standard deduction, and how to choose between them when preparing your tax return.

Run a sole proprietorship? Here's everything you need to know about filing your taxes.

Keep your corporate tax obligations stress-free with this introduction to Form 1120.

If you own an S corp or share ownership in one with others, you can expect to receive Form 1120S K-1 at the end of the year.

While most employees file taxes once per year, as a small business owner, you make more frequent payments to the IRS.

Choosing between the standard and itemized deduction is a big choice small business owners make every tax filing. We've got the low down on what they are and how to choose between them.

In a tight job market, pitching in on employees’ health insurance coverage can be a great way to attract and hold on to workers. The Small Business Health Care Tax Credit can help.

In addition to income taxes, online sellers must collect and remit sales tax. Learn how taxes apply on Amazon sellers and other ecommerce businesses.

If you haven’t filed your taxes in years, historical bookkeeping may seem unnecessary. But it’s actually critical for getting caught up. Here's three helpful tips to get you started.

The tax deadline is coming up quickly, and it’s important to file a 1099 by the January 31st deadline. Learn more about what penalties may occur if you fail to file your form in time.

If you’re in a partnership, the IRS won’t accept your tax return unless you also attach Schedule K-1 of Form 1065. Here’s what it is, and how to file it.

Need some extra time to file your federal tax return? You can ask the IRS for a six-month extension using Form 4868.

If you're self-employed, you'll need to fill out Schedule C at tax time. Here's a simple guide to doing that.

Form 1040-ES is essential for filing quarterly estimated taxes—and, luckily, it’s pretty straightforward.

S corps get some interesting tax benefits. Here's how it all works.

Keep your S corp tax filing stress-free with this introduction to Form 1120S.

If you’re depreciating assets on your tax return, you need to file Form 4562—here’s how you take care of it.

Confused about Form 1040? You’re not alone. Here’s a clearer look at how to file your income tax this year.

If you made more than $400 in self-employment income this year, you have to file Schedule SE. Here’s how to do it properly.

If you owe a substantial amount in back taxes, you may have considered hiring a tax relief company. But how much will that cost you—and is it worth it?

A step-by-step walkthrough on how to fill out Form 8829 for home office expenses.

For select businesses, easy tax savings are just one form away. Rather than figure out how to take advantage of this on your own, check out our simple guide.

If you hire employees and held onto some of their paycheck for tax payments, you’ll need to file Form 941. Here’s how to file it properly.

For select businesses, easy tax savings are just one form away. Rather than figure out how to take advantage of this on your own, check out our simple guide.

If you're self-employed, here are the taxes you need to pay.

Need more time to file your federal taxes? Here's the fastest way to get extension online.

Learn the fundamentals of small business tax rates so you’ll know what to expect at tax time.

Filing deadlines can creep up on you. Take a few minutes to save these 2023 tax filing deadlines to your calendar, and stay ahead of the IRS this year.

Don't be blindsided by tax season responsibilities. In this guide, we give you all the tips for a smooth tax filing.

Tired of waiting on hold? There are more ways to get help from the IRS than just calling their general help line.

Your small business realizes several benefits as a partnership, including potential tax savings.

The S corp election is a request filed with the IRS to change your business's tax status. Here's what that really means and why you should consider it.

Good news! You don’t need a degree to figure out how much tax your small business owes. We’ll show you how.

The standard deduction is an easy way to save on taxes, but it's not for everyone. We have everything you need to know before choosing to take it.

Here are the IRS tax brackets for 2023, how they work, and why they keep changing.

As a drop shipper, calculating sales tax can feel like an algebra problem. This guide will help you get clear on your sales tax obligations.

Getting blindsided by a big tax bill can interrupt your cash flow. Saving year-round means paying with confident and keeping your operation smooth.

With remote hiring crossing state borders, payroll taxation is getting more complicated. Our guide explains in detail how to go about it.

W-9 is the form you use to send people your Taxpayer identification number (TIF). Here’s how to fill it out properly.

No one knows more about taxes than enrolled agents. Here’s how to hire one.

You just found out there’s a UCC lien on your credit report. The question you’re probably wondering: is that good or bad?

Bonus depreciation can deliver serious tax savings for your small business. Here’s what you need to know.

If you want retirement benefits, federal disability insurance, or any other kind of Social Security, you need to pay Social Security tax. Here’s how.

Many people are unaware that they don't need receipts to claim common tax deductions. Here are some of the most common ones business owners can make without a receipt.

Hiring foreign talent has never been so easy as it is today. Here's what you need to know to do it properly and stay on the IRS's good side.

With working from home being more normal, it's time to take advantage of the potential tax savings it grants you.

If you are a contractor or hired a contractor, it's time to get familiar with Form 1099-NEC. Here's everything you need to know about this change.

If you're an employer filing a 1099, you'll also need to file Form 1096. Here's how.

Here's what you need to know about the differences between Form W9 and Form 1099 so you can stay on top of your tax responsibilities.

A top-notch business website can improve your brand. Plus, you can deduct some web development costs on your tax return.

Aruba, Jamaica, oh I want to take you because it's tax deductible. That is, if it's considered travelling for business.

Managing your taxes can feel overwhelming, but it doesn't have to be. Get organized with our list of the top tax preparation tips for small businesses.

The IRS' offer in compromise (OIC) program for taxpayers who owe back taxes can be a way to settle your tax debt for less than you owe. But not everyone qualifies.

If your small business processes lots of debit or credit card payments, you might receive something called a 1099-K in the mail at the end of January. What exactly is 1099-K? And what should you do with it?

If you don’t know for sure whether or not you owe the IRS money, you could find yourself in trouble down the line. Here, we walk you through the steps to check your status for both your state and federal income tax.

Tax time can be confusing for rideshare drivers. We break it all down and give you exactly what you need to file your tax return.

Don’t drown in the IRS website—read our plain-language guide to filing your small business taxes.

Every dollar in tax credits saves you a dollar on your taxes and can even turn your tax bill into a refund.

While you can’t escape tax season, you *can* make it less painful by claiming all of the deductions you’re eligible for as an ecommerce entrepreneur.

To help you get the most out of your small business tax return, here are five year end tax planning tactics to consider.

So just how far back can or should you go when filing back taxes? Here, learn about the time limitations, why and how to file back taxes, and the consequences of not filing.

The IRS may be getting an additional $80 million to help enforce tax law, but your chances of facing an IRS audit are likely the same as they’ve always been.

Missed your tax deadline? Don't panic. Read this guide for what to expect and how to move forward.

Trump's 2018 tax plan affects every small business in the U.S. There are big tax breaks C corporations, a 20% deduction for most service businesses, and a few changes to what expenses you can deduct.