September 2019 Business Due Dates

September 16 – S Corporations File a 2018 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you requested an automatic 6-month extension. Provide each shareholder with a copy of K-1 (Form 1120S) or a substitute Schedule K-1. September 16 – Corporations  Deposit the third installment

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See the US Tax System Illustrated in One Complex Map

Not sure whether it’s worth your while to hire a tax professional to do your taxes? Thinking that maybe this year you’ll take a run at it yourself? You may want to think again after taking a look at a new graphic released by the Taxpayer Advocate Service (TAS). The organization, which is dedicated to helping

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Receiving Tips Can Be Taxing

Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters; concierges; and delivery people. Tips are amounts freely given by a customer to a person providing a service.

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Watch Out for Those Fake IRS Letters

Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed by “matching season,” when the IRS attempts to match the

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August 2019 Business Tax Due Dates

August 12 – Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2019. This due date applies only if you deposited the tax for the quarter in full and on time. August 15 – Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the

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