Internal Revenue Service – Page 6

2018 Q4 tax calendar: Key deadlines for businesses and other employers

2017 Tax Dealine, C Corporation, Income Tax, Internal Revenue Service, Q4 Tax Calendar, Small Business, Tax Calendar 2018, Tax Withholdings / Douglas Freeman

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. October […]

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How to reduce the tax risk of using independent contractors

Business Income Tax, Income Tax, Internal Revenue Service, Small Business, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

Classifying a worker as an independent contractor frees a business from payroll tax liability and allows it to forgo providing overtime pay, unemployment compensation and other employee benefits. It also frees the business from responsibility for withholding income taxes and the worker’s share of payroll taxes. For these reasons, the federal government views misclassifying a

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Do you need to make an estimated tax payment by September 17?

Income Tax, Individual Income Tax, Internal Revenue Service, Itemized Deduction, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Withholdings / Douglas Freeman

To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for individuals is September 17. If you don’t have an employer withholding tax from your pay, you likely

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Play your tax cards right with gambling wins and losses

Gambling Taxation, Income Tax, Individual Income Tax, Internal Revenue Service, Tax, Tax Cuts and Job Acts (TCJA) / Douglas Freeman

If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income- You must report 100% of your gambling winnings as taxable income. The value of complimentary goodies

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Keep an eye out for extenders legislation

Bipartisan Budge Act of 2018, Income Tax, Internal Revenue Service, PATH Act, Tax, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Reform 2.0 / Douglas Freeman

The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act (TCJA) signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But for certain individual taxpayers, what happens with “extenders” legislation is also important. Recent history– Back in December of

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3 traditional midyear tax planning strategies for individuals that hold up post-TCJA

Income Tax, Individual Income Tax, Internal Revenue Service, Medical Deductions, Tax Cuts and Job Acts (TCJA), Tax Deduction, Tax Planning, Tax Savings / Douglas Freeman

With its many changes to individual tax rates, brackets and breaks, the Tax Cuts and Jobs Act (TCJA) means taxpayers need to revisit their tax planning strategies. Certain strategies that were once tried-and-true will no longer save or defer tax. But there are some that will hold up for many taxpayers. And they’ll be more

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What businesses need to know about the tax treatment of bitcoin and other virtual currencies

Bitcoin, Federal Income Tax Filing, Income Tax, Individual Income Tax, Internal Revenue Service, Small Business / Douglas Freeman

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the

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