Thinking of Selling Your Business? Here are Some Tax Considerations…

There are many reasons to sell a business. Maybe you’re in ill health or ready to retire. Or you’re tired of working all the time, and now that the business is profitable you’re ready to cash in. Whatever the reason, selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences. Continue reading “Thinking of Selling Your Business? Here are Some Tax Considerations…”

Late Filing And Late Payment Penalties

April 17 was the deadline for most people to file their federal income tax return and pay any taxes they owe. The bad news is that if you miss the deadline (for whatever reason) you may be assessed penalties for both failing to file a tax return and for failing to pay taxes they owe by the deadline. The good news is that there is no penalty if you file a late tax return but are due a refund. Continue reading “Late Filing And Late Payment Penalties”

Are You A Small Business Owner Looking for Ways to Reduce Your Taxes?

If you’re like most small business owners, you’re always looking for ways to lower your taxable income (legally of course). Here are five ways to do just that. Continue reading “Are You A Small Business Owner Looking for Ways to Reduce Your Taxes?”

Do You Need to Get Information For Previous Tax Years?

Tax season may be over, but you still need to hang onto your tax returns and other tax records for at least three years. However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be an indication of fraud they have the authority to go back six years in an audit. Furthermore, some documents including those related to real estate sales should be kept for three years after filing the return on which they reported the transaction. Continue reading “Do You Need to Get Information For Previous Tax Years?”