The short answer here is, yes. Even on the best terms, no one wants to deal with the IRS. When your business’s tax burden is more than you can pay, dealing with the IRS can seem to go from headache to nightmare. Understanding the options and what the IRS can and cannot do can be …
We mentioned in a prior post how common pass-through businesses are in the United States. This is particularly true of partnerships. There are traditional partnerships, joint ventures, limited partnerships, limited liability partnerships and LLCs. The manner for taxing and auditing of partnerships has significantly changed. These changes will require partnerships to update their agreements and work together …
Entrepreneurs in Michigan and across the U.S. face difficulties in keeping small businesses running. Challenges include filing of tax returns, and taking advantage of deductions. The 2017 tax laws allow for certain pass-through businesses to take advantage of a 20 percent tax deduction. Unfortunately, determining which businesses can take advantage of the deduction remains unclear. There …
Even minor changes to the tax code can leave people scrambling to understand what they can and cannot do. Tax law can change how businesses and employees interact with one another. They can change how an individual entrepreneur operates her business. They can affect the way businesses interact with their clients. Among the recent changes …
Reimbursement for Business Meals and Entertainment Read More »
The Tax Cuts and Jobs Act provides incentives for self-employed individuals. This includes sole proprietorships and partnerships. But taking advantage of benefits requires awareness of the availability of deductions one can take. It also means understanding the imposed limits the law places upon taxpayers. This new law provides a 20 percent pass-through deduction. Pass-through taxation means …
Small businesses appear underprepared for changes concerning the new tax overhaul. One survey suggests that the vast majority of business owners have little idea what the Tax Cuts and Jobs Act mean to them. Many business owners complain about a lack of information regarding changes. They feel the government did not prepare them for the new act. …
Challenges Regarding the New Tax Law for the Self-employed Read More »
Does the IRS target immigrant business owners for audits? The answer should be no, but for foreigners and green card holders there could be more intense scrutiny. While common in states such as Texas and California where many business owners are immigrants, it can also occur in Michigan where an immigrant owns a gas station. …
Does the IRS Target Immigrant Business Owners for Audits? Read More »
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, January 18, 2018. It is the season to collect tax documents. Payroll tax problems that may have been too small to catch on a pay period basis may show up as you review your W-2. You place a lot of trust in an employer to withhold …
When a Startup’s Shoddy Accounting Causes W-2 Problems Read More »
On behalf of Silver Tax Group posted in IRS Tax Audits on Thursday, November 16, 2017. Those who have taken the plunge into being their own boss may feel a strong sense of independence. Self-employment means choosing your own tasks, clients, hours and other options that can make work more fulfilling. However, there are also a few challenges posed …
On behalf of Silver Tax Group posted in Back Taxes on Thursday, November 2, 2017. There are a number of challenges that small business owners from Michigan must face when it comes to paying taxes. This includes writing off business expenses, calculating self-employment taxes, and organizing receipts and paperwork for inclusion with tax returns. The deadlines for filing taxes …
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