by | Sep 2, 2014 | Income Taxes
New Option For Catching Up on Payroll Taxes If your small business owes delinquent payroll taxes, you now have a new option. You can apply for an In-Business Trust Fund Express Installment Agreementif you owe $25,000 or less in payroll taxes. This...
by | Jul 26, 2014 | Income Taxes
The standard auto rate for 2014 drops a half cent to 56 cents per business mile driven. Only a business with four or fewer vehicles may use this rate. If you have five or more vehicles, you must deduct actual expenses. You will still need to track your...
by | Jul 21, 2014 | Business Profit & Cash Flow Tips, Income Taxes, Small Business Owners
The profits from the sale of assets that are depreciated and sold to a related party will be taxed at ordinary income tax rates rather than the lower capital gains rates. The tax courts have ruled in a case involving two related corporations that transferred assets...
by | Jul 16, 2014 | Income Taxes
I discovered in 2014 that I forgot to take out my required IRA distribution. How much trouble am I in? The required distribution is often called a “Required Minimum Distribution” (RMD). If you missed a RMD and do nothing, the penalty is 50 percent of the...
by | Mar 24, 2014 | Income Taxes, Small Business Owners
Historically, S corporations and partnerships have faced lower audit rates than sole proprietors (who report income and expenses on a Schedule C with their personal tax returns) and regular C corporations. Here are the audit rates from...
by | Dec 5, 2013 | Current Affairs, Income Taxes
The new Medicare surtax applies to the net investment income of single filers with a modified adjusted gross income over $200,000 and of couples over $250,000. Those married filing separate are subject to the tax on income over $125,000. Modified AGI is...
