Profit Statements: The P&R Blog
It’s Small Business Week: IRS Offers Tax Tips for Entrepreneurs
If you’re an entrepreneur, you thrive on the excitement of running a small business, which rarely includes preparing your business tax return! The truth is, however, entrepreneurs should always be thinking of their business taxes, and the IRS works hard to ensure you’re educated. It’s hosting a series of webinars during National Small Business Week …read more.
Will I be taxed on my cancelled debt?
If a lender cancelled some or all of a debt you owed, the IRS—in most cases—counts the amount forgiven as income…and expects you to pay tax on it when filing your individual tax return. If your forgiven debt was for a home mortgage, you may not need to pay tax on this cancelled amount. The …read more.
Filing taxes late could soon cost you more money!
If you ever filed your individual tax return late and owed money, you know the IRS adds interest and a penalty to what you already owed. We’re hoping that’s not you this year! Maybe you’re OK with filing late if you’re too busy making money. However, folks who postponed because they lacked funds only add …read more.
Helpful Data as You Finalize Your Individual Tax Return
Mid-April: a busy time for you, and us! As you prepare your individual return—or file for an extension—this year, review this information below from our 2016 Tax Update to ensure you’re fully ready to complete your 2015 taxes. Use the Home Office Deduction The rules became more favorable recently. With safe harbor amounts of $5 …read more.
Tax Tips to Guide Your Last-Minute Decisions
The deadline to file your individual tax return (with no extension, of course) is approaching quickly, so make sure you’re prepared to file and avoid costly penalties. According to the Wall Street Journal, about one-third of taxpayers wait until the last two weeks to file with the IRS. If you’re part of this group and …read more.