Information Return Penalties Quick Reference Guide for Businesses
Filing and processing dozens, or even hundreds or thousands, of information returns can be daunting. Here is a quick reference guide for what to expect when it comes to information return penalties when filed on paper and/or electronically and how you can avoid those mistakes, and those bills. Information Return Penalties Information returns are the…
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4 Most Common Tax Season FAQs
Even though we have taxes due every year, we always have some questions. The tax code changes frequently, and it’s extremely complex. Here are some of the most common tax and tax season FAQs. How Can I Lower My Tax Bill? Far and away, the biggest tax questions are always some variants of “How can…
Real Estate Tax Tips: Buying, Selling, & Renovating
The 2022 housing market is the hottest in several years, and that means people are throwing themselves into it with the hopes of making a quick buck or reducing their tax burdens. Before you rush into it, here are some real estate tax tips for buying, selling, and renovating your home. Tax Tips for Buying…
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Estimated Tax Payments: What Entrepreneurs Need to Know
Estimated tax payments can be confusing. It’s easy to say, “I’d rather just pay them all at once, so I’ll wait until tax time next year to do them.” But missing those payments can be costly for your business, and no small business owner has time for extra expenses right now. What Are Estimated Tax…
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4 More Reasons You Should Use an IRS-Authorized E-file Provider
A few years ago, we featured an article on our blog with 7 benefits of using an online and authorized e-file provider. We wanted to share some more great reasons to use a trusted and IRS-approved service when it comes to storing and filing your information return forms. Safety & Assurance – Your Data Is…
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Form 1099-R: What Is My Business’s Role in Filing?
We’ll discuss what the Form 1099-R is and what role a business plays in its filing and reporting. What is Form 1099-R? Form 1099-R is an IRS information return that reports specific types of taxable non-employment income that taxpayers may receive outside of their regular pay or salary. Form 1099-R is used to report the…
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Early Changes for the 2022 Tax Year
It’s been a month since tax season ended. Let’s start preparing for tax season 2023 by looking at the early tax changes for the tax year 2022. Here are the changes that have been announced so far. Tax Programs Expiring in 2022 There are many tax programs that were created or changed to combat the…