The IRS reminds taxpayers that just because many states have legalized the sale of Marijuana, at the Federal level Marijuana still remains a Schedule I controlled substance and under IRC Sec 280E taxpayers may not claim any deductions or credits for any amounts paid or incurred in carrying on a Marijuana trade or business that […]
In IRS Tax Tip 2024-41 the IRS reminds taxpayers of the different types of business structures they can choose when setting up a new business, the type of tax year and the business EIN number. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new […]
The IRS in Tax Tip 2023-18 explains to taxpayers wanting to set up a business the different business structure types, how to choose a tax year end, obtain an EIN and set up employees Starting a new business can seem overwhelming for new entrepreneurs or even seasoned professionals. The IRS has resources to help new […]
The IRS explains with tax tip 2021-134 that when you start a business you have options as to the business structure, Sole proprietorship, Partnership, Corporation, S corporation and LLC. Also you can choose your year end, it does not have to be December 31. Small business owners have a variety of tax responsibilities. The IRS […]
The IRS explains with tax tip 2019-116 that when you start a business you have options as to the business structure, Sole proprietorship, Partnership, Corporation, S corporation and LLC. Also you can choose your year end, it does not have to be December 31. Starting a business can be very rewarding. It can also be […]
If you paid for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, Itemized Deductions. You can deduct the amount that is more than two percent of your adjusted gross income. Here are six […]
WASHINGTON —The Internal Revenue Service today simplified the paperwork and record keeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to acquire, produce or […]
When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules, but also about payroll tax rules. Here are five IRS tax tips that can help you get your business off to a good start. 1. Business Structure. An early
