For the purposes of filing federal income taxes, a corporation is considered a separate taxpayer. Any profit made is taxed to the corporation when earned and then taxed to the shareholders upon distribution as dividends. Critically, corporations that generate net...
Business owners must pay various taxes, including income taxes, franchise taxes, sales taxes, and the most dreaded of all – payroll taxes. Payroll taxes can be the most confusing. Even if you hand the responsibility over to a payroll company, as the business owner,...
The Internal Revenue Service (IRS) wants to ensure all taxpayers prepay their taxes as income is earned throughout the year. Taxes can either be paid through withholding by an employer or by making estimated tax payments four times a year. Tax must be paid on any...
https://vimeo.com/794589145 What do I do with a tax notice? Well, the first thing you don't do is you don't ignore it. You don't throw it away, and you don't put it on the bottom of your pile. The most important thing you can do with the tax notice is address it, and...
Section 351 of the Internal Revenue Code facilitates the growth of corporations. While those who own assets that come with built-in gain might wish to transfer their property into a new corporation in exchange for stock in the company, this provision permits them to...
If you owe taxes, the IRS isn’t the only tax authority you will face. Even if you reduced your tax obligation or secure an offer in compromise, you have not reached the finish line. You’ll still be up against the state tax authorities — which are a separate entity...
