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2018 Tax Reform Law has Benefits for Some Small Businesses

The monumental new tax law signed late in 2017 – the Tax Cuts and Jobs Act (TCJA) – has been hailed as a boon for big business. But the TCJA also benefits many small businesses while presenting new obstacles. In general, the revised rules…
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2018 Tax Reform Law Doubles Child Tax Credit

Have you read the new tax reform law yet? Officially called the Tax Cuts and Jobs Act (TCJA), the new tax reform law is more than 500 pages long, so we’ll spare you the gory details. Most of the key provisions likely to affect individual…
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Deducting business expenses

It is important to separate business expenses from the following expenses: COST OF GOODS SOLD If your business manufactures products or purchases them for resale, you generally must value inventory at the beginning and end of each tax…
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Direct Deposit

The Best and Fastest Way to Get Your Refund The best and fastest way to get your tax refund is to have it electronically deposited for free into your financial account. The IRS program is called direct deposit.can use it to deposit your…
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FORMS? What are they for?

You will find the form you need for different activities and process. Individual Forms: - Form 1040: US Individual Income Tax Return - Form W-9: Request for Taxpayer Identification Number (TIN) and Certification . - Form W-4: Employee's…
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How To Calculate Payroll Taxes

Learn how to withhold, remit, and calculate payroll taxes! If you are a small business owner with employees, you know paying them is not as simple as just writing out a check. For most employees, you must withhold the following taxes: …
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The most common types of income tax returns

Form 1040 (U.S. Individual Income Tax Return) (a.k.a. “the long form") Form 1040A (U.S. Individual Income Tax Return) (a.k.a. “the short form") Form 1040EZ (Income Tax Return for Single and Joint Filers With No Dependents) …
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If IRS Letter arrives in the mail?

The IRS mails millions of pieces of correspondence every year to taxpayers for a variety of reasons. Below are some suggestions on how to best handle a letter or notice from the IRS: Do not panic. Simply responding will take…
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How to properly use your sales tax

Businesses that register with the Department of Revenue to collect sales tax are issued a Florida Annual Resale Certificate for Sales Tax (Annual Resale Certificate). The certificate allows the business owners or their representatives…