One of the scariest types of correspondence that a small-business owner can receive is a request from the IRS for more information. In many cases, this could lead to an audit which requires payment of back taxes, interest and penalties.
For decades, business groups have advocated for lower corporate tax rates. At least a few times a day I hear the common refrain that â€œthe U.S. has one of the highest corporate tax rates in the world.â€ Â This statement isnâ€™t false, but it isnâ€™t exactly true either.
Eva Rosenberg at MarketWatch brings up a great pointâ€”everyone thinks that April is tax month because returns are due on the fifteenth. While that’s true, it’s only one of the several tax return deadlines that affect small-business owners over the course of the month.
The difference between what the Internal Revenue Service believes taxpayers owe and what they actually pay is referred to as the tax gap. Given the strained financial position of the U.S. Federal Government, the agency is now turning to a new resource to make it more difficult for taxpayers to perpetuate this fraud.
It isnâ€™t often that a business owner will turn down a tax credit, but thatâ€™s exactly whatâ€™s happening with the Tax Credit for Employee Health Insurance Expenses of Small Employers, a key part of the Affordable Care Act, otherwise known as Obamacare. Many small-business owners have concluded that the credit isnâ€™t worth enough money to justify the effort required to claim it.
Is it okay to cheat on your taxes? Even just a little bit? According to a recent poll conducted by GfK Roper Public Affairs and Corporate Communications, a whopping 87 percent of respondents believe that it is never okay to cheat on your taxes, even â€œjust a little bit.â€
Utter the word â€œtaxesâ€ and youâ€™ll get a shudder from most Americans across the country.
While the filing deadline for personal income taxes may not be until April 15th, both financial experts and your average Joe will tell you that this is one area where procrastination should be avoided at all costs.
For Latinos, who are not always known for their punctuality, now is when they should be getting their financial affairs in order, experts say.
Drug dealers and other criminals are exchanging their guns for laptops, in what is considered the safest and most profitable scam taking place today: tax refund fraud. Perpetrators steal or purchase the identities of potential victims, including social security number, date of birth and address.
Tax season is here, and with it might come new questions about your taxes or financial situation. One of the most common misconceptions among members of the Hispanic community is that you need to pay someone to prepare your taxes in order to get your biggest refund.
This can be very costly in terms of time and money. You work hard for your money and deserve to keep every penny of it.Â By filing your taxes online with TurboTax, you could save an average of $100 or more over going to a tax store.
For this reason, TurboTax gives you the opportunity to learn how to take control of your financial future during a free webinar this upcoming Tuesday, February 26. The session will be led by Mike Periu, a financial expert with more than 14 years of experience in the Hispanic community.
He will share tips on how you can start taking control of your finances, starting with filing your own taxes by the April 15 deadline. Mike will also answer live questions during the webinar.
This webinar will only be in Spanish. To access it, follow these steps:
1. Go online next Tuesday, February 26Â at 7:00 p.m. EST (6:00 p.m. CST / 4:00 p.m. PST)
2. Click on the following Webex link:
3. Follow the instructions on the screen and enter your city, name and email.
4. Depending on your computer settings, Webex might ask your permission to install free and safe software.
We know you work hard to earn your money, so donâ€™t miss the opportunity to learn how to keep more of it by taking control of your financial future.