Paying estimated taxes - What you need to know Do you get an income that comes free of taxes? If so, you probably should be paying estimated taxes on a quarterly basis. It doesn’t matter whether the untaxed money comes from a job, investments, alimony or prizes you’ve won. If Uncle Sam doesn’t get his share close to the time you received the [...]
Tax season is coming - Are You Ready for Year End? When it comes to taxes, preparation is key. Gather the following common reference materials and official documents to help your filing go smoothly. The financial experts at The Red Bench are here to help! Income records Form W-2: wages, salary, and tips Form 1099-MISC: freelance and/or contract income (more than $600) Form 1099-G: refund, [...]
Follow these 7 Steps to Audit-Proof Your Tax Return to make your return less susceptible to an IRS audit. 1. Be neat A neatly prepared, computer-generated return looks much better to the IRS staffers reviewing your return. All reputable tax pros now complete their returns using computers, and there are a number of really good do-it-yourself computer programs for PCs and Macs alike. Some websites [...]
How to make IRS Itemized Deductions, from the experts. View this video to hear directly from the IRS how to make itemized deductions. Have the correct records and itemizations. Canceled checks or credit card statements often work, though record keeping rules vary. Learn more here! Learn more about Itemized Deductions at irs.gov, charitable contributions. Or contact the Financial experts at The Red Bench today. [...]
Year end is approaching. It's a good idea to make an early start on tidying and preparing your accounting information. Understand your obligations You need to start preparing your business accounts towards the end of the financial year so that they’re ready for tax filing and form submission. For many businesses, that’s the end of the calendar year too. And December can be [...]
Stay up to date with the latest news and legislation about sales tax. Here are the basics. Nexus A nexus is when a company maintains a permanent or temporary presence within a particular state. If your business is headquartered in Chicago, for example, you would need to collect sales tax from customers in the state of Illinois. This is called a substantial nexus. You [...]