The Business Butlers

What Is Income Tax and How Are Different Types Calculated?

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What Is Income Tax and How Are Different Types Calculated? Income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction.

Pay, Tax, and Work Laws for Remote Employees

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How to Deal With Pay, Tax, and Work Laws for Remote Employees If you hire remote employees, you need to know about pay, tax, and work laws—whether local, state, or abroad.

Giving Tuesday is coming; now is a good time to review tax benefits for charitable giving

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Giving Tuesday is coming; now is a good time to review tax benefits for charitable giving | Internal Revenue Service Tax Tip 2022-175, November 15, 2022 — The Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. People making charitable donations for Giving Tuesday, or at any time during the year, should review whether their gift is tax-deductible.

Year-End Payroll and Tax Tasks for Employers

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Year-End Payroll and Tax Tasks for Employers Employers should make time for certain year-end payroll and tax tasks, like checking employee information and preparing W-2 and 1099 forms for annual tax reports.

Understanding Tax Brackets, With Examples and Their Pros and Cons

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Understanding Tax Brackets, With Examples and Their Pros and Cons A tax bracket is a range of incomes subject to a certain income tax rate.

8 Year-End Tax Tips for Small Businesses

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8 Year-End Tax Tips for Small Businesses Year-end tax planning is important if you want to take advantage of tax credits and deductions that help your small business. These are tips to consider before tax time.

Most taxpayers who requested an extension to file their 2021 tax return must file by Oct. 17

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Most taxpayers who requested an extension to file their 2021 tax return must file by Oct. 17 | Internal Revenue Service COVID Tax Tip 2022-156, October 12, 2022 — Time is running out. The October 17 filing extension deadline is just days away. Most taxpayers who requested an extension of time to file their 2021 tax return must file by Monday to avoid the penalty for filing late.

How and When To Make Payroll Tax Deposits

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How and When To Make Payroll Tax Deposits Employers must make either monthly or semi-weekly payroll tax deposits. Here’s how to figure out which schedule you need to be on, and how and when to make deposits.

Got a letter or notice from the IRS? Here are the next steps

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Got a letter or notice from the IRS? Here are the next steps | Internal Revenue Service Tax Tip 2022-141, September 14, 2022 — When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, the agency often mails a letter or notice to the taxpayer. Getting mail from the IRS is not a cause for panic but, it shou...

How to Reduce Overhead Costs for Small Businesses

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How to Reduce Overhead Costs for Small Businesses Business overhead costs are expenses that are related to the day-to-day running of a business. Reducing overhead costs is important in a business downturn.

Every taxpayer has the right to retain representation when working with the IRS

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Every taxpayer has the right to retain representation when working with the IRS | Internal Revenue Service Tax Tip 2022-143, September 19, 2022 — Taxpayers have the right to retain an authorized representative of their choice to represent them when they are dealing with the IRS. They also have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation.

Taxpayers should be sure to have all their info before going to a tax pro

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Taxpayers should be sure to have all their info before going to a tax pro | Internal Revenue Service COVID Tax Tip 2022-125, August 16, 2022 — Taxpayers using a professional tax preparer should make sure they have all their information readily available before their appointment. Collecting their information and getting copies of any missing documents before taxpayers sit down to prepare their ret...

2022 Federal Income Tax Brackets, Standard Deductions, Tax Rates

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2022 Federal Income Tax Brackets, Standard Deductions, Tax Rates Learn the IRS rates and inflation adjustments for 2022 federal taxes—tax brackets, standard deductions, new IRA rules, and more.

Teens and Income Taxes

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Teens and Income Taxes If your teen earned income from a job, an after-school hustle, or investments, they might owe income tax. Learn income thresholds, filing requirements, and more.

Women Reap Benefits, Clear Barriers as Local Business Owners

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Women Reap Benefits, Clear Barriers as Local Business Owners - Cascade Business News ((L-R) Michelle Mitchell and Jamie Danek founders of humm Kombucha | Photo courtesy of humm Kombucha) Locally and nationally, the number of women-owned businesses has grown substantially over the last five years. As a result, women have realized measurable benefits and overcome persistent barriers.....

All taxpayers should familiarize themselves with the Taxpayer Bill of Rights

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All taxpayers should familiarize themselves with the Taxpayer Bill of Rights | Internal Revenue Service Tax Tip 2022-102, July 6, 2022 — By law, all taxpayers have fundamental rights when they’re interacting with the IRS. It’s important that all taxpayers know and understand their rights. The Taxpayer Bill of Rights presents these rights in 10 categories.

The Advantages of Refundable Tax Credits

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Refundable vs. Nonrefundable Tax Credits—Which Kind Is Better? A refundable tax credit is treated like a tax payment. Learn about refundable tax credits and the differences between them and nonrefundable credits.

A Beginners Guide to Bookkeeping

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A Beginner's Guide to Bookkeeping Bookkeeping is a crucial accounting function for virtually any business. Here’s a general guide on what bookkeeping is, how to implement it, and tips for success.

Here's what taxpayers need to know about business-related travel deductions

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Here’s what taxpayers need to know about business related travel deductions | Internal Revenue Service Tax Tip 2022-104, July 11, 2022 — Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able off-set some of those cost by claiming business travel deductions when they file their...

IRS Raises Interest Rates for Q3 2022

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IRS Raises Interest Rates for Q3 2022 5% for overpayments (4% in the case of a corporation). 2.5% for the portion of a corporate overpayment exceeding $10,000. 5% for underpayments. 7% for large corporate underpayments.

Small Businesses Tax Deductions You Should Know

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Tax

A 2022 Guide to Small Business Tax Deductions Not sure what write-offs you can claim as a small business? The Ascent's guide to small business tax deductions walks you through your options as you navigate tax season.

3 simple payroll tips will make your life easier

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3 simple payroll tips will make your life easier These simple payroll management strategies will help any business save time. Making powerful payroll decisions is key for sustainability and growth.

Understanding taxpayer rights: Everyone has the right to finality

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Understanding taxpayer rights: Everyone has the right to finality | Internal Revenue Service Tax Tip 2022-89, June 9, 2022 —Taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has finished the audit. This is one of ten basic rights — known collectively ...

IRS to Digitize Archived Tax Filings in Tech Pilot Program

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IRS to Digitize Archived Tax Filings in Tech Pilot Program The new pilot program will benefit the IRS through more efficient access to digitized records and related metadata and improve security and data privacy.

Top Reasons the IRS Could Flag Your Tax Return

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Why Your Tax Return Could Get Flagged by the IRS An IRS audit can be a taxpayer's worst nightmare. Here are the best ways to avoid one.

There’s a tricky cryptocurrency question on your tax return. ‘You’re playing with fire if you don’t report it.’

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There’s a tricky cryptocurrency question on your tax return. 'You’re playing with fire if you don’t report it.' The IRS has issued a warning about how to answer the cryptocurrency question on the front page of your tax return. Here's how to respond correctly.

As tuition continues to climb, these are the top tax breaks for college expenses

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As tuition continues to climb, these are the top tax breaks for college expenses If you're looking to ease the burden of college expenses, there are a few tax breaks to explore, according to financial experts.

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You definitely don't want to be guessing this year. Here's how to access IRS transcripts that can help avoid delays

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'You definitely don't want to be guessing this year.' Here's how to access IRS transcripts that can help avoid delays With the IRS backlog, it's more important than ever to file an accurate tax return and you can use transcripts to verify records, experts say.

Understanding taxpayer rights: The right to be informed

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Understanding taxpayer rights: The right to be informed | Internal Revenue Service Tax Tip 2022-34, March 3, 2022 — Taxpayers have the right to know what they need to do to comply with the tax laws. Not just during filing season but, all year.

Tax Deductible IRA Contributions Can be Made Until April 18, 2022

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Tax Deductible IRA Contributions Can be Made Until April 18, 2022 Generally, eligible taxpayers can contribute up to $6,000 to an IRA for 2021. For those 50 years of age or older at the end of 2021, the limit is increased to $7,000. Qualified contributions to one or more traditional IRAs may be deductible up to the ...

E-filing options make tax time easier on members of the military and their families

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E-filing options make tax time easier on members of the military and their families | Internal Revenue Service COVID Tax Tip 2022-36, March 8, 2022 — Active-duty military personnel have options for free federal tax preparation.

Busted! Don’t Believe These Myths About Bookkeepers

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5 Things That Could Delay Your Tax Refund This Year

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Tax Refund Delays: 6 Reasons Why Your IRS Money Might Be Late There's not much worse than a late tax refund. Learn the common causes of refund delays.

Taxpayers can start 2022 tax-year off right by checking their withholding

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Taxpayers can start the 2022 tax-year off right by checking their withholding | Internal Revenue Service Tax Tip 2022-27, February 17, 2022 — One way people can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on IRS.gov.

What Is Income Tax Payable?

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What Is Income Tax Payable? Income tax payable is the amount a company expects to owe in income taxes. The company then accounts for it as a liability on its balance sheet.

Tax Tips for Small Employers

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Tax Tips for Small Employers Tax Tips for Small Employers. As a small business owner, you can literally live and die by your taxes. The taxes you pay on income earned throughout the year can eat away as much as 25 percent or more of your profit margins. Being smart when it comes to filing taxes can put more money in your pocket...

Here are reasons people who don't normally file should file a 2021 tax return

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Here are reasons people who don’t normally file should file a 2021 tax return | Internal Revenue Service COVID Tax Tip 2022-08, January 13, 2022 — With tax filing season is just around the corner, this is a good time for those who don’t normally file to consider the benefits of filing a 2021 tax return. Filing can help them claim a refundable tax credit or get an income tax refund.

Moving Assets from an S Corporation to a Partnership

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Moving Assets from an S Corporation to a Partnership - Cascade Business News (Photo | By fauxels from Pexels) From an income tax perspective, business owners often view S corporations and partnerships as fungible forms of doing business. Although both entities generally avoid an entity-level tax by “passing-through” their income to their owners, partnerships often have s...