For many, the sting of holiday spending will present itself in the coming weeks by way of credit card bills and department store charges. Spending aside, the few remaining days of the year also present an opportunity to reduce your taxes, whether you are an individual taxpayer or a business owner.
Our tax team has compiled their top ten action steps to ease the burden and possibly lessen the blow of taxes owed come April 15.
The Highway Act is making changes to our familiar due dates for business income tax returns. To recap current due dates, form 1120 (U.S. Corporation Income Tax Return) is initially due two and a half months after the close of the corporation’s tax year and can be extended for a six month period.
Calendar year corporations are, therefore, initially due on March 15th following the end of the calendar year and can be extended through September 15th. Form 1065 (U.S. Return of Partnership Income) is initially due three and a half months after the close of the calendar year with an option for a five month extension. Calendar year partnerships are initially due April 15th with an extension making the due date October 15th.
Read more by Barb Theofilos: When Are Severance Payments Made to FICA?
Posted by: Gary M. Sigman, CPA, MTax, PFS, AEP®
read more…Posted by: Colleen Kaminsky, CPA
read more…Posted by: DeAnna Alger
read more…Taxpayers who made some energy efficient improvements to their home or purchased energy-efficient products last year may qualify for a tax credit this year. The IRS wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009.
read more…The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. The AMT provides an alternative set of rules for calculating your income tax. In general, these rules should determine the minimum amount of tax that someone with your income should be required to pay. If your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax.
Here are six facts the Internal Revenue Service wants you to know about the AMT and changes for 2010.
Due to the late changes in the Federal Gift and Estate Tax law included in the 2010 Tax Relief Act passed on December 17, 2010, IRS Form 709 underwent significant revisions to incorporate those changes.
Following a letter from the American Institute of CPAs, the Internal Revenue Service announced on Oct. 1 that it would grant disaster tax relief for all individuals and businesses affected by Hurricane Helene. The IRS is offering relief to affected areas, including...
DOL Final Rules on Independent Contractor Classification One of the most frequently asked questions clients have is whether someone providing services to their business should be classified as an employee or an independent contractor. Unlike so many other issues, the...
A recent data breach has compromised the sensitive personal information of billions of individuals from a national public database. National Public Data, a data broker that sells personal information to private investigators, consumer public record sites, human...
Will also change E-Signature Provider As part of our ongoing commitment to enhance our technology and improve your experience, Zinner & Co. is excited to announce that we will soon transition from our current technology provider ShareFile/RightSignature to Egnyte....
Ohio TechCred is a relatively new program that promotes technical training to build a stronger skilled workforce within the state. The TechCred program offers reimbursement to eligible employers that enroll Ohio-based employees in technical trainings. This is a...
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