TAX NEWS
►BE PREPARED FOR NATURAL DISASTERS
Whether it’s Hurricane Florence threatening the East Coast, wildfires in California, a volcano in Hawaii or tornadoes in the nation’s midsection, it’s always a good time to create or update an emergency preparedness plan. For specific information on disaster assistance, visit irs.gov/disaster.
►SMALL BUSINESS, SELF-EMPLOYED CLIENTS? THIRD QUARTER ESTIMATED TAX PAYMENT DUE SEPT. 17
Small businesses, self-employed individuals, retirees, investors and others who pay quarterly taxes must pay their third estimated tax payment for 2018 by Monday, Sept. 17 and meet their tax obligation.
►TAXPAYERS SHOULD FIND OUT IF THEY NEED TO MAKE ESTIMATED OR ADDITIONAL TAX PAYMENTS
Taxpayers who pay taxes through a combination of withholding and estimated tax payments should do a Paycheck Checkup. Doing so now can help the taxpayer avoid an unexpected tax bill and possibly a penalty when the taxpayer’s 2018 tax return is filed next year.
►TAX FACTS FOR SEASONAL JOB SEEKERS
Small business owners and self-employed taxpayers often get seasonal jobs to earn extra spending money or to save for later. But many don't realize that they need to report income from a part-time or temporary job to the IRS.
►CLARIFICATION FOR BUSINESS TAXPAYERS: PAYMENTS UNDER STATE OR LOCAL TAX CREDIT PROGRAMS MAY BE DEDUCTIBLE AS BUSINESS EXPENSES
Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today.
Whether it’s Hurricane Florence threatening the East Coast, wildfires in California, a volcano in Hawaii or tornadoes in the nation’s midsection, it’s always a good time to create or update an emergency preparedness plan. For specific information on disaster assistance, visit irs.gov/disaster.
►SMALL BUSINESS, SELF-EMPLOYED CLIENTS? THIRD QUARTER ESTIMATED TAX PAYMENT DUE SEPT. 17
Small businesses, self-employed individuals, retirees, investors and others who pay quarterly taxes must pay their third estimated tax payment for 2018 by Monday, Sept. 17 and meet their tax obligation.
►TAXPAYERS SHOULD FIND OUT IF THEY NEED TO MAKE ESTIMATED OR ADDITIONAL TAX PAYMENTS
Taxpayers who pay taxes through a combination of withholding and estimated tax payments should do a Paycheck Checkup. Doing so now can help the taxpayer avoid an unexpected tax bill and possibly a penalty when the taxpayer’s 2018 tax return is filed next year.
►TAX FACTS FOR SEASONAL JOB SEEKERS
Small business owners and self-employed taxpayers often get seasonal jobs to earn extra spending money or to save for later. But many don't realize that they need to report income from a part-time or temporary job to the IRS.
►CLARIFICATION FOR BUSINESS TAXPAYERS: PAYMENTS UNDER STATE OR LOCAL TAX CREDIT PROGRAMS MAY BE DEDUCTIBLE AS BUSINESS EXPENSES
Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today.
EDUCATIONAL VIDEO
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