Tax Central – Page 55 – Fiducial Blog

Hobby or Business? It Makes a Difference for Taxes.

March 18, 2020

For-profit and not-for-profit business (hobby) ventures have different tax rules that can be confusing. Recent tax law changes have added to this.

Form 941: Do I Need to File If I Had No Employees This Quarter?

March 16, 2020

Employers must submit form 941 quarterly. If you do not pay employees during a given quarter, you must still submit it, with a few exceptions.

Business or Pleasure? Tax Deductions for Travel of the Self-Employed

March 13, 2020

If a business trip incorporates a vacation, special rules determine tax deductions for travel expenses. If you are self-employed, here are the rules.

Tax Benefits and Kids: If Your Kids Work, You May Get a Tax Break

March 11, 2020

What do you know about the tax benefits kids receive for working? Fiducial has a primer on the tax benefits of putting your kids to work.

What is an IRS Penalty Abatement and Am I Eligible for One?

March 9, 2020

Several types of IRS penalties can be assessed against you. But the IRS can issue a penalty abatement if you think you’ve been wrongly penalized.

Using an S Corporation May Help Business Owners Reduce Tax

March 6, 2020

Is your business a sole proprietorship or an LLC? Are you paying both income tax and self-employment tax? You may cut your taxes by using an S corporation.

Does Your Tax ID Number (ITIN) Need to be Renewed?

March 4, 2020

According to the IRS, just about 2 million tax ID numbers (ITINS) will expire at the end of 2019. Need to renew your tax ID number? Learn how with Fiducial.

What Are My Chances of Being Audited and How Can I Reduce Them?

March 2, 2020

Your chances of being audited are pretty rare. Fewer than 1% of taxpayers will get that notice on IRS letterhead. Here are some tips to lower your chances.