You might be asking yourself, how do I deduct expenses for travel, meals and entertainment on my tax return? The answer to this question may not be as difficult as you may think. To begin, the rules simply say that you can take a tax deduction for any business related expense that is ordinary and necessary. In other words, the... Read More
Are you a business owner? Did you engage the services of an independent contractor and pay him or her more than $599 in 2015? Are you paying rent? Have you paid an attorney? You may need to prepare and send Form 1099-MISC before February 1st.The due date for filing the return with the IRS is February 29, 2016. The IRS... Read More
Did you miss the April 15th income tax filing deadline? If you file your taxes late, you may be assessed tax penalties and interest. The two most common tax penalties are the late filing tax penalty and the late payment tax penalty. The failure-to-pay penalty is normally .5 percent of the unpaid taxes for each month, or part of a month,... Read More
