Tag Archives: business income tax extension

With the filing deadline close, here’s why taxpayers should e-File

IRS in its recent issue (Issue Number: Tax Tip 2019-34), highlighted the importance of electronic filing and how this efile could be a saver with the deadline fast approaching, here it is.

A few taxpayers still use the old-school method of filing their tax returns: on paper. For these people, now is the time to consider filing electronically. With the April tax deadline right around the corner, it’s the perfect time to use IRS e-File.

Here are the top six reasons why taxpayers should file electronically in 2019:

It’s accurate and easyE-File helps taxpayers avoid mistakes, such as a transposed Social Security number. Taxpayers who e-File receive an acknowledgement from the IRS within minutes, telling them their return has been accepted. If a return is rejected, the acknowledgement will detail why the IRS rejected the tax return. Continue reading

Business taxpayers should take another look at their estimated tax payments

IRS in their latest issue (Issue Number: Tax Reform Tax Tip 2019-23) has alerted the business taxpayers to double check the estimated tax payments, and here it from the alert…

Taxpayers who pay quarterly estimated tax payments may want to revisit the amount they pay. The Tax Cuts and Jobs Act changed the way most taxpayers calculate their tax. These taxpayers include those with substantial income not subject to withholding, such as small business owners and self-employed individuals. The tax reform changes include:

  • Revised tax rates and brackets
  • New and revised business deductions
  • Limiting or discontinuing deductions
  • Increasing the standard deduction
  • Removing personal exemptions
  • Increasing the child tax credit

Continue reading