BEFORE you file your tax return, ALWAYS mention THIS to your accountant.

BEFORE you file your tax return, ALWAYS mention THIS to your accountant.

There are three basic tax reasons you may be fined and imprisoned. The first is for failure to file. The second is for failure to pay. And the third, and often the most common, yet the most overlooked is the failure to file a complete and accurate return.

Never Hire an Independent Contractor Without Doing this

Never Hire an Independent Contractor Without Doing this

I just finished a successful representation of a worker classification audit without having to take the case to court, and established a rather interesting rapport with the very decent representatives of the Florida Department of Revenue. Their team provided me with a particular tip I want to give you, which may save you from a worker classification audit.

INFORMATION RETURNS ARE DUE JANUARY 31st - AVOID PENALTIES!

INFORMATION RETURNS ARE DUE JANUARY 31st - AVOID PENALTIES!

There are two main categories of reports that are due January 31st. The first category is that which deals with your employees. The second category is the one that deals with the payments you made during the year. Whenever you file your return, you typically want to claim every allowable expense you are entitled to, so that your tax bill is reduced. The purpose of these reports is to avoid these payments.  

Federal Corporate Income Tax Payment

Federal Corporate Income Tax Payment

C corporations are required to make estimated tax payments totaling 100% of the prior year’s tax liability in four equal installments. By now you should have made three installments of corporate estimated tax payments for 2018. If you did not, the you should pay the entirety of your estimated payments by January 15 of 2019 to minimize the penalties.

2019: Individual Estimated Tax Payment

2019: Individual Estimated Tax Payment

Estimated tax payments are the most misunderstood issue among our individual taxpayer clients. People tend to think that April 15th is tax filing and payment date. However, you may be under an obligation to make estimated tax payments based on your prior year’s tax liability.

Due date - January 15th of 2019