SMALL BUSINESS & SELF-EMPLOYMENT DEDUCTION CHEAT SHEET
January 22, 2019
- The thought might send shivers down your spine, and it should. Here are reminders about some of the actions that are required — or should be avoided for your Taxes. As such if you are planning for your retirement plans then Contribution to IRS are still deductible for 2016 if made by April 18, 2017. Eligible Tax Payers can contribute up to $5500 to IRA and if they are aged 50 or above before end of 2016, up to $6500.
- It also might be subject to qualifying dependent for the Taxpayer gets a credit between 25 to 30 percent on the allowance expenses, depending upon the Taxpayer income level.
- If planning for a better future & paying for higher education – whether it is for their own or its child or dependent should look forward to the deductions and allowance that are available according to IRS and that is just the tip of the iceberg.
- For Donations valued more than 250$ Tax payer must prepare a written statement for the Charity. A Tax Practitioner needs to be involved in filling the form and decided how much amount needs to be contributed to it. Your donor base might be whittled away because donors would no longer be able to receive a tax deduction for their gift to your organization.
- If you play by the rules, your organization will likely be able to keep its special status. IRS have both Short term & Long term Payment plans for those who owe $50,000 or less, that can give Tax Payer up to 12 months to pay a Debt. If Tax Payers have past due tax debts and get a current refund, then grab refund to pay the debt.
- Not sure who is on the other side of the call? Fraudster do call and demand tax so IRS regularly reminds Tax Payer & Tax practitioners that they never initiate actions through phone calls & never ask payment through debit cards or money transfers.
- The deadline applies to owners of SEP and traditional IRAs as well as variety of workplace retirement plans. Taxpayers who contribute to a retirement plan, like a 401(k) or an IRA, may be able to claim the Saver’s Credit. This credit can help a person save for retirement and reduce taxes at the same time.
- Being a part of Military force the service members can get free Tax help from the IRS Department.
- If you are planning to expand your Family by adoption then you may be eligible for a Non-refundable credit for some expenses like adoption fees, court cost, travel expenses summed up to $13,460 per child.
- Losing your tax-exempt status also might subject your organization to state taxes on income, property, and sales or usage.
