As we all know, an LLC is critical for asset protection when owning a rental, but if you are doing business in Tennessee it’s critical you understand some additional rules for filing your entity.
The special extension to May 17th ALSO applies to Traditional IRAs and Roth IRAs. Taxpayers now have until May 17th to contribute these special retirement accounts and still have them apply to 2020.
You may be tempted to sit back, relax, and enjoy this gift from the IRS, but I would highly suggest you file as soon as you are able.
Don’t let your inability to pay your tax liability in full keep you from filing your tax return properly and on time. If you don’t file your Extension, it only makes things worse.
Many business owners don't realize that their new entity/business they created last year, even if it didn't make any money, is still required to file a tax return. Even some experienced business owners don't even know when the deadline is and rely on a professional...
So many people think all is lost when they can’t pay their taxes by October 15th and just decide not to file. The worst thing you can do on October 15th, is throw up your arms in exasperation and not file!! This is when things can quickly go from bad to worse. There are also several strategies to pay the taxes and keep the IRS off your back and not knocking on your front door.
The Auto Deduction is the best it’s been in over 30 years, with business owners being about to write-off a vehicle faster and with even bigger deductions!
Even experienced business owners can benefit from using a Strategic Plan as an integral part of their business. It is so difficult to manage all of the loose ends and chaos that can occur when running a small business. A Strategic Plan sets forth a timeline of specific tasks that need to be completed in order to make your Business Plan a reality.
There are several strategies on how to maximize the write-off and make sure you stay in good graces with the IRS as well as saving the maximum amount in taxes