Tax and Accounting FAQs
Find Answers To Your Frequently Asked Questions About Taxes & Accounting
When Would I File An Amended Tax Return?
You would file an amended tax return if you omitted income sources, dependents, deductions and other important items. By omitting such items can cause you to place yourself into a higher tax bracket. In other cases it may not be beneficial to file an amended return. Read more about an amended tax return.
What Accounting Software Should I use?
For small businesses I strongly recommend Intuit’s Quickbooks. What I like most about them is their superior support and ease of use. In addition to keeping all of your business transactions organized it allows you to export the data and participate in online collaboration as needed.
Example for later – http://accounting-software-review.toptenreviews.com/
What Are The Deadlines For Tax Returns?
April 15th is the general due date for income tax returns. Depending on the day of the week it falls it may be extended into the following Monday. For small businesses there are a variety of tax deadlines. You can pull a calendar directly from the IRS website. Small Business and Self Employed Tax Filing Deadlines
What Are The Tax Deductions For 2016?
Tax deductions will vary by individual based on filing status. Every year the IRS gives a Standard Deduction that will reduce your tax liability. Deduction categories can range from moving expenses, business write-offs, adoption, earned income tax credit, Hope scholarship, child and dependent care credit, student loan interest, Lifetime earning credit, medical savings account, charitable giving and donations to entities like Goodwill and Salvation Army for select items.2016 Standard Deductions
What Are The Tax Brackets For 2016?
When Should a Small Business Pay Taxes?
This will vary depending on the type of business you setup as well as how much revenue you will earn throughout the year. The general answer is you will make quarterly payments to the IRS. You will want to check with your individual state too, as there may be additional deadlines you must meet for filing. Most businesses will fall within these 5 common tax types: Income Tax, Estimated Taxes, Self-Employment Tax, Employment Taxes and Excise Tax. You can learn more on the IRS website.