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Understanding Tax Deductions

Important Tax Deductions: Current vs. Capital Expenses

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Table of Contents1  Small Business Tax Deductions1.1 Current Tax Deductions2 2.1 Capital Tax Deductions2.1.1 Examples of Capital Tax Deductions3 More Questions About Tax Deductions?  Small Business Tax Deductions Business owners often wonder how many tax deductions they can write off against yearly income taxes. They can do this by taking either a current or a […]

Determining IRS Eligibility Resolve Federal Tax Liability

Key IRS Compliance Requirements to Establish a Tax Agreement

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Table of Contents1 Determining Eligibility Resolve Federal Tax Liability1.1 IRS Requirement #11.2 IRS Requirement #22 Estimated Deposit Requirements For Individuals2.1 Determining Quarterly Payments2.2 Determining Each Estimated Quarterly Payment 3  IRS Deposit Requirements for Businesses3.1 940 Unemployment Deposits Determining Eligibility Resolve Federal Tax Liability To be eligible to resolve an outstanding federal tax liability voluntarily (i.e., installment […]

Protecting Yourself From Identity Theft

Tax-Related Identity Theft and How to Prevent It

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Table of Contents1 Preventing Identity Theft2 Be Aware When Identity Theft Is Happening2.1 Taxes and Identity Theft2.2 Identity Theft Of Personal Data3 3.1 Employment-Related Identity Theft4 Common Signs Of Identity Theft5 Preventing Identity Theft There’s a good chance you already know how to protect yourself against identity theft. But what about protecting yourself against tax-related […]

How is Profits Interests Taxed for an LLC

Helpful Info On How Profits Interests Are Taxed For An LLC

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Table of Contents1 Defining Profits Interests1.1 Profits Interests Taxes for LLCs1.2 Profits Interests In LLCs2 3 Understanding the Background of Profits Interests3.1 The Hypothetical Liquidation Analysis Defining Profits Interests An LLC’s profits interests are very similar to those of a corporation. They allow shareholders to participate in the company’s growth immediately upon formation. When the company […]

Determining If Your Activities Are A Business Or A Hobby

Determining If Your Activities Are A Business Or A Hobby

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Table of Contents1 Business as a Hobby2 Earning a profit2.1 Time Spent2.2 Profit motive2.3 Knowledge Needed3 Determining If An Activity Is A Hobby Or A Business4 Hobby Classification5 Avoiding The Hobby Classification5.1 Have More Questions? Contact Us! Business as a Hobby If your business claims a net income loss for too many years or fails […]