Business Taxes

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• Domestic Production Deduction
  • If your business is engaged in a qualifying production activity you may be able to take a tax deduction for your U.S. based business activities.

• Organizational and Start Up Costs
  • Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as deductions?

• Business or Hobby?
  • It is generally accepted that people prefer to make a living doing something they like. A hobby is an activity for which you do not expect to make a profit. If you do not carry on your business or investment activity to make a profit, there is a limitation the deductions you can take.

• Deductible Home Offices
  • Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes, you may be able to take a home office deduction.

• Filing Deadline and Payment Options
  • If you're trying to beat the tax deadline, there are several options for last-minute help. If you find you need more time to finish your return, you can get a five or six month extension of time to file using Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. If you have trouble paying your tax bill, the IRS has several payment options available.

• Where's My Refund?
  • Are you expecting a tax refund from the IRS this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date the IRS receives your return. If you file your return electronically, your refund should be issued in about half the time it would take of you filed a paper return.

• Information About IRS Notices
  • It's a moment any taxpayer dreads. An envelope arrives from the IRS and it's not a refund check. Don't panic! Many IRS letters can be dealt with simply and painlessly. Always call us before paying.

• Charitable Contributions
  • When preparing your federal tax return, don't forget your contributions to charitable organizations. Your donations (up to 10% of taxable income) can add up to a nice tax deduction for your corporation.

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