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Keeping your business’ tax obligations in line can be a challenge. One of the biggest mistakes new businesses make – and one that is responsible for shutting down a significant number of new businesses – is not staying on top of employment and other tax considerations.

There are all sorts of resources out there on line that can get you on the right track, but some can be outdated and, in some cases, outright incorrect. The Internal Revenue Service website at IRS.gov provides small businesses with a number of types of service and information that can help you keep all of your ducks in a row.

Here are some of the resources you can check out at IRS.gov:

•Small Business … Read more →

The United States Internal Revenue Service requires that individuals file tax forms for various different types of economic activity. These forms can be printed out and filed as paper forms or filed online, using the IRS e-File option and FreeFile software. Below are listed some of the most important tax forms for individuals.

U.S. Individual Income Tax Return (Form 1040 series): If you are a United States citizen or have earned income in the United States, you need to file Form 1040, 1040A or 1040EZ. Form 1040, depending on your individual circumstances, must be accompanied by various “schedules” (A through SE) detailing specific types of tax deduction. Non-resident aliens earning United States income file 1040NR or 1040NR-EZ.

Form 1040: Use … Read more →

 

Rather than simply taxing your gross income, the Internal Revenue Service collects taxes based on a net taxable income calculated as your income after you have subtracted a surprisingly large variety of exemptions and deductions. The benefits to taking advantage of deductions are twofold: first, they reduce the amount of income on which you are taxed and second, your deductions may result in your ending up in a lower tax bracket, reducing your tax rate (the percentage of your income that you pay in taxes).

In practical terms, this means that if you were a single person with a gross income (wages, tips, interest income, etc.) of $100,000, and you used no deductions or exemptions at all, you would … Read more →

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