Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of penalties and…

It’s important to understand the ramifications of not filing a past due return and the steps that the IRS will take. Taxpayers who don’t file a past due return or…

IRS Summertime Tax Tip 2011-11, July 29, 2011 Many taxpayers spend time during the summer months updating their résumé and attending career fairs. The Internal Revenue Service reminds job seekers…

Most real estate professionals operate their business as a sole proprietorship. This means that you are not someone’s employee, you haven’t formed a partnership with anyone, and you have not…

An unincorporated business jointly owned by a married couple is generally classified as a partnership for Federal tax purposes. For tax years beginning after December 31, 2006, the Small Business…

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees.…

When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most…

To file your annual tax return, you will need to use Schedule C (PDF) or Schedule C – EZ (PDF) to report your income or loss from a business you…

Estimated tax is the method used to pay Social Security and Medicare taxes and income tax, because you do not have an employer withholding these taxes for you. Form 1040-ES,…

Generally, you are self-employed if any of the following apply to you. You carry on a trade or business as a sole proprietor or an independent contractor. You are a…