Information Needed for a First Year Business Tax Return

Every year, people set out and start a new business. And then comes tax time and those new owners have questions about taxes.

In this quick video I talk to a first year business owner about what information is needed to prepare a first business tax return.

Also, the IRS provides this helpful site for business owners looking to prepare tax returns. https://www.irs.gov/businesses

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

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What Kind Of Business Expenses Can I Deduct As A Notary?

Notaries travel a lot for their businesses and as a result are able to deduct a number of expenses. In this video, TaxAssurances owner Kolonji Murray outlines some of the business deductions that a notary is entitled to.

For more information about these and other business deductions, the IRS provides the following publication: https://www.irs.gov/pub/irs-pdf/p535.pdf

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Canceled Debt is Taxable

Every year credit card companies and other lenders work out deals with customer to reduce their credit card debt through forgiveness or cancellation. Deals like that help everyday people better manage their month to month bills.

However, many credit card customers that take the forgiveness deal don’t realize that every dollar that is forgive is considering taxable income when tax season arrives.

Here’s a TaxAssurances’ YouTube video I did on the subject.

Here’s what the IRS says about canceled debt.

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So if you or someone you know is looking to have debt canceled, keep in mind that whatever is canceled is most likely taxable come tax season.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Advice On Resolving IRS Debt

Every year, millions of Americans prepare tax returns resulting in them owing money in federal taxes. But there’s no need to panic.  The IRS works with taxpayers to pay off the bill over time.

Here’s a TaxAssurances’ YouTube video I did about resolving IRS debt. Also, here’s a helpful IRS link that explains how IRS payment plans can be worked out.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Taking Care of Quarterly Taxes

Small business owners and 1099 independent contractors have to make sure they set up a strategy to pay estimated quarterly taxes and self employment taxes. In this TaxAssurances YouTube video I walk through a strategy on how they can take care of their required tax liability on time.

Also, here is a helpful IRS website on taking care of estimated taxes: https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes 

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

How Can I Determine If An Expense Is A Business Deduction or Personal Expense?

The difference between what is a business deduction and what is a personal expense can be confusing come tax time. In this video, TaxAssurances owner Kolonji Murray talks about distinguishing between the two.

For more guidance on this and other business related expenses, the IRS proves this publication: https://www.irs.gov/pub/irs-pdf/p535.pdf

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

IRS Advice on Direct Deposit of Tax Refunds

Many of the the personal tax returns I prepare each year end up with the taxpayer getting a tax refund. There are a number of ways of receiving that refund, but the one the IRS recommends above all others is direct deposit.

Here’s the rest of what they said about getting direct deposit of a federal tax refund…

Get Your Refund Faster: Tell IRS to Direct Deposit your Refund to One, Two, or Three Accounts

The best and fastest way to get your tax refund is to have it electronically deposited for free into your financial account. The IRS program is called direct deposit. You can use it to deposit your refund into one, two or even three accounts.

Eight out of 10 taxpayers get their refunds by using Direct Deposit. It is simple, safe and secure. This is the same electronic transfer system used to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts.

Combining direct deposit with electronic filing is the fastest way to receive your refund. IRS issues more than 9 out of 10 refunds in less than 21 days. You can track your refund using our Where’s My Refund? tool.

https://www.irs.gov/refunds/get-your-refund-faster-tell-irs-to-direct-deposit-your-refund-to-one-two-or-three-accounts

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Because of Covid, How Has TaxAssurances Been Handling Tax Returns?

Covid changed everything. Because of it, the tax preparation process has changed. In this video, TaxAssurances owner Kolonji Murray, walks through
how taxes are prepared in a covid world.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

What Information Is Needed In Order To Handle Rental Property on A Tax Return?

Homeowners that rent out their property have to report any and all rental income that they receive on their tax return. But along with that
rental income, there are certain expenses they can include as well on their tax return.

In this video, TaxAssurances owner Kolonji Murray,
offers a quick summary of what information is needed in order to file rental property information on a tax returns.

For more information around handling rental property on a return, the IRS offers the following publication. https://www.irs.gov/pub/irs-pdf/p527.pdf

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

What is the K1 Form For?

Business owners that participate in partnerships and and S corporations have to report their portion of business gains, losses and other activities on their personal tax return. In this video TaxAssurances owner Kolonji Murray briefly explains how that happens.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/