If you operate your business as an S corporation, the S corporation must file Form 1120S, U.S. Income Tax Return for an S Corporation, on an annual basis, to report income and deductions. Each ... |
If you are a small business owner, chances are good that you will have to make estimated tax payments. |
You're probably asking yourself, "do I have to make estimated tax payments for 2006?" By answering "yes" or "no" to these three questions, you'll have your answer: |
If you are required to make estimated tax payments, how much do you have to pay? |
Individuals can make estimated tax payments in two ways: |
For estimated tax payment purposes, a year is divided into four payment periods. Each period has a specific payment due date. |
There is a special rule in the tax law that excuses you from filing fourth quarter estimated taxes if you file your annual tax return (Form 1040, etc.), and ... |
What happens if you don't file a tax return or pay taxes that you owe by their due date? Generally, in this situation the IRS will send you a notice hitting you with interest and penalties. |
There are two pieces of advice that you should keep in mind about audits: |
The IRS has several different levels of audits. If questions arise about your math, items seem to be omitted from your return, or your figures don't match those on your W-2s, 1099s, or 1098s, the IRS ... |
