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Do you have to file a business tax return? The IRS recently announced they will accept 2013 business tax returns starting today, Monday, January 13, 2014.
The first day to file a business tax returns, January 13, falls 18 days before the first day to file 1040 returns (1040 tax filing start date is January 31st). If you need to file a business tax return with income derived from forms 1065 or 1120S , you can today on RapidTax.
Business tax returns accepted by the IRS starting on January 13, include any return on the IRS Business Master File (BMF). BMF returns include the following federal forms:
- 1120 (corporations)
- 1120S (S corporations)
- 1065 (partnerships or entities taxed as partnerships)
- 1041 (trusts and estates)
- 720 (excise)
- 940 (FUTA)
- 941 (FICA)
- 2290 (Heavy Highway Vehicle Use Tax)
Continue reading “When Can I File a Business Tax Return?”
You can save tax money by throwing a holiday party – but make sure it’s business-related
In parts one and two of our guide to saving on taxes during the holidays, we talked about scheduling a business meeting on the way to visit relatives and deducting part of your travel expenses as well as putting a tax deductible gift to yourself under the tree.
Another great idea for saving tax money during the holidays is to throw a tax deductible holiday party for your employees or customers.
Not only is throwing a party a great way to get into the holiday spirit, it can boost employee morale and make your customers/clients happy.
But it’s not all fun and games. Your party must be directly related to your business in order for you to deduct it. Essentially what this means is you can’t go too crazy. The IRS will disallow anything it considers lavish or extravagant as well as anything that isn’t directly related to your business. Continue reading “A Tax Savings Guide to the Holidays: Tax Deductible Business Party”
Many of the expenses involved in a business trip are tax deductible
Those who have to do a lot of traveling for work will be relieved to know that you can deduct many of those expenses and thus significantly lower your tax bill.
What travel expenses can I claim?
According to the IRS, you can claim the “ordinary and necessary expenses of traveling away from home for your business, profession, or job.”
Be warned: the expenses cannot be “lavish or extravagant” in the eyes of the IRS. Obviously no personal expenses are deductible either. It might make sense to exclude questionable expenses from your return as they can increase the chance of you getting audited.
The travel expenses you can deduct include Continue reading “Business Travel Tax Deductions”
