To estimate your quarterly tax payments to the IRS as a self-employed individual or business, use Form 1040-ES (for individuals) or Form 1120-W (for corporations). Here’s a simplified guide: Estimate Total Taxable Income: Include all income sources (wages, dividends, interest, self-employment income, etc.). Calculate Estimated Tax Liability: Use IRS tax rate schedules. Apply eligible tax…… Read More

S-Corporation (S-Corp) Characteristics: Tax Structure: An S-Corporation is a special type of corporation created through an IRS tax election. S-Corps pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Ownership: An S-Corp can have up to 100 shareholders, and these shareholders must be U.S. citizens or residents. Legal Structure:…… Read More

The IRS proactively identifies and stops the processing of potential identity theft returns. You may receive a notice or letter asking you to verify your identity and tax return information with the IRS. This helps prevent an identity thief from getting your refund. You may receive letters 4883C or 6330C from the IRS. What this… Read More

The Florida Annual Report is a mandatory filing that all Florida businesses, including corporations, limited liability companies (LLCs), and limited partnerships, must submit each year to the Florida Division of Corporations. This report updates the state on the current information about your business, such as the names and addresses of officers, directors, managers, or members,… Read More

A Federal extension, also known as an extension of time to file, is a provision offered by the Internal Revenue Service (IRS) in the United States that allows taxpayers additional time beyond the regular filing deadline to submit their federal income tax return. The regular tax filing deadline for most individuals is typically April 15th… Read More

PAYMENT DATE 1st Payment – July 15, 2021 2nd Payment – August 13, 2021 3rd Payment – September 15, 2021 4th Payment – October 15, 2021 5th Payment – November 15, 2021 6th Payment – December 15, 2021 #SalesTax #russianspeakingaccountant #налогисша… Read More