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Tax Blog

Yes! Bartering is taxable

In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting and record-keeping responsibilities. Bartering is the trading of one product or service for another. Usually there is no swap of cash. Barter may take place on an informal direct one-on-one basis between businesses and individuals, suppliers, customers, distributors, partners, contract labor, and employees, or it can take place on a third-party basis through a modern Internet barter exchange. Bartering is...


2nd Quarter 2018 Due Dates

Here are the due dates upcoming for the 2nd quarter of 2018: April 17 For Individuals 2017 Form 1040 due, or file Form 4868 for a 6-month automatic extension. 2017 FinCEN Form 114, Report of Foreign Bank and Financial Accounts due. Automatic 6-month extension will be granted for filers who fail to meet the due date. Last day to contribute to an IRA and ESA for 2017. First installment of 2018 estimated taxes due. 2017 Form 709, US Gift Tax Return due if more than $14,000 was gifted to any individual besides a spouse or charity in 2017, or file...


Tips for Paying Estimated Taxes

Estimated tax is a method used to pay tax on income that isn’t subject to withholding. You may need to pay estimated taxes during the year depending on your sources of income. For example, income from self employment, interest, dividends, alimony, rent, gains from the sales of assets, prizes or awards, may require you pay estimated tax. For Sole Proprietors, Partners and S Corporation shareholders, you generally have to make estimated tax payments if you expect to owe $1,000 or more in tax when you file your Form 1040 return. As a general rule, individuals must pay estimated taxes for...


Personal Returns: Need More Time? Unable To Pay? There Are Options

April 17th, 2018 is the official filing deadline for Form 1040, U.S. Individual Income Tax Return . Need more time to gather data to file a complete and accurate return? The IRS allows for an extension of time to file, NOT to pay. You can submit Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to receive a six-month extension until October 15th, 2018. By filing this form, you won’t be subject to the late filing penalty. But remember, you must pay in at least 90% of the current tax (100% of the prior...


2018 Filing Season Begins!

The IRS has announced that it’ll begin accepting 2017 tax returns on Monday, January 29th. This is approximately one week later than last year, which gives the Service time to determine how the passage of the Tax Cuts and Jobs Act in late December will impact tax returns and ensure key processing systems are ready. The deadline for filing your 2017 individual return is Tuesday, April 17th, since April 16th is Emancipation Day, a legal holiday in Washington D.C. Choosing to e-file and direct deposit your refund remains the safest and fastest way to accurately file your return and receive...


A rundown of the Tax Cuts and Jobs Act

Are you ready for change? NOW is the time to prepare for the upcoming tax reform, as every taxpayer will be affected by the new legislation beginning in 2018. Will you see an increase or decrease in your taxes? Will your tax return become simplified or more complicated? There’s no doubt that 2018 will bring new opportunities for tax savings and tax planning for you and your business. Below is a brief summary of some of the provisions in the Tax Cuts and Jobs Act. We will be monitoring the progress of this bill as the Internal Revenue Service will...