TAX DUE with Black lady with shocked face

What Does Federal Tax Due Mean? Don’t file without knowing this.

Did you get that infamous statement: Federal Tax due now?

When April 15th comes around, you can feel a tinge of anxiety in the air. That’s because there are tens of millions of people who will owe money to the IRS. Now, this is the funny thing about the Internal Revenue Service – they tend to be pretty persistent about wanting their money.

So, you really need to know what the term “Federal Tax Due” means. Knowing this term can keep you in the good graces of the IRS for at least the next 12 months.

Read more

Small business owners happy to be registering for IRS form 2553 on computer

IRS Form 2553: How to Register as an S-Corporation for Your Business

If you registered your business as a corporation, the IRS automatically makes you a C-corp. This has many tax disadvantages, making it hard for small businesses to remain profitable. Fortunately, businesses can file IRS Form 2553 and choose to be an S corporation instead.

The largest benefit of filing as an S-corp is the tax savings. The shareholders bear the burden of the corporation’s net income, paying taxes at their personal tax rate rather than the corporate tax rate, which is 21% plus the personal tax rate of any earnings.

Read more

Tithing and taxes with people in church worshiping

Is Tithing Tax Deductible? Everything YOU MUST Know

Is tithing tax deductible may be one of the most important tax questions that you will ever have to answer. In the Bible, tithing is a ten percent portion of your income, paid to God.

Taxes are a tricky situation, even more so when it comes to religious activities such as tithing. In short, tithing is when you give to the church. However, a question to consider, is tithing a tax-deductible transaction?

Now, morals or if deducting a tithe is right or wrong set aside, we are here to examine the facts.

Read more

IRS form 8821 with computer keyboard next to notebook

IRS Form 8821 (How to Give Tax Information Authorization to Another Person)

Do you know how to use the IRS form 8821 or are you confused?

As a taxpayer, have you ever wished that you could just pass the reins over to an accountant or other tax professional to help you navigate tax season?

Or as a Tax Preparer, wouldn’t it just be easier if you were able to request the information you needed from the IRS in order to help your client?

If you’ve ever felt like you were in either of these situations then you probably have a need for IRS Form 8821. This form was created to help make the communication process more transparent between taxpayers, tax professionals, and the IRS.

In this article, we’ll take a deeper look at what exactly the IRS Form 8821 is and (more importantly) how you can use it to your advantage.

Read more