How Are C Corporations Taxed?

by John Reddall | Jan 19, 2025 | Tax

C Corporations represent some of the largest businesses, structured to offer ownership to many shareholders while operating as a distinct legal and tax-paying entity. While rarely chosen for small businesses, C Corporations play a vital role in the business landscape,...

How Are Sole Proprietorships Taxed?

by John Reddall | Nov 24, 2024 | Tax

This article will discuss how sole proprietorships are taxed, what tax returns you must file, and when you must file them. We will focus on federal income and payroll taxes since they are the most common. What Is A Sole Proprietorship? Sole proprietorships are...

What Happens if You Pay Your Quarterly Taxes Late?

by John Reddall | Aug 22, 2024 | Tax

You just received a notice in the mail from the Internal Revenue Service (IRS) saying your taxes are late or you didn’t file. To make matters worse, the notice says you not only owe the taxes, but they include penalties and interest as well. (Keep in mind, too,...

Small Business Write-offs and Tax Deductions You Need to Know

by John Reddall | Jun 28, 2024 | Tax

An important strategy for small business owners is identifying and using any suitable tax write-offs. The main advantage to write-offs is legally reducing your company’s and, if you are self-employed, your personal tax liability. What Tax Write-offs Do Smart Small...

How Do Tax Refunds Work for Small Businesses?

by John Reddall | Jun 20, 2024 | Tax

Everyone’s excited to get a tax refund after filing their returns during the April tax season. But what about small businesses? Do refunds apply to them? We will discuss how tax refunds work for small businesses, how the IRS generates refunds, and why a refund for any...

How to Amend a Personal Tax Return

by John Reddall | May 16, 2024 | Tax

You can change a personal tax return if there is a benefit to do so. Many taxpayers believe this could raise unintentional red flags with the Internal Revenue Service (IRS). However, here we will discuss how to amend a tax return and avoid penalties. Reasons to Amend...