The Taxpayer Times
"Clear tax guidance for everyday taxpayers"
Category: Tax Preparation
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Many business owners are surprised to learn that filing an S corporation tax return does not automatically mean their business is an S corporation. This confusion is far more common than people realize. I see it regularly when new clients come to me, believing their business is an S corporation simply because their prior tax…
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What to know before filing your 2025 Tax Returns Christmas is approaching, the year is winding down, and before we know it, another tax season will be here. Throughout the year, not just at year-end, I receive calls from people who have bought or sold a home and are trying to understand the tax consequences.…
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When Old Habits Create New Problems Every January, when the 1099 filing season approaches, I see business owners scramble to figure out which forms they need to file. Some know the rules well; others are convinced all 1099s are interchangeable. Even though the IRS introduced Form 1099-NEC back in 2020, many businesses still file the…
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Every year around this time, businesses rush to wrap up projects, handle holiday sales, close the books, and prepare for the new year. And yet, something important gets pushed aside: Getting ready for tax season. Unlike individuals, who often only need W-2s and a few forms, business tax returns require real preparation – documents, receipts,…