If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed. The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child who was under age [...]
Archive for category 1065
WASHINGTON — The IRS today issued guidance that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items electronically to recipients. Certain entities, such as partnerships, are required annually to file K-1s with the IRS and provide a copy to their partners. The new rules can make [...]
Mark Your Calendar…
May 18
JUNE 15 — Second quarter 2011 individual estimated tax is due. 15 — Second quarter 2011 estimated tax is due for calendar-year corporations. AUGUST 1 — 2010 retirement and employee benefit plan returns are due for calendar-year plans. SEPTEMBER 15 — Third quarter 2011 individual estimated tax is due. 15 — Third quarter 2011 estimated tax is due [...]
How Do You Know If You Have a Qualified Tax Professional? There are differences in skill levels between tax professionals and tax preparers. Understanding the differences can be critical to the success of your business. Individuals making important life decisions will experience the benefits of working with an experienced, licensed professional. Questions To Ask Experienced [...]
Here is some information from the IRS about a special tax deduction for the self-employed. You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following: A self-employed individual with a net profit reported [...]
Mark Your Calendar…
Feb 21
MARCH 15 — Deadline for calendar-year corporations to elect S corporation status for 2011. 15 — Deadline for filing 2010 tax returns for calendar-year corporations. 31 — Deadline for payers who file electronically to file 2010 information returns (such as 1099s) with the IRS. 31 — Deadline for employers who file electronically to send copies of 2010 W-2s to the [...]
