Businesses are the cornerstone of the American economy. As a business executive, it is important to stay up to date on all the documentation necessary to keep your corporation, LLC, or other entity legal. In most states, filing an Annual Report is required whether you make changes to your business, or not. The state of…
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There are several corporate structures that exist to fit everyone’s needs. From C-Corporations to LLCs, every corporate structure gets taxed differently. This article will highlight some of the major aspects of how each business entity gets taxed and help you choose which one would best suit your style of business. Sole Proprietor: Filed on a…
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What is the Child Tax Credit (CTC)? The Federal Child Tax Credit is a program that has been around since the late 1990s. The current administration enhanced the CTC payments to help those in need. The information provided on your 2019 or 2020 tax return will determine your eligibility to receive the payments. If eligible,…
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Dear Clients, did you know that over 35 Million Tax Returns are awaiting manual reviews causing delays in the refund process. The 2020 tax season proved to be challenging both for Alron Taxes, Inc. and taxpayers alike. Due to the onset of the global pandemic, over 35 million business and personal income tax returns require…
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My Tax Refund Paid My Spouse’s Debt? If this sounds familiar, then you may want to look into this article on getting your refund back. First, take a minute to answer the following questions. If you answer yes to all the listed questions, you may just be eligible to file an injured spouse claim. Did…
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Effective March 17, 2021, the Internal Revenue Service and the Treasury Department automatically extended the federal income tax filing due date for individuals from April 15, 2021 to May 17, 2021. Taxpayers do not need to file any forms or call the IRS to qualify for this automatic extension. With Tax Day now on May…
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On Thursday, March 11, 2021, President Joe Biden signed into law a coronavirus relief package, the third of its kind. The gargantuan $1.9 trillion relief package known as the American Rescue Plan Act of 2021 will aim to boost the US economy. Direct Deposits Individuals earning up to $75,000 and couples earning up to $150,000…
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Being a Sole Proprietor As a sole proprietor, you must pay self-employment taxes on your net business earnings at a current rate of 15.3%: 12.4% is for social security and 2.9% for Medicare. In 2021 the first $142,800 of your earnings is subject to Social security taxation, and all your net earnings are subject to…
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Taking Ownership If you are a business owner, you wear many hats. After all the work you put in building your business, hiring employees, staying on top of inventory, and maintaining the books, it can often seem that you come last. However, making a living is critical to your health and financial security. The IRS…
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The Big picture Hopefully, when it comes to taking stock of your business, you have managed to stay on top of your book for the whole year. Even if your records aren’t perfect, with one month left before taxes are due, now is an excellent time to get a handle on your accounting. Most people…
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