About Carlos Ramirez

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So far Carlos Ramirez has created 17 blog entries.

Renting a home office to your own business can be a mistake and not and advantage

If you operate your business as a corporation and you have a legitimate office in home, you have three basic ways to claim this deduction. Doing it wrong produces zero dollar benefit from the office in the home and, in addition, can dramatically reduce your deductions. Business owners with a home office commonly use one [...]

By | November 13th, 2015|Uncategorized|Comments Off on Renting a home office to your own business can be a mistake and not and advantage

Personal Income Tax Check List

Whether you see a tax professional or prepare your own taxes. Small Business Tax Prep Checklist Personal Information Your social security number or tax ID numberYour spouse's full name and social security number or tax ID numberAmount of any alimony paid and ex-spouse's full name and social security numberYour tax returns for the previous three [...]

By | November 13th, 2015|Uncategorized|Comments Off on Personal Income Tax Check List

Overview of Tax Return Preparer Requirements

The chart below provides an overview of the various categories of individuals who may prepare federal tax returns for compensation. *Enrolled Agents have passed a three-part, comprehensive IRS exam covering individual and business returns. They must adhere to ethical standards and complete 72 hours of continuing education courses every three years. EAs have unlimited practice [...]

By | November 11th, 2015|Uncategorized|Comments Off on Overview of Tax Return Preparer Requirements

Schedule C (Form 1040), Profit or Loss From Business

Use the schedule C to report income or loss from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity.

By | November 11th, 2015|Uncategorized|Comments Off on Schedule C (Form 1040), Profit or Loss From Business

Penalties for late filing and late payment

Penalties for late filing and late payment are the most common penalties that affect small business owners. The IRS charges penalties for filing your individual income tax return after the deadline or not paying your tax bill in full by April 15th. The late filing penalty is generally 5 percent of the total tax owed [...]

By | November 9th, 2015|Uncategorized|Comments Off on Penalties for late filing and late payment

Election from a C corporation to an S corporation:

Estimated tax tip savings: You can save BIG by understanding how to avoid the evil built­in gains tax that often applies when you convert your C Corporation into an S corporation. Let’s say that you have decided the S corporation is the choice of entity for you. And let’s say further that you currently operate [...]

By | November 4th, 2015|Uncategorized|Comments Off on Election from a C corporation to an S corporation:

10 Ways to Get Organized for Next Tax Season

Tax Planning: 10 Ways to Get Organized for Next Tax Season Tax planning is a very important part of every business. Now that this tax season has ended, how can you get back on track and be sure you’re ready for the next tax season? The following ten tips should be useful whether you’re an [...]

By | November 3rd, 2015|Uncategorized|Comments Off on 10 Ways to Get Organized for Next Tax Season
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