Business Tax Planning
Irrespective of whether a person runs a corporate house, a small business or is self-employed, the end of a fiscal year draws them down to the same destination: paying the BUSINESS TAX. This is the time when tax preparation eats up the better hours of the day and he needs to get the balance sheet spic-n-span and that’s a huge load to bear. This load is what people consider the negative part of an equation that’s fine otherwise, but if business tax planning is done ahead, the agonies may be allayed with the finest of wines and Chopin playing in your head!
- IRS and Tax refunds
Inevitably, the name of Internal Revenue Services shows up when there remains any tax refunds involved and your lawyer must have told you about the related nitty-gritty, but then again, are you aware of the Telephone Excise Tax Refund? TETR, as it’s called, requires paying just once on the federal income tax return that refunds all the taxes accumulated on the long-distance calls. That makes paying the taxes more affordable and IRS shall no more appear something to be dreaded. For further details, the official IRS web site can be of great help.
- FAQ and answer for tax refunds
Among the questions that tax payers ask frequently, a few are:
- Which of the tax forms are supported in the state where one is running the business?
- What are the criteria one needs to fulfill to file a business tax electronically?
- Is electronic filing a viable option and can a state tax return be paid without showing a federal tax return?
- What’s the span required for the refund to arrive?
- Is it possible to pay the due balances through debit/credit cards?
And lastly, the most dreaded one
To find an answer to each of them, a person may pay a tax consultant through his nose; else, he can stay satisfied by paying meager amounts on just a half-a-knowledge or can get jacked by relying blindly on a referrer. But then again, the paradoxical truth being there’s hope in despair.