The Annual Filing Season Program (AFSP) is a voluntary credential for tax professionals offered by the IRS. The AFSP is right for tax preparers who are not already enrolled agents, certified public accountants, or attorneys. IRS issues a Record of Completion to tax preparers completing 18 hours of tax education and meeting other requirements. What…
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Section 179 Deduction for Property, Equipment, & Vehicles
The Section 179 tax deduction allows business owners to deduct the full cost of qualifying property and equipment purchases, up to $1 million for the 2018 tax year. Businesses can also write off the full cost of equipment through bonus depreciation, which makes this is a viable alternative to the Section 179 deduction starting in…
Section 179 Calculator: Calculate Your Tax Savings
Section 179 is a type of tax deduction that lets you deduct up to $1 million in equipment and other fixed assets as a business expense on your tax return. This provides significant tax savings compared to depreciating the assets over several years. Our Section 179 calculator helps you determine how much you can deduct…
IRS Form 1120S: Definition, Download, & 1120S Instructions
Form 1120S is the annual tax form used by S-corps and LLCs taxed as S-corps to report their net earnings to the IRS. Similar to partnerships, net earnings pass through to the S-corp’s shareholders. Shareholders report their share of the S-corp’s earnings on their personal tax returns. You can download Form 1120S and prepare the…
Small Business LLC Taxes & LLC Tax Returns [+ Free Checklist]
A limited liability company (LLC) can be taxed as one of four entity types – sole proprietorship, partnership, C-corporation (C-corp), or S-corporation (S-corp). The entity type that’s right for LLC taxes, and the type of LLC tax return that needs to be filed, depends on the number of owners and any elections the owners make….
2018 FUTA Tax Rate & Form 940 Instructions
The Federal Unemployment Tax Act (FUTA) requires employers to pay a tax of 6% on the first $7,000 of salary or wages paid to each employee during the year. This FUTA tax is deposited with the IRS throughout the year. Employers file Form 940 to calculate their FUTA tax for the previous calendar year. How…
Car Depreciation: How to Calculate Your Vehicle Depreciation Deduction
Entrepreneurs who drive cars, trucks, vans, or SUVs for business can deduct part of the vehicle purchase price from their taxes. The purchase price is typically deducted over one to five years using a process called depreciation. Three methods for calculating car depreciation are the special depreciation allowance, modified accelerated cost recovery system (MACRS) depreciation,…
QuickBooks Pro vs. Premier vs. Enterprise vs. Accountant 2019
QuickBooks enjoys more than 80% of the small business market, with 29 million small businesses in the United States alone. There are four QuickBooks Desktop products: QuickBooks Pro, QuickBooks Premier, QuickBooks Enterprise, and QuickBooks Accountant. In this guide, we compare the cost, features and support options, including who each product is right for. QuickBooks Pro…
