Self-employed individuals have unique opportunities to save for retirement while reducing their current tax liability. Choosing the right retirement plan can significantly impact both your future savings and your...
Business meals and entertainment can be legitimate business expenses, but the IRS has specific rules about what is deductible. Understanding these guidelines is essential to avoid denied deductions or...
If you are self-employed and earned income without receiving a Form 1099, you are still legally required to report it to the IRS. All income is taxable, whether or...
Delaware Franchise Tax Delaware’s Annual Report and Franchise Tax are due June 1 each year without a statutory extension. If you miss this deadline, you face penalties, interest, and...
Overpaid Self-Employment Tax Self-employed individuals often make estimated tax payments throughout the year. If you overpay your self-employment taxes, the IRS provides ways to either recover the overpayment or...
Investing in your skills through professional development is often critical for business success. Fortunately, under IRS rules, certain educational expenses may be deductible if they maintain or improve your...
Non-U.S. founders face unique challenges when seeking extra time to file U.S. tax returns both personal (Form 1040-NR) and entity (Form 1120, 1120-F, 1120-S, 1065). The IRS grants an...
The Qualified Business Income (QBI) deduction allows many business owners to deduct up to 20% of their business income on their personal tax return, significantly reducing federal income taxes....
IRS Tax Extension Filing on time isn’t always possible. Fortunately, the IRS grants an automatic six-month extension for most returns from individual (Form 4868) to corporate (Form 7004). But...
Corporations and pass-through entities often rely on the federal six-month extension, but state deadlines can differ. Failing to file a state extension request or assuming the federal extension applies...