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As a small business owner were you aware that “According to the IRS, 40% of small businesses pay an average penalty of $845 per year for the late or incorrect payroll filings and payments” Stated by Craig Hurlbut, Director of payroll and U.S payroll tax expert for wave  TOP 3 TAX PENALTIES FOR NON-PAYROLL FILING COMPLIANCE Failure-to-Deposit: percentage rates range from 2% for up to five days late, to 15% for more than ten days after your first IRS bill. Failure-to-File: The penalty is 4.5% per month of unpaid tax, up to 22.5% of your unpaid taxes. Failure-to-Pay: The penalty is

Businesses are industry based and every industry has its own expenses. If you are looking for Business Deductions then here’s an ultimate Cheat Sheet for Self-Employment deductions: Expenses specific to your Industry Business Licenses & Permits Telephone (Including Cell) Legal & Professional Fees Auto Expenses & Mileage Gifts Given (Professional) Advertising & Promotion Repairs & Maintenance Meals & Entertainment Dues & Subscription Cost of Goods Sold Internet Expense Office Expenses Subcontractor Consultation Home Office Bank Fees Education Insurance Utilities Travel Rent

The thought might send shivers down your spine, and it should. Here are reminders about some of the actions that are required — or should be avoided for your Taxes. As such if you are planning for your retirement plans then Contribution to IRS are still deductible for 2016 if made by April 15, 2017. Eligible Tax Payers can contribute up to $5500 to IRA and if they are aged 50 or above before end of 2016, up to $6500.  It also might be subject to qualifying dependent for the Taxpayer gets a credit between 25 to 30 percent on the