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Tax Preparation For Individuals and Business all States E-file | Tax Preparation Service in Washin1

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Tax Preparation For Individuals and Business all States E-file

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Tax Preparation For Individuals and Business all States E-file is a Tax Preparation service in Washington DC
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Washington, DC

It's Tax Season: The Office Is Open Monday-Sunday From 9am-9pmAs a small business owner you need to understand how taxes are going to affect you and your business. It is important that you file properly, avoid audits, and claim the right tax deductions.Here are a few tips that may ease the burden of tax preparation and to help you get ready for the April 15, 2013 deadline.1. Keep Good Records: Proper record-keeping year-round is the first step to ensuring your taxes are filed accurately and that you have the paperwork you need to back-up your deduction claims should you be audited. 2.Understand Your Deductions: What small business deductions can you take? Do you have the documentation and original receipts to back them up? Tax credits and deductions change each year.3.Utilize the Small Business Jobs Act Tax Provisions: The Small Business Jobs Act of 2010 signed into law by President Obama has over 17 tax provisions decreasing the tax burdens for small businesses--several of these provisions can be taken advantage of during this year's tax season. Utilizing these provisions will provide great savings for your business. 4.Remember the tax credits within the Affordable Care Act: These tax credits will allow small businesses to cover up to 35 percent of the premiums a small business pays to cover its workers. In 2014, the rate will increase to 50 percent.5.Avoid Common Audit Traps: It is very important to be aware of potential red flags and act on them before the IRS does:•Classifying Employees as Independent Contractors -- Independent contractors and employees are not the same, and it's important to understand the difference. In the eyes of the IRS, misclassification can be seen as an attempt to avoid payroll taxes, and non-compliance can bring penalties and back taxes.•Home Office Deduction -- This deduction is very specific and not all home-based businesses will qualify. Likewise, if you run your business from a commercial location and claim the home office deduction, you might trigger some interest from the IRS. Know how to determine if you are eligible to claim it, and what specific expenses you can write off. •Large Sum Miscellaneous Deductions -- If you claim a large amount of itemized deductions relative to your income, the IRS will get suspicious. Likewise, if you bucket a large amount of miscellaneous expenses, you may raise eyebrows. Be specific and label every deduction. 6. Keep Business and Personal Expenses SeparateThe IRS scrutinizes personal expenses that may have been claimed as a business expense, such as the use of a business vehicle for personal use. Be diligent about keeping good records. Maintain a separate bank and credit card account for your business.The IRS reviewed tax returns you prepared in the past year and found that many have a high percentage of traits they believe typically indicate errors on the Form 1040, Schedule C, Profit or Loss from Business (Sole Proprietorship).This is the fourth year that the IRS is contacting selected tax return preparers nationally in an effort to improve the accuracy and quality of filed tax returns and to heighten awareness of preparer responsibilities. These contacts are another step in the IRS's increased efforts to ensure paid tax return preparers are assisting taxpayers appropriately. Who must file a Form D-30?generally, an unincorporated business, with gross income over $12,000,must file a D-30 (whether or not it has net income). this includes anybusiness carrying on or engaging in any trade, business, or commercialactivity in DC and receiving income from DC sources.• to determine if you need to file, please note that gross incomeincludes revenue from all DC sources after deducting the cost ofgoods sold, but before taking expenses and other deductions allowedwhen calculating net income.• the act of carrying on or engaging in a trade or business in DC isdetermined by the nature and extent of the unincorporated business'activities in DC conducted by: its owners; members; or throughemployees, consultants, agents or other unincorporated business with gross income in DC of over $12,000from any of the activities listed below, must also file a D-30 return.• Rental of real or tangible personal property; or• Leasing of real or tangible personal property; orany other similar arrangement.If a business is terminated as the result of the sale of its assets, even ifthere is no tax due, the business is still required to file a D-30.If the sale of a business' assets results in termination of the business-- the owner(s) must report gain/loss on their individual returns. (theremay also be depreciation recapture to report.)NOTE: an unincorporated business with gross income of $12,000 orless does not need to file a D-30 return nor does it need to pay the $250minimum franchise tax.You may have to file other DC returns. If you have other business activitieswith gross income of $12,000 or less and you operated as:• a partnership, you must file a Form D-65;• a DC resident sole proprietor, you must file a Form D-40; or• a DC resident trust, you must file a Form D-41.Multiple businessesIf an individual or group of individuals carries on two or more distinctunincorporated businesses in DC (none of which are exempt), they mustbe reported on one return. Include all income and expenses on that onereturn. You may provide separate computations to show the net incomeor loss of each business.Taxicab/Limo Driversany taxicab/limo driver who is not a resident of the District of Columbiaand who operates a motor vehicle for hire in the District must file a formD-30. the filing of the D-30 is a requirement for operating or continuingto operate a motor vehicle for hire in the District by a nonresident.When do you not have to file Form D-30?You do not have to file if --You are an organization recognized as exempt from DC taxes.- to maintain your DC tax-exempt status, each year you mustsend a copy of your IRs Form 990, 990PF, or 990eZ to:office of tax and Revenue, Po Box 556, Washington DC20044-0556.- any unrelated business income, as defined in Internal RevenueCode (IRC) §512, is subject to the DC franchise tax and a FormD-20, Corporation Franchise tax Return, must be filed.• the trade or business is, by law, custom or ethics, unable toincorporate.• It is a trade or business licensed by DC to a blind person, foroperating a stand in a federal building.• You are a professional corporation, incorporated under the DCProfessional Corporation act and, therefore, you must file aForm D-20.• It is a trade, business or professional organization where:- 80 percent of its gross income comes from personalservices actually rendered by owners or members of thebusiness; and- Capital is not a material income-producing factor.the 80 percent requirement is met if the activities of youremployees, consultants and agents have or are presumedto have produced gross income for the business in anamount at least equal to the gross amount paid them.the 80 percent test is not satisfied if the amount paidthese persons exceeded 20 percent of the business' grossincome. If this test is not met, the business is not exemptfrom DC taxes and must file a return.NOTE: If an individual or group of individuals is engaged in twoor more separate and distinct businesses during the tax year, eachbusiness is separate when determining tax-exempt status.When and where should you file yourForm D-30?File your return and pay any tax due by april 15thHablamos EspañolHours of Operation:Monday -- Friday, 9:00 a.m.- 9:00 p.m.Saturday, 9:00 a.m. - 6:00 p.m.Sunday, 10:00 am - 6:00 pmLocated at:4416 Georgia Avenue N.W.Washington, DC 200112028-882-0935, 202-489-7054Se Habla Español18Years Of ExperienceBusiness & Individual TaxesLicensed To Practice Before IRSSmall Business Start Up, Accounting ComplianceAcceptance Agent For District Of ColumbiaNotaryWe Visit Our ClientsGovernment Contractor AccountingAvailable All YearElectronic Filing & Fast RefundsTax Preparation (Business & Individual)
Tax Preparation
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