Feb 05 Can I or should I buy a vehicle in my business’s name? This is a question we get a lot, but it’s not a simple yes or no. Typically, it makes sense to buy the vehicle in your business if you will be using the vehicle for almost 100% business use. This does not include commuting from your home to your office. When you use your vehicle […] Read more
Feb 05 What and why are these Estimated Payments included in my individual tax return? Estimated tax payments are a way for you, the taxpayer, to pay tax on your income throughout the year in addition to any withholding. For example, if you are self-employed, receive K-1’s, receive investment income, or rental income this may apply to you. They are paid quarterly on 4/15, 6/15, 9/15, and either 12/31 or […] Read more
Feb 05 What needs to go on my checks that I must send into the government? For Individual Returns Social Security Number Daytime phone number “20XX Form 1040” depending on the applicable year Make sure to include Form 1040-V with your check For Business Returns Some may have information on the filing instructions for electronic payment. SC will most likely need to be mailed in with a voucher that is […] Read more
Feb 05 What are the Filing Instructions that come with my returns and what do I need to do with them? The Filing Instructions give you the steps of what needs to be completed by you to complete the filing of the current year tax return for both federal and any states. They give a summary of the amount of tax, including the balance due or overpayment. If you have a balance due, it provides information […] Read more
Feb 05 What are the due dates for tax returns? The answers below will be the same year to year unless the date falls on a holiday or weekend. If that is the case the due date will be the following weekday. Return Type Original Due Date Extended Due Date Partnerships, S-Corporations 3/15 9/15 C-Corporations (Calendar Year) 4/15 9/15 C-Corporations (Fiscal Year-End other than 6/30 […] Read more
Feb 05 What are some of the terms and acronyms accountants use and what do they mean? PT-100: This is the South Carolina Business Personal Property Tax Return which is used to report business assets such as furniture, fixtures, and equipment. SALY: Same As Last Year AGI: Adjusted Gross Income AMT: Alternative Minimum Tax There are plenty more. If you hear one and don’t know what it means, just ask! Read more