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February 4, 2016

Prepare a Business Tax Return with RapidTax

Let RapidTax help you and your business this year!

Starting this year, RapidTax is offering online business tax return preparation and e-filing. We’ll now be able to further assist existing customers who already use our website to prepare their individual returns. We’ll also be able to welcome new customers with businesses who need to file a tax return. Below are a few questions that you’ll want answered before preparing your business tax return with RapidTax.

What type of businesses can use RapidTax Business preparation?

Your business entity is determined when you register your business with the state you are located in. Our team at RapidTax welcomes four main business entities when it comes to preparing and e-filing business returns. These include the following:

Single Member LLCs
Partnerships
S-corporations
C-corporations

If you do not fall under one of these business entities or you’re unsure of what type of business you have, feel free to give our tax team a call at 844-CORPTAX (267-7829) to help you out. Continue reading “Prepare a Business Tax Return with RapidTax”

December 21, 2015October 6, 2016

Holiday Tax Deductions: Business Gifts

Tis the season of Secret Santas and Holiday Company Parties.

It’s a common tradition among businesses to get in the holiday spirit and give gifts to clients and employees. Even though giving gifts doesn’t typically put the idea of taxes in mind, it’s important to know how to report business gifts as tax deductions.

What are direct gifts versus indirect gifts?

The IRS will give the green light on a tax deduction for two types of gifts; direct and indirect. Don’t worry – this still gives you substantial leeway to choose that perfect gift this year. Direct gifts are given as part of a direct professional relationship. For example, the owner of 123, LLC gifts a Godiva gift basket to each employee for the holidays. Indirect gifts typically involve a middleman, such as sending a gift home for your employee’s child.

Is there a cost limit?

There is a $25 limit per gift, per year. What’s that mean? Well, let’s say that your company likes to give gifts to clients or employees multiple times per year. The deduction would only apply to ONE gift and only $25 of that gift could be deducted.

Keep in mind that the gift CAN cost more but only $25 of the total can be reported as a deduction (so hold onto that ‘#1 BOSS’ title and keep giving your employees those iPad minis).

Does the cost include incidentals?

Continue reading “Holiday Tax Deductions: Business Gifts”

January 13, 2014October 6, 2016

When Can I File a Business Tax Return?

Do you have to file a business tax return? The IRS recently announced they will accept 2013 business tax returns starting today, Monday, January 13, 2014.

The first day to file a business tax returns, January 13, falls 18 days before the first day to file 1040 returns (1040 tax filing start date is January 31^st). If you need to file a business tax return with income derived from forms 1065 or 1120S , you can today on RapidTax.

Business tax returns accepted by the IRS starting on January 13, include any return on the IRS Business Master File (BMF). BMF returns include the following federal forms: