Charles F. Morgan, CPA, P.C.


31 Old Etna Road
Suite N-4 PO Box 111
Lebanon, NH 03766
Phone: (603) 448-6200
sales@lebanonnhcpa.com

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Tax Tips For Businesses

Domestic Production Deduction

    If your business is engaged in a qualifying production activity you may be able to take a tax deduction for your U.S. based business activities.
Organizational and Start Up Costs
    Have you just started a new business? Did you know expenses incurred before a business begins operations are not allowed as current deductions?
Business or Hobby?
    It is generally accepted that people prefer to make a living doing something they like. A hobby is an activity for which you do not expect to make a profit. If you do not carry on your business or investment activity to make a profit, there is a limit on the deductions you can take.
Business Eligibility for Schedule C-EZ
    Your business may have become eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on your federal income tax return, according to the IRS.
Deductible Home Offices
    Whether you are self-employed or an employee, if you use a portion of your home exclusively and regularly for business purposes, you may be able to take a home office deduction.
Filing Deadline and Payment Options
    If you're trying to beat the tax deadline, there are several options for last-minute help. If you need a form or publication, you can download copies here. If you find you need more time to finish your return, you can get a five or six month extension of time to file using Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. And if you have trouble paying your tax bill, the IRS has several payment options available.
Refund, Where's My Refund?
    Are you expecting a tax refund from the Internal Revenue Service this year If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in about half the time it would take if you filed a paper return even faster when you choose direct deposit.
Your Appeal Rights
    Are you in the middle of a disagreement with the IRS One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about proposed collection actions, you have the right to ask the IRS Appeals Office to review your case.
Information About IRS Notices
    It's a moment any taxpayer dreads. An envelope arrives from the IRS and it's not a refund check. But don't panic. Many IRS letters can be dealt with simply and painlessly.
Contact Us so we can help you with your tax preperation and additional tips.
 
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Securities offered through Securities America, Inc. Member FINRA/SIPC Charles F. Morgan, CPA, Registered Representative
Advisory Services offered through Securities America Advisors, Inc., Charles F. Morgan, CPA, Registered Representative
The Charles F. Morgan, CPA Firm and Securities America companies are not affiliated. Tax services provided by Charles F. Morgan, CPA Firm.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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Securities offered through Securities America, Inc., a registered broker / dealer; member FINRA/ SIPC, Charles Morgan, Registered Representatives and Advisory services offered through Securities America Advisors, Inc. an SEC registered investment advisory firm, Charles Morgan, Investment Advisor Representatives. New England Wealth Advisors, 255 Daniel Webster Highway, Merrimack, NH 03054-4807 Phone: 603-429-0968.

The Charles F. Morgan, CPA Firm and the Securities America companies are not affiliated.