Hey Abe! Can I run a second business under my trucking LLC? Abe: Oooh, Thanks for asking this one. The answer to this question is technically yes, however it is often not wise to run multiple businesses under the same single-member Limited Liability Company (LLC). Here are a few reasons why: First, you must consider what [...]
As we move past last month's deadline, it's crucial for individual taxpayers to understand the potential penalties and interest that may accrue if taxes remain unpaid after the April 15th. The IRS imposes three distinct penalties for failing to pay taxes and file tax returns by the deadline: the failure-to-file penalty, the failure-to-pay penalty, and interest [...]
Great question! Filing a tax extension refers to a process by which taxpayers can request additional time beyond the original tax filing deadline to submit their tax returns to the Internal Revenue Service (IRS). In the United States, the standard tax filing deadline for most individuals is typically April 15th each year, unless that date falls [...]
Hey, Abe! I have been gathering my expenses for the upcoming tax year, but I am unsure that I’ve included everything. Where do I need to start with expenses, and what factors into the business? Tax season can be a stressful time as a business owner. Fortunately, we have options, so it doesn’t have to [...]
After your tax return is prepared, a member of the Abacus team will reach out to discuss the results. Expect an encrypted email with a link for reviewing and signing your return. Once you’ve completed this step, we’ll file your return electronically. While the e-signature process is usually straightforward, you may have questions. We’ll go through [...]
Hey Abe! I'm getting ready for this upcoming tax season. How do I know which filing status to select? Great question! I’m glad you’re starting to prepare for tax season now. To determine your filing status, consider your marital status and living arrangements at the end of the tax year. Here’s a quick guide: Single Unmarried, [...]
While every American who earns an income has to pay taxes, many taxpayers can reduce how much tax they owe by claiming deductions and credits. Claiming dependent can be a great way to lower your tax burden if you have provided more than half of the person’s financial support for the tax year. However, it is [...]
