Penalty for underpayment of estimated tax The United States income tax is a pay-as-you-go tax, which means that tax must be paid as you earn or receive your income during the year. You can either do this through withholding or… April 6, 2012
Tips to check if your gift is taxable If you gave money or property to someone as a gift, you may owe federal gift tax, which means your gift is taxable. Many gifts are not subject to the gift tax, but the… April 6, 2012
How to know if an IRS audit is round the corner? With ever-improving improved detection systems and computerized checks, the IRS can more easily identify red flags that trigger the IRS audit. Contact typically starts with a letter requesting more information and can lead to… March 26, 2012
Tax Deduction Myths! The tax laws listed out in full glory on the taxpedias might at most times seem too overwhelming for us to understand and interpret. So, there is bound to be a lot of confusion on… March 14, 2012
How would you qualify for home office deduction? If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The IRS has the following six requirements to help you determine if… March 14, 2012
Reporting Capital Gains and Losses on Schedule D and Form 8949 The IRS has unveiled a new tax form for reporting capital gains and losses from stocks, bonds, mutual funds, and similar investments. Starting with the 2011 tax year, investment transactions will be reported on… January 12, 2012
Good news for all CPAs, accountants and bookkeepers! GKM Inc is focused on providing professional bookkeeping practices & tax preparation services to small businesses. In addition, it also provides special services to CPAs, accountants and bookkeepers. If you have your own practice… December 2, 2011
Budgeting for small business Budgeting for small business might seem an overtly complex exercise for some business owners. However, there are no hidden demons in budgeting if a realistic estimate of spending is made possible and priorities clearly established. A… November 19, 2011
IRS tips for employers outsourcing payroll Outsourcing payroll duties to third-party service providers can streamline business operations, but the IRS reminds employers that they are ultimately responsible for paying federal tax liabilities. Recent prosecutions of individuals and companies who - acting… November 19, 2011
How to get through an IRS audit? A majority of us manage to get through the tax season with only the refund check from the IRS. A few not-so-lucky ones end up getting IRS audit done – nothing is more alarming for… November 18, 2011