PPT-INDIVIDUAL AND BUSINESS TAX

ISSUES Your Return in 2015 and 2016 Updated January 1 2016 INDIVIDUAL AND BUSINESS TAX ISSUES Current Business Taxes and Extensions There were numerous extensions to the tax code and some provisions were made permanent. Learning Objectives. Determine a taxpayer’s regular tax liability and identify tax issues associated with the process. . Compute a taxpayer’s alternative minimum tax liability and describe the tax characteristics of taxpayers most likely to owe the alternative minimum tax.. For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail: Research has shown that most dental practitioners overpay in taxes, and the reason behind this seems to stem from their lack of proactive tax planning. By not appreciating, understanding and acting upon the myriad nuances of the tax law, dentists the country over are missing out on potential tax saving opportunities and jeopardising their financial futures. A bookkeeper worth his money will have the utmost respect for client information and confidentiality, and will have the ability, knowledge and experience to help support a small business with their day-to-day administrative duties, while remaining compliant with tax laws. : Overview of What the New Federal Tax Law Means for Your Business and You . Jon Kurrle, VP of Federal Government Relations. Kevin Kuhlman, Senior Director of Federal Government Relations. DISCLAIMER:. Running a business of any size can be difficult without a little professional intervention and guidance, such as what you might expect to receive from an accountant or bookkeeper, and they often play an extremely significant role. If you’re uncertain as to whether your business would benefit from professional help, and are unclear as to whether you need an accountant or a bookkeeper, the following guidance should be of help to you: Most US individuals and businesses who benefit from having completed their tax returns in a timely and accurate manner, will admit to having used the services of a tax professional, and there is absolutely no shame in that. One of the simplest ways of preparing for your taxes is to utilise the services of a tax professional, and recent statistics put around 60% of US tax paying citizens reportedly using paid preparers to submit their tax returns. While it is perfectly acceptable to go it alone - especially if you have a good head for such things – using a paid professional is the best way of eliminating errors and being sure to submit all the relevant information at the right time. As discussed in Part One, the majority of US citizens use the services of paid tax professionals to help them submit their tax returns each year, and with these simple tips, your tax preparation experience can be as pain-free as possible: Tax time comes around with surprising regularity, and when it seems you’ve only just got over the stress of filing in time for the deadline, that time of the year comes around again and our taxes loom over us like a rain cloud. There are some tax tips that can just as easily apply to the professionals involved with other people’s taxes, as to the taxpayer themselves, and both parties are more than capable of succumbing to the stress that often accompanies tax season. With April 15th very definitely behind us, most US citizens who didn’t file for an extension, have filed their taxes successfully, either alone or with the help of a tax professional. Many folks will be disappointed to discover that they owe taxes, while others will be pleasantly surprised with a refund. When Congress decides to make changes to tax rates, that’s when they occur and the frequency at which this happens is hard to predict. Most recent changes were back in 2001, thanks in part to the Economic Growth and Tax Relief Reconciliation Act, which reduced tax rates for both individuals and businesses. So, Congress writes the tax laws, but the IRS are responsible for implementing them and helping to explain how the new rules can be applied to specific situations. Treasury Regulations and Revenue Rulings are the written regulations and procedures in which the new tax codes will appear, and they are almost four times as long as the tax code itself! Here’s a little more about the relationship between the IRS and the tax code: Guidance On Restrictions During Suspension Or Disbarment From Practice Before The Internal Revenue ServiceBy the Internal Revenue Service Oce of Professional Responsibility Even if the worst neve