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Feb 2014What To Avoid When Filing Your Tax Return
With the tax season upon us, Kiplinger recently shared a list of 14 Audit Red Flags to help you avoid a visit from the IRS. We selected the most relevant for our clients here… 1. Mucho $$$: The odds of getting audited are pretty slim for the average tax payer, but your chances increase heavily with greater income. Those making more than $200,000 have about…
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Jan 2014A Decade of Paragon
In addition to all things new for Paragon, we also have a website designed with you in mind, keeping our focus accessible and efficient. Rebrand – If you haven’t noticed by now, we’ve made some changes to the Paragon image to simplify and streamline our company essence. Location – Come visit us at our spacious new office in Bankers Hill! 2121 5th Avenue Suite 207…
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Jan 2014Don’t Forget!
4th Quarter Estimated Tax payments are due January 15th! If you haven’t made your payment yet, please send it certified receipt no later than Wednesday to avoid penalties.
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Jan 2014The Search for Great Rewards- 7 Credit Cards You Should Know About
We went on a hunt to find credit cards with the best rewards programs for you. Through the help of some online articles, we uncovered the top picks and perks to benefit your wallet. All of the cards listed have a low interest rate or APR and no annual fee. Whether you’re looking to make a big purchase in the near future, or just add…
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Jan 2014January 2014 Tax Deadlines
Even though the IRS will start accepting tax returns starting January 31, 2014, there are still some major tax deadlines for January. January 15 – Fourth quarter estimated tax payments are due. January 31 – All employers must distribute W-2s and 1099s to employees and independent contractors. January 31 – Payroll Returns: Form 941 (Fourth Quarter Payroll Tax) and Form 940…
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Dec 2013Paragon January Business Newsletter
Built-in Gains Tax Tax relief extended for 2013 When a C corporation converts to an S corporation, it is subject to an extra set of tax rules. Although the conversion itself is not a taxable event, assets held at the time of conversion when sold during a certain time frame are subject to an extra tax. This time frame is called the recognition period, and…
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Dec 2013Getting Your Business Taxes in Order…
Your form of business determines which income tax return form you’re going to have to file. California businesses are subject to a franchise tax, corporation income tax, and/or an alternative minimum tax. Below are the types of typical California businesses and how to file: Sole proprietorship– owning an unincorporated business on your own (husband and wife/ domestic partnerships included): You will file your business income…
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Dec 2013Dodging Unnecessary Penalties in the Small Business World
Our Step-By-Step Instructions below were accessed from the IRS website: IRS Website 1099 Instructions For further information, this website is available with the Internal Revenue Service’s breakdown of all necessary payments and forms- of course, so are we! The article below has helpful tips for filing 1099 forms for all independent contractors, you can always contact Paragon for the help you need. As the end…
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Dec 2013It’s the Most Wonderful Time of the Year…How to prepare to file your individual tax return
The passing of Prop 30 left Californians with income tax rates at 13.3% (that’s the highest in America!). Tax rates increased from 1% to 3% for all individuals and families who make over $250,000 annually. Households who make more were hit hard with a 10.8% to 29.1% increase overall. What will tax rates be looking like for you this year? If you are single……
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Dec 2013The 2014 Tax Season Has Arrived!
Mark your calendars, January 31st is the official date- the Internal Revenue Service has announced that they will be processing and filing tax returns, just a little later than planned thanks to the government shutdown we experienced in October. So what does this mean for us? Basically, your refunds are going to be issued later. The IRS wants to make it very clear that it…