SBLC April Spotlight : Taxes
April 14, 2017
With the April 18th tax deadline approaching, April is the busiest month of the year for the Internal Revenue Service and accountants. Prior to this deadline, taxpayers are encouraged to file their yearly income tax return. There are approximately 40 million taxpayers who have yet to file their tax returns by the deadline. Luckily, the IRS has options for taxpayers who need an extension to file their return. The extension gives the taxpayer an automatic six-month extension to file their return by October 16th.
Business owners must be aware that different business entities bring different tax liabilities and required various tax forms to be filed. Small business owners may be able to deduct a number of expenses that are categorized as ordinary and necessary in order to minimize their tax burden and maximize company’s profits. Certain businesses have different requirements, such as self-employed persons are responsible for making quarterly estimated tax payments throughout the year while startup founders are excused from making estimated tax payments in the first year of operation. Business owners filing as sole proprietors are required to make estimated tax payments.
The Low Income Taxpayer Clinic represents low income taxpayers who have controversies with the Internal Revenue Service. Law school students are given the opportunity to handle all phases of a tax case while in a supervised and supportive atmosphere. The clinic handles all phases of a tax case from audit, through the IRS appeals process, trial in U.S. Tax Court, appeal to the Ninth Circuit where appropriate, and through the IRS collection process. Students get hands-on legal training where they get to interview potential clients, communicate with IRS personnel, draft documents and pleadings, negotiate settlements and where settlement fails, try the case in U.S. Tax Court.
For more information on trademarks and registering a mark with the federal government, visit the IRS website and follow us on Twitter. We will be exploring the latest in tax law all month long, for a catalog of the posts search #TAXsblc