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  • Home Office Deduction: This deduction is for employees and the self-employed who dedicate space in their home for conducting business.
  • Start Up Costs: A business must be in operation in order for certain expenses to qualify for deductions. Start up costs generally do not quality.
  • Eligibility for Schedule C-EZ: Business profit and loss can be reported on your federal income tax return using Schedule C forms or the condensed version, Schedule C-EZ. To find out if your small business qualifies, visit the following IRS link:,,id=187696,00.html
  • Annual Filing Deadline and Payment Options: Current tax forms are provided here for your convenience. Additional time to finish and file your tax return can be requested by using Form 4868. Payment options can also be arranged with the IRS if you are not prepared to pay your tax bill in its entirety.
  • Tax Refund: If you are eligible for a refund, it will be issued 6 to 8 weeks after the IRS receives it by mail, or 3 to 4 weeks after the IRS receives it electronically. Choosing direct deposit will further expedite the process.
  • IRS Notices: Should you receive a letter from the IRS noting that there are discrepancies or other problems related to your income tax return, you may respond directly to the IRS using the contact information provided, or request assistance from James P. Phelan CPA, PC.
  • Right to Appeal: Taxpayers have the right to appeal to the IRS Appeals Office if they have a dispute with the IRS. Disagreements involve issues such as the amount of a tax bill, the findings of an audit, and pending collection actions.
  • Charitable Contributions: Contributions to charitable organizations can be deducted from your business or your personal income taxes if you are a member of a flow-through business entity and itemize deductions on IRS Form 1040, Schedule A.