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Category: Tax for Business

PriorTax keeps you current on the most recent tax for business news from the IRS. There’s no need to decipher confusing IRS lingo because we’ve got you covered when it comes to business taxes. Always check back here for information on new business deductions and credits that you should be claiming for your LLC or Partnership. From claiming deductions to filing your return, we handle your taxes while you handle your business.

If you have questions about your business tax, then leave a comment on our blog posts. Our tax experts will provide you with the answers that you need!

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IRS Direct File
admin
Apr 17, 2025

Plans to Discontinue IRS DirectFile Tax Program

Trump administration plans to discontinue the IRS DirectFile Tax Program, which offers free tax filing services. 

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tax audits
admin
Mar 20, 2025

Preventing Responding to IRS Tax Audit

Preventing a tax audit and knowing how to respond if you are selected for one are crucial aspects of responsible tax planning. While the Internal Revenue Service (IRS) uses sophisticated methods to select returns for audit, understanding common triggers and maintaining meticulous records can significantly reduce risk. Should an audit occur, a calm, organized, and […]

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tax tips for graduates
admin
Mar 13, 2025

The Tipping Point: Everything about the “No Tax on Tips” Policy Proposal

potential tax on tips exemption represent a major shift in how the IRS treats tip income and reshape the economics of service nationwide

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2025 investment tax
admin
Mar 6, 2025

2025 Essential Investment Tax Filing Strategies

The 2025 Personal Tax Planning Guide highlights several key areas that could significantly impact your investment tax strategies and tax obligations

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IRS Direct File
admin
Feb 20, 2025

Everything you Need to Know about Direct File in 2025

States Not Currently Supporting Tax Direct File in 2025 and states are participating in Direct File in 2025

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tax benefits real estate
admin
Feb 6, 2025

Tax Benefits of Real Estate Investment

When considering real estate investment opportunities, it’s important to acknowledge the potential risks involved along with the various tax benefits real estate investment can offer. Diversifying your investment portfolio through real estate is a common strategy that allows you to potentially generate income from a new source or transform a personal interest into a profitable […]

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investment gains
admin
Jan 30, 2025

Capital Gains Taxes

When you sell an asset, you may earn capital gains, which are the profits from the asset sales. The capital gain taxes rate on these capital gains can vary based on the time duration you held the asset.

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2023 past tax
admin
Jan 6, 2025

E File My 2023 Past Tax Online

E-File My 2023 Past Tax Online: Avoiding Penalties, Making Amendments, and Maximizing Your Return Tax season can be stressful, but it doesn’t have to be. E-file your 2023 past tax online with Prior Tax offers a convenient, quick, and accurate way to meet your tax obligations while maximizing your chances of receiving the refund you […]

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car lease tax deduction
admin
Dec 26, 2024

Maximize your tax benefits and tax returns from making a car loan or car lease.

Understand the legitimate tax benefits related to vehicle financing such as car loan and car lease. Tax Deduction For Personal Use Vehicles When it comes to individual transportation methods, there are various ways to potentially save money through tax deductions. By itemizing deductions, you have the opportunity to claim the interest on your car loan […]

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tax interest rate
admin
Dec 19, 2024

Tax Interest Rate For 2025 Q1

The tax interest rate is reassessed every quarter. Non-corporate taxpayers are subject to an overpayment and underpayment rate equal to the federal short-term rate plus an additional 3 percentage points. For the initial quarter of 2025, the latest tax interest rates have been unveiled by the IRS, introducing significant modifications that will affect individuals’ and […]

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