Drake Taxes Blog
Drake Tax Services invites you to read and follow our blog. Here, you will find a trusted resource for tax help, information, and advice during tax season and throughout the year.
Tax Tips and Planning Strategies for Home Businesses
With the popularity of e-commerce, independent contracting, and the freedom of working from home, many professionals and small business owners are ditching the brick-and-mortar...
What is Considered a Business Expense?
In our recent blog, “The 3 Biggest Tax Mistakes for Small Business Owners,” we noted that expenses are a normal and necessary part of running a business, but making sense of it...
The 3 Biggest Tax Mistakes for Small Business Owners
Everyone makes mistakes now and then, but when it comes to taxes, mistakes can be costly. This is especially true for small business owners. If you fall in this category, here...
Forms 1065 and 1120S: What You Need to Know
The Form 1065 and Form 1102S filing date, or request for an extension deadline, is always on the 15th day of the 3rd month after a business entity’s tax year (a.k.a. March 15th)....
W-4 Forms: What You Need to Know
Drake Tax Services is a locally owned and operated tax preparation business in Philadelphia, Pennsylvania. We have been in business for over 30 years, with 12,000 tax returns...
The Importance of Keeping Records as a Small Business
In our first blog of the current tax season, “1099, 1099-K, and W-9: What You Need to Know,” we briefly touched upon the value of keeping detailed records for tax purposes. This...
Advantages of S Corps Elections
An S corp (short for S corporation) is a tax classification designated by Subchapter S of the Internal Revenue Code. As defined by the Internal Revenue Service (IRS), S corps are...
1099, 1099-K, and W-9: What You Need to Know
If you are self-employed or employ other people as a small business owner, there are several different forms to consider when reporting to The Internal Revenue Service (IRS),...
How Much Do I Need To Retire?
Forbes reports that, while the average retirement age is 63, “Americans today are working longer and retiring later,” due to a longer life expectancy, lack of adequate savings,...
Dealing With A Missed Tax Deadline
Tax Day has come and gone for most Americans. If you missed the April deadline this year, you may be wondering how to proceed and what the repercussions will be. Dealing with a...