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Category Archives: taxes
5 Common Tax Mistakes Made by Business Owners
Can you be sure that you’re not making tax planning mistakes for your business? As an entrepreneur, too often you have to wear many if not all the hats and juggle many if not every ball. Which is why it’s not surprising so many entrepreneurs regularly put their tax planning on the back burner. ThisContinue reading “5 Common Tax Mistakes Made by Business Owners”
IRS Balance-Due Notices
Although the IRS paused some of its compliance and collection notices in 2022, don’t get too comfortable as the IRS can’t suppress about 9 million notices that are dispersed every year. The IRS announced that many balance-due reminder notices would be suppressed until the IRS catches up on processing paper returns, correspondence, and other back-loggedContinue reading “IRS Balance-Due Notices”
Major Differences Between In House Audits and External Audits
While in house and external audit functions are complementary and may need to work closely together, their purposes and areas of focus are different. The Institute of Internal Auditors (IIA) emphasizes that the two functions do not compete or conflict; rather, they both contribute to effective governance. Purpose- An in house audit analyzes and improvesContinue reading “Major Differences Between In House Audits and External Audits”
Payment App Regulations & Taxpayers
Beginning January 1, 2022 the new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, Zelle, etc. This has led to some confusion for app users, however; this should help you understand how it may (or may not) affect your taxes next year. Prior to this year, payment platformsContinue reading “Payment App Regulations & Taxpayers”
Tax Returns in 2022
Last year more than 30 million taxpayers had their returns and refunds held up by the IRS, and with tax season in full swing many taxpayers could see a repeat of 2021. Based on the IRS’s sizable backlog of returns from 2021, with a few other issues, The Treasury Department officials warned in January thatContinue reading “Tax Returns in 2022”
Tax Prep vs. Tax Planning
Tax preparation and tax planning are two different services. Tax preparation is a service that helps to make sure your tax reporting complies with both federal and state tax laws. However, tax planning is a service that assists you in optimizing your tax situation before reporting. The purpose of tax planning is to use legitimateContinue reading “Tax Prep vs. Tax Planning”
Key Items Taxpayers Should Know
We strongly encourage taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include charitable contributions, economic impact payments, and advance child tax credit payments. For online tools, publications, and other helpful resources, taxpayers can visit IRS.gov/getready. Changes to the charitable contribution deduction If you don’t itemize deductionsContinue reading “Key Items Taxpayers Should Know”
Cryptocurrency & Taxes
Cryptocurrency has become popular for young professionals and investors. Many people buy only a few units to keep in hopes of future potential growth, but active investors are dedicated to buying and selling cryptocurrency to maximize their profit and revenue. When it comes to filing taxes, you do need to be aware that you mayContinue reading “Cryptocurrency & Taxes”
IRS Changes to Retirement Plans in 2022
This year, taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost of living adjustments that may affect pension plans and other retirement-related savings next year. The contribution limit for employees who participate inContinue reading “IRS Changes to Retirement Plans in 2022”
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