taxes – TK Accounting & Consulting

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 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”

Steps to Reducing Your Taxes

Tax credits and deductions change regularly, and the Tax Cuts and Jobs Act of 2017 eliminated some deductions and limited some others. However, there are still ways for wage earners to lower their tax liability. Currently the federal income tax brackets range from 10% to 37%, but if you’re smart about claiming deductions and creditsContinue reading “Steps to Reducing Your Taxes”

Tips on Effective Debt Management for Business Owners

It is important to have debt management skills when you own a business. However, if you find yourself further in-debt than you would like and you do not have debt management skills, don’t panic. There are options available. Below you will find useful and effective tips to assist you in taking control of your debts.Continue reading “Tips on Effective Debt Management for Business Owners”

Getting Ahead of the Game #TaxSeason

Preparing your taxes early can help in alleviating last minute stressors and assist you in being better organized as you begin those first dreaded months of the year. Taxpayers experience dread as the new year approaches, but due to the global pandemic changing so many things, tax dread only seems to be getting worse. DueContinue reading “Getting Ahead of the Game #TaxSeason”