The world is changing yet tax systems have been slow to change in the same direction. This can hinder economic progress, lead to a loss in tax revenue, and frustrate taxpayers
Choosing an Accountant that works for you
Choosing an Accountant that works for you – All accountants basically compete with all other accountants, yet we all do pretty well regardless of the number of accountants there are. Part of the reason is that we do a reasonably good job of applying our knowledge and experience to provide value to our clients.
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. This…
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-logged…
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 improves…
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 platforms…
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 that…
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 legitimate…
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 deductions…
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 may…
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 in…
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 credits…
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. Due…
Is Accounting for Me?
Accounting is a lot of responsibility and can be monotonous. It is definitely not for everyone as accounting requires serious concentration, one small mistake can make for a huge error and possibly cost you your job. However, many individuals have all the important qualities that make for an amazing accountant. So if you wonder if…
Top Payroll Processing Software for 2022
Business owners can take their company to the next level by simplifying employee payments, tax filing, and more when they choose the right payroll processing software. Your choice in payroll software should make it easy to manage your company’s payroll, benefits, human resources, etc. in an all-in-one modern platform. We have done the research on…
Accounting Software- Which one is the best?
While we did discuss tips and tricks for QuickBooks in our May blog post, there are other highly rated accounting softwares available. QuickBooks is the top-rated accounting software, but there are other names you may not recognize that also provide excellent features. Really the choice on softwares should be what suits your business the best…
QuickBooks Tips and Tricks for the Non-Tech-Savvy
You are most likely to think of QuickBooks if someone mentions accounting software for small businesses as QuickBooks is servicing 4.5 million global customers online, per Intuit Investor Day 2019. Forty percent of that number are small businesses, out of which 30% are product-based businesses. Learning and becoming familiar with QuickBooks should definitely be on…
Organization Tips to Simplify Personal Document Filing Include folder label ideas, tips on how long to hang on to various categories of documents, how and when to purge old files, etc.
Organizing your personal belongings is one of the most tedious, put off and difficult tasks for people to do. From not knowing what items to hang on to and how to organize them, important information and documents tend to get lost in the mix. This can become particularly difficult during important times such as; buying…
How to pay taxes as a freelance worker or sole proprietor.
Becoming a freelancer or sole proprietor can be extremely rewarding, it gives you the freedom to structure your work to fit your schedule. You are able to work when and how you want and take on the clients you choose to work with. It can also be extremely scary that there is not set structure…
E-Commerce Tax Considerations
If you run an E-commerce business you’ve got to be prepared for the upcoming items. Payment Gateways Trademarks, copyrights & patents Possible shipping restrictions Specific lease requirements Sales tax laws can be very tricky since the are so different from state to state laws. This large variation in rules is mainly due to the fact…
Late Filing Tax Tips
With the extension of tax day currently dated for July 15, 2020 you now have more time to prepare for filing, but if you’re waiting until the absolute last second to file your taxes, don’t worry, you’re not alone. Truthfully about 20% to 25% of Americans wait to prepare their returns. But delaying may cause more trouble…
SBA LOAN 2020
Small Business Administration 7(a) better known as the SBA Loan is an amazing tool to finance your business.
Think twice before using an online tax preparer
Can I trust tax websites? To receive your return as soon as possible, the IRS always recommends filing electronically and also choosing direct deposit. Typically this method takes no less than 21 days to receive a refund after submitting. Many Americans are eligible to file for free under the free federal tax filing, unless you…
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