Tax Relief Options for Small Business Owners
If you are running a small business, you have one unwanted partner that will dig into your pocket every year, it’s the IRS. The IRS wants to know what you are doing, how much you are earning and most importantly how much you are paying in taxes, and the tax agency is becoming increasingly aggressive […]
May 2021
The American Rescue Plan Act of 2021 was passed by Congress on March 10, 2021 and was signed into law by President Biden on March 11, including some tax provisions that have implications for 2020 tax returns, even though the start of tax filing season preceded the new legislation. As a result, you may receive […]
7 Tips to Reduce Your Chances of Falling Victim to Tax Identity Theft
Tax identity theft occurs when identity thieves obtain your Social Security number and file a fraudulent tax return on your behalf. According to the Federal Trade Commission, tax identity theft is the most common form of identity theft. The FTC estimates that it costs taxpayers over $5 billion a year. Consumer advocates believe that since […]
Filing Your Taxes When You Know You’ll Owe Money to The IRS
As we wrap up the year the last thing most people are thinking about is their taxes. But planning ahead can have a serious impact on your tax bill next year, especially if you know you’ll owe taxes. In this article, we’ll talk about some steps you must take if you know you’ll be owing […]
Do You Need A Tax Attorney if You Owe Back Taxes?
If you owe back taxes you might think you need a tax attorney, but that’s not necessarily always the case. Just like hiring a traditional accountant to try to resolve your tax debt might not be the best choice, hiring a tax attorney, who doesn’t specialize in tax resolution might be the same thing.When you […]
Four Things Your Tax Preparer Won’t Tell You (and How It Can Get You In Tax Trouble)
Tax time will be here (again) before you know it. If your tax return is a simple one, you may be up to filing the return yourself. But if your situation is somewhat complicated, seeking the help of a qualified professional is probably the best move. Our firm specializes in helping people resolve their back […]
Work from Home Tax Forms: How to Store Them, How to File Them and How to Reduce Your Liability
Working from home can be a dream come true, especially if you also work for yourself. Opportunities for freelancers, gig workers and other self-employed men and women have exploded in recent years, giving people the freedom they crave without sacrificing the income they need. This is far more evident with the current COVID situation where […]
THREE ADVANTAGES THE TOP TAX PREPARATION SERVICES COULD PROVIDE YOU
On average, most Americans spent about eight hours a year preparing their taxes before filing them with the IRS. This may not come as much of a surprise, but most experts would probably claim that eight hours is not nearly enough time! The best tax preparation services will only come from a licensed and experienced […]
HOW CAN YOUR BUSINESS BENEFIT FROM A SMALL BUSINESS ACCOUNTANT
In 2011, over 145 million individual income tax returns were filed in the United States. These tax returns showed earnings of over eight trillion dollars for the year. For businesses, the Internal Revenue Service states that over six million tax returns were filed. Many individuals filed their own taxes electronically, but businesses had to spend […]
HOW TO PICK UP THE PIECES AFTER THE RECESSION
Even though the economy is supposedly on the mend, many Americans are not exactly reaping the benefits. In fact, too many Americans are still pinching pennies, living paycheck to paycheck, and accruing even more debt — instead of getting out of it. These things are not necessarily the direct results of the Recession, however. Ill-advised […]
WHY DOES YOUR SMALL BUSINESS NEED AN ACCOUNTANT? THREE REASONS….
Did you know that by the third year of business, 44% of start-ups have folded? According to Statistic Brain, some of the top reasons this can occur include having “no knowledge of financing” as well as “nonpayment of taxes.” There is one big mistake many small business owners tend to make when it comes down […]
AN ACCOUNTANT FOR SMALL BUSINESSES CAN STEER A COMPANY TOWARDS SUCCESS
As tax season comes upon us, many business owners are starting to really wonder, “Do I need an accountant for my small business?” Perhaps at first they thought they could handle things, but as they started to work on taxes, they realized how far out of their element they were. These business owners are master […]