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As tax season approaches, knowing what deductions you can claim on your taxes is important to lower your tax liability. Here are some of the most common deductions you can claim on your taxes this year: Charitable Contributions If you donated to charitable organizations during the year, you could claim a deduction for those contributions … Read more
Filing your taxes can seem overwhelming, especially if you’re unsure what forms to file. Here’s a breakdown of the most common forms you’ll need to file your taxes: Form W-2 If you’re an employee, your employer will provide you with a Form W-2, which reports your wages, tips, and other compensation. You’ll need this form … Read more
Nobody wants to go through an audit when filing their taxes. While audits are rare, there are steps you can take to reduce your chances of being audited. Here are some tips to help you avoid an audit when filing your taxes: Keep Accurate Record One of the best ways to avoid an audit is … Read more
If you owe money to the IRS, dealing with tax debt can be overwhelming and stressful. But you don’t have to handle it alone. Here are some ways to get help with your tax debt: Set Up A Payment Plan The IRS offers several payment plan options to taxpayers who owe money but can’t pay … Read more
As a small business owner, taking advantage of every opportunity to reduce your tax liability is important. One way to do this is by claiming tax deductions for your business expenses. Here are some of the most common tax deductions you can claim for your small business: Home office expenses If you work from home, … Read more
If you’re self-employed, you are responsible for paying your taxes and filing your tax return. This can be daunting, especially if you’re new to running your own business. But with some knowledge and preparation, you can successfully file your taxes as a self-employed individual. Step 1: Gather Your Information The first step to filing your … Read more
For the self-employed, tax time can turn you into a bundle of nerves. You don’t receive w-2s from the companies you work for, and simply file a tax return. As a business owner, you must navigate complex tax scenarios that can be tricky. But with my five tax preparation tips, you can make tax preparation … Read more
Can A Bank Ask Where You Got The Money? The short answer is Yes. Banks must ask and document from where any cash above $10,000 comes. This process is done through IRS Form 8300 as part of the Anti Money Laundering (AML) and Know Your Customer (KYC) that the law requires. Anti Money Laundering Money … Read more
Yes! A salaried person can show business income. Just because you are a salaried employee does not preclude you or your spouse from earning business income from other sources, including self-employment and contract or gig work, to name a few. Income from any other source besides an employment position would necessitate that you would show … Read more
Yes, you can claim any accounting fees you incur as a business deduction for your business. The deductible fees include business bookkeeping, business tax returns, and any tax consultation fees regarding your business. You may not deduct any of these fees if you are an individual that is not self-employed.