How an Accountant Can Save You Money
If you own a small business, chances are you have been in charge of handling the finances since its inception. Even though knowing the foundations of bookkeeping is a surefire asset, hiring an accountant to manage your finances…
6 Things to Bring Your Accountant to Prepare Your Tax Return
As we approach the end of the year, it’s smart to begin thinking about taxes. While the tax deadline is still a few months away, the sooner you get your return filed, the less you have to worry…
9 Things You Didn’t Know Were Tax Deductions
1. Sales taxes You have the option of deducting sales taxes or state income taxes off your federal income tax. In a state that doesn’t have its own income tax, this can be a big money saver. Even…
The 6 Reasons Not to Do Your Taxes Yourself
Why, as a business owner, doing taxes yourself might not make sense. As a business owner, you’re probably used to wearing a lot of hats. That kind of “get it done” attitude makes for successful entrepreneurs (and successful…
What Is an IRS 1099-MISC Form?
Form 1099-MISC is used to report miscellaneous payments made to nonemployees, such as independent contractors. If you’re starting to work as an independent contractor or freelancer, you’ve likely heard people refer to Form 1099. A 1099 isn’t just…
How Will PPP Loans & EIDL Advances Affect My State & Federal Taxes?
PPP loans aren’t taxable at the federal level, but state tax implications vary As a small business owner, odds are you were affected by the COVID-19 pandemic. Whether this meant shutting your doors temporarily, reducing your number of…
Extended 2020 Tax Filing Season Details
The IRS has implemented plans for the extended federal income tax filing deadline for individual returns. Deadlines for other return types were not affected (other than those previously announced for the winter storms in some states (see below)).…
Tax Season 2021: What You Need to Know
If you’re like us, you probably never want to think about 2020 again. But there is one lingering ghost from last year that you need to get rid of before you can truly move on for good—and that’s…
Your Guide to 2020 Tax Deductions
CLAIMING TAX DEDUCTIONS is a powerful strategy for tax filers. Using appropriate deductions can lower your bill, increase your tax refund or make sure you’re taking advantage of tax benefits offered by your federal and state governments. Want…
What You Need to Know About Your 2020 Taxes By JEFF STIMPSON
This is article is originally from Investopedia.com As Americans deal with the COVID-19 pandemic, it’s not too early to look ahead to the 2020 tax year filing season including the impact of existing and recent legislation on how…