Sales Tax: Common Mistakes By Small Business Owners

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One of the major accounting functions a small business owner has to fulfill is turning in their sales tax. Though there are some states in America that don’t have any sales tax, the majority either have sales tax or a similar general excise tax. A failure to report sales tax correctly could lead to substantial fines and penalties. Taxing the Wrong Items Some states tax products and other states tax both products and services.…

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3 Reasons To Consider Filing Your Taxes Early This Year

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Many people put off paying taxes until the last possible day that they can file to put off dealing with numbers or facing a high tax bill. However, even if you owe the IRS money, there are benefits that come with filing your taxes early. Here are three reasons you should consider doing your taxes as soon as possible this year. #1 Thwart Identity Fraud Every year, millions of dollars of tax returns are claimed through false returns filed by individuals who have stolen someone’s identity.…

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Don't Become Confused and Frustrated Over Tax Extensions and the Affordable Care Act's Filing Requirements

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Filing a tax extension definitely is within the rights of U.S. citizens needing an additional six months to prepare their returns. Taxpayers confused about how to reconcile advanced tax credits under the Affordable Care Act may find that requesting additional time to file makes sense. No one wishes to botch the forms and then deal with various problems as a result. Unfortunately, some panic may set in after an extension is filed, advanced tax care credits are taken, and an unexpected letter arrives ahead of the October 15 extension due date requesting the return.…

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