Did you happen to forget to file your taxes this year? And, potentially, in prior years? First of all: don’t panic. This happens quite a lot. Some people just don’t realize that they need to file taxes; they may think that they’re under the reporting amount, or they might have falsely believed that someone else filed for them. Regardless, you do need to deal with the situation as soon as possible, but it isn’t the world ending scenario you might think it is.…
Tax preparation may be something that every United States citizen needs to do, but it’s rarely ever taught in schools. So how can you teach your child about tax preparation before they end up confused and staring at their first 1040? The answer is often immersion: teach your child about taxes and expose them to taxes as often as possible.
Tag-a-Long: Take Them to Your Next Tax Preparation Meeting
Most parents cringe at the very idea.…
When you own a small business, every dollar counts. You want to be sure that you use your money as efficiently as possible to ensure the largest profit possible. When you first start your business, learning how to track your finances can be difficult. The following guide will help you learn why hiring an accountant to help you with your business’ finances may be a good idea to consider.
Tax Deductible Costs…
Perhaps you are lucky and skilled enough to join the ranks of professional gamblers. People who are good at poker, blackjack, or other strategic casino games frequently supplement income with gambling winnings. Do not assume money won gambling is free and clear. Tax responsibilities must be met or else you will run into trouble with the IRS. Understanding current tax rules and maintaining proper records ensure the tax agency gets what it is owed and you do not have to suffer through any stressful audits.…
As a freelance writer, you may be happy to be able to use your creativity to make money. However, the accounting side of things may be intimidating and you may not know what to do to keep your finances in order. Luckily, there are some simple steps you can take to manage the books. Here are some accounting tips to keep in mind for your freelance business.
Keep Business Finances Separate…
Whether you are a company owner or a fed-up wife, you might need a forensic accountant to work for you so you can get to the bottom of financial matters. If you happen to find yourself wondering if you should hire one, you might want to check out the following types of problems that are generally best suited for a person in that profession. This way, you will be able to make the best decision about hiring your own forensic accountant.…
As a freelancer, you are expected to pay in your own taxes, social security and Medicare. As you probably already know, self-employment taxes can be quite costly, but luckily, there are a few business-related deductions that you can take to save yourself a little bit of money. To help avoid paying too much as a freelancer, make sure that you take these deductions when you file your taxes.
1. Office Supplies…
When preparing for tax filing season, many people find themselves unsure about whether they need to keep a bunch of receipts for tax time. The concepts of ‘itemizing’ and ‘standard deduction’ can be confusing, resulting in either a loss of legitimate deductions or a waste of time tracking expenses that don’t need to be kept.
So, how can you know if you should be itemizing your own taxes or not?…
Are you trying to decide whether you should contact an accounting service or use an automatic online filing service for your taxes this year? While online filing may seem easy and fast, it’s often plagued with issues that would not occur through a traditional accounting firm. Here are a few of the major benefits an accounting firm has over quick online filing.
1. Accounting Services Ensure Your Information Is Correct…
