What You Need to be Aware of With Online Tax Preparation Applications

Online tax preparation applications look easy, but there are problems lurking within. Tax preparation applications make a lot of great-sounding promises in advertisements. Claiming to make filing your taxes a breeze, as well as helping you get the biggest refund ever, they sound like a miracle product. These products claim to provide numerous advantages, many of which do sound tempting to busy individuals, such as:
Read More

Categories: BUSINESS TAX STRATEGIES.

The Ugly Truth About Hiring a Business Accountant or CPA For Your Small Business

Small business owners should demonstrate caution when choosing a business accountant. Working with a business accountant can be a great option for small business owners who cannot afford in-house accountants but also cannot afford to miss out on hidden tax savings. Unfortunately, not all business accountants and CPAs are equally capable of delivering the high-quality audit protection, tax filing and estate planning services their clients
Read More

Categories: BUSINESS TAX STRATEGIES.

Top 3 Accounting Mistakes That Cause Problems with the IRS

From omitted income to incorrect deductions, these accounting errors can lead to big trouble with the IRS. Every year, Americans procrastinate on their taxes, hurrying through them at the last minute and failing to catch a myriad of accounting mistakes. Many assume the IRS targets only wealthy taxpayers and large corporate entities with audits. This is not true, and even small errors can lead to
Read More

Categories: BUSINESS TAX STRATEGIES.

Tax Strategies and Hidden Costs of Employees vs. Outsourced Labor

Business Tax Advantages You’ll Want to Learn About Sooner than Later In this progressively more competitive international marketplace, major corporations are evaluating potential business tax advantages of raising shareholder value significantly by establishing outsourced production processes. Outsourcing offers the potential to improve production greatly, but it is also fraught with risk. One of the greatest challenges involved is answering the question of whether or not
Read More

Categories: BUSINESS TAX STRATEGIES.

10 Powerful Business Tax Strategies for Your Business Tax Return

Are You Using these Business Tax Strategies? It’s no revelation that everyone wants to save money on taxes using those elusive business tax strategies. Small businesses, however, without the same protections some individuals and most large corporations enjoy- need to look carefully each year to secure new methods of minimizing their tax burdens. While the methods available to small businesses may be obscure, they could even
Read More

Categories: BUSINESS TAX STRATEGIES.

The Ugly Truth about Bad Business Write-Offs and What They Cost Your Business

What You Need to Know about Bad Business Write-Offs Bad business write-offs are a widely accepted way for businesses to save money on taxes. Generally, any business loss can be recorded as a tax write off, and can be applied as a tax credit. The standard wisdom is that all tax write offs are good- as long as they are reasonable. But sometimes using write-offs
Read More

Categories: BUSINESS TAX STRATEGIES.

5 Business Write-Offs Most People Miss

Wondering how you can keep more of your income by maximizing the number of deductions you take? Here are five business write-offs you might be missing. Business write-offs are a key way to save money. While most businesses routinely take their deductions for medical expenses, utilities, retirement plans and conventions, for example, there are quite a few commonly missed expenses as well. Today we’ll take
Read More

Categories: BUSINESS TAX STRATEGIES.

Should You Use Online Tax Preparation Software in Your Business?

Discover the pros and cons of using online tax preparation for your business. Many individuals are turning to online tax preparation software – but should your business? Tax preparation software is increasingly popular for individual use, with many people attracted to the convenience and simplicity of doing taxes in their pajamas. Even if they’re leaving money on the table, many people either don’t know or
Read More

Categories: BUSINESS TAX STRATEGIES.

The Consequences for Failing to Comply with the 1099 Rules

If your business paid someone (who was not your employee) a total of $600 or more during the year, you must issue a 1099 to them (unless it is a corporation). For attorneys, 1099s are required even if incorporated or regardless of their entity type. In addition 1099s must be filed with the Internal Revenue Service. The 1099 filing requirement applies for payments made by
Read More

Categories: BUSINESS TAX STRATEGIES, CORPORATIONS & LLCs, and SMALL BUSINESS ADVISORY.

Starting a Business Creates Tax Benefits

Starting a business can create tax benefits by converting some personal expenses into tax deductions. What was formerly non-deductible may become deductible when you operate a business, thereby increasing your personal benefit significantly. For example, when you buy something for $100 (as an employee) using after-tax dollars, you must actually earn about $150 to net the $100 bring-home pay in order to buy the item
Read More

Categories: BUSINESS TAX STRATEGIES and SMALL BUSINESS ADVISORY.