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Debt: A Double-Edged Sword for Entrepreneurs Debt can be a potent tool to accelerate business growth, but it's essential to wield it wisely. As an entrepreneur, you're likely to encounter financial hurdles, especially during the early stages. This guide provides...

Strategies for Responsible and Effective Credit Card Use How to Use Credit Cards Strategically for Business Success. Credit cards can be a valuable asset for businesses, offering convenience, rewards, and the potential to improve your credit score. However, they can...

Are You At-Risk of Fraudulent Tax Professionals This Tax Season? As tax season rolls around, finding a trustworthy tax preparer is important. Here’s six red flags that could indicate a tax preparer might not have your best interests at heart. 1. Reluctance to Provide...

Tax Considerations When Selling a Home: Maximizing Your Benefits and Minimizing Your ObligationsIntroduction Selling a home is a significant financial decision that can have tax implications. Understanding the tax considerations involved in the process is crucial to...

Understanding Business Structure A business structure refers to the legal and organizational framework that a business adopts to operate and conduct its activities. It determines how a company is organized, managed, and taxed, and it affects the owners' personal...

The Research and Development Tax Credit or (R&D) Tax Credit is a tax incentive many countries, including the United States, provide to encourage businesses to invest in research and development activities. It allows eligible companies to offset their federal or...

The Child Tax Credit 2023 has already been a lifeline for millions of American families, and with the new changes set to take effect, it will provide even more relief to those who need it the most. These changes include an increase in the credit amount and expansion...

Is It Worth It To Diversify Your Retirement Between Traditional Funds and Crypto? The Importance of Diversifying Your Portfolio  We are living in a world with so much uncertainty. Globally we have been hit by a pandemic and a war, with no clear sign of “normalcy” in...

Tax Scams - Protect Yourself There are many tax scams out there to steal your identity, stealing your money, or filing fraudulent tax returns using your private information. Tax scammers work year-round, not just during tax season, and target virtually everyone. Stay...

Taxpayers Who Receive an IRS Notice. Tips for Taxpayers Who Receive an IRS Notice Receiving a notice from the Internal Revenue Service is usually no cause for alarm. Every year the IRS sends millions of letters and notices to taxpayers. In the event one shows up in...

[wptb id=1259] Business Entity Comparison Chart [wptb id=1262] This brochure contains general information for taxpayers and should not be relied upon as the only source of authority. Taxpayers should seek professional tax advice for more information. Copyright © 2021...

Bookkeeping for Tax Purposes You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records: Copies of tax returns Keep copies of your tax returns as part of your tax records. Your tax returns can help...

What Should You Do If You Can’t Pay Your Taxes? Don’t panic! Here are some ideas for getting your tax bill paid and minimizing interest and penalties: 1. File your tax return on time. Individual income taxes are due and payable in full on April 15. If you expect to...

Custodial Accounts (UTMA/UGMA) Assets in a custodial account belong to the minor. Any income earned in a custodial account is taxed to the minor. A custodian, usually an adult relative, controls the assets until the minor reaches the age set by state law (21 in most...

What You Need To Know About S Corporations S corporations are corporations that elect to pass income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on...

Estimated Taxes The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go, either by employer withholding or estimated tax payments. Employer Withholding If you are an...

Representation Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct...

Lease vs Buying Car For Business: Which is Better and Why If you are thinking of having a business car leasing, then you might want to consider if it is better to lease or buy, and what specific things you should know when choosing a plan. In this article, we will run...

What are Taxes? Taxes are the liability or total amount of money an individual, corporation, or another entity owes from a taxing authority, which the government uses for support or projects of specific entities and services. It's pretty simple. Taxes are divided into...

What is the Tax-Exempt Status? If you're a business or someone applying for tax-exempt status, you should first understand that it means you're applying to have income or transactions that are free from taxes to all levels, whether on federal, state, or local levels....

Families Can Now Update Direct Deposit for Monthly CTC Payments Good news! You can now update your bank information much easier and faster! Thanks to the IRS upgraded tools, you can quickly and easily get your monthly Child Tax Credit Payment.   FAQS:      1....

The Vicious Danger of Tax Fraud and How To Protect Yourself The pandemic has brought unwanted burdens to everyone. It did not choose who it wanted to burn out to--- it just deliberately affected each and all of us. While this worldwide emergency is a health-related...

What is Recovery Rebate Credit? Last year, thousands of people received their Recovery Rebate Credit through the form of economic Stimulus Payment. It is a one-time benefit to help people in the pandemic. However, not all have received the maximum amount possible. The...

Can you Claim the Home Office Deduction on your 2020 Tax Return? The pandemic is nearing its first year, and millions of Americans have long been severely affected since then. Thousands already succumbed to the dreadful virus, and others, while they may be uninfected,...

Tax Deductions and Credits to Consider for this Tax Season When it comes to taxes, the words deductions and credits are like music to an accountant’s ears because both help you to keep money in your pockets. While they both help you to save money, they do it...

Understanding Income Brackets and Rates for this 2021 Tax Season Here’s how income brackets and tax rates work..Your tax rate (the percentage of your income that you pay in taxes) are based on what tax bracket (income range) you’re in. Take note that for 2020 tax...

Tax Season is Here Thanks to the Corona Virus, the VID, Covid-19 or whatever it is that you prefer to call it, a lot has changed for the 2021 tax season. We cannot stress enough how important it is to start thinking about your tax situation now, while there’s still...

What is a Trust Company? A trust company is a legal entity that serves as a trustee on behalf of a trust of a person or organization. It is typically tasked with the administration, management, and the eventual transfer of assets to beneficiaries. Rather than choosing...