Filing your taxes on time is crucial for staying in compliance with the Internal Revenue Service (IRS) and avoiding penalties. However, life happens, and sometimes taxpayers miss the deadline. In such cases, it’s essential to know how to file past due tax returns to rectify the situation. This article provides a step-by-step guide to filing past due tax returns,... continue reading →
Inflation can be a double whammy for small business owners. At the same time businesses are dealing with the rising costs of materials, labor and energy, consumers may be cutting spending due to their own struggles to make ends meet. According to NPR, 60% of the world’s advanced economies are dealing with inflation. Finding ways to cope may be... continue reading →
When choosing a CPA (Certified Public Accountant) firm, several factors must be considered. Here are the top 10 things to look for in a CPA firm: In conclusion, choosing the right CPA firm is an important decision that can significantly impact your financial success. Considering these top 10 things, you can be confident that you have chosen a firm... continue reading →
Understanding the financials of their business is a necessary skill for any entrepreneur. Thorough knowledge of how your company’s financial performance has been in the past can help you make informed decisions about the future. Here are some important terms for you to understand and resources for you to consider. The Balance Sheet A balance sheet is a financial... continue reading →
You may or may not know that taxpayers in the U.S. have certain rights. These rights apply to anyone whose taxes are being audited. And, these ten rights are called the taxpayer bill of rights. Therefore, anyone who has received a letter from the IRS of their intent to audit may want to exercise one of these rights, the... continue reading →
In an effort to jump start the economy and help in the recovery of the restaurant industry, the Federal government is allowing a 100% business meal deduction for 2021 and 2022 for the purchase of food and beverages provided certain requirements are met. The Old General Rule Still Applies In general, no deduction is allowed by a business for... continue reading →
For seniors, retirement can be a challenge. At the same time, it’s an exciting time of life with many opportunities for doing good and being philanthropic. One way to use your IRA funds is by taking required minimum distribution from your IRA and donating them to charity or using them to fund local programs that support the needs of... continue reading →
Cryptocurrencies are an evolving system and tax is difficult to implement. This is especially true in the United States where the current state of affairs around cryptocurrencies with a federal perspective has left uncertainty for many. In this post, we’ll explore how taxes can be applied to both cryptocurrencies and crypto users when it comes to taxation or lack... continue reading →
Many Americans dream of owning a home. And, when you are ready to sell that home, it is important to understand how to calculate your home’s adjusted basis and whether the sale may effect your tax return. The good news is, you may qualify for an exclusion of some, or all, of the gain from the sale. Here are... continue reading →
What You Need to Know About the Tax Credit for Children The Child Tax Credit is a credit that you can report on your IRS taxes if you are a United States resident with a child under 18. Your income has to be under the limit, and you must have tax information on file from 2020. Who Qualifies Those... continue reading →
