In basic terms, an enrolled agent is a very specialized financial advisor who can help with tax issues and is credentialed by the IRS. If you understand what bookkeepers do and how they can help your business, you are already familiar with what a tax advisor can help you with. Enrolled agents are further qualified …
As a small business owner, you might ask this common question, “Why do I need a bookkeeper?” The financial aspect of operating a business can be tricky compared to other areas. Sometimes, you have to consult a professional. Accountants will help you keep your books in order, but bookkeepers play a vital role in the …
Fleet management is accompanied by lots of paperwork and may involve Hours of Service (HOS), CDL (Commercial Driving License) licenses, inspections, training, mileage, etc. Due to compliance regulations, these things are mandatory. Knowing how to create a mileage log can be very beneficial to you. When making calculations for your CSA (Compliance, Safety, Accountability) scores, …
How to Create a Mileage Log (Your Step-by-Step Guide) Read More »
If you receive a pension as part of your yearly income, it is essential to know how to report those earnings to the IRS and pay taxes on them. If you forget or neglect to do this, you could land in some trouble with the IRS, leading to fines and other possible penalties. These types …
Pension Income and Taxes | How to Correctly Report It Read More »
The Internal Revenue Service (IRS) uses the Modified Adjusted Gross Income (MAGI) as a measure to determine whether a taxpayer qualifies for certain contributions or deductions to a Roth IRA (Individual Retirement Account). MAGI also determines if a taxpayer qualifies for certain income tax credits and education tax benefits. In simple terms, it denotes your …
What is the Modified Adjusted Gross Income (MAGI)? Read More »
An economic recession is a notable decline in the economy, which lasts for some time and affects the Gross Domestic Product (GDP), industrial production, real income, wholesale-retail sales, and employment. It is important for small business owners to learn some tips on how to survive a recession. When a recession hits, it severely affects entrepreneurs …
10 Ways to Help Your Business Survive a Recession Read More »
Standing out in a crowded market is the goal of every growing business in competitive industries. Yet, a competitive edge doesn’t happen overnight. Developing competitive strategies is what sets successful companies apart from the rest. Dominating an industry, attracting new customers, and positioning the company in the market requires a detailed plan of action that …
Gain The Best Competitive Strategies In Your Business Read More »
The health and economic crisis has negatively affected the well-being of millions of Americans. Most importantly, low-wage workers, certain minority groups, and immigrants are going through a deep economic crisis. The Covid-19 pandemic has resulted in more than 9.5 million workers losing their jobs, and 4 million have been out of work for more than …
What is the American Rescue Plan? | What to Know Read More »
It is essential to know how to create and manage a gambling diary. You can encounter many issues with the IRS in the event of an audit if you don’t have one. For example, if you collected a large number of gambling winnings one year and didn’t record them, the IRS could issue hefty fines …
On July 15th, 2021, the IRS began sending out the first round of Advance Child Tax Credit (ACTC) payments. These payments were designed as a prepayment method of the previously announced Child Tax Credit that was initially supposed to be provided to eligible families during tax season. In this article, we’ll look at what the …
Advance Child Tax Credit | What You Need to Know Read More »
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