Each year the IRS (Internal Revenue Service) mails many notices and letters to taxpayers for a variety of reasons. It’s important that you do not panic if you receive notification from the IRS, but you also do not want to ignore it. If you are unsure what is meant by the IRS letter you received, […]
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Cash flow is the HEART of any business. Small businesses, in order to be successful, are largely dependent on their cash flow, making it critical for any business owner to understand the impact, positive or negative, that cash flow has on their business. It’s crucial that you understand cash flow management if you are hoping
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Unlike individual income tax, most small business owners and entrepreneurs must pay business income tax. Some businesses are required to pay self-employment tax. This is generally reserved for those who are self-employed. Also, you may be required to pay estimated quarterly tax payments. These payments are due depending on the type of business you operate
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Income may be found in the form of cash, other money, property, or services. Unless the IRS specifically exempts the income by law, all income is subject to tax and must be reported on your annual tax return. Because there are some sources of nontaxable income you may not know about, this post will report
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The IRS defines taxable income as income generally available to you. This includes income that may not currently be in your possession. There are some sources of nontaxable income, but you may still be required to file them on your annual tax return; you just will not have to pay taxes on this income. Because
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Keep yourself and your family safe from the hands of con artists by understanding who they are. Know all about the kinds of schemes they will try to pull on you, so you are not fooled. You don’t want to give any of your hard-earned cash to someone who is merely deceiving you. Con artists
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As you consider how to file your taxes for the first time, you may want to consult with a tax professional who can make sure you get the best tax breaks, someone who knows tax laws and can help maximize your tax refund or reduce your tax bill. When you file your taxes for the
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The Internal Revenue Service (IRS) offers many tax benefits for taxpayers to take advantage of during the tax season. Tax deductions are different from tax credits because they allow you to take the amount of the tax deduction from your taxable income. Tax credits, on the other hand, give you a dollar to dollar deduction
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It’s important to know the best tax deductions for your business. You can deduct the cost of many things as a small business. For example, for your business, you can deduct expenses related to your home office, such as a portion of your rent and utilities, office supplies, automotive expenses, insurance, business-related travel expenses, and
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Have you sent in a charitable donation and wonder if it will count as a tax deduction? The rules for this are a little complicated because you generally must itemize your tax deductions if you decide to take charitable deductions. Most people take the standard deduction each year because that amount is greater than the
Charitable Deductions | Everything You Need to Know Read More »
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