The Difference Between Tax Evasion And Tax Avoidance: Explained
Taxes are the result of your earnings or by generating wealth by running a business. Paying the taxes by an individual or an entity is mandatory by law, however, it is still a voluntary compliance.
Payment of taxes can be done by planning or avoiding to the extent permissible by using the various t...
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How To Kickstart Your Early Pre-Retirement Financial Planning?
The concept of retirement can evoke a mix of emotions, including apprehension and excitement. You may wonder how early you can realistically retire, how much it will cost, whether you’ll have enough to sustain the lifestyle over the long term.
In fact, 60 percent of Americans say their biggest fe...
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Choosing between LLC and S Corp for entity formation: Which is the better option?
If you are a young startup business, you may be thinking about how to structure your company. Like many business owners, your head may be filled with ideas, as you compare sole proprietorship, S Corp, C Corp, LLC entity formation West Hollywood.
Which legal entity you choose can have widespread ra...
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What Are The Tax Strategies For High Income Earners?
No one wants to pay more taxes than they legally have to. After all, income tax is typically the largest expense for most people.
With this in mind, the government offers tax deductions and credits to ease this financial burden. But the system seems to favor those who fall in a certain income rang...
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What Happens If You Cannot Pay Taxes You Owe?
You have finished preparing the tax return and notice that you have to pay someone a huge sum, but can’t afford to pay it.
Will you go to jail? Probably not. The realization that you can’t afford to pay your taxes can make you feel uneasy, but don’t worry.
There are things you can do to remedy...
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How Bookkeeping Best Practices Help You Achieve Business Success?
Managing personal finances doesn’t require much work. You may have at least one checking and savings account, a retirement account, a few investments and some monthly payments and a file to save tax record receipts.
Now, when it comes to bookkeeping and business accounting services, however, there...
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Why And How Long To Keep Business Records For Tax Purposes?
For many new small business entrepreneurs, the first year is actually the hardest. First, you need to decide what form of business you actually want, then there’s extensive business record keeping.
Bad record-keeping can be a big pitfall if you are a small business owner. You can avoid headach...
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Few Tax Preparation Mistakes To Avoid In 2020
Do you know your business’s cash flow takes a hit when you owe IRS money? In such a case, avoiding a tax debt can be really simple like knowing when and how to file the small business tax return.
Also, by knowing what business tax mistakes to avoid, you can prevent having to pay the IRS money ...
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Types Of IRS Installment Tax Agreements And Plans?
Owing money to the IRS is common for every working individual across the US. However, several affected individuals aren’t aware of the IRS installment agreement plan & payment options available to them.
The IRS has set up payment options that can be applied to people in various financial situa...
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Is Financial Planning Important For Small Business?
Want to build a business that will last well into the future? The secret is sound is proper finance planning.
Financial analysis and planning allow would-be business owners to look at several things before starting the company, including current funding, initial costs, potential funding sources, the...
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