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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What Does The Bookkeeper Do For Your Business?
Whether you sell enterprise software or legal advice, there are things the best bookkeeper guarantees about your business: you earn money and you spend it.
Bookkeepers are the professionals who help you keep track of all that. If you have been focused on getting the business off the ground, you may ...
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Why Should You Keep Business And Personal Account Separate?
Small business owners should operate in a business to realize the tax breaks at their disposal. For example, if you meet the requirements, you can deduct necessary and ordinary business expenses.
But business owners often find themselves in tax trouble when they mix business with personal matters. T...
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How to Respond to A Letter or Notice from the IRS?
The letter one expects from the IRS is a refund cheque. However, it doesn’t happen in most cases, and the letter you get from IRS often relates to the tax return. Over here, the point of discussion is how to respond IRS letters.
IRS communicates directly with the person they believe ...
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