Tax Law Changes To Know Before Filing Tax Return In 2021

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tax law changes in 2021

  With 2020 over, it means the tax season to account is round the corner. Just like 2020, this tax season promises to be full of unique considerations- due to the coronavirus pandemic. So it is essential to familiarize yourself with the latest updates to the IRS tax code and how it may affect you…. Read more »

What Is IRS Levy And How To Get Exemptions?

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what is IRS levy

  Tax levies put your assets at risk. To remove them, you need to work with the IRS to pay your back taxes. A tax levy is a serious business if you owe back taxes. Here’s how a tax levy can affect you, and how you can remove the IRS levy. What Is A Tax… Read more »

What Should You Know Before Signing A W-9 Form?

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what is w-9 form and its importance

Form W-9 is one of the simple IRS Forms that has just one function: it allows you to send a Tax Identification Number (TIN) that is employer identification number (EIN) or the social security number (SSN) to another bank, person, or other financial institution. W 9 California is an information return, meaning it is just… Read more »

Top 5 Accounting Mistakes That Put Your Business At Risk

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Top 5 Accounting Mistakes That Put Your Business At Risk

  In a business, as with anything we strive to excel at, we are bound to make mistakes. That’s not always a bad thing. Many would agree that some wrong steps are necessary to reach long-term goals. While some accounting mistakes are costly than others, they are sure to serve as a teaching moment if… Read more »

Few Tax Preparation Mistakes To Avoid In 2020

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tax-preparation-mistakes

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… Read more »

What Are The Types Of IRS Tax Agreements And Plans?

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irs-tax-agreements

Owing money to the IRS is common for every working individual across the US. However, several affected individuals aren’t aware of the IRS payment options available to them. The IRS has set up payment options that can be applied to people in various financial situations. This is established through a proper payment plan, which is… Read more »

Why Should You Keep Business And Personal Account Separate?

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5-reasons-to-keep-separate-business-personalāccount

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. This mistake is also a prime target for… Read more »

How to Respond to A Letter or Notice from the IRS?

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IRS-Notice-Respond

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 has done something wrong during tax… Read more »

Year-End Tax Planning Hacks for The Small Business Owner In 2019

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yearend-tax-planning-hack-2019

Taxes for small businesses can be confusing. Several questions are there roams around the mind. Confusion is not an unnatural thing. Few Questions comes to the mind such as: How much do I pay? Why do I have to pay this amount? How can I reduce taxable income? However, it is better to do year-end tax planning… Read more »

The Ultimate Checklist for Small Business Accounting

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small-business-accounting-checklist

Managing a small business may sound a small task, but it is exactly the opposite. One of the prime reasons behind it is the workload that a small business owner needs to handle. Among the different works, it is the accounts which remain neglected in most of the cases. Small business accounting is not difficult… Read more »