If you own a small business, it is a good idea to have a certified public accountant file your taxes rather than attempting to do it yourself. Your financial situation may be complex, and having a professional prepare your taxes helps prevent any mistakes. However, a CPA needs your help to file successfully. Here are [...]
Taxes can be confusing, even for entrepreneurs and seasoned businesspeople. One question that appears often for married couples who share a business is whether they can file as a qualified joint venture. The IRS lists three elements when defining this type of venture. If a married couple satisfies all three elements, then filing as a [...]
The IRS’s turnaround time for processing taxes has become much quicker over the years, with many taxpayers receiving their refunds within three weeks. While most tax returns are processed in the first few weeks after they have been filed, there are several reasons a refund might be delayed. 1. The Tax Return Was Incomplete One [...]
April 15 is traditionally known as Tax Day, but many people don't manage to submit their forms by then. If you found yourself procrastinating beyond that date and still have not filed a tax return or extension request, don't despair. Here is what you should know about filing your taxes beyond the deadline. Special Deadline [...]
Having your Form W-2 is an essential part of being able to file taxes. That’s why every employer who you worked for over the previous tax year is required to send you a W-2 by January 31st. Those still waiting for their W-2s may be feeling anxious, but there are steps you can take to [...]
Tax preparation is one of the most important financial actions a person or business completes. Errors in taxes can result in you having to file amended returns, cost you money or even see you accused of tax fraud. CPAs or Certified Public Accountants are powerful professional resources that can help ensure your business and personal [...]
While you may have access to free or low-cost software that handles your taxes, you may overlook something that could cost you more than you realize. Before inputting a few numbers and answering several questions to file your taxes next year, check out the following top 3 reasons to hire an accountant to look over [...]
It’s no secret business success is first measured by profit margins and the bottom line. However, leaving tax strategy out of the conversation until April rolls around isn’t the best way to stay on top of any tax law changes that could benefit your business and maximize deductions. Meeting with your business’s accounting professional for [...]
As 2022 approaches, it’s time to turn your attention to your financial health goals for the coming year. Your financial health is more than your bank statement - it encompasses everything from your budget and taxes, to insurance. Here are the top five reasons, from the professionals, why you should conduct a financial review before [...]
Tax season means business owners are looking for ways to minimize burdensome tax liabilities. Before you speak with a tax professional, there are some things to consider that might affect your business’ finances, when it comes to your tax payments. Here are five tax-prep tips to consider if you own a business. 1. Review Your [...]
