Mastering Your Business Finances: Balancing Profit, Liabilities, and Personal Pay
As a small business owner, you’re juggling a lot—working long hours, handling countless responsibilities, and constantly pushing toward growth. Managing finances can feel like just another daunting task on your list, but it’s crucial to your business’s stability and success. Finding the balance between maximizing profit, keeping liabilities in check, and paying yourself fairly can…
Read More6 Tax Tips for Filing Season Readiness
As tax filing season approaches, it’s a good time to make sure you’re ready to file your tax returns. This way, you can file as soon as possible. If you’re expecting a refund, this will help you get that refund as quickly as possible. However, there’s another important reason to file as soon as possible –…
Read More4 Ways Inflation and High Interest Rates Affect Small Business Owners
It’s no secret that inflation is high. But did you know these conditions might make it more difficult for you and your business to borrow money, produce your goods or services, and maintain inventory? Inflation is hard on small business owners, but there are steps you can take to protect yourself and your business. At…
Read MoreWhat You Need to Do Now to Financially Prepare for 2022
Every decade, it seems like there’s a “fill in the blank” issue that has never happened before and will forever change our lives. I remember the market crash in the late 1980s, the dot-com bust in the 1990s, Y2K in 2000, the September 11, 2001 attack, the housing bust, and the great recession of 2008-2009.…
Read MoreOperation Hidden Treasure: Cryptocurrency and taxes
Cryptocurrency has taken the world by storm, but what is and how is it taxed? Find out what you need to know about virtual currency and how it’s reported and taxed in today’s article. Virtual currency background Cryptocurrency is a type of virtual currency, but often the terms are used interchangeably. Here is how the…
Read More5 Ways to make sure your tax return is processed ASAP
The IRS does not guarantee tax return processing times, but here are five ways to make sure your tax return is processed as quickly and as smoothly as possible to minimize any delay in receiving your refund. 1.) File your tax return electronically. Electronically filed tax returns typically get processed faster than mailed tax returns.…
Read MoreHow to fix your tax return after making a tax filing mistake
If you made a mistake filing your taxes, you aren’t alone. Federal Income Taxes are complicated. If we can get through a lifetime of tax returns without making a mistake, we should get some kind of award. Let’s look at three situations for tax return mistakes. Your tax return is rejected when filing electronically. The…
Read MoreWhat Should I do with an IRS Letter?
The IRS sends many types of letters. Some IRS letters don’t require any action on your part while other letters do require action and have deadlines. IRS letters shouldn’t cause alarm, but IRS deadlines should not be taken lightly. In this article, find out what you need to do when you receive an IRS letter.…
Read MoreHow do I safely find and pick a tax preparer or online tax software?
There are a lot of options out there for tax preparation help and online tax software. We all want accurate tax preparation, reasonable prices, and good service. But with so many options available, it can be difficult to choose. So let’s go over some tips. How do I choose a tax preparer? Know what kind…
Read MoreWhen can I deduct travel expenses on my federal tax return?
Before the Tax Cuts and Job Act of 2017, many more Americans were able to deduct travel expenses on their federal tax return. But after that act went into effect, employees could not deduct travel expenses for work (or any expenses for work on their federal tax return). However, some taxpayers can deduct travel expenses…
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