Missed the tax return extension/filing deadline?
Tax season is always a stressful time for many Americans, and this year was no exception. With the constantly changing tax laws, it’s easy to forget or miss important tax deadlines.
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The Tax Season Deadline Is Amongst US
Now that the annual tax deadlines are amongst us, it is important to ensure that your tax filing process goes smooth and stress-free.
W-2 | Filing Support
It’s that time, April is coming up fast and many people start stressing. Let’s go back to the basics to better understand W-2’s so you don’t have to worry about the word, Deadline.
For the Employee – W-4 Forms Explained and Tips on Filling Them Out
Form W-4 – Explained Form W-4, formally known as “Employee’s Withholding Certificate,” is a form created by the IRS that informs employers how much tax to withhold from each of… Read More »For the Employee – W-4 Forms Explained and Tips on Filling Them Out
Pros and Cons of an S Corporation
An S Corporation is a type of business structure that combines the benefits of a corporation and a partnership. S Corporations have become popular among small business owners due to the tax and liability advantages they offer. In this blog, we will explore the pros and cons of forming an S Corporation.
The Inflation Reduction Act
In August 2022, congress added new tax provisions to the Inflation Reduction Act, that are designed to address health care, fight climate change, and reduce the country’s deficit. These new… Read More »The Inflation Reduction Act
Economic Nexus
In 2018, the Supreme Court overruled the previous ruling that states can only require sellers to collect tax when they have a physical presence in the state. Now, states can… Read More »Economic Nexus
Active or Passive? That is the question…
Income falls into three buckets Active Income (wages, business where the taxpayer is materially participating, etc.) Passive Income There are two kinds of passive activities. 1. Trade or business activities… Read More »Active or Passive? That is the question…
Accrual vs. Cash Basis
The two primary accounting methods are accrual and cash basis The main difference between the two methods is the timing of when expenses and revenues are recognized. There are advantages… Read More »Accrual vs. Cash Basis
Filing 1099s in 2023 – Updates and New IRS Filing Portal
What is a 1099? Businesses and Individuals Required to file Forms 1099 Due Date for Forms 1099 Information required to file a 1099 Electronic Filing Update – New IRS Portal… Read More »Filing 1099s in 2023 – Updates and New IRS Filing Portal