This blog was originally published on January 25th, 2022 but has been updated on January 18th, 2023. Tax season is upon us, which means it’s time to start preparations for your 2022 tax return. Whether this is your first or your fiftieth year filing taxes, preparing for tax season can be stressful and often frustrating.
As a small business owner, you might not be aware of all the deductions, credits, and other business income strategies that can help you lower your tax bill. That’s why we put together a list of 10 quick tips to help you keep your income where it belongs: out of the government’s coffers, and in.
For small businesses, bookkeeping is an essential part of the tax planning process. Bookkeeping involves keeping track of your company’s financial transactions on a regular basis. With an organized log of all business expenses, you’ll be able to make accurate financial decisions and tax preparations. Key Takeaways: Bookkeeping and accounting are technically two separate services–but.
There’s no escaping it: everyone has to deal with taxes. At best, it’s a mildly stressful experience. At worst, it can be overwhelming. But what if we told you it doesn’t have to be? What if, with the right amount of tax planning and support, tax season could actually be an organized, straightforward, even easy.
For many folks, the only time they see their certified public accountant is during the weeks leading up to April 15th–also known as Tax Day. But what exactly do they get up to after that? Much like we used to assume our school teachers lived in their classrooms and evaporated into thin air once summer.
Setting aside money for retirement or healthcare expenses through an IRA, 401(k), or HSA is a smart thing to do. So contributing as much as possible to these accounts is a great idea, right? Well…yes and no. What many people don’t realize is that you can contribute too much to these tax-advantaged accounts. The IRS.
Getting a letter from the IRS can strike fear into the heart of any taxpayer. But there’s no need to panic. These letters are extremely common: in fact, the IRS sends millions of letters to taxpayers each year, and for a wide variety of reasons. Here’s what to do if the IRS sends you a.
S Corp Status: What it is, How to File, and How it Can Benefit Your Business Whether you just started your business or have been operating for some time as an LLC or a sole proprietorship, it may be beneficial to consider switching to an S Corporation (or “S Corp”). In this article, we’ll cover.