5 Bookkeeping Tips for Small Businesses

Keeping up with accounting tasks can be demanding for any business, but if you run a small business and handle the bookkeeping yourself, things can get overwhelming in a hurry!

To prevent things from getting out of hand, it’s smart to implement a foolproof system that makes sense for your company’s size, revenue, and industry and that also works for your busy schedule. You want to create a simple, effective process that allows you to track and record all finances related to your business quickly and easily. This way, all your expenses, invoices, deposits, and other financial information will all be neatly stored and accounted for once tax season does arrive in the spring. Read more

Small Business Taxes Are a Year-Round Commitment

If you’re at all like many small business owners, this past tax season was probably pretty hectic. Rather than panic when tax season comes back around next spring, follow these basic tips to make life a little easier on yourself and your staff.  Read more

Disability Tax Credits

Certain Disabilities Might Qualify You for the Earned Income Tax Credit

Elderly individuals and people with certain physical or mental disabilities that limit or prevent them from working are likely eligible for tax credits, including an increased standard deduction, credits for child and dependent care, and the earned income tax credit (EITC). These credits could significantly decrease ― or even eliminate ― the amount owed in taxes. Read more

Determining Income Type (Earned and Unearned)

When it comes to filing taxes, the distinction between earned and unearned income is an important one ― especially to the IRS. Read more

Filing an Extension for Your Tax Returns

What Is a Tax Extension?

Tax season can be one of the most stressful times of the year for most Americans, but it doesn’t have to be ― especially not when you can get an extension and buy yourself some additional time to file.  Read more

What Is The Difference Between Standard and Itemized Deductions?

To receive the largest tax break possible, taxpayers should familiarize themselves with some fundamental aspects of completing their taxes, including the difference between standard and itemized deductions. In most cases, you’re allowed to choose either method when filing your taxes, so it’s vital to determine which method is the best fit for your tax situation.

Read more

Resolving Tax Debt for Small Businesses

We hate to be the bearers of bad news, but if you have severe tax liabilities with the IRS, your business could be in serious trouble. Once small businesses begin to accrue tax debt from previous years, they often find it difficult to get back into compliance. The IRS is notorious for their aggressive collection measures and isn’t known for leniency once businesses become delinquent with their debts. Read more

Discharging Tax Debts in a Bankruptcy

What Is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is spelled out in (you guessed it!) Chapter 7 of the United States federal Bankruptcy Code and is also sometimes referred to as “straight” or “liquidation” bankruptcy. In this form of bankruptcy, you might be eligible to cancel some or all of your debts (some tax penalties are also eligible for discharge) or sell your property or assets to repay creditors. However, the bankruptcy court essentially assumes control of your property as well as your debts when you file Chapter 7. In rare exceptions, individuals who file Chapter 7 might still be able to manage their own property and income after they file for bankruptcy. Read more

The Right to Confidentiality

As a taxpayer you have the right to expect that all information you give to the IRS will not be sold to third parties or given to unauthorized individuals. The information you provide is only used in connection with your IRS file unless authorized by you the taxpayer. If an IRS employee, a tax return prepares or the like disclose your personal information you have the right to let IRS know and have them investigated and follow through with an appropriate action. Read more

Don’t Delay! File Small Business Taxes Now to Avoid an Audit

Now that tax season is back in full swing, small business owners need to file their taxes accurately, thoroughly, and on-time in order to avoid an audit or other penalties. In this post, we’ll examine how to do so expediently and without unnecessary stress. Read more