bookkeeping tips for small business

10 Bookkeeping Tips for Small Businesses

Keeping up with accounting tasks can be demanding for any company or organization, but it is especially overwhelming when you run a small business and handle the bookkeeping yourself!

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, while also accommodating your busy schedule. You want to use 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 be neatly stored and accounted for once tax season arrives in the spring.

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penalty abatement

Penalty Abatement Tax Services

The only thing more complicated than filing your taxes is figuring out how to deal with the IRS charging you a tax penalty for an honest mistake. It is very stressful when you’ve filed your taxes in good faith, but the IRS claims you did not properly file or pay. Fortunately, the IRS offers multiple ways to eliminate these fees, depending on your situation.

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File Bankrupcy

Is It Better to File a Chapter 7 or 13 Bankruptcy?

Is It Better to File a Chapter 7 or 13 Bankruptcy?

The average person has little to no understanding of bankruptcy, which means there’s a steep learning curve if you need to consider bankruptcy as a solution to your financial situation. 
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filing taxes if you work in another state

Navigating State Taxes for Out-of-State Remote Workers

Due to the increase in remote work and telecommuting since the start of COVID, more people than ever are working from home in one state even though their company is located in another. This can lead to complicated tax issues, but with a little extra knowledge (and the help of S.H. Block Tax Services), you can get the most out of your out-of-state remote work tax return.

Keep reading to learn how!
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business bookkeeping services

5 Reasons You Need a Great Bookkeeper for Your Small Business

Every business needs to keep accurate books, but many small businesses struggle to keep up and could use a little help to ensure things run smoothly all year round.

This blog will explain how S.H. Block Tax Services’ business bookkeeping services can help you and your team save time and money while minimizing stress and decreasing your chances of getting into hot water with the IRS.

Keep reading to learn five reasons you need a great bookkeeper for your small business.

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cpa vs tax attorney

CPA vs. Tax Attorney: What’s the Difference?

Tax attorneys and CPAs often occupy the same space, but there are several key differences between the two professions. The purpose of this blog is to explain what tax attorneys and CPAs do while also detailing the distinctions between the two. Understanding those distinctions will help you plan your finances, submit your taxes, improve your tax standing, and overcome any potential issues with the IRS down the road.

Keep reading to learn the differences between a CPA and a tax attorney and how each can help you achieve your financial goals in their own way.

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estate administration process

What Is the Estate Administration Process in Maryland?

The estate administration process involves the management and disbursement of an individual’s real and personal property after they’ve died.

When a loved one passes away, the last thing you want to have to worry about are back taxes or squabbling heirs. By focusing on the estate administration process beforehand, the family can ensure a smooth transition of all assets with minimal fees and taxes while helping to maintain existing relationships among family and friends.

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What Happens if I Default on My IRS Installment Agreement?

Installment agreements can be a useful way to resolve your back tax problems, but can also lead to problems if you commit to larger payments than you can afford. The blog will explain what can happen if you default on an installment agreement, how to get right again with the Internal Revenue Service, and why you should have a tax professional help.

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advance child tax credit payments in 2021

Should I Opt Out of Advance Child Tax Credit Payments for the Rest of 2021?

Most people who qualify for the advance child tax credit have automatically enrolled, but many people still aren’t fully aware of the tax implications. If you’re not careful, you could end up owing the credits back to the IRS when it comes time to file your 2022 income taxes.

Keep reading to learn more about the Advance Child Tax Credit and whether you should consider opting out of these payments for the last few months of 2021.

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maryland amended tax return

Everything You Need to Know About Amended Tax Returns in Maryland

Many taxpayers think that once they file their tax returns, there’s nothing they can do to fix or update them. Thankfully, that’s not the case.

If you’ve made any errors or forgotten to include pertinent information on a recent Maryland or federal tax return, there’s likely still time to set it right by filing an amended tax return.

Keep reading to learn the essentials of filing an amended tax return in Maryland, including relevant deadlines, how to check the status of an amended return, and how to file one in the first place.

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