National Insurance and Tax Service

What is the Difference Between a 1099 Employee and a W2 Employee?

What is the Difference Between a 1099 Employee and a W2 Employee?

  Are you confused about the differences between a 1099 employee and a W2 employee? If so, you’re not alone. Many employers and employees alike are unsure of the key differences between the two types of workers, and don’t understand the implications of these distinctions. In this blog post, we’ll explain the key differences between… Continue reading What is the Difference Between a 1099 Employee and a W2 Employee?

Why Choose National Insurance & Tax Service?

Get Expert Tax & Insurance Services from National Insurance & Tax Service, Inc.

Tax season can be daunting, but with the right help, it can be a breeze. National Insurance & Tax Service, Inc. of Aurora, Illinois provides residents and businesses with expert tax and insurance services. With years of experience and excellent customer service, National Insurance & Tax Service, Inc. is the go-to resource for all things… Continue reading Why Choose National Insurance & Tax Service?

Avoid Late Filing Penalties with These Tips

Avoid Late Filing Penalties with These Tips

As a business owner, it’s important to stay on top of filing taxes on time. Late filing penalties can be costly and cause a number of other problems. Fortunately, there are several ways to help ensure that you stay on top of filing taxes. Here are a few tips to avoid late filing penalties: 4… Continue reading Avoid Late Filing Penalties with These Tips

Reporting Foreign Exchange Gains and Losses

How to Report Foreign Exchange Gains and Losses on Tax Returns

With the current global economy, many individuals and businesses are engaging in foreign exchange transactions. Whether it is buying or selling goods, services, or investments, it is important to understand how to properly report foreign exchange gains and losses on tax returns. Report Foreign Exchange Gains and Losses Foreign exchange gains and losses are reported… Continue reading Reporting Foreign Exchange Gains and Losses

How to Legally Avoid Paying Taxes on a Flip House

How to Legally Avoid Paying Taxes on a Flip House

Flipping houses is a great way to turn a profit, but the tax implications of a successful flip can be substantial. Fortunately, there are some legal ways to avoid paying taxes on a flip house. Understanding the tax code and utilizing certain strategies can help reduce the tax burden associated with selling a flipped property.… Continue reading How to Legally Avoid Paying Taxes on a Flip House

3 Strategies to Grow Your Clientele Base

What is the Difference Between a 1099 Employee and a W2 Employee?

Growing your clientele base is a key step in any business’ success. It means having more customers who are loyal to your products and services and who can help you reach your goals. However, with so many businesses competing for attention, it can be hard to stand out and build a strong customer base. Here… Continue reading 3 Strategies to Grow Your Clientele Base

Benefits of Incorporating an S-Corp for Payroll

Benefits of Incorporating an S-Corp for Payroll

One of the most important decisions a business owner must make is how to structure their payroll system. Incorporating an S–Corp can be a great way to efficiently and effectively manage payroll while maximizing benefits. Benefits of Incorporating an S–Corp for Payroll 1. Tax Savings When an S–Corp is established, the business is taxed as… Continue reading Benefits of Incorporating an S-Corp for Payroll

5 Proven Strategies for Marketing Your Tax Business

5 proven Strategies for Marketing Your Tax Business

As the tax season approaches, many businesses are looking for ways to promote their services and attract new clients. As a tax professional, you understand the importance of reaching out to potential clients and building relationships with them. However, with so many other businesses vying for the same customers, it can be difficult to stand… Continue reading 5 Proven Strategies for Marketing Your Tax Business

Understanding Accounting Methods: How to Choose the Right One for Your Business

Understanding Accounting Methods: How to Choose the Right One for Your Business

Accounting is a critical aspect of any business and choosing the right method can make a big difference in your financials and reporting. In this blog post, we’ll explore different accounting methods and how to choose the right one for your business. Understanding Accounting Methods: How to Choose the Right One for Your Business Overview… Continue reading Understanding Accounting Methods: How to Choose the Right One for Your Business

Maximize Your Tax Refund: 5 Proven Strategies

Maximize Your Tax Refund: 5 Proven Strategies

Filing taxes can be a daunting task, but at National Insurance & Tax Service, Inc., we want to make the process as painless and profitable as possible for you. And one way to do that is by maximizing your tax refund. Whether you’re looking to pay off debt, save for a big purchase, or just… Continue reading Maximize Your Tax Refund: 5 Proven Strategies

Accounting Methods-Cash & Accrual

ACCOUNTING METHODS-Cash or Accrual? When starting a business, you have to determine the method you are going to use for accounting and paying taxes. The two choices are the cash method and the accrual method. Cash Method If you are looking for simplicity, the cash method is probably your best accounting choice. Generally, income and… Continue reading Accounting Methods-Cash & Accrual

Employment Taxes- What are they?

If you have employees, you are responsible for paying a variety of taxes at the federal, state, and local levels. You must also withhold certain taxes from the paychecks of your employees. So, what are employment taxes? Employment taxes include the following. Federal Income tax withholding Social Security and Medicare taxes Federal unemployment tax (FUTA)… Continue reading Employment Taxes- What are they?