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
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
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
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
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
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
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 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
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?
Receiving that dreadful letter from the IRS can be quite scary. This article will provide you with some helpful tips. Oh no! You need tax audit advice. You just received in the mail a notification that you are going to be audited by the IRS. What now? How do you respond to this and should… Continue reading Need Tax Audit Advice?