BLOG

  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?

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?

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

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?

Some small and medium business (SME) owners try to do their own accounts or they may employee a bookkeeper directly. This can be fine if you are lucky enough to recruit a good bookkeeper directly, however unless you have an accounting background and a thorough understanding of the accounting software involved, it can be difficult… Continue reading Why a professional Bookkeeper?

When you or your dependent is still a student, you should see if one of the two educational tax credits that support normal student expenditures is available to you. These credits save you more money than a tuition deduction since they cut your tax bill dollar for dollar. If you are qualified for both credits,… Continue reading Understanding The Education Credit

Welcome to the topic Too Busy For Your Taxes? Let Our Tax Experts Do It For You! Every significant task raises the question of whether people should do it themselves or employ a professional. While the growing availability of tax preparation software makes it easier to complete your own taxes, it hasn’t driven CPAs and… Continue reading Too Busy For Your Taxes? Let Our Tax Experts Do It For You!

Welcome to the topic Checking The Status of Your Tax Refund Online. More than a few people are happy to learn they are due a tax refund after filling out their tax returns. If you are one of these people, here is how to check the status of your refund online. With just a few… Continue reading Checking The Status of Your Tax Refund Online

Welcome to the topic Looking For Helpful IRS Tax Tips. It’s important to prepare for the upcoming tax season. The Internal Revenue Service (IRS) offers tax filing information, tools, options, and resources, and also suggestions to assist us in discovering and protecting ourselves from identity theft. Here are some tips to help you get through… Continue reading Looking For Helpful IRS Tax Tips?

Welcome to the topic Offer In Compromise With The IRS. Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent themselves. They hire sub-par representation and now are in MORE need of… Continue reading Offer In Compromise With The IRS

Welcome to the topic Are You Overpaying Taxes If You Solely Rely On Tax Software? For many business owners the answer to this quandary is tax preparation software. Fill out a fairly simple interview, click “print” and out comes a completed return that will pass muster with the IRS. The answer to all your problems…or… Continue reading Are You Overpaying Taxes If You Solely Rely On Tax Software?

Welcome to the Topic 4 Reason People Get Into Trouble With The IRS. The Internal Revenue Service(IRS) is the revenue service of the United States federal government, which is responsible for collecting taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. People get into trouble for many reasons,… Continue reading 4 Reason People Get Into Trouble With The IRS

Welcome to the topic 3 Ways To Get Your Free Annual Credit Report. Yes, you can now get your credit report without paying a dime. And unlike before, now it is truly free. No longer do you have to sign up for a “free” credit report by signing up for “credit monitoring protection service” for… Continue reading 3 Ways To Get Your Free Annual Credit Report

Welcome to the Topic 3 Tips For Keeping Proper Tax Records For Your Home Business- And Keeping The IRS Happy. The last thing most people think about when starting a business, is doing taxes, keeping proper records and being organized. But proper planningwill make doing your taxes much easier – and keep the IRS happy!… Continue reading 3 Tips For Keeping Tax Records For Your Business

Welcome to the topic Advance Child Tax Credit Payment-2021. As early as July 12th 2021, the Child Tax Credit have been received by many qualifying American Families.  However, The Child Tax Credit has caused a lot of confusion, leaving many families wondering what’s next. We want to help you understand the advance Child Tax Credit… Continue reading Advance Child Tax Credit Payment-2021

Welcome to the topic Avoid Common Tax Mistakes-With IRS. Tax preparation may be a problematic and perplexing process. Although it may feel like you should hurry to finish the time-consuming chore of filing taxes as soon as possible, take the necessary time to avoid these typical tax filing errors. Falling for even one of them… Continue reading Avoid Common Tax Mistakes- With IRS

Welcome to the topic Income Tax Law Changes 2022: What You Need to Know. Changes have been made to the laws regarding Income Taxes, which will be effective from the year 2022. In this post, we’ll give you a run-down of what you need to know about all these changes and how they may affect… Continue reading Income Tax Law Changes 2022: What You Need To Know

Many people don’t even realize that the 1099-C Cancellation of Debt form exits. So, it can be a surprise to receive one. Let’s discuss briefly at Form 1099-C, what you should do when you acquire a 1099-C and how you can find whether your debt is kept out of debt agreement taxes. What is a 1099-C form?… Continue reading Everything to know about 1099-C Cancellation of Debt

Form 1099-DIV-Dividends Distribution If an individual pays dividend, then a form 1099-DIV is processed that refers to an important record of it. It is possible to receive one or more 1099 DIV Forms in February online. The data that the form contains is significant as it plays an important role in your life related to the tax. Financial… Continue reading Everything To Know About Form 1099-DIV-Dividends Distribution

Everything To Know About Self Employment Taxes A person is known as Self-employed if he is in a business or a member of a partnership related to business or trade. The major responsibility of a self-employed person includes paying the estimated tax quarterly and filing an annual return. When we see the term self-employment tax, it only… Continue reading Everything To Know About Self-Employment Taxes

Interest income-1099-INT is a 1099-INT tax form. It is an official record that a person or a company has paid the interest within the tax year. In most cases, you will receive a form in February. The 1099-INT tax form is received via mail. You should not ignore the form as it will greatly impact your… Continue reading Everything to Know About Interest Income-1099-INT

Many people don’t even realize that the 1099-C Cancellation of Debt form exits. So, it can be a surprise to receive one. Let’s discuss briefly at Form 1099-C, what you should do when you acquire a 1099-C and how you can find whether your debt is kept out of debt agreement taxes. What is a 1099-C Form?… Continue reading Everything to know About Form 1099-C Cancellation of Debt

A Form 1099-K is issued for plenty of reasons. For instance, if you sell goods on eBay, you might get a firm 1099-K. The payment settlement entity sends this form in a mail. The major work of the payment settlement entity is to file the form and transfer its copy to you. For this purpose, you must… Continue reading Everything to Know About Form 1099-K

Reporting the unemployment compensation comes under the primarily uses of the 1099-G Form. It also covers reporting the income tax refunds of a specific state. It is compulsory to report the information that the 1099-G Form requires about the tax return on receiving the Form for the current year. for this purpose, you may receive a 1099-G form… Continue reading What You Need to Know About Unemployment Form 1099-G

Hell hath no fury like a person who just found out the alternative minimum tax applies to them. The IRS has set up an online tool to figure out if you do. Alternative Minimum Tax The alternative minimum tax is a procedure that was set up to keep the richest of Americans from avoiding tax… Continue reading Alternative Minimum Tax – Online Tool

Too Busy For Your Taxes Welcome to the topic Deciding When to File a Tax Return. When To File? April 15th – “The Day of Reckoning”! Every year, millions of Americans get ready to pay taxes to Uncle Sam, or get ready to collect a tax refund from Uncle Sam; when did this become the… Continue reading Deciding when to file your Tax Return?

It’s a moment every person dreads. You pick up the mail and there is an envelope from the IRS. It’s not a refund check. What do you do? Welcome to the topic Correspondence from the IRS Correspondence From The IRS? Each year, the IRS sends out millions of “correspondence audits” to taxpayers to request payment… Continue reading Correspondence from the IRS? Don’t Panic!

Welcome to the topic Depreciate Property Improvement Correctly With Cost Segregation. Most commercial building owners are grossly overpaying federal income taxes because they are not depreciating their property as quickly as they should. A cost segregation study allows property owners to both defer and reduce federal income taxes. When properly performed by an appraiser with… Continue reading Depreciate Property Improvements Correctly With Cost Segregation

Welcome to the topic How a Tax Debt Can Affect Your Credit Score. It might be intimidating, not to add worrisome, to discover that you owe the IRS a hefty tax bill. Should you need to make a payment to the federal government this tax season, you might be wondering if postponing or failing to… Continue reading How A Tax Debt Can Affect Your Credit Score

Welcome to the Topic Appealing Your Property Taxes for Apartment/Commercial Owners. Property Taxes Property taxes are one of the largest line-item costs incurred by apartment owners. However, many owners do not appeal effectively. Even though owners realize that property taxes can be managed and reduced through an appeal, some view taxes as an arbitrary estimate… Continue reading Appealing Your Property Taxes for Apartment/Commercial Owners

DOES YOUR PLAN COVER YOU ON AND OFF THE JOB? Many health insurance plans have specific exclusions that eliminate your benefits for anything that could have been covered under Workers Compensation or similar laws. Now read that last sentence again. COULD HAVE BEEN COVERED!? That is correct. Most self-employed people and even some small business… Continue reading 5 Basic Facts About Health Insurance Policies in A Bad Economy

Welcome to the topic Do you Need Back Office Outsourcing? Have you ever imagined how important the back-office process is for the success of any organization? All of us realize the importance of this, but the fact also remains that most of us are actually reluctant to do this work. Outsourcing Outsourcing is one source… Continue reading Do you Need Back Office Outsourcing?

A fleet should follow various policies and guidelines that regulate the roadways to continue the business. The majority of carriers assign compliance to their fleet operators. It covers licensing, USDOT registration, following-hour shifts standards, material laws, and most importantly the International Fuel Tax Agreement (IFTA). This article will shed light on all aspects of IFTA and… Continue reading Everything You Need to Know About IFTA

Welcome to the topic 10 Tax Deductions for Seniors You Might Not Know About. The Internal Revenue Service (IRS) provides a variety of tax incentives for seniors, like deductions and credits. You or a loved one may be qualified for even additional benefits at the state level. The top ten senior tax deductions, as well… Continue reading 10 Tax Deductions for Seniors You Might Not Know About

Welcome to the topic 2022 IRS Income Tax Brackets Vs. 2021 Income Tax Brackets. You may be preparing to file your 2021 income taxes, but in just a few weeks, you’ll be operating in the tax year 2022, which will be very different from the previous year. For instance, your tax brackets will be marginally… Continue reading 2022 IRS Income Tax Brackets Vs. 2021 Income Tax Brackets

Welcome to the topic IRS Tax Inflation Adjustments for Tax Year 2022. In October, the consumer price index increased by 6.2 percent over the past year, the largest increase in more than thirty years. As the cost-of-living rises, the IRS has increased the income criteria for each tax band, which will take effect in the… Continue reading IRS Tax Inflation Adjustments for Tax Year 2022

Welcome to the topic Death And Taxes. “In this world nothing can be said to be certain, except death and taxes”Benjamin Franklin I, like many other good citizens from this great country of ours, left it to the very last moment to mail off this year’s tax return. As I entered the local post office… Continue reading Death And Taxes

If you are a gig worker or running a small business, then you might have been receiving or issuing 1099-MISC till 2019. However, in 2020 you may have received or issued Form 1099-NEC instead of 1099-MISC. You probably wonder why Form 1099-MISC is replaced by Form 1099-NEC. Here is everything essential for you to know about the new… Continue reading Form 1099-NEC or 1099-MISC?

Identity Protection (IP) PIN is a secret code that the IRS gives to Taxpayer. It helps them prevent any fraudulent identity thieves from filing tax returns using your personal identifiable information.  This article will address every question related to the IP PIN code that you may ask before applying for it.  Why is IP PIN Needed? … Continue reading All you need to know about Identity Protection PIN (IRS)

If you are going to start a business in Illinois, then one of the first things you will need is to get a Sales Tax ID Number. It is sometimes known as Sales Tax License, Sales Tax Permit, Seller’s Permit, Sales Tax Registration, or Sales and Use Tax Number… This to-the-point guide will inform you… Continue reading Apply for Sales Tax ID Number in Illinois

Every time you get hired, your employer withholds a certain amount of money from your salary. This withholding money goes into the federal tax pool like Federal Income Tax or Federal Insurance Contributions Act (FICA) tax.  As the United States has a pay-as-you-go tax system, you need to pay your taxes throughout the year rather than… Continue reading Everything you need to know about Form W-4

Welcome to the topic Determining Your Tax Status. Knowing how to determine your tax status and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file under. The Five Filing Status There are five… Continue reading Determining Your Filing Status

Welcome to the topic Capital Gains Tax Explained. What Are Capital Tax Gains? Capital Gains tax is a federal tax penalty that is imposed on capital accumulation, investment and productivity. Some of the income that is subject to capital gains tax includes the sale of an investment, a home, a family business, a farm or ranch… Continue reading Capital Gains Tax Explained

Welcome to the Topic A Tax Professional- Does it Make A Difference? If you’re not sure whether you have a simple tax return you can do yourself or you wonder about missing significant tax advantages or are concerned that you might be making mistakes, use the checklist below from the American Institute of Tax Professionals… Continue reading A Tax Professional for Taxes – Does It Make a Difference?

Welcome to the topic Automatic Extension Request for Business The internal revenue service has recently been taking steps to cut down on clutter and streamline the tax filing process. Now they’ve simplified business tax return extensions. Who Can File for An Extension? A U.S. citizen or resident files this form to request an automatic extension… Continue reading Automatic Extension Requests for Businesses

Welcome to the topic Dear John Letter from the IRS. Undoubtedly, you are aware of Dear John letters. Often a young lady sent them to men in the military, often containing bad news. Well, the IRS sends them to taxpayers as well. Dear John Letters from the IRS The Internal Revenue Service sends out millions… Continue reading Dear John Letters from the IRS

Welcome to the topic Determining Your Tax Status. Knowing How to Determine Your Tax Filing Status Knowing how to determine your tax status and knowing the difference between each group will help to make filing your income tax return go smoother. Here we will discuss the ways in which you determine which status to file… Continue reading Determining Your Tax Filing Status

Welcome to the topic Corporate Income Tax Issues For 2022. There are many changes that have been made to Corporate Income Taxes for 2020. Below, we will outline some of them and the issues that could be associated with them. What Is Corporate Tax? A corporate tax is a tax imposed on a company’s profits.… Continue reading Corporate Income Tax Issues For 2022

Welcome to the topic How to Find the Best Tax Professional? According to the IRS, 53.5 percent of taxpayers hire paid preparers. If you use a tax professional to prepare your return regularly, or even if you’ve just chosen to deal with one – here are some pointers for choosing the desired professional for your… Continue reading How to Find the Best Tax Professional??

Welcome to the topic Accounting Methods- Cash and 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.… Continue reading Accounting Methods – Cash and Accrual

Internal revenue service (IRS) regulates more than 60 tax reservations for inflation to stop bracket creep on a yearly basis. It happens when people are shoved into high-rise tax brackets or have lessened value from deductions and credits because of inflation rather than an increase in real earnings. Till 2018, IRS used to use Consumer Price Index (CPI)… Continue reading 2022 Income Tax Brackets and Rates

Welcome to the topic Avoid These Dangerous Tax Scams. Tax scams have cost thousands of individuals millions of cash and their personal information. Scam artists set up individuals, businesses, payroll, and tax professionals using ordinary mail, phone, or email. To collect personal or financial information, the IRS does not approach taxpayers by email, text messages,… Continue reading Avoid These Dangerous Tax Scams

Welcome to the topic Why It’s Important to Build a Relationship with Your Tax Professional. Rethink if your idea of an accountant or tax professional is to drop your books off once a year, wait for the number crunching to be completed, pay your taxes, and then go your own ways for another year. You… Continue reading Why It’s Important to Build a Relationship with Your Tax Professional

Welcome to the topic Some Changes That May Affect Next Year’s Tax Returns. Many factors can contribute to how your tax returns end up looking. Next year’s tax returns will be no different. There are some policy changes on the horizon that may affect your tax returns, so it is good to become aware of… Continue reading Some Changes That May Affect This Year’s Tax Returns

Welcome to the topic Tax Tips for Small Business Owners. It’s difficult enough to run a business without adding the additional complication of filing taxes each year. Working with your accountant throughout the year, rather than just while preparing your tax return, is the key, according to experts. Making financial decisions without contacting an accountant… Continue reading Tax Tips for Small Business Owners

Welcome to the topic IRS New Standard Deduction and Tax Bracket: What to Know. In 2022, the standard deduction and income tax brackets will be changed to account for inflation. On Nov. 10, the Internal Revenue Service revealed annual inflation adjustments for over 60 tax-related provisions for the tax year 2022, along with a greater… Continue reading IRS New Standard Deduction and Tax Bracket: What to Know

Welcome to the topic Do You Qualify for A Tax Refund? The US has a multiple income tax system, with federal, state, and municipal governments all imposing taxes. In that, they impose a percentage rate on taxable incomes, federal and state income taxes are comparable. Still, they vary significantly in terms of those rates and… Continue reading Do You Qualify for a Tax Refund?

Welcome to the topic of Automobile Tax Expenses. If you use a vehicle for conducting business, you can deduct certain automobile tax expenses from your tax bill. This is true even if you use the vehicle for personal and business needs. Automobile Tax Expenses The powers that behave historically written sections into the tax code… Continue reading Automobile Tax Expenses with IRS Deductions

Parents must give serious thought to protecting their family through estate tax planning. While life insurance and trusts should be a part of every plan, Roth IRAs can be a simple tool for passing money to your child on a tax-free basis. Welcome to the Topic Create Tax Savings and Transfer Wealth to Your Child with A… Continue reading Create Tax Savings and Transfer Wealth to Your Child with A Roth IRA

There was once a song about battling the law and losing. Fortunately, battling the IRS is possible and sometimes inevitable. Welcome to the topic Battling the IRS. Battling the IRS There comes a time when many Americans must take action against the IRS. The IRS can come down swiftly and without mercy against taxpayers for… Continue reading Battling the IRS- The Big IRS Audit

Being prepared is the best way to avoid panic. Being ready for anything will help you to stay calm, sum up the situation quickly, and proceed with more efficient, capable actions. A great way to apply these words is when you choose an insurance policy, a business entity and when you file your taxes. Taxes are great, but… Continue reading National Insurance & Tax Service-What we offer!

Welcome to the topic Child Custody Agreement & Taxes. A child custody agreement can have serious implications on your tax filing and your taxes overall. This issue should be addressed with your attorney or with your accountant while you are going through the process of negotiating or litigating child custody or a divorce agreement. Waiting… Continue reading Child Custody Agreement and Taxes

Welcome to the topic Tax Filing Season Has Begun: Now What? Tax Filing Season 2022 has now begun! Tax season is usually a time of stressful one-nighters; however, a little preparation can help it be a smooth experience. Here are a few pointers on what to expect for the new tax filing season to help… Continue reading Tax Filing Season Has Begun: Now What?

Welcome to the topic Tax Season 2022: What You Need To Know. It’s good to begin planning ahead for the upcoming tax season – getting a head start will help you to collect your required data beforehand so you can escape the rush and panic. Read on to get details on everything you need to… Continue reading Tax Season 2022: What You Need to Know

Vast numbers of families in the United States have already received monthly advance Child Tax Credit payments, which will continue through December. You may believe you’re all ready now that you know how much money you’ll get monthly. But how will the changes to the Child Tax Credit affect your tax return in 2021? Should… Continue reading IRS Letter 6419-2020

Freedom is life, there are many reasons why someone may want to be his or her own boss, it can be that you want to manage your time by yourself or that you don’t just want to be answerable to anybody in the office, whatever it is. Being a boss doesn’t come easy, a lot… Continue reading BE YOUR OWN BOSS!

Welcome to the topic Too Busy For Your Taxes? Let Our Tax Experts Do It For You! Every significant task raises the question of whether people should do it themselves or employ a professional. While the growing availability of tax preparation software makes it easier to complete your own taxes, it hasn’t driven CPAs and… Continue reading Too Busy For Your Taxes? Let Our Tax Experts Do It For You!

Welcome to the topic of “Business Use of Home.” During the pandemic, more Americans began to think more about working from home and becoming entrepreneurs in their own right. Putting your thoughts and ideas to action is one thing, but understanding the tax implications are another. Did you know that you can deduct certain home… Continue reading Business Use of Home

Welcome to the topic “Business Entity Comparison.” Let’s face it, now more than ever we are thinking about becoming an entrepreneur in some from. You may have heard the term business entity many times before throughout your journey, but do you know the definition of a business entity? What is a Business Entity? Business entities… Continue reading Business Entity Comparison