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?
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
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
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 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 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
