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
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 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 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 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 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 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
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