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As the adage goes, “Time is money,” and for small businesses, this couldn’t be truer, especially when it comes to filing taxes. However, despite its importance, late tax filing is a common issue that many small businesses face. Things happen,… Read More
Archive for the ‘The IRS’ Category
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How to File a W-2 for Your Employees
Every year, businesses need to file IRS W-2 forms for each of their employees. This is critical because it is how employers claim wages, withheld wages, and benefits for their employees. W-2 forms are due for the previous calendar year… Read More
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Common Small Business Tax Mistakes
Taking on the task of running a small business can be overwhelming, and having to deal with small business taxes doesn’t make things any easier. There’s a lot to know about how small business taxes work—how to claim employees, what… Read More
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Tax Tips: Claiming Travel Expenses
When you need to travel for business, it can be difficult to determine which expenses you can claim on your taxes. It’s important to do your research by checking out the official IRS website for rules and guidelines, but you… Read More
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Why Is Bookkeeping Important?
Bookkeeping, the act of keeping financial records pertaining to your business, is a critical component of a successful business. Having organized and well-kept financial records will give your business an edge in many different ways. Whether you do it yourself… Read More
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2 Ways You Can Avoid Penalties from the IRS
Tax Day 2022 returns its original April 15th deadline. While that seems like it’s ages away, it’s a good idea to stay on top of your finances. Falling behind on tax payments (or even worse – outright dodging the taxes… Read More
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3 Frequently-Asked Questions About How an IRS Audit Works
Being audited by the Internal Revenue Service is never a pleasant prospect. Although it’s rare, it can still happen. Doing your due diligence can help avoid this situation. That way, you’ll be able to steer clear of any harsh consequences,… Read More
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The IRS is Revising Its Tax Deadline for This Year
Great news! The IRS is once again changing its tax deadline. Much like last year, the ongoing COVID-19 pandemic disrupts life as we knew it before. The Internal Revenue Service has acted swiftly to ease the concerns of all taxpayers…. Read More
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Pointers for Avoiding Harsh IRS Penalties
For most people, the IRS is a confusing and frightening government entity. In fact, many people are unaware of how taxes and the IRS ultimately work. But, it doesn’t have to be such a big, scary beast. While the IRS… Read More
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IRS Questions: Crypto Tax And How to Report It for Your Clients
When it comes to crypto taxes, understanding the nuances associated with them becomes increasingly important. In fact, properly accounting for any crypto taxes can make a huge difference for your clients. As a result, thoroughly understanding how to properly report… Read More