Citing COVID-related issues from last year and a need to provide relief to taxpayers, lawmakers have asked the IRS to extend the tax season to July 15. For some accounting professionals, that could be a good thing: more time to work on difficult filings and close deals with new clients, and hopefully less deadline-driven stress and long hours.
6 min read
We’ve all heard about or experienced firsthand some awful stories about hiring for tax season, and we do our best to avoid them from happening to us—or from happening again!
6 min read
The ideal tax season is one that requires no tax work at all. Sure, tax can be lucrative, and it’s always nice to present a return to a client who’s truly grateful for your work...especially when they make it easy on you. But imagine a low-stress tax cycle that leverages automation so that you’re only involved with review and client interaction—how sweet!
Topics: Taxes rapid write-up automated tax return
9 min read
Here's a fun fact for your holiday reflection: according to the Bureau of Labor Statistics, there are over 1.3 million certified accountants in the US. While you may not be among their ranks, you can still learn some important skills from these hardworking professionals.
Topics: Bookkeeping Taxes tips bookkeeping tips
3 min read
If you’re putting off planning for your 2018 tax return, you’re running out of time.
The opening of each new tax season starts toward the end of January. Last year’s tax season began on January 29th, and while we’re still waiting to hear on this year’s timeline, it’s never too early to start planning.
Of course, most businesses leave their tax filing to their in-house accountants or outsourced CPAs, but whether you’re having a professional do it, or you’re taking the DIY approach, it’s good to get a jump start on the process.
3 min read
Just like there’s a really, really big difference between tax avoidance (lessening tax liability and legal) and tax evasion (the deliberate under- or nonpayment of taxes and criminal), there’s a big distinction between tax planning and tax filing. Unfortunately, if you’re like most people, it’s a distinction you’re not all that familiar with.
The short version goes something like this:
Tax filing is when you prepare and submit your tax return to the IRS by a determined deadline.
Tax planning is working with a financial professional to make sure you use the tax code to your greatest advantage.
Topics: Taxes tax planning tax preparation
4 min read
Good ol' tax time is going to come without fail, and in a perfect world you would be able to pay your business taxes on time, every time. When the due date rolls around, you’d simply transfer the money to the government and be done with it.
Of course, we don’t live in a perfect world. Instead, cash flow gets tight from time to time, different things get prioritized, and before you know it you’re paying your taxes late. Life happens, right? The best thing you can do is chart a path to get back on schedule as quickly as possible. Here are four simple tips to help you get back on track.
2 min read
Just out is a supplement to the latest edition of the J.K. Lasser's Small Business Taxes 2018: Your Complete Guide to a Better Bottom Line.
Topics: Small Businesses Taxes
1 min read
One of the first things that you’ll discover when you start a small business is just how much everything costs. From paying bills to stocking product or funding services, the expenses of running a business can be endless—and a little shocking. Fortunately (or not), not everything that you pay for is considered an “expense” in the world of finance. And those that are, can help you cut down your tax bill considerably if accounted correctly. Since every business owner knows that the number one rule of owning a business is not to mess with the IRS, it’s important to understand expenses and how to account for them early on.
Topics: Bookkeeping Ebook Small Businesses Taxes
3 min read
Bookkeeping for Startups: 106
Nobody likes taxes. It would be hard to imagine a business owner or manager who looks forward to paying taxes—even though we all understand why they are necessary. If you are anything like other business owners, you probably mark out the days that tax payments are due on your calendar, and then you do your best not to think about it for the rest of the year.
Topics: Bookkeeping Startup Spotlight Taxes
5 min read
If you are a self-employed contractor or freelancer, and you earned more than $600 from a client in the past year, you’ll be receiving a 1099 tax form from them this tax season. Likewise, if you own a business and paid an independent contractor more than $600 in the past year, you’ll have to send them a 1099 form, and report it to the IRS. These forms aren’t anyone’s favorite thing to receive, but with more and more workers turning to freelance work, they are increasingly common.
Topics: Bookkeeping Taxes
3 min read
Running a non-profit organization is a rewarding opportunity. Not only do you get to apply your skills and experience in the ‘real world’, you also get to work for an organization that is serving a greater cause. If you want to be able to feel good about what you have done at the end of each day, starting a non-profit organization is a great idea.