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02 Apr

Posted at 19:08h in Taxes

Organization isn't just a task or a nice-to-have virtue in business; it's a game changer that boosts productivity, reduces stress, and opens doors to new opportunities. Keeping your accounting and tax records well-organized not only ensures compliance but also directly impacts the success and peace of mind of your business. Organization: More Than Order, a Pillar of Success Good organization goes beyond keeping files neat. It's about building a solid foundation that allows you to make informed, strategic decisions. Having clarity on the financial health of your business is like having a roadmap for your journey—it helps you avoid costly mistakes, identify savings opportunities, and chart the path to growth. Often, the lack of organization leads to decisions based on assumptions. This can result in mistakes that cost time, money, and sometimes, customer trust. On the other hand, an organized accounting system gives you a clear view of...

22 Jul

Posted at 17:01h in Taxes

What Are Estimated Taxes? Estimated taxes are advance payments of income tax. They apply to income that isn't subject to withholding, such as self-employment, investments, rental income, or gig work. The IRS requires these payments because the U.S. tax system works under the "pay-as-you-earn" model—meaning you must pay taxes as you receive income, not just at the end of the year. Who Must Pay Estimated Taxes? You must make estimated payments if: First, you expect to owe at least $1,000 in taxes for the year, after subtracting withholdings and refundable credits. Plus, your withholdings and credits will be less than the smaller of: 90% of the tax shown on your current return, or 100% of the tax from your previous year's return (if it covered the full 12 months). In summary, this applies to individuals such as: sole proprietors, partners in partnerships, S-corporation shareholders, and anyone who receives significant income without withholding. Corporations...

26 Sep

Posted at 19:56h in Blog, Business, Taxes

Pros: Free and fastSecure transactionsIntegrates with many banking appsYou don't need the recipient's banking informationThere are no receiving limits. Cons: There is currently no fraud protectionYou can't transfer funds from a credit cardOnly supports U.S. bank accountsYou can't cancel certain paymentsThere are payment limits What is Zelle and how does it work? Zelle is a free payments app that is easy to use and transfers money fast. This mobile peer-to-peer payment app lets you send money directly from one bank account to another. It's a good way to send money to someone you already know. To send money via Zelle, you don't need to know the recipient's bank account details. Instead, you can use their phone number or email address. Zelle will then send a text message or email to let them know there's a payment waiting. This mobile payment app was created by some of the big banks and it now...

26 Sep

Posted at 19:43h in Blog, Business, Taxes

A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. It is critical for business owners to correctly determine whether the people providing services are employees or independent contractors. Here’s some information to help business owners avoid problems that can result from misclassifying workers.An employee is generally considered anyone who performs services, if the business can control what will be done and how it will be done. What matters is that the business has the right to control the details of how the worker's services are performed. Independent contractors are normally people in an independent trade, business or profession in which they offer their services to the public.Independent contractor vs. employeeWhether a worker is an independent contractor, or an employee depends on the relationship between the worker and the business. Generally, there are three...

26 Sep

Posted at 18:59h in Blog, Business, Taxes

Taxpayers have the right to retain an authorized representative of their choice to represent them when they are dealing with the IRS. They also have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation. This is one of the ten fundamental rights of all taxpayers as outlined in the Taxpayer Bill of Rights. What the right to retain representation means for taxpayers: Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS.Taxpayers who are heading to an interview with the IRS may select someone to represent them.Taxpayers who retain representation don't have to attend with their representative unless the IRS formally summons them to appear.In most situations, the IRS must suspend an interview if the taxpayer requests to consult with a representative, such as an attorney, certified public accountant or enrolled agent.Any attorney, CPA,...

26 Sep

Posted at 15:42h in Blog, Business, Taxes

After an emergency or disaster, people rally to help victims by donating money. Unfortunately, this can give criminals an opportunity to prey on them by soliciting donations for fake charities. Scammers may also pose as federal agencies to dupe disaster victims trying to get disaster relief.People should always be suspicious of unsolicited contact. Scammers often contact their possible victim by telephone, social media, email or in person. People donating to charity should make sure their money is going to a reputable organization. Thieves may pose as a representative of a charity to ask for money or private information from well-intentioned taxpayers.Scammers may set up bogus websites using names that sound like real charities. When a taxpayer searches for a charity online, they find the fake website or social media page, instead.Donors can use the Tax Exempt Organization Search to find or verify qualified charities. Donations to these real charities may...