2022 Gift Tax Rate: What It Is, How It Works and Who Has to Pay It
During our lifetime, you always want to give the best things to your beloved ones. And while sending valuable gifts to your spouse,...
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- Jan 5, 2022
- 4 min
IRS Home Office Tax Deduction for Small Business Owners - Help you Reduce Tax Bill
Has the coronavirus led you to start a business or become your own boss this year? If you are a small-business owner and use part of your...
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- Jan 26, 2021
- 2 min
1099-NEC and 1099-MISC: Do I use 1099 MISC or 1099 NEC?
In 2021, the IRS has introduced the new Form 1099-NEC to reporting independent contractor income.
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- Sep 17, 2020
- 3 min
The differences of Enrolled Agent vs. CPA
Both EAs and CPAs are granted unlimited representation rights to represent taxpayers before the IRS.
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- Aug 3, 2020
- 2 min
Keep Smart Records To Audit-Proof Tax Return
“Audit-proofing” your return means documenting deductions so that you can prove them if you’re audited. Today’s historically low audit...
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- Aug 1, 2020
- 2 min
IRS Tax Tips: How to troubleshoot after-tax-day issues
Tax deadline to file and pay federal income taxes deadline is now behind us. However, some taxpayers still facing certain problems after...
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- Jul 28, 2020
- 2 min
4 changes on 2020 tax deduction
The tax season is here again! This year, the IRS announced 4 recent changes in tax laws that can save you a lot. 1. Individual Income Tax...
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- Jun 29, 2020
- 3 min
Inventory vs Cost of Goods Sold
Inventory Companies that are in the manufacturing and selling of physical goods industry are required to record Inventory as an ASSET in...
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- Jun 23, 2020
- 2 min
Three-Way Reconciliation Of Your Trust Account
At the end of every month, it is time for you to reconcile your trust bank account. This lets you confirm that your transaction records...
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- Nov 29, 2017
- 1 min
Three Main Strategies for Cutting Your Tax
The goal of tax planning is to arrange your financial affairs in order to minimize your taxes. Here are three tax-cutting strategies that...
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- Nov 10, 2017
- 3 min
Deducting Business Expenses
Business expenses are the cost of conducting a trade or business. These expenses are usually deductible if the business operates to gain...
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- Sep 25, 2016
- 2 min
How to Start Tax Planning
If you want to pay the least amount of income tax each year, then it may be helpful to start doing some tax planning. Don’t worry - you...
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