by Admin | Jun 6, 2022 | Business Taxes, Individual Taxes, Tax Planning
An audit conducted by TIGTA has found that the IRS intentionally destroyed an estimated 30 million paper-filed tax return documents in March 2021. However, the tax collection agency says no taxpayers were negatively affected by the destruction of these documents. The...
by Admin | Jun 2, 2022 | Business Taxes, Entrepreneurial, Individual Taxes, Tax Planning
Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their...
by Admin | May 31, 2022 | Business Taxes, Entrepreneurial, Tax Planning
If you own or manage an auto repair shop, then accounting and bookkeeping are likely pretty low on your list of favorite past times. Unfortunately, tracking revenue and expenses and other financial aspects of your business is absolutely essential to your success....
by Admin | May 26, 2022 | Business Taxes, Tax Planning
Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the virus, new businesses will be opening as the economy returns to near normal. ...
by Admin | May 24, 2022 | Business Taxes, Individual Taxes, Tax Planning
There’s an old saying that reminds us “if you fail to plan, you plan to fail.” Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren’t just an...
by Admin | May 19, 2022 | Business Taxes, Tax Planning
Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits flow through to its shareholders’ individual tax returns on a pro rata basis....
