Category: Tax-Tip

Tax-Tip

The Complete Guide For 2022 Taxes

Tax Guide Tax season can be confusing and stressful, not everyone has the time or knowledge to organize their taxes themselves. At Hylen, we offer tax services that can make filing your taxes quick and easy. Keep reading to learn tips and important information to help you file your 2022

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Accounting

Accounting For Your Online Business: What You Need To Know

As online shopping continues to expand and become the main source for many to purchase products and services, online businesses need to track their sales and stay on top of their finances. Whether an online business is new or well-established, it’s important to understand the finances behind the business, the

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Tax-Tip

IRS BACKLOG OF TAX RETURNS HITS 35 MILLION

The IRS has ended the filing season with a backlog of over 35 million individual and business income tax returns that require manual processing, after facing an “unprecedented” number of returns requiring manual review, according to the National Taxpayer Advocate. The “historically high” number of returns requiring manual review means

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Tax-Tip

2020 Taxes: What You Need To Know Before Filing

Due to Covid-19 and many other things, a lot has changed for the 2020 tax season, and now more than ever it’s important to start thinking about your tax situation while you still have time on your side. As the pandemic still plays a significant role in our economy, the

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Accounting

COVID-19: Updated Tax Filing Facts

With the current COVID-19 pandemic, many of us are finding ourselves doing more virtually. From meetings to happy hours, we are doing more online – including our taxes. In a period of time where most Americans are usually concerned about tax filing, there are now new accommodations as a result

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How to prepare for tax season

With tax season upon us, many are stressed and concerned about filing properly. There are a few things one can do in order to make the process of filing taxes a bit easier and maybe even enjoyable! First, you must determine your filling date since some small business tax returns

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Tax-Tip

Cash vs. Accrual Basis Accounting

What is the difference between Accrual Basis and Cash Basis Accounting? ACCRUAL BASIS The accrual basis method takes into account all revenue and expenses at the moment they are earned or incurred. However, this method works independently of the function of time and whether the money for either revenue or

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New Business

Expenses of Going Into Business

Once you’re running a business, expenses such as advertising, utilities, office supplies, and repairs can be deducted as current business expenses — but not before you open your doors for business. The costs of getting a business started are capital expenses, and you may deduct $5,000 the first year you’re

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