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
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
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
Keep it separate. That new backpack for your kids isn’t a business expense, but your business credit card was handy so you used it. Sure, you can pay back your business for a personal expenditure, or the other way around, but if you’re going to do it right you actually
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
At Hylen CPA, Inc., we are fully trained on the Tax Cut Jobs Act (TCJA) of 2018. This update is the most sweeping tax reform our country has seen since 1986 and will affect all businesses and individuals at the federal level. We’ve created a list of need-to-know information for
Many taxpayers delay filing their income tax returns until late March or early April, but they may not realize there are several benefits to completing their taxes early. Read our list of six reasons why you should complete your taxes sooner rather than later! 1)Receive refund quicker Of course, the
Self-employment tax is Social Security and Medicare paid by self-employed individuals. When you are a sole proprietor (which includes the sole member of a single-member LLC), you get paid the complete amount you earn. No deductibles or taxes are taken out of your payments made to you by your clients.
April 15 might be one of the dates people think of the most as they rush to file their taxes. One form that is often forgotten is the gift tax returns form, also known as Form 709, which covers taxable gifts that were bestowed the previous year. What does this
During tax season, many clients who moved to another state or have income coming from different states ask if they need to file taxes in more than one state. You may be thinking that this is not something you need to worry about since it isn’t tax season; but it