Tax Tips
Here are some tips to help you get through this tax season.
Remote Worker vs. Working From Home: How Does It Affect Your Taxes?
Many businesses have been forced to switch to an entirely remote workforce. While working from home you may be asking yourself, how can you and your business file taxes correctly for home-based work, and are there any benefits you should be aware of when filing your taxes for remote work?
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 of the pandemic. Hylen recognizes
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 are due on March 15
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 expense has actually been paid
Keep Your Business Account Separate
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 have to record an accounting
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 in business; any remainder must
Need-to-know Information About the 2018 Tax Cut Jobs Act (TCJA)
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 individuals and businesses below: Individuals
6 Reasons You Should File Your Taxes Early
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 faster you file your taxes,
