Tax Tips

Here are some tips to help you get through this tax season.

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 in business; any remainder must

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Tax-Tip

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

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Accounting

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,

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Accounting

What is Self-Employment Tax and why do I have to pay it?

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. Throughout the year, you are

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Accounting

What You Need to Know About Gift Tax Returns

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 mean? In your lifetime, you

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Accounting

Benefits of Good Bookkeeping

Now that tax season is complete, you may be wondering how to better prepare and organize your business’ finances. If you are managing a growing business’ finances yourself, you have most likely noticed the importance of organization and updated reports – especially when you are trying to provide an accountant with accurate numbers. Read below

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