Tax Tips
Here are some tips to help you get through this tax season.
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,
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
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
How do I know if I need to file a tax return in more than one state?
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 is important to understand what
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
State Tax Returns
A question I get a lot is, “In which state(s) do I have to file a tax return?” That’s a great question, with a sometimes confusing answer. Basically, the answer is: Your home state Wherever you have a “physical presence.” Simply put: Where did you physically earn money during the tax year? You always have
Tax Deductions for Small Businesses
As a small business owner, you’re swamped with responsibilities and paperwork. Now that tax season is here, you’re thinking, “What exactly can small business owners deduct from their business’ taxes?”. Good news! You can deduct anything and everything that has a legitimate business purpose. If a payment is made to strengthen, promote, or further a