Cash Basis vs. Accrual Accounting – Differences Between These Methods
When you file a tax return for your small business, one of the questions on the form asks about your accounting method: cash or accrual. Deciding whether your business uses the cash or accrual accounting method is a pretty significant decision. Which should your small business use? Learn more here.
5 Taxable Fringe Benefits You Must Report as Income to the...
Many employers and employees think of fringe benefits as freebies that don’t impact the employee’s taxable income. But that’s not always the case. Leaving them out of the employee’s wages can be a costly error to make. Learn more about fringe benefits and which ones you do and don’t have to report.
How to Choose a CPA for Your Tax Accounting Needs
From tax planning to business accounting, there are many reasons to entrust your finances to a Certified Public Accountant (CPA). Here are five steps to choosing a CPA who’s a good fit for you, and with whom you’ll feel comfortable working over the long term.
Green Energy Tax Credits for Home Improvement & Energy Efficiency
Minor efficiency upgrades are a fast, easy, and effective way to save money on utilities. But they don't permanently improve your home's ability to retain warm or cool air. Fortunately, these government tax credits and incentives can offset the cost of residential green energy projects.
IRS Tax Form 1099-DIV – How Are Dividends Taxed?
Many investors earn dividends from their portfolio. It’s important to understand the different types of dividends and what to expect in terms of paying taxes on them. Learn how different types of dividends are taxed and how to read the Form 1099-DIV tax form to be adequately prepared for tax day.
How Much Is Self-Employment Tax & How Do You Pay It?
If you’ve ever been employed, you know about the Social Security and Medicare taxes your employer withholds from each paycheck. Self-employment taxes are the equivalent for the self-employed. Learn how much self-employment tax to expect, how to pay it, and how to reduce your self-employment taxes.
10 Ways a Side Gig or Business Can Impact Your Taxes
As a self-employed person or business owner, you get access to tax deductions and benefits not available to most employees. Here’s what you need to know about how a side gig changes your tax situation, often for the better.
Best Credit Cards to Use to Pay Your Taxes in 2021
Paying taxes with a credit card isn’t always ideal, but it does make sense for certain taxpayers, especially those who’ve recently signed up for new cards with long 0% APR introductory promotions or generous sign-up bonuses. Read on for suggestions of the best credit cards to use to pay your taxes.
Why Your Taxes Could Go Up in Retirement and How to...
Many people believe retirement means lower taxes. But just because you’re no longer earning a paycheck doesn’t mean the taxman's out of your life forever. And with major economic and demographic challenges on the horizon, it’s time to start laying the groundwork now for lower taxes in retirement.
Tax Benefits of Real Estate Investment Properties – IRS Rules Explained
There are many tax benefits to real estate investing. You can intentionally structure your real estate investments to minimize your taxes on multiple forms of income, including real estate profits. But before you dive in headfirst, ensure you understand which tax benefits you qualify for.
12 Common Tax Filing Mistakes & Errors and How to Correct...
There are many errors the IRS regularly encounters. They can cause your refund to be delayed by weeks or months as the IRS tries to sort out the answers. In some instances, you may even need to file an amended return. Be sure to double-check your returns for the following easily overlooked errors.
Wealth Tax – What It Is, Pros & Cons of Current...
During the 2020 presidential primary, multiple candidates drew attention to the concept of a wealth tax. While wealth taxes can come in many forms, there’s a lot of misinformation and misunderstanding about them. Find out how they work and who they really impact.
