If you intend to deduct business travel expenses on your income tax return, you need to keep organized and adequate records. In the event of a tax audit, having proper documentation will ensure that you will be able to substantiate your deductions and get the tax savings for which you are eligible.
It's tax season, and most of us are focused on preparing and filing tax returns. You may file your return yourself or hire a tax preparation firm that provides small business accounting services. Either way, make sure you consider one key way to reduce your tax bill: the home office deduction.
You wouldn’t spend more than necessary on utilities for your rental properties, would you? Then why would you spend more on taxes than you have to? Every year, landlords lose money because they overpay on their taxes, missing important and easy deductions that could put cash into their pockets.
The end of the year is a busy time. You have the holidays to plan for, family to see, and gifts to buy. You also have to take care of some important business duties so you will have a successful year when the calendar flips over. Year-end tax planning is one of the most important tasks you can take on at the end of the year.
Taxes. If you are self-employed, the myriad tax rules that apply to your income may dampen your entrepreneurial spirit. Especially as the tax year comes to an end. But, taxes don’t have to be such a burden. We’re here to give you some advice on how you can take advantage of tax planning strategies this year.
If you intend to deduct business travel expenses on your income tax return, you need to keep organized and adequate records. In the event of a tax audit, having proper documentation will ensure that you will be able to substantiate your deductions and get the tax savings for which you are eligible.
A limited liability company (LLC) is one of the most popular business entity forms. An LLC can elect to be treated as a sole proprietorship, a corporation or an S corporation. These options for a LLC can be confusing. Tax planning rules are often difficult to follow, but proper adherence is required to ensure the best tax situation. Consider sole proprietorships:
Tax deductions can be a real incentive when you need to help your children plan for how to pay for college. There are several types of college savings accounts that are available, and it is best to talk with a qualified accountant to pick the best savings plan for your needs.
You wouldn’t spend more than necessary on utilities for your rental property, would you? Then why would you spend more on taxes than you have to? Every year, landlords lose money because they overpay on their taxes, missing important and easy deductions that could put cash into their pockets.
April 15th is a dreaded day for many people because it is the day that their annual tax payments are due. How are you doing so far this year? Have you been able to gather and organize all of the information you need to complete your business and individual tax returns for the year? If not, you may need the help of tax preparation services.