Tag: tax

Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals. But despite their proven importance, many business owners dread and avoid accounting tasks. In fact, 40% of surveyed entrepreneurs claim that bookkeeping is one the worst parts of running a business! Wondering…  Read more

Preparing for tax season is really a year-round endeavor. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill while avoiding penalties associated with missing or inaccurate information. Here are four more ways to…  Read more

The Tax Cuts and Jobs Act (TCJA) of 2017 brought a lot of changes to the tax law. The tax reform went into effect in 2018. The first tax returns affected by the reform  will be filed by April 17, 2019.  There are some major changes you should be aware before you file your personal income taxes. 1- New Form 1040: Forms 1040A and 1040EZ have been eliminated. In an…  Read more

La Ley de Empleos y Reducción de Impuestos (TCJA), aprobada en Diciembre de 2017, hizo muchos cambios a la ley tributaria. La reforma tributaria entró en efecto en el 2018. Las primeras declaraciones de impuestos afectadas deben de ser llenadas antes de Abril 17, 2019. Existen cambios importantes que debe conocer antes de llenar sus impuestos personales. 1-Nueva Forma 1040:  Las Formas 1040A y 1040EZ fueron eliminadas. Para simplificar el…  Read more

Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support…  Read more

No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare. These four steps will help you get through the process with minimal stress and the best possible outcome. Respond promptly If…  Read more