Five Mistakes To Avoid If You're Undergoing An IRS Audit
Audits initiated by the IRS can cost you a lot of money if you don't handle them properly. For many people, facing an audit can cause stress and provoke feelings of dread. However, dealing with an audit isn't nearly as complicated or costly as most people assume. You can get through your audit as smoothly as possible by avoiding the following five mistakes: Trying to rush through the audit While you might be eager to get your audit over with, you're probably better off if you take your time with it and delay whenever possible.
3 Important Actions To Take Before Drafting Your Estate Plan
Every responsible adult should have an estate plan. An estate plan ensures that when you die, all of your belongings go to the appropriate party. Once you have any assets to speak of, or children to look after, you should have an estate plan. Here are four important steps you should take in preparing your estate plan. #1 Create an Inventory Before you head to the lawyer's office, you need to spend some time making an inventory of your assets as well as your liabilities.
Getting Married This Summer? 4 Tips To Get Ahead Of Your Taxes
If you are getting married this summer, you are going to want to make sure that you and your spouse spend some time thinking about the tax implications of getting married. After you get married, there are a few things that you are going to want to do right away in order to make tax season easier next year. #1 Change Your Name If one or both of you is choosing to change your name, you need to make sure that you let the Social Security Administration know.
Financial Tips For New Cannabis Dispensary Owners
If medical or recreational cannabis is legal in your state and you are opening a dispensary to get in on the ground floor of this growing industry, then these tips will help you manage the financial aspects of your new business: Tip: Understand U. S. Tax Code 280E Since cannabis is still classified as a Schedule 1 drug under United States law, your dispensary falls under U. S. Tax Code 280E. This section of the tax code regulates how you are able to deduct expenses for your business when filing its federal income taxes.
4 Valuable Reasons To Get Started On Your Income Taxes Early
As the new year starts, it's time for another season to begin. What season? Income tax season. And while those words don't fill most people's hearts with glee, there are several good reasons to embrace the start of tax season and get a jump on filing now. What are those reasons? Here are the top four. Time to Work. Getting all the deductions and credits to which you're entitled can sometimes require a little extra work.
How Professional Accounting Helps Your Small Business
While there is software that can help you take care of your finances without a specialist, there are still many ways that an accountant's work can benefit your business. Here are some of the main reasons to hire an accountant, either full-time or on a consulting basis. Their Expertise Matters There is only so much that accounting software can do to keep your business on track. Actually, accounting software is best used as a tool to help a specialist do his or her work more efficiently.
Not Sure If Your Taxes Are Right? Let An Accounting Firm Take A Second Look
Preparing your own taxes, especially if you are a small business owner, can get quite tricky. Even if you sail through the paperwork or software with ease, you might forget something and have to file an edited and updated form. If you want to be absolutely sure your taxes are correct, you can always have an accounting firm take a second look. Here is how "second look" services are generally handled.
Recharacterizing An IRA Contribution Or Conversion
Tax filers sometimes have a change of opinion concerning their investment choices. Many decisions become final at the end of a tax year, but there is some additional flexibility in individual retirement accounts. Individuals who initially select between a traditional IRA or a Roth IRA can timely change their mind and reverse their choice of IRA type. You may have converted a traditional IRA to a Roth IRA before realizing that you actually prefer keeping the funds in the traditional IRA.
Budgeting Tips For Your Small Pet Store And Ways To Reduce And File Paperwork
If you own a small pet store and have been overspending and are encountering disorganization in your company's office, the following tips can be used to assist with budgeting and reducing and filing paperwork. Hire An Accountant Hire an accountant to help prepare payroll and check figures that have been calculated for accounts receivable and payable in order to make sure that they are accurate. An accountant can also assist with managing taxes and finding tax breaks for your company and preparing tax returns.
Reporting Miscellaneous Sources Of Taxable Income
Most categories of taxable income are reported on a specific line on Form 1040 intended for that particular type of income. There is, however, one line on Form 1040 designated for miscellaneous income. Tax filers must report income that does not fit neatly into a specific category as miscellaneous income. The catchall category of miscellaneous income encompasses a wide array of taxable activities. Jury duty Although the pay is relatively low, serving on a jury is considered a civic duty.