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. [Read More]
3 Reasons You Should Hire An Accountant To Help Take Care Of Your Small Business
Most small business owners spend a lot of time on the daily tasks required to just keep the business running. Whether it's things like ordering new inventory or providing one on one time for your customers and clients, running a small business is obviously very time-consuming. It can be so time-consuming, in fact, that it doesn't leave a lot of time for behind the scenes work like bookkeeping. If you are struggling to handle your daily paperwork, it might be time to hire a small business accounting specialist. [Read More]
What Are The Advantages Of Filing Joint Tax Returns?
When a married couple has two separate incomes, they have the option of filing their taxes together or filing them separately. While there are benefits of filing separately, many married couples prefer to file their taxes jointly instead. This may save some time if you are meeting with an accountant to have your taxes filed and it may also be a bit cheaper to file your taxes jointly instead of having two separate appointments. [Read More]
Opening A Small Business? Don't Fall For These Common Small Business Errors
As a first-time business owner, it is easy to get caught up in the idea that is driving your new business. However, make sure you don't get so caught up in the big idea that you forget about the little details. Here are the three most common errors that new small business owners tend to do when they don't take the time to really think out the financial side of their business. [Read More]