Charity organizations need that old car you parked in your garage and haven’t driven for the past three years. That’s not all. The good news is that you can get a tax write-off when you donate the car. The current increase in the prices of new cars in the market has increased the demand for…
There are instances when property owners believe their property assessments are inaccurately high, leading to an undue financial burden. Fortunately, you can challenge property assessments in Texas if you believe they are inaccurate or unjust. From understanding the reasons to protest and gathering compelling evidence to engaging in effective communication during hearings and exploring mediation…
Tax preparation software can impact tax filing processes. No business owner wants to get into trouble with the IRS, so you need a reliable software to help you achieve your goals. There are different tax filing software available, but TaxAct and TurboTax are two popular options on the market. Each offers a suite of features…
Today, we will discuss about a topic that could put some serious cash back into your pockets and supercharge your business growth – it’s all about “Tax Credits for Small Businesses in the US”! Now picture this – you’ve been working hard to build your dream business, serving your customers with passion and dedication. But…
Taxes are compulsory for individuals and businesses and staying ahead of tax responsibilities is a task that cannot be overlooked. As the financial year comes to a close, individuals and businesses find themselves navigating the intricacy of tax regulations and paperwork, often leading to undue stress and anxiety. Fear not, for the digital age has…
As a tax preparer, your expertise lies in tax laws, deductions, and credits. It is important to note that you can never be entirely immune to mistakes while you diligently serve your clients. Even the most experienced professionals can find themselves facing legal challenges due to errors or omissions in their work. That’s where Errors…
It seems you have triggered an IRS audit through any the red flags that could trigger an IRS tax audit. We understand that facing an IRS audit can be a daunting experience for any individual or business owner. The prospect of the Internal Revenue Service (IRS) scrutinizing your financial records and tax returns might instill…
Today we’re going to talk about those pesky red flags that might trigger an IRS tax audit. Believe me, this is crucial information to keep your finances in check and avoid any unwanted surprises from the taxman. According to the Transactional Records Access Clearinghouse (TRAC), the IRS audited 659,003 out of over 160 million individual…
Managing personal finances in this digital age has become more convenient and efficient. With the advent of tax preparation software, individuals can now simplify the daunting task of filing their taxes. However, while many taxpayers are familiar with the general use of such software, they might not fully grasp the significance of providing their bank…
Tax Fraud Vs. Tax Evasion: Many people confuse “tax fraud” and “tax evasion” and use them interchangeably, especially if they are new to tax laws. This confusion has led to misunderstandings about the two terms. Both activities involve illegal tax practices. However, it is crucial to understand that tax fraud and evasion are separate violations…