18 Ways to Reduce Your Tax Bill Legally
Paying taxes is an unavoidable part of life, but there are many legal ways to reduce your tax bill. While outright tax evasion is never recommended, taking advantage of deductions, credits, and other strategies can help lower the amount you owe each year. In this blog post guide, we’ll explore 18 effective ways you can […]
IRS Targets 125,000 High-Income Individuals for Unfiled Tax Returns
The IRS announced on Thursday that it is reinstating its non-filer enforcement program, targeting high-income individuals who haven’t filed tax returns. This initiative, dormant for several years due to budget cuts, has been revived thanks to the $80 billion funding from the 2022 Inflation Reduction Act. The program will initially focus on 125,000 cases dating […]
Customizing Financial Reports in QuickBooks Online
In the world of accounting and bookkeeping, having accurate and tailored financial reports is crucial for business decision-making. QuickBooks Online (QBO), a leading accounting software, offers extensive customization options for financial reports, ensuring that businesses can access the precise information they need. Here’s how to customize financial reports in QBO: Step-by-Step Guide to Customization Access […]
Making Money Online as a Bookkeeper
In today’s digital age, more and more businesses are operating online, and there is a growing need for bookkeeping services to help manage their finances. This presents a great opportunity for bookkeepers to offer their services remotely and make money online. Here is a detailed guide on how you can make money online as […]
Over 20,000 Pandemic Tax Credit Refund Claims Denied by IRS
The Internal Revenue Service (IRS) is issuing over 20,000 rejection notices to taxpayers who improperly claimed a tax break introduced during the COVID-19 pandemic. This move is part of the agency’s efforts to address questionable claims related to the employee retention credit (ERC), a significant financial aid designed to help small businesses during the pandemic. […]
The Complete Guide to Startup Bookkeeping Best Practices
Bookkeeping is the foundation of any business’s financial health. However, with the fast pace and quick growth of startups, financial recording often falls through the cracks. This leads to issues during tax time, audits, funding applications and cash flow problems. By implementing solid bookkeeping practices right from the start, entrepreneurs can focus on higher-value activities, […]
Key Deadlines for the 2024 Tax Season: Important Dates to Remember
The United States is currently in the midst of the 2023 tax season, with the Internal Revenue Service (IRS) processing a large volume of tax returns. It is estimated that over 128 million Americans will file their taxes before the set deadline. Understanding the complexity and often cumbersome nature of tax filing, the IRS provides […]
16 Tax Deductions for Work-From-Home Employees
Working from home has become increasingly common in recent years. The rise of remote work provides flexibility and other benefits for employees. However, working from home also comes with tax implications that employees should understand. As a work-from-home employee, you may be eligible for certain tax deductions that can help lower your taxable income and […]
What are the different tax reports available in QBO?
For any business, understanding and utilizing tax reports is crucial for financial transparency and compliance. QuickBooks Online (QBO) offers a variety of tax reports that provide detailed insights into a business’s tax obligations and financial health. These reports are essential tools for effective tax planning and preparation. In this article, we’ll delve into the different […]
Firms Begin Offering Rent Assistance to Their Employees
As the housing affordability crisis intensifies, nearly half of employers are now offering a helping hand by providing housing assistance to their employees. A recent survey by JW Surety Bonds, which included anonymous responses from 710 employees and 310 employers, reveals that 47% of employers are either considering or have already started offering rent assistance […]