If you're in the position to give a large gift to someone in your life, make sure that it doesn't cost you or them anything extra when tax time comes. How can you do that? Here are five ways to avoid tax complications. 1. Use the Tax Exclusion. The first thing to understand when planning a large monetary gift is the gift tax. Generally, if you give a financially valuable gift to an individual — no matter whether it's cash, assets, stocks, property, or even the value of goodwill — you may have to pay tax on the gift.
7 August 2018
CBD oil has been shown to provide many incredible health benefits to those who take it. As a result, it has been legalized by just about every state in the union. However, there are still some legal complications that could make it difficult for new merchants like you to process their payments. Thankfully, a CBD merchant account can help improve the process and get you quick access to your money. Payments Can Be Hard When Selling CBD Oil
24 May 2018
There are many people who run small businesses. These businesses can be on the side of what they are already doing at a regular job, or they can be their main source of income. Regardless of the size of your small business, it is very important that you make sure you are keeping good records for tax season. Here are some things that you should know. 1. Keep Track Of All Expenses
16 January 2018
When it comes to owning and operating a small business, you will likely encounter many challenges along the way as you attempt to grow your organization. Without proper accounting, your company will have a greater chance of falling on hard times financially. While there are several accounting options available to small business owners on the market today, few can provide the versatility of online accounting software programs. Here are three reasons why you should consider moving your company's accounting activities online in the future.
18 January 2017
Expansion is the most dangerous time for a small business owners. But it's also necessary to transition a small business into a larger business. When expanding, all aspects need to be carefully considered -- and that all comes down to the accounting. Here are some of the most common accounting issues that could hold a business back. Not Conducting a Thorough Risk Assessment Risk assessments go over the potential issues of expansion so the business can appropriately counter them.
28 December 2016
A contractor's cargo van can take a beating over the years and will have to be replaced at some point in time. If you are a contractor who utilizes a large cargo van that is showing its age and needs to be replaced, you should do it before the end of the year to qualify for a couple of nice tax deductions from the IRS. Here is an overview of what the tax deductions are and how you can apply for them during the 2016 tax filing season.
23 November 2016
Most individuals who e-file an income tax return receive a routine acknowledgment from the IRS shortly after the return is officially accepted. A small percentage of returns, however, are not initially accepted and receive a response containing a rejection code. Tax filers can usually correct the problem that caused the rejection and then e-file the return again or mail it if necessary. The IRS provides different rejection codes to help identify specific issues with e-file attempts.
13 October 2016
As a new home-daycare business owner, you need a reliable accountant on your side to take care of all the financial aspects. Here are three important considerations to make that will help you figure out which potential accountant will be the best fit for you and your business: Government Subsidies If you plan to service children whose families receive government subsidies for child care services, there may be special forms that you have to fill out for those subsidies to be recognized and for you to get paid.
12 September 2016
Self-employed tax filers typically pay employment taxes on their net earnings. In recent years, some self-employed persons with higher levels of income have been assessed an additional Medicare tax. The additional Medicare tax became effective in 2013 as part of the Affordable Care Act. Before the additional Medicare tax became effective, self-employed persons reported all of their Social Security tax and Medicare tax on IRS Schedule SE. Now, individuals with income levels above certain thresholds must use both Schedule SE and IRS Form 8959 to pay their Medicare tax.
22 July 2016
Are you trying to organize your finances? One of the easiest ways to organize your finances is to integrate your bookkeeping software directly with your online bank accounts. This pulls all of your transactions into an easy-to-manage system. But there are still some hurdles when consolidating your data like this, including some mistakes which could throw your registry off. 1. Failing to Code Your Checks and Transactions Not only do you need to track the amount of money you've spent, but you also need to code it properly so you know what you spent it on.
6 June 2016