The new year is full of new possibilities and new paperwork to fill out for the IRS. While you’re watching your mailbox for W2s and 1099s, it is a great time to get prepared for the somewhat harrowing journey into tax season. Many of the most common mistakes made during tax season are simple ones. By being aware, you can keep an eye out for them. Hiring a professional accountant…
Tax
What are the Benefits of Choosing the Best Accountant?
Companies need accounting support, regardless of the specifics of work. Nowadays, outsourcing of accounting services is gaining more and more popularity, it consists of conducting accounting by an external organization. The responsibilities of the accounting service include maintaining records of material assets, payroll, tax accounting, calculation and payment of tax payments and contributions to extra-budgetary funds, reporting to the regulatory authorities. Accountants develop an accounting policy for the enterprise, internal…
How TDS (Tax Deduction at Source) Deduction Plays its Role in Compliance
The payslip of every salaried individual contains a section called TDS. The TDS is referred to Tax Deducted at Source. In India, the policies and regulations associated with tax deduction are handled by the Central Board of Direct Taxes (CBDT). The Income Tax Act describes TDS as the deduction of tax at the point of source of income. The employer/deductor deduct tax on behalf of the deductee/taxpayer and pass it…
Tax Preparation Accountant vs. Tax Software: Making the Right Choice
When tax season arrives, many people dread the obligation of having to compute and their taxes. So, they turn to services that readily make the computation for you. One option is a personal tax preparer. These are available in every state such as those of the Columbia MD Accountants. They personally analyze, compute, and file the taxes for you. However, modern technology has also paved the way for a digital option.…
Know About ITR Filing Challenges for Taxpayers
Every taxpayer is required to file an accurate Income Tax Return (ITR) so that the correct amount of data can be collected by the Income Tax Department and contributed to the government revenue. The process of filing an accurate ITR is not that simple and demands the presence of mind & adherence to the norms & guideline set by the Tax Department. Any errors or faults occurred out of negligence…
10 Corporate Tax Deduction Tips for Business Owners
Deductible business expenses help businesspersons with many of the costs of running a company. Business owners know that most expenses can be written off, although there are some limits and timing issues. So what are the most common tax deductions for small business? The IRS allows business deductions for general and essential business expenses. Current expenses are needed to keep the corporation running, and these expenses are fully tax-deductible. You…
Negating Common Tax Misconceptions amongst New Yorkers
Most New Yorkers see tax as the financial burden but sadly, like the rest of us, are enforced by law to pay them. Whether an individual does or doesn’t like paying taxes, they constantly search for better understandings of the amount of money they owe to the government and ways to legally reduce their tax bill. With each passing year, it is increasingly difficult to keep hard-earned dollars in our…
Tax Savvy or Terrified of Taxes?
Tax is a terrifying word for most people. When is the due date to file tax? How much tax do I need to pay this year? What if I may not be able to pay? How many penalties will be imposed? And if I couldn’t pay penalty, would I be going to jail? So many questions spring to mind and people envision all kinds of frightening possibilities when they think…
Transferring Property Ownership After Death
Read the infographic guide below to understand more about how to transfer ownership of a property following the death of the owner. When a person dies, any property they own will need to be transferred to a beneficiary. The personal representatives (PRs) of the deceased will act as Executors of the Will, as such they will be responsible for transferring ownership of the property. Understanding Ownership of Property It’s also…
Top 8 Ways to Save Tax for a Business Owner
As a business owner, when you look at your tax bill and find a high payable amount, you wish if you could save some of it. And to your surprise, you could actually save some of that money. There can be multiples ways, but here are the top 8 ways to help you save tax and utilize that money to upscale your business. Use Tax Credits to your Advantage: The…