It’s a brand new year and you’ve decided to take a deep breath and finally address your unfiled and unpaid taxes.
Yes, it’s scary, but you know it’s not getting any better and your tax bill is getting bigger every day you ignore it.
Archive for Tax Tips
Most of us don’t like to have to go out and sell – partly because it makes us feel like we are “asking” for money. In my last Rainmaking blog, I asserted that it’s hard to ask for money and that theme continues to resonate. But what if asking for money were easier? What if it didn’t have to seem like asking for money? What if asking your clients to assist them with their tax, accounting and finance needs just seemed like an ordinary part of the conversation?
The world is changing fast for those in the tax profession and as a result, it is an exciting time! As a globally recognized tax search executive to multinational corporations, public accounting firms, and law firms, Kat Jennings, TaxConnections CEO will share with millennials valuable information that will teach precisely how to attain success in a tax career. Over the years, her client base included top companies which gives her a real world understanding what it takes to navigate a tax career long term.
The world is changing fast for those in the tax profession and as a result, it is an exciting time! As a globally recognized tax search executive to multinational corporations, public accounting firms, and law firms, Kat Jennings, TaxConnections CEO will share with millennials valuable information that will teach precisely how to attain success in a tax career. Over the years, her client base included top companies which gives her a real world understanding what it takes to navigate a tax career long term.
Question most CPAs as to what business form they suggest for the business clients and they typically answer, “A C Corporation—at least in the early capital formation years of the business.” Ask any Investment Banker or other Transaction Advisor what entity they prefer and you will likely hear, “An S Corporation or LLC (Limited Liability Company), or perhaps a partnership or sole proprietorship. Anything, anything, but a C Corporation!”
In September, the IRS created a Sharing Economy Tax Center with links to tax information to help freelancers and those renting property. This center offers general information primarily to help individuals understand related tax matters. But it’s not enough for practitioners, as it doesn’t cover all possible tax issues (such as state and local ones) or provide links to relevant law provisions.
Warren Buffet released certain claims made on his 2015 personal income tax return in a statement released by Business Wire, A Berkshire Hathaway Company. It is worth noting his remarkable generosity. Check out these figures:
Tax Question:
What is Cash on a Balance Sheet?
Facts:
The Cash category appears under Current Assets on a Balance Sheet. Most companies have bank accounts which they use to keep a record of their deposits and payments. Cash generally includes all bank accounts and petty cash.
Are you a business professional who has to gather all your miles to expense for your job? Do you actually have the time to record all the mileage you traveled with your busy schedule?
MileIQ was created in order to alleviate the problems associated with tracking business travel. 55 million U.S. workers have the ability to expense the miles they drive. Using MileIQ comes with features that make it extreme user friendly. At TaxConnections, we offer this app free of charge to all Tax Professionals.
With the holidays just around the corner, many people start thinking about gift giving. The holidays are famous for sending many people into a downward credit crisis spiral.
One of the largest issues small business owners face is keeping track of their expenses. Not only does this make keeping the books difficult, it could potentially have major tax implications. In this post, we’ll dive into some of the key things to be aware of when it comes to small business expense management and tracking.
What is the net worth of your business? One way that you, your investors or creditors can tell is by looking at your balance sheet. This financial statement offers a snapshot of the health of your business. It shows your assets versus liabilities and equity. If you’re not sure how to document these financials, read on to learn how to create a balance sheet.
Current Articles
California’s AB 2829 Digital Advertising Tax ProposalCalifornia has proposed a new digital advertising tax (AB 2829) that has been met with mixed reactions from businesses and consumers alike. If passed, the tax would be levied on large-scale […]
The Tax Relief for American Families And Workers Act of 2024Part 1: Tax Relief for Working Families Calculation of Refundable Credit on a Per-Child Basis. —Under current law, the maximum refundable child tax credit for a taxpayer is computed by multiplying […]
IRS Issues Frequently Asked Questions Related To The Tax Treatment Of Work-Life Referral Services Provided To EmployeesThe Internal Revenue Service issued frequently asked questions (FAQs) in Fact Sheet 2024-13 related to the tax treatment of work-life referral services provided to employees under an employer’s […]
Spotlight Interview: Chuck Levun On Educating CPAs And Attorneys On Partnership, LLC, And S Corporation Flow-Through Planning On Four Costly Business Mistakes They Make (Part 1)Each year there is a must attend complimentary webinar hosted by Tax Forum educators Chuck Levun, Michael Cohen, and Scott Miller. This is a special presentation for educating attorneys and CPAs on […]
Navigating A Sales Tax Audit: A Comprehensive Guide To Protecting Your BusinessIf you’re reading this, you’ve probably received a letter of audit from a government entity. You’ve also likely now gotten over your initial anxiety and are looking for help with the next steps. […]
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