Tax Tips | TaxConnections

17 Apr 2018

Tips For Staying One Step Ahead Of Tax Issues

The last thing you need as a small business owner is to have to spend time unraveling tax problems you could have avoided. There are many tax issues that can trip up small business owners — here are a few.

Mixing Business And Personal

Keeping your personal bank and credit card accounts separate from your business accounts isn’t always easy. But “commingling” business and personal accounts creates a record keeping nightmare. When it’s tax time, you may not be able to identify all the appropriate business expenses. As a result, it could be difficult to accurately determine your business income and you might lose deductions. Read More

Written by Jon Neal | Posted in TaxConnections

10 Apr 2018

Last Minute Tax Tips Before Deadline

Procrastination of tax returns is not a unique phenomenon. In fact, a lot of tax payers file their tax returns in the last two weeks before the deadline. Filing tax returns earlier than the deadlines is better as you are not rushed and chances of making mistakes is also lower. However, if you are racing against the deadline clock for your returns, here are some tips to help you get through.

Organize Read More

Written by Nanda Kumar | Posted in Tax Deadline • Tax Mistakes • Tax Preparation • Tax Tips

05 Apr 2018

Tax Payment Options You Need To Know

For those of you who may have to fork over some additional funds to Uncle Sam, there are several options available for making payments.

If you can’t pay your tax bill in full, a payment plan may be an option. Additional information about all payment and payment plan options can be found at www.irs.gov/payments and in Publication 5034, Need to Make a Payment? (English & Spanish).

The IRS also offers taxpayers the ability to pay using their mobile device through the IRS2Go app, available on the Apple or Google Play store. Read More

Written by Lisa Nason | Posted in IRS • Tax Tips

04 Apr 2018

Owe Taxes? These Tips Can Help

A few of us received an intimation letter from the IRS stating that we owe them some money in the form of taxes. Sure enough, nobody likes to receive such emails. However, if you do here are some ways you can handle the situation without losing your sleep.

Do Not Delay

If you receive that envelope from IRS, do not be a skeptic and not open it at all. I have seen quite a few friends who just do not wish to open the envelope. There are chances that your tax filing might have a minor error that you need to fix. Whatever the reasons could be, do not forget to open and read the letter as soon as you receive it. Read More

Written by Nanda Kumar | Posted in IRS • Tax Filing

29 Mar 2018

Tax Tips For First Time Filers

Filing taxes for the first time? Don’t let all the experts and jargons overwhelm you. At the end of the day, if you understand some very basic points clearly, you shall pass this test as well. If you are out of the college or just took your first job, it is eminent that you take this step with a lot of seriousness. But not to a level that it becomes a mental block for you. We have outlined some simple tips for you to get through this.

Should You File? Read More

Written by Nanda Kumar | Posted in Tax Filing • Tax Tips

06 Mar 2018

Tax Saving Tips For Contractual And Project Based Employees

Being a contractual or project based employee has quite a few benefits when it comes to taxes. For an instance, you are eligible for a few tax deductions without even having to itemize the same. The following are some great ways of saving money on tax dollars if you a contract and/or project based employee.

Include Business Expenses

A lot of contract employees either shy away or are too skeptical when it comes to deducting business expenses from their returns.As a project based or contract employee, it is imperative that you keep a track of all your earnings throughout a year. If you can manage, having separate cards and accounts for business and personal usage would be ideal. Read More

Written by Nanda Kumar | Posted in Tax Deductions • Tax Tips

12 Dec 2017

2017 Year-End Tax Savings Tips – Do Not Overlook

With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher.

Timing income and expenses can be a little more challenging for accrual-basis taxpayers than for cash-basis ones. But being an accrual-basis taxpayer also offers valuable year-end tax planning opportunities when it comes to deductions. Read More

Written by William Rogers | Posted in Tax Advice • Tax Tips

12 Jul 2017

Business Without Borders – Live Stream Tonight

I will be speaking, July 12 in Anaheim at the Phoenix Club at the Orange County Chapter of the California Society of Tax Consultant’s. The topic is “Business Without Borders – A Primer on Multistate and Multinational Taxation.”

The event will be from 6:00pm to 8:30pm PST. The event will be broadcast on Facebook Live. For those of you interested in viewing the event please be sure to visit my Facebook page at https://www.facebook.com/AscendBusinessAdvisory/ Read More

Written by William Rogers | Posted in Tax Education

15 Jun 2017

Plan For Changes In A Corporate Tax Department Every Year, Smart Management

For many of you who have been following my tax search expertise for years, you know that my background is in helping tax professionals and tax organizations be more successful. This is precisely why I built www.taxconnections.com… to continue to help tax professionals promote their tax expertise worldwide. Thousands of members from more than 100 countries are now utilizing TaxConnections to build tax brand identity, attract new clients, identify staff and consultants for their tax departments, and find a wide range of tax expertise around the world. I also know large tax organizations turnover at the rate of 25%-30% a year so tax executives leading tax organizations today must constantly be prepared for the inevitable changes.

Written by Kat Jennings | Posted in Marketing Tax Expertise