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3 Things That Trigger An Irs Audit
Representation Individual taxpayers who are under audit by the IRS may attend the audit in person without any assistance from a tax professional. However, this can be a dangerous mistake. Although not officially stated, it is the job of an IRS Revenue Agent to conduct...
Lease vs Buying Car For Business: Which is Better and Why
Lease vs Buying Car For Business: Which is Better and Why If you are thinking of having a business car leasing, then you might want to consider if it is better to lease or buy, and what specific things you should know when choosing a plan. In this article, we will run...
The Three Basic Tax Types
What are Taxes? Taxes are the liability or total amount of money an individual, corporation, or another entity owes from a taxing authority, which the government uses for support or projects of specific entities and services. It's pretty simple. Taxes are divided into...
What is the Tax-Exempt Status?
What is the Tax-Exempt Status? If you're a business or someone applying for tax-exempt status, you should first understand that it means you're applying to have income or transactions that are free from taxes to all levels, whether on federal, state, or local levels....
Families Can Now Update Direct Deposit for Monthly CTC Payments
Families Can Now Update Direct Deposit for Monthly CTC Payments Good news! You can now update your bank information much easier and faster! Thanks to the IRS upgraded tools, you can quickly and easily get your monthly Child Tax Credit Payment. FAQS: 1....
The Vicious Danger of Tax Fraud and How To Protect Yourself
The Vicious Danger of Tax Fraud and How To Protect Yourself The pandemic has brought unwanted burdens to everyone. It did not choose who it wanted to burn out to--- it just deliberately affected each and all of us. While this worldwide emergency is a health-related...
What is Recovery Rebate Credit?
What is Recovery Rebate Credit? Last year, thousands of people received their Recovery Rebate Credit through the form of economic Stimulus Payment. It is a one-time benefit to help people in the pandemic. However, not all have received the maximum amount possible. The...
What is Adjusted Gross Income?
What is Adjusted Gross Income? Adjusted Gross Income (AGI) is the amount where the income tax liability or the amount of income tax you owe is based on. It is evaluated by the Internal Revenue Service (IRS). Simply put, AGI is determined by taking away some...
Can you Claim the Home Office Deduction on your 2020 Tax Return?
Can you Claim the Home Office Deduction on your 2020 Tax Return? The pandemic is nearing its first year, and millions of Americans have long been severely affected since then. Thousands already succumbed to the dreadful virus, and others, while they may be uninfected,...
Tax Deductions and Credits to Consider for this Tax Season
Tax Deductions and Credits to Consider for this Tax Season When it comes to taxes, the words deductions and credits are like music to an accountant’s ears because both help you to keep money in your pockets. While they both help you to save money, they do it...
Understanding Income Brackets and Rates for this 2021 Tax Season
Understanding Income Brackets and Rates for this 2021 Tax Season Here’s how income brackets and tax rates work..Your tax rate (the percentage of your income that you pay in taxes) are based on what tax bracket (income range) you’re in. Take note that for 2020 tax...
Tax Season is Here
Tax Season is Here Thanks to the Corona Virus, the VID, Covid-19 or whatever it is that you prefer to call it, a lot has changed for the 2021 tax season. We cannot stress enough how important it is to start thinking about your tax situation now, while there’s still...
FAQs on Limited Liability Company (LLC)
FAQs on Limited Liability Company (LLC) A Limited liability company (LLC) is a business structure that offers restricted obligation insurance and pass-through tax assessment. Likewise, with companies, the LLC lawfully exists as a different substance from its...
What is a Trust Company?
What is a Trust Company? A trust company is a legal entity that serves as a trustee on behalf of a trust of a person or organization. It is typically tasked with the administration, management, and the eventual transfer of assets to beneficiaries. Rather than choosing...
The Corporation
What is a Corporation A corporation is a group of people that have met the legal requirements needed to act as an independent legal entity, separate and distinct from its owners, as recognized by law. It is the most common form of a business organization and may act...
What is a Non-Profit Organization?
What is a Non-Profit Organization? A non-profit organization (NPO), or a foundation, is a business but is established for a more significant social cause. It is born out of the owners' strong advocacies, and because of this, it impacts significantly on the general...
LLC: Limited Liability Company
LLC: Limited Liability Company A Limited Liability Company (LLC) is a business wherein owners are not personally liable or accountable for the company's debt and liabilities. The business owners have personal asset protection with pass-through taxation. LLC is a mix...
The Income Statement
One of the three most important financial statements is the Income statement. It is where revenues, expenses, and overall profits or losses are reported for only a specific period. Here, all the costs that contribute to the final earnings are evident, which is also...
Home Office Deduction
The COVID-19 pandemic has immensely surprised us all. From what we thought will be a month-long lock down already became a half-year. It has paralyzed almost every affected country's economy, bringing significant suffering to those who are already struggling...
PPP Loan Forgiveness
The Payment Protection Program (PPP) has been launched by the Congress, under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) since the pandemic has begun. The program aims to provide a loan for eligible small businesses to maintain the payroll of...
Rise of Women Entrepreneurs
“You educate a man; you educate a man. You educate a woman; you educate a generation.” Brigham Young Let’s face it, the workplace is unequal! But Female Entrepreneurs is on the rise. Today, women now account for over 40% of the new American businessmen. In 2017, CNBC...
Reopening of Pennsylvania Economy
Governor Wolf wants to ease some pandemic restrictions on May 8 in selected areas of Pennsylvania that have been slightly impacted by the new coronavirus. Though there is no timetable and metrics yet, the governor said he would lie down more concrete steps next week....
The Importance of Bookkeeping
Bookkeeping is an essential part of operating and managing a succesful business. It’s the systematic recording and organization of a company’s financial records and it plays a vital role in any business’ financial health. Yet still, many businesses fail to incorporate...
PA Stay at Home Order and Other Information on Re-Opening the Economy
Governor Tom Wolf said Monday that a statewide stay at home order will remain in place until Friday, May 8 for certain counties in Pennsylvania. Although PA has made sufficient progress in flattening the curve of the COVID-19 virus, major counties, such as...
Preparing for Lay-offs? – Navigating the Job Market During Uncertain Times
Preparing for Lay-offs? - Navigating the Job Market During Uncertain Times The Covid-19 pandemic is forcing nationwide lockdowns and it's no secret that nearly every industry has been negatively impacted. Because of this, businesses are laying people off at an...
Corona Virus Stimulus Relief For Business Owners
The Coronavirus or COVID-19 is a deadly virus which has spread unexpectedly throughout the world. This pandemic threatens not only the lives of millions of people but also their means of living. It is indeed a very difficult time, but the government is here to provide...
