With the tax season approaching, you might have started feeling the presence of the tax dragon. Thanks to the tax overhaul by the Congress; you would see yourself bidding adieu to some taxes but some new ones have also been sprung on you. However, this does not mean that you would have to pay more. [...]
Tax filing is something that we all have to do but very few know the ins and outs of it. In fact, about eleven percent of people have no clue about who takes care of their tax filing and related work. Individuals and businesses often need to itemize their deductions and thus could do with [...]
Entrepreneurs who are in the start-up phase of their business and dream of making it big have plenty of tasks already present in their hands. This juggling of responsibilities leaves them heavily stressed and often directionless. Only the combination of detailed financial expertise and big-picture strategic thinking can prove to be the key to success [...]
A robust bookkeeping system is essential for the health of any business irrespective of its size. It is a tedious but necessary procedure for any business or company house as it helps you get the complete perspective of your business finances, identify and work upon loose gaps and increase your earnings. Thus, the importance of [...]
Whether you are just starting out or are already running a business; you know accurate tracking of your revenue and outgoings is critical to its successful running. When you delve into the primary reasons for many business venture failure; you know that failure to maintain proper bookkeeping is the top attributing factor. Proper and accurate [...]
America’s tax season has started with the Internal Revenue Service (IRS) initiating the acceptance and processing of the 2017 federal individual income tax returns. With over 155 million returns expected to be filed this year; millions of Americans are yet to file their returns. With the deadline approaching, the below tips would help you [...]
The IRS tax return figures of 152 million in 2017 are expected to be broken in 2018. Â IRS audits less than one percent of its tax returns. This makes it unlikely that your tax returns might get audited. Nevertheless, you cannot rule out the chance that it would not happen. Â The good news is that [...]
Most businesses make use of vehicles to fulfill several business needs. This inevitably leads to driving-related expenses. The IRS has laid down specific rules by which you can deduct some of these costs incurred from your taxable income and get some tax relief. However, the IRS does not merely take your word as granted but [...]
All U.S. citizens living abroad or in the country are required to file an income tax return post reporting their worldwide income with the Internal Revenue Service or IRS. The rules for both groups are almost similar except for some additional consideration for those who have a foreign income. The filing of the returns for 2017 [...]
No individual likes to pay taxes. One of many ways to avoid it is to opt for the employer-sponsored retirement plan 401(k). By making contributions to this account, you can defer the payment of your tax. The fund has numerous advantages. You can assign a fixed percentage of your income into this fund while your [...]
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