Going from a one-person small business to a small employer means you now enter a different world of responsibilities and financial requirements. And while your bookkeeping service will help you with most of them, it's a good idea to familiarize yourself with the basics of paycheck items and how they affect your business. So here's a short primer on what your employees will see and what you as an employer must do next. [Read More]
How Does An Injured Spouse Differ From An Innocent Spouse?
Married individuals who choose to file a joint tax return are each liable for any IRS obligations that arise after the return is filed. Because of the joint filing status, earlier debts of one filer may reduce the amount of a joint refund for the current year. Individuals who discover their tax refund reduced due to past obligations of a spouse have options to recover a portion of the refund. [Read More]
2 Reasons To Hire A Professional To Prepare Your Taxes
Preparing your taxes on your own can often be an extremely time-consuming, stressful, and risky endeavor for the average individual, which is why it is so important to consider hiring a professional to prepare your taxes for you. Listed below are two reasons to hire a professional to prepare your taxes. Protects You From An Audit One of the most frightening parts of preparing your taxes is the idea that the IRS may actually end up calling you in for an audit because you made a mistake on your taxes or misinterpreted a portion of the tax laws. [Read More]
Springtime Homework -- A College Student's Guide To Filing Your Taxes
If you're a college student, income taxes are probably pretty low on the list of things you look forward to doing. But, despite having a bad reputation for being confusing, time-consuming and frequently wrong, filing your taxes can be an easier task than you might think. The trick is to follow a few steps to success. Here is a checklist for any student facing tax season. Check With Your Parents [Read More]