Are you getting an amicable divorce? While you may have a number of things to work out right now, one item that should be on your agenda is a consultation with a tax preparer. What can they help you both with? Here are a few key things. 1. Determining How to Split Credits. For parents in particular, the use of tax credits and deductions can mean significant money. The Child Tax Credit, dependent deductions, and education credits all add up, and both parents need to come to an agreement about how they will be split our used from year to year. [Read More]

If you have tax debt, you can't just ignore it. Your tax debt will not disappear, and the last person you want to owe money to is the IRS. However, there are essential steps you need to take to address that debt when it comes to tax debts. #1: Don't Ignore It First, you don't want to ignore the issue. Not paying your tax debt can have serious consequences, as the IRS has the ability to add lots of penalties to what you owe, greatly increasing your debt. [Read More]

One of the amazing things about making financial investments is that you get tax relief from them, depending on the type of investments that you make. The aim of the tax relief system is to ensure that people who are interested in growing their investment portfolios get the incentives they need to keep growing. Tax relief programs are always targeted to specific taxpayers. The best way to handle them is by hiring someone who understands how all these programs work and engaging them to handle your taxes. [Read More]

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]