If you run a small business, managing 1099 forms can be confusing. Do you need to issue them to contractors? Should your business expect to receive any? And how do rules differ for S corporations and LLCs? This guide will clarify the key requirements and help ensure your business stays compliant
Tax Deductions for Contributions to a Traditional IRA
Contributing to a Traditional Individual Retirement Account (IRA) not only helps you save for retirement but can also reduce your taxable income, providing immediate tax benefits. However, the availability and size of the tax deduction depend on factors such as your income, filing status, and
Understanding the Standard Deduction for 2024
The Standard Deduction is a cornerstone of the U.S. tax system, designed to simplify the process of filing taxes and ensure that every taxpayer has a baseline amount of income that is not subject to federal income tax. For 2024, the Standard Deduction has increased once again to account for
What is the Taxpayer Advocate Service (TAS)?
The Taxpayer Advocate Service (TAS) is an independent organization within the Internal Revenue Service (IRS) that assists taxpayers who are experiencing difficulties with the IRS that they cannot resolve through normal channels. It acts as a voice for taxpayers, ensuring their rights are protected
How to Get Ahold of a Live Person at the IRS
For many taxpayers, navigating the complexities of the Internal Revenue Service (IRS) can feel like an uphill battle. Whether you’re worried about your upcoming taxes, following up on a return you’ve already filed, or trying to make sense of a letter you received, speaking to a live person can
Comparing the Costs and Benefits of Different Medical Accountants
In the highly regulated and financially complex world of healthcare, choosing the right medical accountant is as critical as selecting the right medical equipment. Medical accountants specialize in managing the unique financial needs of healthcare providers, from regulatory compliance to tax
Why SaaS Companies Need a CPA
The Software as a Service (SaaS) model has transformed business operations, offering scalable, flexible solutions to a global audience. However, while SaaS opens doors to tremendous opportunities, it also brings unique financial challenges that can hinder growth if not addressed effectively. For
The ITEP Tax Inequality Index: Understanding Washington’s Rank and Its Implications
When discussing state and local tax systems, Washington State often appears as a paradox. It’s known for having no state income tax, an attribute that seems advantageous on the surface. However, according to the Institute on Taxation and Economic Policy (ITEP), Washington has the second most