Ah, tax season. A time of both frantic paperwork and, for some, a gnawing anxiety about the dreaded IRS audit. By this point, you've had your taxes filed, crossed your t's and dotted your i's, but the fear of an audit lingers. You want to know: when can I finally breathe easy? Can I book that summer
Beyond the Refund: Smart Tax Strategies for a Lower Tax Bill Next Year
Tax season often feels like a necessary evil. We gather receipts, fill out forms, and hope for a decent refund or brace ourselves for a hefty payment. But what if there was more to it? What if you could take control and strategically reduce your tax burden throughout the entire year? The truth
Don’t Panic! Last-Minute Tax Tips for the Procrastinator
It's April again, and that familiar feeling of dread washes over you. The tax deadline looms, and your W-2s and 1099s are buried under a mountain of unopened mail. Fear not, fellow entrepreneur! While filing at the last minute isn't ideal, it's certainly salvageable. Here's what you, as a business
The IRS is testing a free tax filing software
The Internal Revenue Service (IRS) is testing a new free tax filing software program that could make it easier for millions of Americans to file their taxes. The program, called IRS Free File, is a public-private partnership between the IRS and a group of tax preparation companies. IRS Free File
How to Amend a Tax Return
This year's tax season has come to a close -- unless you live in California, in which case you've been granted an automatic 6 month extension due to fires and floods. Of course, there's nothing worse than finishing your taxes and second-guessing what you submitted. If you have made a mistake on
How To Ensure We All Pay Our Fair Share
In the US alone, we lose around $500 billion in taxes yearly. When you hear about people keeping money in offshore bank accounts to avoid paying taxes, it’s costs the economy a lot more than their individual sum – it’s costing billions of dollars over time. Offshore bank accounts are one of the
Prepare for the Tax Bracket Changes in 2023
Your income tax rate paid varies based on your level of income. Those in higher income tax brackets pay a larger share of their income in taxes. To account for rising prices in the United States, the Internal Revenue Service raised tax bracket thresholds for the next tax year, 2023. As a result,
Sales Tax Rules for Online Sellers
Several states mandate businesses to charge and collect sales tax from their customers. Generally speaking, the onus of collecting and remitting sales taxes lies squarely on the shoulders of business owners in states that impose such levies. Online retailers in some states are exempt from collecting