Interim Management: Short-Term, Big Impact
Interim Management literally means “for the time being” or “temporary”.. Interim management is defined as “a concept in which a manager provides temporary or short-term assistance to a business.” What can you do when an unforeseen event affects your company? As you try to pick up the pieces, you’re likely to wonder about bringing in […]
Quick Guide To Fill Out 1099 Form
Navigating the U.S. tax system involves understanding various forms and documents, and one such vital component is the 1099 Form, also known as Form 1099-NEC. This form plays a critical role in the realm of tax reporting, especially for those who don’t fit the traditional employee mold. In this comprehensive guide, we’ll delve deep into […]
A Comprehensive Guide To Fill Out Form W-2
The arrival of tax season often brings a mix of anticipation and apprehension. Amidst the sea of documents and numbers, Form W-2 stands as a critical piece of the puzzle. Whether you’re a long-time taxpayer or a first-time filer, understanding this form is the key to ensuring accurate tax reporting and potentially maximizing your returns. […]
How To Calculate Gross Income Like A Pro
Understanding how to calculate gross income is a fundamental skill for both individual and business. It forms the basis for financial assessments, tax computations, and effective budgeting. In this comprehensive guide, we’ll walk you through the essential concepts and instructions to accurately determine your gross income, whether you’re a salaried employee, a business owner, or […]
1099-NEC vs 1099-MISC: Know the Differences, Maximize Your Benefits
When it comes to annual tax filings, understanding the differences between form 1099-NEC vs 1099-MISC is crucial for businesses and self-employed individuals alike. Both forms serve distinct purposes, and using the correct one can help maximize benefits while avoiding potential penalties. In this comprehensive guide, we’ll delve into the details of 1099-NEC and 1099-MISC, covering […]
Schedule SE: Your Guide to Self-Employment Taxes
Let me paint you a picture. You’ve launched your business – an independent bakery that’s an instant hit. Or, you’ve started offering freelance consulting services after years of corporate grind. You wake up every morning ready to conquer the day’s tasks without the constraints of a 9-to-5 job. But as tax season rolls around, you […]
Tax Extension Deadline 2023: What You Need to Know
Tax extension deadlines are a common question that was asked by our customers! Tax season is a time of year that most individuals and businesses alike approach with a mix of anticipation and trepidation. It’s a period when we gather our financial records, fill out complex forms, and hope for the best when it comes […]
A Guide to Form 8858 and Foreign Disregarded Entities for U.S. Taxpayers
Key Takeaways Form 8858: Required for certain US persons with direct ownership control of foreign disregarded entities (FDE) or foreign branch operators (FBO) to report tax information Failure to file Form 8858 can lead to high penalties, up to $10,000 per year per company. If not filed within 90 days after an IRS notice, additional […]
What Happens If You Get Audited And Don’t Have Receipts?
As tax season approaches, you gather financial documents to file tax returns. But what happens if you receive an audit notice from the Internal Revenue Service (IRS) and need receipts to support your claimed expenses? It can be a nightmare scenario, and many taxpayers wonder what to do. In this blog post, we’ll discuss the […]
Form 8594: Simplify Your Acquisition Process
Imagine this: You’re standing on the cusp of a thrilling adventure, poised to acquire a new business or a rich portfolio of assets. But before you step into this uncharted territory, there is one companion you need by your side – Form 8594. This isn’t just a mere document; it’s the compass guiding your journey […]
