One of the most important steps of starting a business is ensuring compliance with the Internal Revenue Service’s (IRS) office. Such compliance requires you to obtain your Employer Identification Number (EIN), or Business Tax ID. This number is unique to your company just like your Social Security Number is to you. The IRS will need this number…
We are in the middle of tax season, and while some have already taken care of it, some might still be wondering if they are required to file an income tax return. Now, need to be aware of the consequences that might come if we fail to file our income tax return. Also, we must…
Being a homeowner comes with many benefits and a rewarding feeling of achievement and security for us and our family. There are also many responsibilities that come from buying our own house, including paying our corresponding taxes. However, we might be able to qualify for several deductions and credits, which is why we decided to…
As the popular saying goes, it is always better to give than receive. When we make donations to charitable organizations, we never expect anything in return. However, charitable contribution deductions can apply towards your income tax return every year. There are several aspects to take into consideration, though, in order for our donations to be valid. First,…
As we grow old, our health tends to become feebler than it used to be. Besides, life expectancy keeps increasing, which means we must be ready for when the golden years arrive. Being able to find affordable health care isn’t as easy as it used to be, though there are still plenty of options available.…
Filing our income tax return is an essential part of being a citizen of the United States. The Internal Revenue Service (IRS) requires every individual that generates income in the US to report such income by the month of April. In order to file such a report, we need to obtain a tax identification number…
Preparing and filing our tax return can be a hassle. Especially when we don’t have a complete record of our expenses. This can also seem like quite a complex process if we’re doing it for the first time. That’s why almost 50% of us decide to hire an accountant and have them do the job…
Tax season has officially begun, and every business owner should start preparing to file their corresponding taxes. With millions of small and medium businesses starting every year, having a clear and simple tax checklist for small businesses should be of great help for everybody. Whether you are filing your taxes on your own or working…
If you ask your friends, your family members, and even your neighbors, most of them might say that you don’t need a tax consultant. After all, research shows that 33% of Americans take care of their tax report themselves. Another 56% say they hire a tax consultant to deal with the hassle instead. The missing 11% were apparently…
As a business owner, going over every single insurance and safety requirement is a must. This is particularly true when we will have clients and employees at our office. It is also true when we have company’s facilities or assets such as vehicles. In order to make sure everybody is safe and well protected, a workers’ compensation…