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Welcome to Taxfyle's Blog

Resources & Tax Tips

Industry experts providing tax help guidance for our readers.

Small Businesses

When is Your PPP Loan Forgiveness Application Actually Due?

PPP loan recipients were shocked with the October 31 deadline, the SBA has released extra guidance for businesses seeking loan forgiveness.

1 min read

Personal Taxes

Taxes 101: Form W-9, Everything You Need to Know

W-9 Forms: One of the Basic Tax Forms to Understand

6 min read

Personal Taxes

How Will 2020 Unemployment Benefits be Taxed Next Filing Season?

Many surprised to learn that unemployment benefits they received are taxable - here's the best way to prep

2 min read

Taxes 101: If You Don't Know Now You Know

Everything You Need to Know About Filing Form 940

Why does your employer withhold taxes? Basics for employees and employers.

2 min read

Tax Prep

What’s New for the 2020 Tax Year?

No two years are the same when it comes to tax rules, here are some of the change's you'll see when it's time to file 2020's return.

1 min read

COVID-19 IRS Updates

Employers Seek Guidance As Payroll Tax Deferral Becomes Effective

Employers have started to worry about how to implement this new policy and what role they will play.

3 min read

COVID-19 IRS Updates

$13.9M Interest Payments to be Issued by the IRS

Taxpayers stand to benefit from 45-day rule which requires the IRS to pay interest on refunds issued after 45 days of the taxpayer’s claim.

1 min read

Business Tips

Benefits of Outsourced Accounting Services Highlighted by Ongoing Coronavirus Pandemic

Business leaders face high scrutiny, many are deciding to outsource essential accounting functions.

2 min read

Product Updates

Taxfyle ranks No. 74 on Inc. Magazine’s 2020 Inc. 5000 list

Taxfyle ranked No. 74 on this year’s Inc. Magazine​'s 5000 fastest growing companies in America.

2 min read

Trends

Could a Travel Tax Credit Save the Domestic Tourism Industry?

A vacation tax credit? That's just one of many congressional proposals aiming to stimulate industries that were hit hard from the pandemic.

1 min read

Personal Taxes

What You Need to Know About a W-9 Form

Freelancer, gig-worker, self-employed? You’ll be seeing W9’s more often. Here's the 101 on the W9 and how it's a tad different.

3 min read

Product Updates

A Simpler Work Portal

Our initial launch of the Work Portal is focused on delivering an even better experience for our professional workforce.

1 min read

Tax Preparation

Tax Deadline Missed? Here’s What You Need To Know:

Didn't make the 2019 Filing Deadline? There's still a few things you can do today to save yourself from fees and penalties.

2 min read

Tax Preparation

As IRS Tax Deadline Looms, Filers Have Options

With the imminent deadline just days away, Taxpayers who aren't ready to file still have options to buy them some more time.

2 min read

Tax Tips

2016 Tax Return: File Now or Forever Hold Your Peace...

Taxpayers who haven't filed 2016 will be leaving their cut of the $1.5 billion on the table if they don't file before this year's deadline.

2 min read

Accounting Professionals

How has the long tax season impacted your employees’ ability to use their vacation time?

What are some options for firms that encourage employees to start using their PTO and avoid burnout once they reach July 15th?

2 min read

COVID-19 IRS Updates

IRS Update: Critical Functions Continue Nationwide

With IRS offices slowly reopening, taxpayers are left with unanswered questions. Here's the latest of what's open & how to find info.

2 min read

Tax Tips

Remote Work: What Does This Mean for Taxes?

When employees work remotely in different states, businesses should be proactive about the possible tax implications that may follow.

1 min read

COVID-19 IRS Updates

State of the IRS

IRS offices are opening back up to deal with the mountains of paperwork waiting for them.

1 min read

Tax Preparation

IRS Will Begin Accepting Amended Tax Returns Electronically

The IRS will officially begin accepting 2019 amended income tax returns this summer, helping to reduce delays that come paper filings.

2 min read

COVID-19 IRS Updates

Investors in Opportunity Zones Now Qualify for Additional Tax Relief

The IRS is granting Opportunity Zone Funds relief on some of the requirements associated recently passed tax incentive programs.

2 min read

COVID-19 IRS Updates

Newly Passed Paycheck Protection Flexibility Act Eases PPP Requirements

Newly passed legislation works to help businesses by relaxing PPP requirements - What you need to know...

3 min read

COVID-19 IRS Updates

Is your stimulus check still MIA? These tools and tips might help you find out why.

With ~35M payments still outstanding to date, here’s what you need to know and some actions you can take if you’re still waiting.

4 min read

Tax Prep

Get Ahead with 5 Quick Tips for Filing Your Taxes

With the IRS’s extended July 15th deadline fast approaching, here are some tips that will help you have a seamless tax filing experience.

2 min read

Small Businesses

Some Optimistic Signs for Small Business Owners and the Economy

New Legislation and statistics give hope that we will return to business as usual in the not-so-distant future.

2 min read

Trends

The Gig Economy: Moving Forward

Being part of the gig economy may be a new reality for many workers.

2 min read

COVID-19 IRS Updates

The COVID Effect on your Retirement Plan

With the recent Covid-19 inspired stimulus packages is an IRS program allowing access to funds from their own 401(k) retirement plans.

2 min read

COVID-19 IRS Updates

Income Tax Nexus During COVID-19

WFH moved the workforce from their cubicles to the couch, yet many businesses may find themselves with unexpected tax obligations.

3 min read

Trends

Staying Connected with your Workforce

In the tech world, companies have adopted simple practices that have kept them ahead of the curve when it comes to remote communication.

2 min read

COVID-19 IRS Updates

Will the IRS Extend the Filing and Payment Deadline Again?

There have been murmurs that the White House is contemplating extending it to an even later date.

1 min read

Personal Taxes

What to Know When Filing Taxes and Unemployed

Even If you find yourself unemployed and receiving government aid, there is a good chance you will still have to file your taxes.

2 min read

Tax Tips

Self Employment Tax: 7 Things You Should Know

Being self-employed is probably a dream come true. You get to work for yourself without answering to anyone else, and it feels good...

5 min read

Personal Taxes

Filing Taxes for Dummies: A 5-Step Guide for Amateur Filers

You could try filing your taxes yourself, as well, but don’t do so without preparation. You might forget vital forms or make mistakes...

5 min read

Personal Taxes

Guide to Tax Form 1098-T

If you’ve never received a 1098-T – or never taken the time to scrutinize the form – it might look like a jumbled mess of boxes and numb...

5 min read

Trends

Is The Next Phase A Hybrid Workspace?

Steps taken by employers now can allow for flexibility, engaged employees, and help firms run leaner moving forward.

2 min read

Small Businesses

An Employer’s Guide to Payroll Taxes

Payroll taxes are essentially federal taxes that the government requires employers and employees to pay in order to fund...

5 min read

Personal Taxes

Form 5498 & How IRA Contributions Impact Taxes

When you save for retirement with an IRA, you’ll receive a Form 5498. The institution responsible for managing your IRA is required...

5 min read

Personal Taxes

Understanding Saver’s Credit

The Saver’s Credit is designed to help those with little income to feel like their retirement contributions are worthwhile, even though...

5 min read

Small Businesses

A Straightforward Guide to LLC Taxes

An LLC, which is the most natural choice for small business owners, protects you against lawsuits and other costly legal action,...

5 min read

Virtual Accounting

So Tax Filings Were Extended...But Are You Feeling More Behind Than Normal?

While the focus of businesses remains on how to just make it through, are public accounting firms feeling more behind than ever?

2 min read

COVID-19 IRS Updates

IRS Glitch Impacts Stimulus Payments

Many consumers were left waiting for their stimulus checks with little to no explanation.

1 min read

COVID-19 IRS Updates

Here's How The Economic Injury Disaster Loan Advance Can Help Your Business During COVID-19

A set of relief options have been provided for small businesses looking for help during the COVID-19 pandemic.

1 min read

COVID-19 IRS Updates

IRS Allowing Direct Deposit for Stimulus Payments

Stimulus checks will be processed faster for those who have set up direct deposit.

1 min read

Virtual Accounting

Has Covid-19 Provided You A Chance To Reflect on Your Business?

Document handoffs and determining which employee has capacity is a lot more challenging in a virtual environment.

2 min read

COVID-19 IRS Updates

What You Need to Know About the Employee Retention Tax Credit

The ERTC can help keep your business afloat during the COVID-19 crisis.

1 min read

Virtual Accounting

The Talent War in Public Accounting

There is one notable industry where the unemployment rate is not only low, but good workers are still in high demand: Accounting

2 min read

COVID-19 IRS Updates

The Corona Virus CARES Act has passed, 5 things you may want to know.

The Coronavirus Aid Relief and Economic Security Act was passed on Friday, March 27th, 2020. Here are 5 things you may want to know

2 min read

COVID-19 IRS Updates

IRS Extends Tax Filing Deadline

The COVID-19 outbreak has forced consumers and taxpayers to adjust their tax season schedules.

2 min read

Tax Preparation

How to Plan for Independent Contractor Taxes

Independent contractors can be people or entities who are contracted to perform work for another entity in a non-employee relationship.

5 min read

Tax Tips

How to File Taxes: A First Timer’s Guide

Let’s assume that you do need to file a tax return and that you’re planning to do it by the April 15 tax deadline. What you’re really...

5 min read

Tax Preparation

How to Use a 1099-R Form

Form 1099, in general, is an IRS tax form used as an informative document to report income other than wages, salaries, and tips.

5 min read

Tax Preparation

Cutting Through the Confusion of Inheritance Tax

In the simplest terms, an inheritance tax is a state tax that’s imposed on the receipt of assets from someone who passes away.

5 min read

Tax Preparation

How Does Adjusted Gross Income Work?

Your AGI is determined by taking your gross income and adjusting it to account for different deductions. Simply put3 (AGI) is a measure...

5 min read

Tax Tips

The Child Tax Credit: What it is and How You Qualify

The child tax credit is a tax credit for parents and other qualified caretakers of qualified children. The Tax Cuts and Jobs ACT...

5 min read

Accounting Tips

What Is a 1099 Form?

A 1099 form is a form from the IRS used to report various types of income other than income from an employer. If you make wages...

5 min read

Tax Tips

How Do You Get a Tax Extension?

If you want to get a tax extension, you’ll need to file federal Form 4868, the official “Application for Automatic Extension of Time To...

5 min read

Tax Preparation

How to Pay Quarterly Taxes

On the surface, quarterly taxes are simple. If you owe taxes that aren’t withheld, you’ll be responsible for paying those taxes in quarterly

5 min read

Tax Preparation

Turbotax Alternatives (And Other Ways to Prepare Your Taxes)

Tax preparation is often a huge source of frustration for individuals, self-employed professionals, and small business owners. But it...

5 min read

Individuals

What are "Ghost Tax Preparers"? What You Need to Know

Learn about ghost preparers and how to avoid them during tax season.

1 min read

Accounting Professionals

7 Accounting Integrations Your Firm Should Have

If you’re using a popular cloud-based accounting app, you probably have access to several integrations. Is it enough? Do you need more?

3 min read

Business Tips

How to Sell a CPA Firm: How to Value a CPA Firm and Next Steps

Do you need help figuring out how to sell a CPA firm? Don't know how to value a CPA firm? We've got tips, tricks, and first steps in...

3 min read

Business Tips

Business Tax Extensions 101: Time (and Taxes) Are Money

Need a little bit more time this year? You can (legally!) get more time on your taxes! It's best to do it with the help of a professional...

3 min read

Small Businesses

Small Business Taxes for Dummies: Filing for the First Time? Get Help!

Taxes aren't something you want to experiment with. Especially as a business owner! Click here to learn about filing small business taxes...

4 min read

Tax Tips

How to File Self-Employment Taxes

If you've said goodbye to the 9-5 or become your own boss, good for you! Now it's time to figure out how to file self-employment taxes.

6 min read

Expat

How to File Taxes as an Expat

Filing your taxes as a U.S expat living abroad? Find out how you can do it online with Taxfyle!

3 min read

Small Businesses

The Complete List of Tax Deductions for Small Business

To lower your taxable business income as much as possible, familiarize yourself with our complete list of tax deductions for small business.

5 min read

Accounting Professionals

How to Become a Freelance Accountant

Freelance accountants do much of what full-time accountants do, but with a few additional perks.

5 min read

Accounting Professionals

How Blockchain in Accounting is Changing the Industry

Blockchain has as much potential, if not more, than the internet and the cloud for the accounting industry.

5 min read

Accounting Professionals

A CPA’s Guide to Outsourcing Your Bookkeeping Services

Accounting and bookkeeping are very different, so you may be able to preserve your accounting responsibilities while offloading...

5 min read

Accounting Professionals

How AI in Accounting is Revolutionizing the Accounting Industry

The accounting industry is always ripe for innovation, yet has remained fairly stagnant for a number of decades.

5 min read

Small Businesses

Bookkeeping Tips for Running a Successful Business

Whether you hire it out or do it yourself, bookkeeping tasks can be overwhelming. Here’s a simple guide with 8 bookkeeping tips.

5 min read

Accounting Professionals

Accounting Training Opportunities for Improving Your Firm

For accounting firms, training plays an integral role in onboarding, developing, and maturing employees.

5 min read

Accounting Professionals

Tips for Starting an Accounting Firm

If you're thinking of starting an accounting firm, the most important quality is being a skilled businessperson.

5 min read

Small Businesses

Payroll Deductions Masterlist

Here’s a list of 15 common types of payroll deductions for small businesses, including mandatory payroll taxes.

5 min read

Expat

What is Form 4868? What You Need to Know

Instead of filing your taxes late, you have the option of filing IRS Form 4868.

5 min read

Individuals

Filing an Amended Tax Return in 6 Steps

An amended tax return is a formal document that a taxpayer may file to correct a tax return from the preceding year. It’s generally used...

5 min read

Accounting Professionals

Maintaining Your Tax Preparer Privacy Policy and Confidentiality Guidelines

Maintaining a strict privacy policy and confidentiality protocol is crucial for any tax preparer, whether self-employed or hired by a...

5 min read

Accounting Professionals

Tax Attorney vs CPA: Understanding the Difference

With a tax attorney, you enjoy the protection of attorney-client privilege. You don’t have that legal shield with a CPA.

5 min read

Accounting Professionals

12 Tips for Improving Employee Morale in Your CPA Firm

Here are a few tried-and-true methods for boosting everyone’s spirits in your CPA firm and keeping your accounting positions fully staffed.

5 min read

Accounting Professionals

Becoming A Tax Preparer: 5 Skills To Help You Thrive

If you’re considering a career as a tax preparer, it’s important to know what the work involves and what it takes to thrive. 

5 min read

Accounting Professionals

How to Measure Profitability in Your Accounting Firm

Maximizing profitability requires total operational efficiency. During the busy tax season, it’s easy to get bogged down handling lots of...

5 min read

Accounting Professionals

How Much to Charge for Tax Preparation

How much money should you charge for preparing tax returns? If tax season is coming up, should you raise your fees as the deadline...

5 min read

Accounting Professionals

How to Start a Tax Business in 6 Steps

Why Start a Tax Business? There’s never been a better time to own your own business. We’re in a pro-business environment, where self...

5 min read

Individuals

When Are Taxes Due? Tax Day Deadlines 2019-2020

As tax season approaches, it's important to make sure you're filing on time.

2 min read

Accounting Professionals

What's the Best Tax Software for Tax Preparers in 2020?

In order to choose the best tax software, there are a number of factors any preparer should consider, and there are a number of different...

5 min read

Accounting Professionals

Outsourced Accounting Services: Everything You Need to Know 

Now that you understand the many benefits of outsourced accounting services, you’ll need a reputable, trustworthy company to handle your...

5 min read

Small Businesses

Filing S Corp Taxes Online: The Essential Guide

Unlike personal tax returns, filing S Corp taxes requires a degree of expertise that not all accountants will have, and it involves...

5 min read

Accounting Professionals

Top 11 Accounting Interview Questions and Answers

You may use the list of questions below, and the answers you want to hear, to help you select the best accounting specialists for your...

5 min read

Expat

Understanding Form 673: Claiming Exemption From Withholding on Foreign Earned Income via Section 911

One of your responsibilities could be correctly filling out and submitting federal Form 673: statement for claiming exemption from...

5 min read

Individuals

How to Calculate Student Loan Interest Deduction

In this article, we’ll discuss exactly how to calculate your student loan interest deduction so that you can speed up...

5 min read

Individuals

8 End of Year Tax Tips to Maximize Your Return

Here are some specific year-end tax tips that will help you make the most out of your return:

5 min read

Expat

What Is FBAR Reporting?

The FBAR is an annual report, much like your federal income tax return. It is due April 15 of the year following the calendar year being...

5 min read

Individuals

7 Rules for Claiming Dependents on Taxes

Under official IRS rules, qualifying dependents can take on any number of forms. But in order to claim someone as your dependent...

5 min read

Individuals

The 10 Most Overlooked Tax Deductions You Need to Know

Here's a handy list of some of the most commonly overlooked tax deductions. 

5 min read

Individuals

8 Things to Know About Divorce and Taxes

If you’re filing for divorce, or find yourself recently divorced, it’s imperative that you understand how your changing marital status...

5 min read

Individuals

I'm freelancing, how do I pay my taxes?

Freelancers generally find they have a more difficult tax situation than most employees.

1 min read

Individuals

When can I file my taxes?

The processing of your return will be declared by the IRS whenever they say. The IRS stated that the 2018 tax season opened on January 29th.

1 min read

Individuals

Are there benefits to filing early?

For practical reasons, filing early generally reduces your stress levels at tax time.

1 min read

Individuals

When do I get my tax refund?

Since a refund takes much longer for paper filers, the IRS and tax professionals recommend electronic filing.

1 min read

Small Businesses

What is Tax Accounting? Everything You Need to Know

For United States citizens earning income, tax accounting is unavoidable. But what is it?

5 min read

Individuals

6 Tips for Avoiding an IRS Tax Audit

Learn how to avoid an IRS Tax Audit with Taxfyle.

5 min read

Individuals

8 Steps to Take If You Have a Tax Problem

When you encounter a tax problem of any variety, here are a few steps you can take to resolve it.

5 min read

Individuals

What are tax withholdings?

If you are an employee, you have certainly noticed the taxes taken from your paycheck every month.

1 min read

Individuals

Tips for How to Calculate Income on Your Rental Property

Own a rental property? As you know, the IRS requires you to report the rent you collect and pay income tax on those amounts.

6 min read

Small Businesses

What Are Estimated Payments and Why Should I Make Them?

When you work a “traditional” job through an employer, taxes are usually pretty straightforward.

3 min read

Small Businesses

What's an S election, and why should I make it?

For some businesses, electing to file for S-Corporation will be a wise choice.

2 min read

Individuals

Filing an Extension on Your Taxes: What You Need to Know

Whether you'll be filing an individual tax return, a business tax return, or a combination of both, this can be a stressful time of year.

3 min read

Accounting Professionals

Top 4 IRS Approved Tax Preparation Courses You Should Take

Finding the right course and taking it seriously could drastically improve your tax preparation practice.

5 min read

Accounting Professionals

The Ultimate Guide to Accounting Outsourcing

Running your own accounting firm or tax Preparation service is a stable and rewarding career -- but how do you deal with spikes in demand?

5 min read

Accounting Professionals

Accounting Continuing Education You Should Pursue

The worlds of tax law and financial regulations are always changing. Pursuing your accounting education can help make sure you keep up.

5 min read

Accounting Professionals

How to Become a Certified Tax Preparer?

Tax preparation can be a profitable and rewarding gig, provided you’re suitably educated and certified to do it.

5 min read

Accounting Professionals

What Is Cloud-Based Accounting Software?

What, exactly, is cloud based accounting software, and do you really need it for your business?

6 min read

Accounting Professionals

How Firms Can Utilize Accounting Integrations to Scale Their Practice

Accounting integrations are one of the most important steps for scaling an accounting firm in the modern era. Learn how with Taxfyle!

5 min read

Small Businesses

Small Business Taxes 101: What's a DIY-Do and a DIY-Don't

When you're filing small business taxes, you need to get things right the first time. Learn what you should try yourself and what to get...

5 min read

Accounting Professionals

How to Market Your Tax Preparation Business

As you look for ways to scale up your own tax preparation business, pay careful attention to how marketing can scale your firm.

5 min read

Individuals

What is the Standard Deduction?

The Standard Deduction allows you a deduction even if you have no expenses that qualify for claiming itemized deductions.

1 min read

Individuals

Can I deduct my state taxes?

Deductible taxes include state and local income tax or sales tax, property tax paid during, and any other mandatory tax charged.

1 min read

Individuals

7 Tax Tips to Maximize Your Refund

Seven ways to maximize your refund this tax season.

5 min read

Individuals

What happens if I file after the deadline?

The penalty for filing late is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late.

1 min read

Accounting Professionals

Top 8 Tax Mistakes to Avoid

Stay away from these tax mistakes to stay out of trouble with the IRS.

3 min read

Accounting Professionals

Bookkeeping vs Accounting: Everything You Need To Know

Understanding the differences and commonalities between bookkeeping vs accounting can help your business’s financial strategy.

5 min read

Accounting Professionals

How to Get New Accounting Clients in 7 Simple Steps

We have put together a list of seven simple steps that will help you onboard new accounting clients and scale up your business this year.

6 min read

Accounting Professionals

12 Accounting Skills You Need to Succeed

Accounting can be a highly lucrative career but it comes along with a variety of challenges.

5 min read

Accounting Professionals

8 Types of Accounting Software for Your Firm

Check out these 8 software applications designed to work for all types of accounting needs and help your accounting team.

4 min read

Accounting Professionals

The 4 Types of Bookkeeping Systems

Here is our list of the four most common types of bookkeeping systems and how they will work for your business. Learn more with Taxfyle!

5 min read

Accounting Professionals

8 Accounting Technology Innovations for Building Your Accounting Firm

Few business practices have as rich a history as accounting. New innovations promise to help today’s accounting firms grow into the future.

10 min read

Accounting Professionals

What To Do After Accounting Busy Season?

According to the IRS, the busiest day for tax preparation occurs about two months prior to the day federal taxes are due (April 15).

5 min read

Accounting Professionals

How to Staff Your Accounting Firm?

Staffing problems are not unique to accounting firms. Learn how to

5 min read

Accounting Professionals

Embracing New Accounting Technology: Will You Be Ready?

From a growing market for individual tax preparation software to a variety of new tools for accounting firms, there’s a lot to learn.

5 min read

Accounting Professionals

Creating a Talent Development Strategy for Your Accounting Firm

Are you spending enough time, energy, and resources on developing top talent within your firm? If not, it’ll cost you.

5 min read

Individuals

What are tax credits?

Credits are generally created to encourage and reward certain behaviors that have been deemed beneficial by the government.

1 min read

Outsourcing

Engagement Margin Management Through Outsourcing: Key Insights

At the peak of tax season, the demand on accounting offices can reach unmanageable levels – and in some ways, this is a good thing.

5 min read

Accounting Professionals

Identifying and Assessing Potential Leaders in Your Firm

Identifying and assessing potential leaders can help ensure the success of your company.

5 min read

Individuals

Unsure What You Will Get Back This Year? Here is How to Calculate Your Tax Refund

Learn how to estimate your tax refund using the Taxfyle calculator. Find out what information you need to estimate your income tax refund.

2 min read

Individuals

Can I deduct my medical expenses?

Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of qualified medical expenses that exceeds 10% of their AGI.

1 min read

Small Businesses

Managing Your Firm's Software Subscriptions

Entrepreneurs and professionals have access to more apps and platforms than ever to manage their departments and get more done.

5 min read

Small Businesses

7 Ways to Reduce Employee Turnover

Focusing on your retention strategies is the most effective way to minimize the pain of employee turnover.

5 min read

Accounting Professionals

Keeping Staff Busy Post-Busy Season

You might be tempted to reduce your employees to part-time work after the busy season, but there are benefits to keeping a full-time staff.

5 min read

Accounting Professionals

Recruiting for Your Firm: 7 Best Practices

Without the right people on your team, it’s impossible to experience meaningful and sustainable growth.

5 min read

Outsourcing

Benefits of Outsourcing Your Firm's Tax Practice

Tax preparation outsourcing allows you to continue taking on new work without interruption and without making additional hires.

5 min read

Individuals

Should I itemize my deductions?

To see if one should itemize their deductions depends if their allowable itemized deductions exceed the standard deduction for the year.

2 min read

Outsourcing

Outsourcing & Its Unexpected Benefits

Although many consider outsourcing to be primarily a cost-cutting measure, this strategy offers several other unexpected benefits.

2 min read

Small Businesses

Starting a business?

Are you starting a business? Learn which entity is right for you and your business.

3 min read

Individuals

If I got a letter from the IRS, what do I do?

The first step is always to read the notice, then review the information and compare it with your original return.

1 min read

Individuals

What is my filing status?

Selecting the correct filing status can be the first important step when properly reporting your tax return.

3 min read

Individuals

How Much Should I Withhold?

In order to avoid an underpayment penalty, the government expects to have received a certain amount of money depending on several factors.

1 min read

Individuals

What are sales taxes?

A sales tax is a direct tax on the purchase of goods and services that many states and local governments enforce.

1 min read

Individuals

How much do I have to earn to file taxes?

A couple of factors have to be determined before you can properly determine whether you are below the income thresholds to file a return.

1 min read

Individuals

When is the last day to file taxes?

Without an active extension in place, the last day to file your tax return is the original due date for the return.

1 min read

Individuals

What is a tax extension?

The IRS offers an automatic six-month extension to file your taxes known as Form 4868 (Form 7004 for businesses).

1 min read

Individuals

How to file taxes?

When filing taxes for yourself or for your business, it's good to start by knowing what form you will be filing.

1 min read

Individuals

How long do you have to keep tax records?

Every tax return and supporting forms should be kept. These include 1099s, expense tracking, W-2s, and other documents.

1 min read

Individuals

How am I taxed on crypto currencies?

Generally the IRS will treat convertible virtual currency as property using established tax principles applicable to property transactions.

3 min read

Individuals

What is Adjusted Gross Income (AGI)?

If you have ever prepared your own returns you have probably noticed AGI. AGI is basically your total gross income less specific deductions.

1 min read

Individuals

Does buying a house help with taxes?

Buying a home is a huge investment, and knowing the tax implications attached to this decision can be invaluable.

4 min read

Individuals

Where is My Federal Tax Return? Find Out Where Your Refund is Now!

After you submit your federal tax return to the Internal Revenue Service, you wonder when you can expect your refund.

1 min read

Individuals

Small Tax Refunds... Big Problems

As you've probably already heard from your favorite news sites, there are some changes in tax refunds this year.

2 min read

Individuals

Why Was My Refund Delayed?

While everyone appreciates a timely tax refund, there are a few situations that might cause a return to be delayed.

3 min read

Small Businesses

How to Turn Your Business Trip Into a Tax-Deductible Weekend Getaway!

With careful planning, you can still legally deduct all of your business expenses and maybe even cover some of your vacation costs.

3 min read

Small Businesses

6 Quick Tax Tips for Independent Contractors

We've got a few tips and tools to help with the administrative/tax side of things that will help you start getting things under control.

3 min read

Individuals

Your tax refund, the government shutdown, and the IRS

We would like to bring some facts to light that could have an impact on your finances as we start the new year.

1 min read

Individuals

2018 Tax Deadlines

As Tax season approaches, we want to make sure you have your taxes filed on time.

1 min read

Small Businesses

Is Incorporation right for Your Business?

The decision to incorporate your business could be a wise one.

4 min read

Small Businesses

The New Tax Reform and its Impact on Sole Proprietors & Independent Contractors

We've broken down some of the more salient points to help you understand what to expect in the first year of the new tax law.

3 min read

Individuals

What happens if I get audited by the IRS?

The best suggestion when dealing with an auditor in person would be to remain polite and organize all requested information beforehand.

1 min read

Individuals

What if I can't afford to pay my taxes?

The IRS will agree to work with you to set up a payment plan so the liability can be paid off with minimal hardship.

2 min read

Individuals

What should my withholding be to not make a payment at tax time?

Determining the exact amount of withholdings you should be making in order to avoid any payment at tax time can be difficult to determine.

1 min read

Individuals

When should I get an accountant to help file my taxes?

There are a number of situations that would prove hiring a professional worth while.

1 min read

Individuals

I'm married, but can I file my taxes married filing separately?

Married couples always have the option to file separately if they wish, however, the question in this scenario is why would they want to.

1 min read

Individuals

What if I don't pay my taxes?

If you file your taxes but don't pay them, the IRS will charge you a failure-to-pay penalty.

1 min read

Individuals

Why do I have to pay taxes?

If you owe taxes, it’s the result of your income exceeding your deductions and quarterly payments for the year.

2 min read

Individuals

What are Social Security Taxes?

A Social Security tax is the tax used to fund the Social Security program, which is levied on employers and employees.

1 min read

FAQ

How can I integrate my jobs with my calendar?

With this new feature you are now able to sync your Calendar of choice with Taxfyle to see all upcoming jobs with ease.

1 min read

Accounting Tips

Client Accounting Services 101

Like basic accounting, client accounting services involves handling most or all accounting needs for your clients. This can include:

5 min read

Expat

17 Things You Should Know About US Expat Taxes

The tax system in the United States is admittedly complicated for individuals and businesses. But it’s even more complicated if you’re...

5 min read

Business Tips

How to Hire a Small Business Tax Advisor

There’s simply too much on the line. Here’s why you ought to hire a small business tax advisor.

5 min read

Expat

Expat Social Security and Taxes Explained

In particular, expats need to be aware of how Social Security and other government benefits are handled – both in terms of paying taxes...

5 min read

Expat

How to Handle State Taxes as an American Expat

For starters, all US expats will need to file a federal-level income tax return, every year, with no exceptions. Even if you don’t believe..

5 min read

Expat

How to Determine Eligibility for Foreign Tax Credit and Foreign Earned Income Exclusion (FEIE)

Two of these systems, the Foreign Earned Income Exclusion (FEIE) and Foreign Tax Credit and can save you thousands of dollars on your taxes

5 min read

Expat

How Self-Employment Taxes Work Abroad

How will self-employment taxes work if you’re a self-employed US citizen living in a foreign country? 

5 min read

Business Tips

7 Best Practices for Recruiting Employees for Your Accounting Firm

Accounting recruitment has high competition, but the qualified job pool is relatively small. Here are 7 best practices for recruiting...

5 min read

Accounting Tips

How to Choose the Right Virtual Accounting Firm

How do you choose the right virtual accounting firm?

3 min read

Outsourcing

8 Benefits of Finance and Accounting Outsourcing

Though there’s nothing wrong with a traditional structure, it’s not designed with every type of company in mind.

5 min read