Form 1099, in general, is an IRS tax form used as an informative document to report income other than wages, salaries, and tips.
In this article, we’ll discuss exactly how to calculate your student loan interest deduction so that you can speed up...
Credits are generally created to encourage and reward certain behaviors that have been deemed beneficial by the government.
Every tax return and supporting forms should be kept. These include 1099s, expense tracking, W-2s, and other documents.
If you had a lot of medical expenses in 2020, you might be able to deduct them and lower your tax bill. However, you have to meet all the...
Buying a home is a huge investment, and knowing the tax implications attached to this decision can be invaluable.
The CARES Act allows eligible individuals who do not itemize deductions to deduct $300 of qualified charitable contributions.
In the simplest terms, an inheritance tax is a state tax that’s imposed on the receipt of assets from someone who passes away.
Under official IRS rules, qualifying dependents can take on any number of forms. But in order to claim someone as your dependent...
Married couples always have the option to file separately if they wish, however, the question in this scenario is why would they want to.
Your AGI is determined by taking your gross income and adjusting it to account for different deductions. Simply put (AGI) is a measure...
Independent contractors can be people or entities who are contracted to perform work for another entity in a non-employee relationship.
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...
Just before 2020 ended, we received a new, much anticipated COVID-19 relief package called The Consolidated Appropriations Act of 2021.
Even if you haven't paid taxes in years, it's possible to get caught up and back in the IRS's good graces. Here's how.
Tax preparation is often a huge source of frustration for individuals, self-employed professionals, and small business owners. But it...
Tax preparation can be a profitable and rewarding gig, provided you’re suitably educated and certified to do it.
Good news for those with tax debt — the IRS is offering increased options and flexibility for repaying outstanding taxes.
If COVID-19 has impacted your finances, filing your 2020 taxes may come with some surprises. Here's how to prepare...
Like many organizations, COVID-19 has impacted the IRS. The IRS has delayed presenting its reorganization plans to congress until December.
Business owners—did you know that deferred payroll taxes may ultimately fall on you for repayment? Ensure you're up-to-date here.
Unlike personal tax returns, filing S Corp taxes requires a degree of expertise that not all accountants will have, and it involves...
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...
New changes to the income ranges for determining eligibility to make deductible contributions to IRAs, ROTH IRAs, and the Savers Credit.
IRS will resume sending balance-due notices to U.S. taxpayers after halting them in May because of a massive COVID-19 related mail backlog.
Deciding what software to use is determining how well it will facilitate record keeping for completed and ongoing work in your company.
PPP loan recipients were shocked with the October 31 deadline, the SBA has released extra guidance for businesses seeking loan forgiveness.
W-9 Forms: One of the Basic Tax Forms to Understand
Many surprised to learn that unemployment benefits they received are taxable - here's the best way to prep
Why does your employer withhold taxes? Basics for employees and employers.
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.
Employers have started to worry about how to implement this new policy and what role they will play.
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.
Business leaders face high scrutiny, many are deciding to outsource essential accounting functions.
Taxfyle ranked No. 74 on this year’s Inc. Magazine's 5000 fastest growing companies in America.
A vacation tax credit? That's just one of many congressional proposals aiming to stimulate industries that were hit hard from the pandemic.
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.
Our initial launch of the Work Portal is focused on delivering an even better experience for our professional workforce.
Didn't make the 2019 Filing Deadline? There's still a few things you can do today to save yourself from fees and penalties.
With the imminent deadline just days away, Taxpayers who aren't ready to file still have options to buy them some more time.
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.
What are some options for firms that encourage employees to start using their PTO and avoid burnout once they reach July 15th?
With IRS offices slowly reopening, taxpayers are left with unanswered questions. Here's the latest of what's open & how to find info.
When employees work remotely in different states, businesses should be proactive about the possible tax implications that may follow.
IRS offices are opening back up to deal with the mountains of paperwork waiting for them.
The IRS will officially begin accepting 2019 amended income tax returns this summer, helping to reduce delays that come paper filings.
The IRS is granting Opportunity Zone Funds relief on some of the requirements associated recently passed tax incentive programs.
Newly passed legislation works to help businesses by relaxing PPP requirements - What you need to know...
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.
With the IRS’s extended July 15th deadline fast approaching, here are some tips that will help you have a seamless tax filing experience.
New Legislation and statistics give hope that we will return to business as usual in the not-so-distant future.
Being part of the gig economy may be a new reality for many workers.
With the recent Covid-19 inspired stimulus packages is an IRS program allowing access to funds from their own 401(k) retirement plans.
WFH moved the workforce from their cubicles to the couch, yet many businesses may find themselves with unexpected tax obligations.
In the tech world, companies have adopted simple practices that have kept them ahead of the curve when it comes to remote communication.
There have been murmurs that the White House is contemplating extending it to an even later date.
Even If you find yourself unemployed and receiving government aid, there is a good chance you will still have to file your taxes.
Being self-employed is probably a dream come true. You get to work for yourself without answering to anyone else, and it feels good...
You could try filing your taxes yourself, as well, but don’t do so without preparation. You might forget vital forms or make mistakes...
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...
Steps taken by employers now can allow for flexibility, engaged employees, and help firms run leaner moving forward.
Payroll taxes are essentially federal taxes that the government requires employers and employees to pay in order to fund...
When you save for retirement with an IRA, you’ll receive a Form 5498. The institution responsible for managing your IRA is required...
The Saver’s Credit is designed to help those with little income to feel like their retirement contributions are worthwhile, even though...
An LLC, which is the most natural choice for small business owners, protects you against lawsuits and other costly legal action,...
While the focus of businesses remains on how to just make it through, are public accounting firms feeling more behind than ever?
Many consumers were left waiting for their stimulus checks with little to no explanation.
A set of relief options have been provided for small businesses looking for help during the COVID-19 pandemic.
Stimulus checks will be processed faster for those who have set up direct deposit.
Document handoffs and determining which employee has capacity is a lot more challenging in a virtual environment.
The ERTC can help keep your business afloat during the COVID-19 crisis.
There is one notable industry where the unemployment rate is not only low, but good workers are still in high demand: Accounting
The Coronavirus Aid Relief and Economic Security Act was passed on Friday, March 27th, 2020. Here are 5 things you may want to know
The COVID-19 outbreak has forced consumers and taxpayers to adjust their tax season schedules.
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...
The child tax credit is a tax credit for parents and other qualified caretakers of qualified children. The Tax Cuts and Jobs ACT...
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...
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
Learn about ghost preparers and how to avoid them during tax season.
If you’re using a popular cloud-based accounting app, you probably have access to several integrations. Is it enough? Do you need more?
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...
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...
Taxes aren't something you want to experiment with. Especially as a business owner! Click here to learn about filing small business 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.
Filing your taxes as a U.S expat living abroad? Find out how you can do it online with Taxfyle!
To lower your taxable business income as much as possible, familiarize yourself with our complete list of tax deductions for small business.
Freelance accountants do much of what full-time accountants do, but with a few additional perks.
Blockchain has as much potential, if not more, than the internet and the cloud for the accounting industry.
Accounting and bookkeeping are very different, so you may be able to preserve your accounting responsibilities while offloading...
The accounting industry is always ripe for innovation, yet has remained fairly stagnant for a number of decades.
Whether you hire it out or do it yourself, bookkeeping tasks can be overwhelming. Here’s a simple guide with 8 bookkeeping tips.
For accounting firms, training plays an integral role in onboarding, developing, and maturing employees.
If you're thinking of starting an accounting firm, the most important quality is being a skilled businessperson.
Here’s a list of 15 common types of payroll deductions for small businesses, including mandatory payroll taxes.
Instead of filing your taxes late, you have the option of filing IRS Form 4868.
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...
With a tax attorney, you enjoy the protection of attorney-client privilege. You don’t have that legal shield with a CPA.
Here are a few tried-and-true methods for boosting everyone’s spirits in your CPA firm and keeping your accounting positions fully staffed.
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.
Maximizing profitability requires total operational efficiency. During the busy tax season, it’s easy to get bogged down handling lots of...
How much money should you charge for preparing tax returns? If tax season is coming up, should you raise your fees as the deadline...
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...
As tax season approaches, it's important to make sure you're filing on time.
Now that you understand the many benefits of outsourced accounting services, you’ll need a reputable, trustworthy company to handle your...
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...
One of your responsibilities could be correctly filling out and submitting federal Form 673: statement for claiming exemption from...
Here are some specific year-end tax tips that will help you make the most out of your return:
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...
Here's a handy list of some of the most commonly overlooked tax deductions.
If you’re filing for divorce, or find yourself recently divorced, it’s imperative that you understand how your changing marital status...
Freelancers generally find they have a more difficult tax situation than most employees.
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.
For practical reasons, filing early generally reduces your stress levels at tax time.
Since a refund takes much longer for paper filers, the IRS and tax professionals recommend electronic filing.
For United States citizens earning income, tax accounting is unavoidable. But what is it?
Learn how to avoid an IRS Tax Audit with Taxfyle.
When you encounter a tax problem of any variety, here are a few steps you can take to resolve it.
If you are an employee, you have certainly noticed the taxes taken from your paycheck every month.
Own a rental property? As you know, the IRS requires you to report the rent you collect and pay income tax on those amounts.
When you work a “traditional” job through an employer, taxes are usually pretty straightforward.
For some businesses, electing to file for S-Corporation will be a wise choice.
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.
Finding the right course and taking it seriously could drastically improve your tax preparation practice.
Running your own accounting firm or tax Preparation service is a stable and rewarding career -- but how do you deal with spikes in demand?
The worlds of tax law and financial regulations are always changing. Pursuing your accounting education can help make sure you keep up.
What, exactly, is cloud based accounting software, and do you really need it for your business?
Accounting integrations are one of the most important steps for scaling an accounting firm in the modern era. Learn how with Taxfyle!
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...
As you look for ways to scale up your own tax preparation business, pay careful attention to how marketing can scale your firm.
The Standard Deduction allows you a deduction even if you have no expenses that qualify for claiming itemized deductions.
Deductible taxes include state and local income tax or sales tax, property tax paid during, and any other mandatory tax charged.
Seven ways to maximize your refund this tax season.
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.
Stay away from these tax mistakes to stay out of trouble with the IRS.
Understanding the differences and commonalities between bookkeeping vs accounting can help your business’s financial strategy.
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.
Accounting can be a highly lucrative career but it comes along with a variety of challenges.
Check out these 8 software applications designed to work for all types of accounting needs and help your accounting team.
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!
Few business practices have as rich a history as accounting. New innovations promise to help today’s accounting firms grow into the future.
According to the IRS, the busiest day for tax preparation occurs about two months prior to the day federal taxes are due (April 15).
Staffing problems are not unique to accounting firms. Learn how to
From a growing market for individual tax preparation software to a variety of new tools for accounting firms, there’s a lot to learn.
Are you spending enough time, energy, and resources on developing top talent within your firm? If not, it’ll cost you.
At the peak of tax season, the demand on accounting offices can reach unmanageable levels – and in some ways, this is a good thing.
Identifying and assessing potential leaders can help ensure the success of your company.
Learn how to estimate your tax refund using the Taxfyle calculator. Find out what information you need to estimate your income tax refund.
Entrepreneurs and professionals have access to more apps and platforms than ever to manage their departments and get more done.
Focusing on your retention strategies is the most effective way to minimize the pain of employee turnover.
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.
Without the right people on your team, it’s impossible to experience meaningful and sustainable growth.
Tax preparation outsourcing allows you to continue taking on new work without interruption and without making additional hires.
To see if one should itemize their deductions depends if their allowable itemized deductions exceed the standard deduction for the year.
Although many consider outsourcing to be primarily a cost-cutting measure, this strategy offers several other unexpected benefits.
Are you starting a business? Learn which entity is right for you and your business.
The first step is always to read the notice, then review the information and compare it with your original return.
Selecting the correct filing status can be the first important step when properly reporting your tax return.
In order to avoid an underpayment penalty, the government expects to have received a certain amount of money depending on several factors.
A sales tax is a direct tax on the purchase of goods and services that many states and local governments enforce.
A couple of factors have to be determined before you can properly determine whether you are below the income thresholds to file a return.
Without an active extension in place, the last day to file your tax return is the original due date for the return.
The IRS offers an automatic six-month extension to file your taxes known as Form 4868 (Form 7004 for businesses).
When filing taxes for yourself or for your business, it's good to start by knowing what form you will be filing.
Generally the IRS will treat convertible virtual currency as property using established tax principles applicable to property transactions.
If you have ever prepared your own returns you have probably noticed AGI. AGI is basically your total gross income less specific deductions.
After you submit your federal tax return to the Internal Revenue Service, you wonder when you can expect your refund.
As you've probably already heard from your favorite news sites, there are some changes in tax refunds this year.
While everyone appreciates a timely tax refund, there are a few situations that might cause a return to be delayed.
With careful planning, you can still legally deduct all of your business expenses and maybe even cover some of your vacation costs.
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.
We would like to bring some facts to light that could have an impact on your finances as we start the new year.
As Tax season approaches, we want to make sure you have your taxes filed on time.
The decision to incorporate your business could be a wise one.
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.
The best suggestion when dealing with an auditor in person would be to remain polite and organize all requested information beforehand.
The IRS will agree to work with you to set up a payment plan so the liability can be paid off with minimal hardship.
Determining the exact amount of withholdings you should be making in order to avoid any payment at tax time can be difficult to determine.
There are a number of situations that would prove hiring a professional worth while.
If you file your taxes but don't pay them, the IRS will charge you a failure-to-pay penalty.
If you owe taxes, it’s the result of your income exceeding your deductions and quarterly payments for the year.
A Social Security tax is the tax used to fund the Social Security program, which is levied on employers and employees.
With this new feature you are now able to sync your Calendar of choice with Taxfyle to see all upcoming jobs with ease.
Like basic accounting, client accounting services involves handling most or all accounting needs for your clients. This can include:
The tax system in the United States is admittedly complicated for individuals and businesses. But it’s even more complicated if you’re...
There’s simply too much on the line. Here’s why you ought to hire a small business tax advisor.
In particular, expats need to be aware of how Social Security and other government benefits are handled – both in terms of paying taxes...
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..
Two of these systems, the Foreign Earned Income Exclusion (FEIE) and Foreign Tax Credit and can save you thousands of dollars on your taxes
How will self-employment taxes work if you’re a self-employed US citizen living in a foreign country?
Accounting recruitment has high competition, but the qualified job pool is relatively small. Here are 7 best practices for recruiting...
How do you choose the right virtual accounting firm?
Though there’s nothing wrong with a traditional structure, it’s not designed with every type of company in mind.