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Resources & Tax Tips
Industry experts providing tax help guidance for our readers.
Personal Taxes
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.
Personal Taxes
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...
Personal Taxes
What Are Tax Credits?
Credits are generally created to encourage and reward certain behaviors that have been deemed beneficial by the government.
Personal Taxes
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.
Individuals
Can I deduct my medical expenses?
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...
Personal Taxes
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.
COVID-19 IRS Updates
A gift of $300 to those in need earns a deduction due to the CARES Act
The CARES Act allows eligible individuals who do not itemize deductions to deduct $300 of qualified charitable contributions.
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.
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...
Personal Taxes
Love and Taxes: When to File Taxes as 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.
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 put (AGI) is a measure...
Tax Preparation
A Guide to Independent Contractor Taxes
Independent contractors can be people or entities who are contracted to perform work for another entity in a non-employee relationship.
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...
COVID-19 IRS Updates
How the Second Stimulus and COVID Relief Bill Will Affect Taxes
Just before 2020 ended, we received a new, much anticipated COVID-19 relief package called The Consolidated Appropriations Act of 2021.
Personal Taxes
What Should I Do If I Owe Back Taxes?
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
6 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...
Accounting Professionals
Become a Certified Tax Preparer
Tax preparation can be a profitable and rewarding gig, provided you’re suitably educated and certified to do it.
Tax Tips
Flexibility for Tax Debts
Good news for those with tax debt — the IRS is offering increased options and flexibility for repaying outstanding taxes.
Tax Tips
Four Changes That May Affect How Much You Owe This Upcoming Tax Season
If COVID-19 has impacted your finances, filing your 2020 taxes may come with some surprises. Here's how to prepare...
COVID-19 IRS Updates
Coronavirus Delays IRS Reorganization
Like many organizations, COVID-19 has impacted the IRS. The IRS has delayed presenting its reorganization plans to congress until December.
Business Tips
Payroll Tax Deferral Updates and Implications for Business Owners
Business owners—did you know that deferred payroll taxes may ultimately fall on you for repayment? Ensure you're up-to-date here.
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...
Accounting Professionals
Best Tax Software in 2021
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...
COVID-19 IRS Updates
IRA Contribution Changes Announced by IRS For 2021
New changes to the income ranges for determining eligibility to make deductible contributions to IRAs, ROTH IRAs, and the Savers Credit.
COVID-19 IRS Updates
IRS To Resume Issuing 500 Series Balance-Due Notices
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.
Accounting Technology
Op-Ed: How to Create a Virtual Workflow without Sacrificing Client Service
Deciding what software to use is determining how well it will facilitate record keeping for completed and ongoing work in your company.
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.
Personal Taxes
Taxes 101: Form W-9, Everything You Need to Know
W-9 Forms: One of the Basic Tax Forms to Understand
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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?
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.
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.
COVID-19 IRS Updates
State of the IRS
IRS offices are opening back up to deal with the mountains of paperwork waiting for them.
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.
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.
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...
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.
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.
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.
Trends
The Gig Economy: Moving Forward
Being part of the gig economy may be a new reality for many workers.
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.
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.
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.
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.
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.
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...
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...
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...
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.
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...
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...
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...
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,...
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?
COVID-19 IRS Updates
IRS Glitch Impacts Stimulus Payments
Many consumers were left waiting for their stimulus checks with little to no explanation.
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.
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.
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.
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.
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
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
COVID-19 IRS Updates
IRS Extends Tax Filing Deadline
The COVID-19 outbreak has forced consumers and taxpayers to adjust their tax season schedules.
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...
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...
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...
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
Individuals
What are "Ghost Tax Preparers"? What You Need to Know
Learn about ghost preparers and how to avoid them during tax season.
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?
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...
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...
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...
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.
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!
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.
Accounting Professionals
How to Become a Freelance Accountant
Freelance accountants do much of what full-time accountants do, but with a few additional perks.
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.
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...
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.
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.
Accounting Professionals
Accounting Training Opportunities for Improving Your Firm
For accounting firms, training plays an integral role in onboarding, developing, and maturing employees.
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.
Small Businesses
Payroll Deductions Masterlist
Here’s a list of 15 common types of payroll deductions for small businesses, including mandatory payroll taxes.
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.
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...
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...
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.
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.
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.
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...
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...
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...
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.
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...
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...
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...
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:
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...
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.
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...
Individuals
I'm freelancing, how do I pay my taxes?
Freelancers generally find they have a more difficult tax situation than most employees.
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.
Individuals
Are there benefits to filing early?
For practical reasons, filing early generally reduces your stress levels at tax time.
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.
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?
Individuals
6 Tips for Avoiding an IRS Tax Audit
Learn how to avoid an IRS Tax Audit with Taxfyle.
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.
Individuals
What are tax withholdings?
If you are an employee, you have certainly noticed the taxes taken from your paycheck every month.
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.
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.
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.
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.
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.
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?
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.
Accounting Professionals
What Is Cloud-Based Accounting Software?
What, exactly, is cloud based accounting software, and do you really need it for your business?
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!
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...
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.
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.
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.
Individuals
7 Tax Tips to Maximize Your Refund
Seven ways to maximize your refund this tax season.
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.
Accounting Professionals
Top 8 Tax Mistakes to Avoid
Stay away from these tax mistakes to stay out of trouble with the IRS.
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.
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.
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.
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.
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!
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.
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).
Accounting Professionals
How to Staff Your Accounting Firm?
Staffing problems are not unique to accounting firms. Learn how to
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.
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.
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.
Accounting Professionals
Identifying and Assessing Potential Leaders in Your Firm
Identifying and assessing potential leaders can help ensure the success of your company.
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.
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.
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.
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.
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.
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.
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.
Outsourcing
Outsourcing & Its Unexpected Benefits
Although many consider outsourcing to be primarily a cost-cutting measure, this strategy offers several other unexpected benefits.
Small Businesses
Starting a business?
Are you starting a business? Learn which entity is right for you and your business.
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.
Individuals
What is my filing status?
Selecting the correct filing status can be the first important step when properly reporting your tax return.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
Individuals
2018 Tax Deadlines
As Tax season approaches, we want to make sure you have your taxes filed on time.
Small Businesses
Is Incorporation right for Your Business?
The decision to incorporate your business could be a wise one.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
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...
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.
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...
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..
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
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?
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...
Accounting Tips
How to Choose the Right Virtual Accounting Firm
How do you choose the right virtual accounting firm?
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.
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