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Welcome to Taxfyle's Blog

Resources & Tax Tips

Industry experts providing tax help guidance for our readers.

Tax Tips

2019 Tax Deadlines You Need to Know

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

1 min read

Tax Prep

10 Tips for Better Business Tax Preparation

Take a proactive approach to tax prep now to avoid the stressful scramble during tax season.

5 min read

Personal Taxes

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

Personal Taxes

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

Personal Taxes

Are there benefits to filing early?

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

1 min read

Personal Taxes

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

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

Tax Tips

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 Tips

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

Accounting Technology

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

Tax Tips

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

Tax Tips

6 Tips for Avoiding an IRS Tax Audit

Learn how to avoid an IRS Tax Audit with Taxfyle.

5 min read

Personal Taxes

What are tax withholdings?

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

1 min read

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Tax Preparation

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 Tips

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 Tips

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

Tax Tips

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 Technology

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

Business Tips

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

Accounting Tips

10 Reasons to Consider a Part-Time Accounting Job

A part-time accounting job is an increasingly popular option for individuals looking for a new career option or boosting their earnings.

5 min read

Business Tips

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

7 Tax Tips to Maximize Your Refund

Seven ways to maximize your refund this tax season.

5 min read

Personal Taxes

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

Personal Taxes

Top 8 Tax Mistakes to Avoid

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

3 min read

Accounting Tips

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 Tips

7 Ways Virtual Accounting Solves Bookkeeping Pain Points

Virtual accounting gives business owners and bookkeepers an excellent option when it comes to their accounting services.

3 min read

Business Tips

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 Tips

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 Tips

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

Bookkeeping

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 Technology

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 Tips

5 Tips for Improving Your Accounting Firms Profit Margin

The reality is that your accounting firm exists to generate revenue. Improve profit margins to spark change within your firm.

5 min read

Tax Tips

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

Outsourcing

3 Ways to Reduce Recruitment Costs

Recruitment costs vary, but the average cost per candidate ranges anywhere from $1,000 to $5,000.

5 min read

Staff

How to Staff Your Accounting Firm?

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

5 min read

Accounting Technology

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

Talent Development

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

Personal Taxes

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

Accounting Tips

How to Choose the Right Virtual Accounting Firm

How do you choose the right virtual accounting firm?

3 min read

Accounting Tips

15 Small Business Accounting Tips That Will Save Thousands

There are many ways for small businesses to enhance their financial standing, but strategic accounting is one of the biggest opportunities.

5 min read

Trends

6 Finance and Accounting Outsourcing Trends for 2019

Accountants are always looking for ways to help clients prepare their taxes, handle IRS letters, and keep their private data secure.

5 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

Engagement Margin

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

Leadership

Identifying and Assessing Potential Leaders in Your Firm

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

5 min read

Tax Tips

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

Starting a business?

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

3 min read

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

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.

1 min read

Personal Taxes

When are taxes due?

The tax filing due dates are different depending on whether the filing is for an individual or a type of business entity.

1 min read

Personal Taxes

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

Personal Taxes

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

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.

4 min read

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

2018 Tax Deadlines

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

1 min read

Personal Taxes

Is Incorporation right for Your Business?

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

4 min read

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

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

Personal Taxes

What is 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

Personal Taxes

4 Ways to Reduce Overhead Costs In Your Firm

Managing a firm is hard work and expenses pile up quickly. Here are 4 ways to reduce your overhead costs and help maximize your profits.

5 min read