If you’re like most owners of growing firms, you might wonder about the best way to protect your personal assets and conduct your daily activities. For some businesses, forming a corporation is the best solution. Others benefit most from the creation of a Limited Liability Partnership.
Generally, if you’re a U.S. citizen or U.S. resident alien, you are eligible for $1,400 ($2,800 for a joint return), plus $1,400 for each qualifying dependent, if you (and your spouse if filing a joint return) aren’t a dependent of another taxpayer on a 2020 tax return, have a valid Social Security number (SSN) (see exception… [Read More]
Built to simplify your busy life… Simple, quick and do from anywhere you have internet. Paying employees or contractors, filing tax forms and paying payroll tax is all done electronically with the tap on the screen or click of a mouse. Run payroll as often as you like – no extra charge!
Each notice or letter contains a lot of valuable information, so it’s very important that you read it carefully. If the IRS changed your tax return, compare the information they provided in the notice or letter with the information in your original return, explained Daniel Ahart, chief tax officer at the tax preparation company Daniel… [Read More]
What to Do if I Receive a Letter from the IRS? Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. If you agree with the information, there is no need to contact the IRS. Note: As explained on the IRS website, you can… [Read More]
Get financial help from the government if you qualify. If you are a worker or a small business owner, and you’ve been affected by the COVID-19 pandemic, you may also qualify for additional disaster financial assistance. Related: Small Business Services.
What Disaster Financial Assistance is available? During the COVID-19 pandemic, you may qualify for additional help with food and bills. Learn about mortgage and rental relief. Related: Virtual Tax Prep
You don’t have to pay income tax on the economic impact payments. That’s right, the stimulus payment is technically a tax credit. However, they could indirectly affect what you pay in state income taxes in a handful of states, where federal tax is deductible against state taxable income. You don’t need to report the payments… [Read More]
Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a real-world economy transaction, has tax consequences… [Read More]