Federal Income Tax Payer

Do I Need to File a Federal Tax Return?

Once your income is above a certain level, you will be asked to file a federal income tax return. This depends on your age, filing status, and the type of income you receive. You will need to go to the “Individuals” section at www.irs.gov or look at instructions...
Tax Planning 1040 Individual Tax Form

When Tax Planning, Look Out for Changes to Tax Laws

While much of the U.S. tax code doesn’t have an impact on the average taxpayer, it is still important to be aware of the numerous tax changes that are implemented each year. One of the most important changes of 2014 was the increase in personal and dependent...
Man Filing Income Tax Return

If Doing Tax Planning, Try Itemizing Your Deductions

Instead of going down the tried and trusted standard deduction route, consider itemizing your deductions. If they fall below the standard deduction, it is possible to bundle deductions. Examples of using this as a tax-saving measure include early mortgage repayment or...
Businessman with Tax Professional

Tax Planning? Search for Professional Assistance

The tax system can be complex, and there are a multitude of different forms that need to be filled out. When it comes to tax planning, there is no better way to stay on top of things than by hiring a tax professional. With their help, you no longer have to worry about...
Woman Tax Planning Her Withholding Amount

Adjust Your Withholding Amount for Better Tax Planning

As of 2013, the average tax refund in the United States was $2,800. An estimated 75 percent of U.S. taxpayers have too much money withheld from their paychecks, so they receive refunds, and almost 60 percent of people intentionally plan to receive this refund. While...
April 15 Estimated Tax Payment Due Date

Important Tax-Related Dates to Remember On Your Calendar

Estimated tax payments are due four times a year. For 2014 for instance, the dates were April 15, June 16, Sept. 15, and Jan. 15, 2015. You will notice the date for the first payment was the same as the deadline for your 2013 taxes. It may be necessary to redo the...
External Auditor Work

When Push Comes to Shove, Hire an External Auditor

While you should also look to self-audit, it is good business practice to bring in an external auditor. The government requires a number of businesses to hire an external auditor to look at their books and financial statements. However, you should hire an external...
Bookkeeper Tracking Accounting Activity

Creating Accurate Financial Statements for Bookkeeping Purposes

Financial statements are known to be the official reports of the well-being of an organization’s bookkeeping and include the statement of cash flow, the balance sheet, and the income statement. You should produce these statements every quarter at a bare minimum,...
Businessmen Shaking Hands

6 Keys to Successful Succession Planning for Phoenix Corporations

We have taken this information from a 2014 report on talent development and succession planning published by Stanford Business School and the Institute of Executive Development. According to the report, here are the six steps your organization needs to take: 1....
CEO with Accounting Succession Plan

Do You Have a C-Suite Development Plan?

According to a 2014 study carried out by Quantum Workplace, only one percent of executives believe their succession plan is excellent. Few organizations have a great multi-level succession plan, which makes high-potential employees feel important and leads to great...