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...
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...
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...
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...
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...
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...
Pay Estimated Taxes from Home with the Department of Treasury’s Online Payment Option
Most people pay their estimated taxes with a certified return receipt and faithfully visit their local post office several times a year. However, it is now possible to enroll in the federal online payment system, go to the correct website, and set up all four payments...
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...
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, while...
When Bookkeeping it’s Vital to Make Sure the General Ledger is Up-to-Date
Every organization has a general ledger that lists your accounts and the balance of every account. In this instance, account refers to the different types of financial components a business can have, which includes assets, liabilities, revenues, expenses, and...