Resources & Tax Tips

You not only have until May 17 the file your taxes — you also have until that date to make contributions to your IRA.

The American Rescue Plan includes a tax break on unemployment benefits.

2020 was a disruptive year in so many ways, and for some of us, that meant moving between states.

2020 brought about many new tax changes as the U.S. government aimed to get aid to people, primarily through tax credits.

The Child Tax Credit, which is available every year, received an overhaul for 2021 to get more help to families who need it.

We know that the burning question in the back of all of your minds is: How long does the IRS have to audit me?

You Get Extra Time to File Your Taxes! (Don’t Get Toooo Excited, Now)

The IRS will agree to work with you to set up a payment plan so the liability can be paid off with minimal hardship.

Understanding the differences and commonalities between bookkeeping vs accounting can help your business’s financial strategy.

Accounting can be a highly lucrative career but it comes along with a variety of challenges.

Taxes aren't something you want to experiment with. Especially as a business owner! Click here to learn about filing small business taxes...

The third COVID relief bill — titled the American Rescue Plan Act of 2021 — has now been signed into law.

If you file your taxes but don't pay them, the IRS will charge you a failure-to-pay penalty.

Here's a run-down of vital info about cryptocurrency taxes.

Form 1099, in general, is an IRS tax form used as an informative document to report income other than wages, salaries, and tips.

Credits are generally created to encourage and reward certain behaviors that have been deemed beneficial by the government.

With so many tax software options, which should you choose? We compared three main factors:

In the simplest terms, an inheritance tax is a state tax that’s imposed on the receipt of assets from someone who passes away.

Your AGI is determined by taking your gross income and adjusting it to account for different deductions. Simply put3 (AGI) is a measure...

Independent contractors can be people or entities who are contracted to perform work for another entity in a non-employee relationship.

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 is often a huge source of frustration for individuals, self-employed professionals, and small business owners. But it...

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...

Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of qualified medical expenses that exceeds 10% of their AGI.

Just before 2020 ended, we received a new, much anticipated COVID-19 relief package called The Consolidated Appropriations Act of 2021.

Every tax return and supporting forms should be kept. These include 1099s, expense tracking, W-2s, and other documents.

The CARES Act allows eligible individuals who do not itemize deductions to deduct $300 of qualified charitable contributions.

If COVID-19 has impacted your finances, filing your 2020 taxes may come with some surprises. Here's how to prepare...

Good news for those with tax debt — the IRS is offering increased options and flexibility for repaying outstanding taxes.

Business owners—did you know that deferred payroll taxes may ultimately fall on you for repayment? Ensure you're up-to-date here.

Like many organizations, COVID-19 has impacted the IRS. The IRS has delayed presenting its reorganization plans to congress until December.

New changes to the income ranges for determining eligibility to make deductible contributions to IRAs, ROTH IRAs, and the Saver's Credit.

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.

Deciding what software to use is determining how well it will facilitate record keeping for completed and ongoing work in your company.

PPP loan recipients were shocked with the October 31 deadline, the SBA has released extra guidance for businesses seeking loan forgiveness.

Tax preparation can be a profitable and rewarding gig, provided you’re suitably educated and certified to do it.

Many surprised to learn that unemployment benefits they received are taxable - here's the best way to prep

W-9 Forms: One of the Basic Tax Forms to Understand

Why does your employer withhold taxes? Basics for employees and employers.

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.

Employers have started to worry about how to implement this new policy and what role they will play.

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 leaders face high scrutiny, many are deciding to outsource essential accounting functions.

Taxfyle ranked No. 74 on this year’s Inc. Magazine​'s 5000 fastest growing companies in America.

A vacation tax credit? That's just one of many congressional proposals aiming to stimulate industries that were hit hard from the pandemic.

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.

Didn't make the 2019 Filing Deadline? There's still a few things you can do today to save yourself from fees and penalties.

With the imminent deadline just days away, Taxpayers who aren't ready to file still have options to buy them some more time.

What are some options for firms that encourage employees to start using their PTO and avoid burnout once they reach July 15th?

With IRS offices slowly reopening, taxpayers are left with unanswered questions. Here's the latest of what's open & how to find info.

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.

Our initial launch of the Work Portal is focused on delivering an even better experience for our professional workforce.

When employees work remotely in different states, businesses should be proactive about the possible tax implications that may follow.

IRS offices are opening back up to deal with the mountains of paperwork waiting for them.

The IRS will officially begin accepting 2019 amended income tax returns this summer, helping to reduce delays that come paper filings.

The IRS is granting Opportunity Zone Funds relief on some of the requirements associated recently passed tax incentive programs.

Newly passed legislation works to help businesses by relaxing PPP requirements - What you need to know...

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.

With the IRS’s extended July 15th deadline fast approaching, here are some tips that will help you have a seamless tax filing experience.

New Legislation and statistics give hope that we will return to business as usual in the not-so-distant future.

Being part of the gig economy may be a new reality for many workers.

With the recent Covid-19 inspired stimulus packages is an IRS program allowing access to funds from their own 401(k) retirement plans.

WFH moved the workforce from their cubicles to the couch, yet many businesses may find themselves with unexpected tax obligations.

In the tech world, companies have adopted simple practices that have kept them ahead of the curve when it comes to remote communication.

There have been murmurs that the White House is contemplating extending it to an even later date.

Even If you find yourself unemployed and receiving government aid, there is a good chance you will still have to file your taxes.

Steps taken by employers now can allow for flexibility, engaged employees, and help firms run leaner moving forward.

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...

Payroll taxes are essentially federal taxes that the government requires employers and employees to pay in order to fund...

Being self-employed is probably a dream come true. You get to work for yourself without answering to anyone else, and it feels good...

The Saver’s Credit is designed to help those with little income to feel like their retirement contributions are worthwhile, even though...

When you save for retirement with an IRA, you’ll receive a Form 5498. The institution responsible for managing your IRA is required...

You could try filing your taxes yourself, as well, but don’t do so without preparation. You might forget vital forms or make mistakes...

While the focus of businesses remains on how to just make it through, are public accounting firms feeling more behind than ever?

Many consumers were left waiting for their stimulus checks with little to no explanation.

Stimulus checks will be processed faster for those who have set up direct deposit.

A set of relief options have been provided for small businesses looking for help during the COVID-19 pandemic.

The ERTC can help keep your business afloat during the COVID-19 crisis.

Document handoffs and determining which employee has capacity is a lot more challenging in a virtual environment.

There is one notable industry where the unemployment rate is not only low, but good workers are still in high demand: Accounting

The Coronavirus Aid Relief and Economic Security Act was passed on Friday, March 27th, 2020. Here are 5 things you may want to know

The COVID-19 outbreak has forced consumers and taxpayers to adjust their tax season schedules.

What happens if I file my taxes late? Should I expect penalties? What happens as time passes?

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...

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...

Learn about ghost preparers and how to avoid them during tax season.

The child tax credit is a tax credit for parents and other qualified caretakers of qualified children. The Tax Cuts and Jobs ACT...

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...

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

With a tax attorney, you enjoy the protection of attorney-client privilege. You don’t have that legal shield with a CPA.

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..

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...

With this new feature you are now able to sync your Calendar of choice with Taxfyle to see all upcoming jobs with ease.

In this article, we’ll discuss exactly how to calculate your student loan interest deduction so that you can speed up...

Like basic accounting, client accounting services involves handling most or all accounting needs for your clients. This can include:

Two of these systems, the Foreign Earned Income Exclusion (FEIE) and Foreign Tax Credit and can save you thousands of dollars on your taxes

If you’re filing for divorce, or find yourself recently divorced, it’s imperative that you understand how your changing marital status...

How will self-employment taxes work if you’re a self-employed US citizen living in a foreign country?

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...

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...