If you run your own business, keeping your books is vital to keeping your business running and afloat. Here are three bad bookkeeping habits that you should work hard to avoid this year. #1 Doing Your Books Yourself If you do not have financial training on how to do accounting, there is a good chance that you are making a lot of small mistakes with your books. If you want to avoid making small and big mistakes with your books, it can be worth it to hire a professional bookkeeper or accountant to work on your books for you. [Read More]
The Real "Red Alerts" When It Comes To Getting Audited
For the most part, even a certified public accountant can't tell you when you're going to get audited. The Internal Revenue Service has an extraordinary wealth of data that is intended to alert them to potential red flags. But many of the things that people suspect could lead to an audit are actually completely harmless or a nonissue. There are only a few real red alerts when it comes to being audited. [Read More]
Expats! Forgot To File Your Taxes Or FBAR Forms? You May Still Be Able To File And Avoid Penalties!
When you are living abroad, you have a lot to think about, whether you have moved to another country for business purposes or pleasure. Your taxes are likely furthest from your mind. Even though you are not currently living in the United States, you are still a US citizen, and as such, you still have an obligation to file your yearly income tax returns, as well as your FBAR (Report of Foreign Bank and Financial Accounts Report) forms. [Read More]
Three Reasons Why You Need To Hire A Professional Tax Preparation Company When Opening A Business
When you start your own business, it is important to make sure that you properly plan for your taxes. Understanding the tax codes as a private business can be difficult if you have not been properly trained. Fortunately, you can hire a professional business tax preparation company to make the planning easier. Below is a guide that will walk you through the many ways a tax preparation company can help you properly prepare your business for filing taxes. [Read More]