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Category Archives: Accounting
Is it too late to file my taxes?
Generally, it’s never too late to file your taxes. Now here is the catch. If you are due a refund and you don’t file, you have three (3) years to do so. If you do not file within the 3 years period, you lose your refund. Now, if you owe...
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Who Must File a Tax Return
Generally, if you are pay more than $600, you must file a tax return. The IRS says you must earn more than the standard deductions. See table below. Table 1. 2021 Filing Requirements Chart for Most Taxpayers IF your...
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IRS Rules Regarding 1099’s
Below are the IRS 1099-Misc. rules regarding paying someone for services File Form 1099-MISC for each person to whom you have paid during the year: At least $10 in royalties or broker payments in lieu of dividends or...
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Is Financial literacy Needed in Today’s Economy
According to Investopedia, financial literacy is the knowledge and application of various financial skills. These may include creating a budget, understanding how credit works, and saving for retirement. Financial literacy includes understanding...
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Independent Contractors (Uber or Lyft) Accounting Tips
The challenge we see in our practice is that Independent Contractors do not take the time to keep good accounting records. Keeping good records is the fuel to your business when it comes to taxes. Fundera magazine, the small business resource...
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Tax Tips for Federal Withholdings | W-4
The most common reason why you may not received a tax refund when filing your taxes is because your withholding is wrong. This applies to most W-2 filers only. Getting your withholding right enables you to receive a refund. Below is what the IRS...
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