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Mileage Reimbursement Rates for 2024
This is a subThe Internal Revenue Service (IRS) has announced the new standard mileage rates for 2024, reflecting changes in the costs associated with operating an automobile. These rates are crucial for individuals and businesses to understand as they affect… -
Mileage vs Actual Expense Tracking
Maximizing tax write-offs as an independent contractor or self-employed individual often includes leveraging car-related expenses. There are two primary avenues for deduction: tracking mileage or itemizing actual car expenses based on work usage. Deciding between these approaches can significantly impact… -
Meal Deductions for Businesses: 2023 Update
When it comes to business expenses, deductions can be a key factor in managing your company’s financial health. Among these expenses, business meal deductions have long been a valuable tax benefit for organizations and self-employed individuals. However, recent changes in… -
8 Reasons Why You Should Consider Filing an Extension
Tax season can be a challenging time for small business owners. The pressure to meet tax deadlines, ensure accurate financial reporting, and navigate complex tax laws can feel overwhelming. However, filing a tax extension is a valuable option that can… -
Cash vs Accrual Accounting: Choosing the Right Method for Your Business
Accounting is the language of business, and choosing the right accounting method is like selecting the right dialect to communicate effectively. Among the key decisions you’ll make as a business owner is whether to use cash or accrual accounting. Each… -
Outsourcing Accounting Work: Exploring the Pros and Cons
As businesses seek to optimize their operations and focus on core competencies, outsourcing non-core functions has become increasingly popular. Accounting, a crucial aspect of business management, is no exception. As with most things, there are pros and cons of outsourcing… -
Maintaining Financial Health: Why Business Owners Shouldn’t Fear Filing Extensions
Tax season can be a source of stress for business owners, with multiple responsibilities and deadlines to manage. One option that often causes apprehension is filing an extension for business taxes. However, it’s important to dispel any fears and recognize… -
The IRS “Dirty Dozen” – Top Tax Scams of 2023
With this year’s tax season coming to an end, the IRS has recently released the top twelve scams noticed in 2023, the “Dirty Dozen.” Scams come in all shapes and sizes. These days, there just seems to be a ton… -
Keys to Success as an Independent Contractor
The number of independent workers continues to soar in the U.S. According to MBO Partners, there were 64.6 million independent workers in 2022, an increase of 26% from 2021. The number of full-time independent workers increased to 21.6 million, up from… -
Taxes and Uncollectible Debt
There are few things as frustrating as not being paid what is owed to you. If it becomes clear the debt is not going to be paid, you might be able to recoup some of the lost money via a… -
Late-breaking IRS Change
In a last minute about face, the IRS is rolling back the requirement for third-party payment providers to issue 1099-Ks for anyone receiving payments over $600 in 2022. They are moving the reporting requirement back to $20,000 in activity and… -
How to Handle All of Those Forms
Your mailbox has started filling up with tax forms over the last several weeks and there are likely more to come. Getting your forms organized makes your tax filing easier for everyone involved. Here are some tips on how to…