Accounting, Bookkeeping & Tax Prep Services in Virginia
Filing taxes for the first time can feel like a daunting task for many college students. The good news is that most students are required to file a tax return, even if they don’t think they’ll owe any taxes. Here’s a guide to help you navigate the process successfully. Why Should College Students File Taxes? …
As a business owner or individual taxpayer, facing an IRS audit can be a daunting and stressful experience. However, by understanding the IRS’s audit procedures and the limitations on how far back they can go, you can better prepare for and navigate the process. Arming yourself with knowledge about what triggers an audit, the necessary …
When it comes to tax preparation, the W-2 and W-4 forms are arguably the most important pieces of the puzzle. Understanding these tax forms is essential for both employees and employers. Here is what these forms are, when to use them, and why they are important. What is form w-2? The W-2 form, also known …
Waiting for your IRS tax refund can be both exciting and nerve-wracking. Fortunately, tracking its status doesn’t have to be a daunting task. If you’ve filed your return electronically, you can typically check its status within as little as 24 hours after submission. However, if you filed a paper return, it may take approximately four …
What is IRS Form 843? Form 843, also known as the “Claim for Refund and Request for Abatement,” is a formal document issued by the Internal Revenue Service (IRS) to allow taxpayers to seek refunds or seek reductions in penalties, interest, or outstanding tax obligations. You can access Form 843 on the official IRS website …
Understanding tax laws is crucial for maintaining compliance and optimizing financial management. The US tax system is primarily composed of federal, state, and local taxes. Small businesses are subject to various taxes depending on their structure, income, and activities. Effects of Misclassification: If your business is classified as a corporation but should be a sole …
The US tax code and how it effects small businesses. Read More »
As a small business owner, you wear many hats but when it comes to compensating yourself for your hard work and dedication, how do you navigate the complexities of payroll? Should you take owner’s draws or pay yourself a salary? What factors should you consider when choosing between owner’s draws and salary payments? Here are …
What is the penalty for late tax filing? As taxpayers, we understand the importance of meeting deadlines to avoid penalties and maintain compliance with tax laws, but missing the tax filing deadline can happen to anyone, and it’s essential to understand the consequences and steps to resolve the situation. Penalties for Late Tax Filing: The …
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