Accounting, Bookkeeping & Tax Prep Services in Virginia
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 …
Call For a Free Quote!
