Guide

Home > Accounting and Tax Guide > Tax Guide

Accounting and Tax Guide: Tax Guide


Landlord Guide to Property Tax Assessment

Running a rental business is not cheap, and there are several costs that property owners have to account for at the end of the year. Thankfully, the IRS knows, and many expenses are eligible for deduction according to their policy. Despite that leverage, many landlords still miss out on the opportunity to keep some money in their pocket or spend a lot of money on a professional to help them. If you read our article on 2021 rental property tax tips, you... ❯❯❯

What items can you claim a tax time when you work from home

The way we work is evolving, and working from home is becoming the new normal for many individuals. This gives you a lot of freedom, and you may deduct home office expenses from your taxes in a variety of ways. Many people are unaware that they may deduct expenses for working from home, and as a result, they frequently miss out on legitimate deductions. However, it's critical to follow the guidelines to prevent getting penalized for making a mistake. The... ❯❯❯

Self Employed Tax and Personal Tax Preparation In Abbotsford

It goes without saying that organizing and paying taxes can be a bit of a pain. This is the case especially if you aren't really knowledgeable about taxes. In this article, we'll be looking at two aspects of taxes; self-employed tax and personal tax preparation. With that being said, let's get right to it. Self-Employment Tax – What Is It Anyway? This refers to the fee which self-employed people are obliged to pay the government. This tax is a... ❯❯❯

Tax Traps Startups Can Avoid

When you’re starting a new business, the ultimate goal in mind is financial stability. But like with any type of success, careful planning is key. And with startups, tax planning is crucial in order to prevent a small financial problem from snowballing. Tax planning should be part of the risk management strategy businesses implement to find a balance between the financial risks and rewards. With good tax planning, you can come up with the right... ❯❯❯

The Essential Things to Know About Tax Audits in Dubai

Approved auditors in Dubai are in high demand after the new Value Added Tax (VAT) law was established in the United Arab Emirates (UAE) in 2018. Two years later, the rules and regulations for companies across the UAE are clear and in place, meaning there is no justification for not abiding by them. As a way of ensuring that businesses across the country are paying the required taxes, the government has implemented a system of tax audits that assesses... ❯❯❯

Can my car be a write-off from hail damage?

Storms are a part of the Aussie life. However, some storms can cause more damage than others, such as a hail storm.  If you are unlucky enough to be a custom to hail storm damage, you will find that the world of automotive hail damage is a unique one of its own. Firstly, hail damage rarely happens to vehicles. Secondly, a hail damage write off can be a tedious process, taking longer than most normal write offs.  As a result, dealing with hail... ❯❯❯

A Contractor’s Guide to Tax

You don’t have to be new to the self-employed to find contractor tax confusing. Even the most experienced contractors can be overwhelmed by the different rates, allowances and types of tax.  With expenses, percentages and different tax bands to cater for, there’s a lot to take into account when working out what you owe. And, with it being such a hefty annual figure, it’s an important thing to work out well in advance to ensure you... ❯❯❯

Why Should You Hire A CPA For Your Personal Taxes?

Most people assume that hiring a CPA (Certified Public Accountant) is only done for corporations or business taxes. Well, you also need to hire one for your personal taxes, and here are some of the reasons why you need to do so. Plan For Your Retirement CPAs can also help you plan for your retirement. Yes, you might have a few ideas on how to achieve a comfortable retirement but don’t know the right financial steps to take. Well, a CPA will... ❯❯❯

What are Tax Planning Strategies? Using the Best Resources to Succeed!

Tax planning is defined as the analysis of a financial situation or plan from the perspective of tax. You would participate in tax planning to make sure that your taxes are done efficiently. This also helps you reduce your tax liability and helps maximize your ability to contribute to your retirement plants. Tax planning is critical for success. Let’s take a look at some of the best tax planning strategies to use! 1.    ... ❯❯❯

Guide To Choosing The Right Tax Professional

If you want to come out ahead at tax time, then choosing the right tax professional is essential. It is almost time for the Internal Revenue Service (IRS) to begin processing income tax returns. According to US News, just approximately a third of all tax preparers have professional credentials. There are plenty of other preparers that call themselves tax professionals have not demonstrated any real tax competency. They have not passed a background check... ❯❯❯

All you need to Know about Tax when Selling your House

Every home owner need to take the issue of taxes into account when selling property. While home buyers will have to worry about stamp duty land tax, home owners are required to pay capital gains tax. Even then, you do not have to pay the Capital Gains Tax when selling your home if You lived in the house as your main home for the entire period you owned it. You have let a section of it or are using part of it for business. Your home sits on a ground... ❯❯❯

5 Tax Season Tips For Nonprofit Organizations

For majority of people, there is usually a better way to do taxes to make it more efficient and maximize benefits. If you are a nonprofit organization, there are several tricks you can use to your advantage. Here are 5 tips you can use for tax season. 5. Inform your volunteers about what they can deduct Volunteering is a great way to give back. But it can cost volunteers more than their time. Here are what volunteers can list down as tax deductible: ... ❯❯❯

5 Benefits Of Filing Taxes Online

Tax season can cause all kinds of dread in some people. But like many problems, there are multiple ways you can solve it. If you’ve never tried filing your taxes online, you should consider giving it a shot. It might be the approach that works for you. Here are 5 advantages to filing your taxes online. 5. It’s easier to keep track and organize all your records Whenever you file online, you make a permanent online record that is easily... ❯❯❯

Accounting: Getting The Most Out Of Your Tax Return

It is the end of the financial year and everybody has the the same thing on their minds-- tax time. Everyone starts preparing their emails and receipts for donations and other evidences that can help increase their chances of a higher deduction to their taxable income. Here are a few reminders that you can use in getting the most out of your tax return.   Donations are tax deductible   At this time of the year, everybody searches for their... ❯❯❯

Common Tax Issues That Small Business Owners Face

Around tax time, Uncle Sam often hits small businesses the hardest. One of the biggest reasons why small businesses are hit so hard is because many of the tax laws and structures are difficult to navigate, which leaves bootstrap companies in the lurch. When it comes to small business accounting, it is important to not only know how to navigate the waters of tax law – you also want to be aware of some of the common problems that small businesses run... ❯❯❯

Important Tax Tips

Tax time can be a stressful experience for anyone. A careful attention to detail as well as proper planning helps relieve some of hassle that accompanies this thorny issue. Following the right steps ensures fewer potential difficulties throughout the entire process.  Arrange All Necessary Materials Before Preparation Arrange everything needed to correctly prepare taxes beforehand. Common forms include W2s and the 1099 form. Other additional forms... ❯❯❯

5 Essential Tax Planning Tips for the Self-Employed

When you’re self-employed, there are a lot of things you’ll have to do on your own on behalf of your business. On the upside, you get to be your own boss, setting your preferred work hours, taking on the clients you prefer, and basically running the whole show as you see fit without a cavalcade of supervisors looking over your shoulder and micromanaging your every move. On the other hand, you’re also solely responsible for making sure you... ❯❯❯

Online Tax Laws and Paypal: What You Need to Know

In 1998, Congress promised to keep the internet tax free when it passed the Internet Tax Freedom Act. However, that promise was quickly forgotten, just a few years later, when Senate approved online tax legislation. This law states that, starting in 2011; online sellers would have to report their sales information to the IRS for taxation. This created a huge inconvenience for many vendors and their online clientele. Summary of Online Tax Legislation ... ❯❯❯

Top 5 Accounting and Tax Planning Tips for Small Businesses

Chances are you started your small business because you accrued years of experience in a certain market and found you were seriously good at your job. Perhaps you continued to get raises and new titles, with more responsibility and additional people reporting directly to you. But at some point you realized you could take that experience and start making those millions for yourself instead of some corporate shareholders. If you successfully pair a great... ❯❯❯

5 Tax Write-Offs That Every Homeowner Should Be Aware Of

You’ve probably heard that owning a home entitles you to all kinds of breaks come tax time, but you might not have the foggiest notion of what write-offs you’re eligible for. While there are a lot more than five out there, and you should definitely discuss your options with a professional tax prep specialist, here are just a few that you should know about from the get-go. Mortgage interest. You can’t write off your monthly mortgage... ❯❯❯