Accounting tends to be much of an afterthought in today’s society. Maybe seen as a little boring? Try running a business without it, or see how well your own household finances fair neglecting it. However, accounting is a discipline that crucial to our economy and way of life. Accounting can be traces back to our earliest of civilizations and writing. … Read More
Audit: Why the IRS might Audit you.
So what is an IRS Audit? Usually you hear the term audit and you cringe at the thought. If it isn’t part of some TV sitcom punchline, you want no part of it. Audits can be brutal or they can just be a necessary nuisance. So here is what an IRS audit entails. An IRS audit constitutes a thorough assessment … Read More
Tax credits and deductions for individuals
Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes based on their tax return. Some tax credits, such as the Earned Income Tax Credit, … Read More
Taxpayer Bill of Rights
In 2014 the IRS adopted a Taxpayer Bill of Rights. It applies to all taxpayers in their dealings with the IRS. The Taxpayer Bill of Rights groups the existing rights in the tax code into ten fundamental rights, and makes them clear, understandable, and accessible. The Taxpayer Bill of Rights is the 10 rights all taxpayers have any time they interact with … Read More
Corporate Transparency Act (CTA)
You might have heard about it, the Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. It is designed to capture more information about the ownership of specific entities operating in or accessing the U.S. market. The effective date of the Corporate … Read More
Expert Tips for Minimizing Your Tax Burden Legally
Maximizing Your Tax Efficiency In the ever-evolving landscape of taxation, finding ways to minimize your tax burden legally is essential for both individuals and businesses. TYS is here to guide you through the most important strategies to help you optimize your tax efficiency while staying within the bounds of the law. In this comprehensive guide, we will explore key tax-saving … Read More
Tax Season is coming.
Things to consider when choosing a tax return preparer Once you have selected a tax preparer, look for these traits. Good preparers ask to see records and receipts. They’ll also ask questions to determine the client’s total income, deductions, tax credits and other items. As a taxpayers should avoid a tax return preparer who e-files using pay stubs instead of … Read More
The IRS ends unannounced visits.
The Internal Revenue Service has been going through some changes in order to modernize and consolidate how it operates. The latest in that effort is a major policy change that will end most unannounced visits to taxpayers by agency revenue officers to reduce public confusion and enhance overall safety measures for taxpayers and employees. The change reverses a decades-long practice … Read More
Tax Deductions and Programs for New Homeowners
The summer months are a popular time to buy or sell a house. New homeowners should put reviewing the tax deductions, programs and housing allowances they may be eligible for on their move in to-do list. Deductible house-related expenses Most home buyers take out a mortgage loan to buy their home and then make monthly payments to the mortgage holder. … Read More
New IRS Refund Scam
IRS has issued a warning to taxpayers about a recently discovered refund scam that is being sent through the mail. Read on to learn how to protect your personal information and avoid falling victim to identity theft. Recognizing the IRS Refund Scam The fraudulent letter arrives in a cardboard envelope, cleverly designed to deceive unsuspecting individuals into believing that they … Read More
Tax Strategy
Tax Strategy: Minimize Your Tax Liability Legally Do you think you are paying too much in taxes? It’s possible. Do you want to ensure that you are taking full advantage of all the tax breaks and deductions that are available to you? If so, then working with a tax strategist can help. A tax strategist can provide you with the … Read More
Benefits of an accountant as
An Accountant as Business Advisor Using an accountant who is also your business advisor can provide several benefits for your business. Heightening your business awareness for higher profit is just one of them. Here are a few key benefits: Overall, using an accountant who is also your business advisor can provide valuable guidance and support for your business. By leveraging … Read More
The Importance of a Surety Bond in Construction Project.
Construction companies planning to take a loan from a bank or work on a government project, will need a construction accounting expert to for a surety bond. A surety bond acts as a guarantee that the construction company will perform the work as agreed upon in the contract. In case of any default, the surety bond protects the obligee, which … Read More
The Power of Accountants as Holistic Business Advisors
In today’s rapidly evolving business landscape, accounting firms face the imperative of staying competitive and adapting to the changing needs of their clients. Traditional bookkeeping and tax preparation services, while essential, are no longer sufficient to meet the demands of businesses seeking comprehensive financial guidance. To remain at the forefront of the industry, accounting firms are shifting towards a new … Read More
Getting Ready for Tax Season
With 2022 well in the rearview mirror, it is time to get ready for filing your taxes. Yes, I know it can be intimidating, but your taxes are due on April 18 this year. Before you know it, Tax Day will be here. So, it’s a good idea to start getting ready for tax season as soon as possible. Here … Read More
Tax Code update:Things you should know.
Tax Law changes Well, 2022 was certainly an interesting year and the recent tax law changes are going to keep it interesting. Here are some of the changes and issues you need to know about.Research and Development: Under the Tax Cuts and Jobs Act (TCJA), for taxable years beginning after December 31, 2021, specified research or experimental expenditures must be capitalized … Read More