Category Archives : Taxes

These Nine Things Are Essential to Preparing Your Tax Return

On February 16, 2018, Posted by , In Taxes, By ,,, , With Comments Off on These Nine Things Are Essential to Preparing Your Tax Return

For most businesses, using an accountant to prepare their tax return is the best option. Tax mistakes can be costly, and many business owners simply don’t have the time to become tax experts on the side. What you can do is have all of the required information gathered prior to…

Missed the Tax Deadline? These Tips Can Help!

On May 18, 2017, Posted by , In Taxes, By ,, , With Comments Off on Missed the Tax Deadline? These Tips Can Help!

The tax filing deadline has come and gone. If you didn’t file a tax return or an extension, but should have, you need to take action now. Here are some tips to help you: File as soon as you can. If you owe taxes, you should file and pay as…

Reminder: IRS Changes W-2 and 1099 Filing Deadlines

On January 11, 2017, Posted by , In Taxes, By ,,,, , With Comments Off on Reminder: IRS Changes W-2 and 1099 Filing Deadlines

New Filing Deadline The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, includes a new requirement for employers. They are now required to file their copies of Form W-2, submitted to the Social Security Administration (SSA), by January 31. The new January 31 filing deadline also applies to…

The Most Common Small Business Tax Audit Triggers

On October 27, 2016, Posted by , In Taxes, By ,, , With Comments Off on The Most Common Small Business Tax Audit Triggers

The IRS uses a computer program called the Discriminate Function System (DIF). This program analyzes returns and will flag anything that is outside statistical norms. If your return receives a high DIF score, an IRS agent will review it and determine if there should be an audit. Luckily, there are…

You’ve Received a Letter From the IRS. Now What?

On September 21, 2016, Posted by , In Taxes, By ,, , With Comments Off on You’ve Received a Letter From the IRS. Now What?

Anytime you receive an envelope from the IRS, chances are your stomach gets in a knot before even opening it. Here are some simple tips to help you get through this legal maze. Don’t panic. Although panicking is usually the first thing done, it shouldn’t be. With millions of individuals…

Employee or Independent Contractor: Why It’s Important

On September 14, 2016, Posted by , In Business,Taxes, By ,,, , With Comments Off on Employee or Independent Contractor: Why It’s Important

Independent contractors and employees are not the same, and knowing the difference is necessary when it comes to how you withhold a variety of taxes. Not being able to tell the difference can lead to costly legal consequences, so we’ve compiled a few tips on how to tell them apart….

New Sales Tax Law to Impact Wilmington, NC Businesses

On March 10, 2016, Posted by , In Taxes, By ,, , With Comments Off on New Sales Tax Law to Impact Wilmington, NC Businesses

Some local business owners were taken by surprise on March 1st when a new state sales tax law took effect. A business that collects sales tax on products it sells now also collects tax on services it provides. As of March 1st they must collect sales tax on labor as well….

Tax Time Tips for Small Business Owners

On March 2, 2016, Posted by , In Taxes, By ,, , With Comments Off on Tax Time Tips for Small Business Owners

Owning a small business does not mean you are a tax expert. This can cause tax time to come with panic and stress as you struggle to get together receipts, avoid penalties, and make deadlines. What most don’t realize is that taxes need to be treated like any other business practice…

Small Business Tax Preparation Mistakes to Avoid

On February 25, 2016, Posted by , In Taxes, By ,,, , With Comments Off on Small Business Tax Preparation Mistakes to Avoid

Tax time always comes with a sense of pressure and urgency. This makes mistakes extremely common, no matter how many years of experience you have. Tax deductions can go unclaimed, paper trails go awry, and countless other costly mistakes can be made. Here are some of the most common mistakes…

Fourth Quarter Dates to Remember

Getting a letter from the IRS can be extremely stressful. So why not do everything you can to prevent it? Here are important deadlines you need to remember for the fourth quarter, and ones you need to keep in mind for the beginning of the next calendar year. This tax…