Accounting && Auditing

The modern employment landscape has witnessed a surge in the prevalence of 1099 employees, also known as independent contractors. This shift towards contingent work arrangements has brought forth both opportunities and challenges for individuals seeking flexible and autonomous work options. However, venturing into the realm of 1099 employment necessitates a thorough understanding of the inherent … Read more

Navigating the complexities of tax laws can be a daunting task, especially with the recent changes implemented by the Tax Cuts & Jobs Act of 2017. To ensure you’re up-to-date on the latest tax laws and maximizing your refund, it’s crucial to choose a tax preparation solution that stays abreast of these changes. TurboTax, the … Read more

Understanding your federal income tax rate is crucial for accurate tax planning and budgeting. The Internal Revenue Service (IRS) adjusts tax rates annually to account for inflation, ensuring that taxpayers are not pushed into higher tax brackets due to rising prices. This guide will provide a detailed overview of the 2021 federal income tax rates, … Read more

Homeownership comes with numerous financial benefits, including the mortgage interest deduction. This tax break allows homeowners to reduce their taxable income by deducting the interest paid on their mortgage loans. Understanding the eligibility criteria, limitations, and process for claiming the mortgage interest deduction is crucial for maximizing your tax savings. This guide will provide a … Read more

A tax-free source of income is any income that is not subject to taxation by the government. This can include gifts, inheritances, certain types of investments, and certain types of government benefits. Examples of Tax-Free Sources of Income Gifts Inheritances Life insurance proceeds Disability insurance payments Employer-provided health insurance Health savings accounts (HSAs) Municipal bond … Read more

The Indian government introduced the New Tax Regime (NTR) in 2020, offering taxpayers an alternative to the existing Old Tax Regime (OTR). While the NTR simplifies the tax structure and reduces tax rates, it also eliminates certain deductions and exemptions available under the OTR. This guide will provide a comprehensive overview of the steps involved … Read more

Navigating the Maze of IRS Audits: A Comprehensive Guide for Businesses The prospect of an IRS audit can send shivers down the spine of any business owner. The thought of being scrutinized for potential tax discrepancies can be daunting, especially for small businesses with limited resources. However, it’s crucial to dispel the misconception that every … Read more

Navigating the complexities of the tax system can be daunting, especially when it comes to understanding tax withholding. As an employee, it’s crucial to grasp how withholding works to ensure accurate tax payments and avoid surprises at tax time. This comprehensive guide will delve into the intricacies of tax withholding, providing clear explanations, practical tips, … Read more

The Internal Revenue Service (IRS) conducts audits to ensure that individuals and organizations comply with tax laws and report accurate financial information. While audits can be triggered by various factors, one common concern is whether filing an amended tax return increases the likelihood of an audit. This article delves into the relationship between amended returns … Read more

The Internal Revenue Service (IRS) has issued multiple rounds of stimulus checks to eligible individuals and families as part of the government’s response to the economic impact of the COVID-19 pandemic. These checks have provided much-needed financial assistance to millions of Americans. However, some individuals may have encountered issues receiving their checks or may have … Read more