For 1099k 2022, third-party payment processors were scheduled to issue 1099-Ks if you received over $600 in payments. Form 1099-K reports the payments you receive from third-party processors such as […]
Category: Tax Tips
America’s Progressive Tax System: Explained
The U.S.’s progressive tax system charges higher tax rates for higher earners. This system is designed to ensure taxpayers of various income levels pay a fair tax rate at the […]
Bookkeeping Rules for Prepaid Expenses
Expenses on the cash basis of accounting are simple. For example, if you write a check or charge something on your credit card, you’ve created an expense. But if your […]
IRS Underpayment Penalties and How to Avoid Them
Did you know that if you owe the IRS money and you don’t pay them by the deadline, they will charge you a penalty? In this blog post, we’ll explain […]
New IRS Tax Brackets for 2023: Explained by Pros
In a season when inflation is eating away at incomes, there may be some relief in the new guidelines issued by the U.S. Internal Revenue Service (IRS) for 2023 filings. […]
Top-7 Tips for Smooth Corporate Accounting
Businesses of all sizes need reliable accounting and bookkeeping systems to track their finances, including corporations. Whether it’s a Wall Street PubCo or a small C-Corp, every corporate business’s accounting […]
The Best Depreciation Schedules for Your Business Goals
When you purchase a fixed asset, you can’t always take the total expense of the purchase at once. Instead, you’ll need to calculate the allowed depreciation (and the rules change […]
NFT Taxes: Everything You Need to Know
Are you new to the world of NFTs? If so, you may wonder about the tax implications of owning and using these digital assets. This blog post will overview how […]
Taxes on I Bonds and Other Treasury Bonds: Explained by Pros
Inflation has been in the news lately, and it’s hard to ignore it at the grocery store or gas station. But one silver lining that comes with high inflation is […]
Cash vs Accrual Accounting: Which is Best for Your Business?
What’s cash vs accrual accounting? The cash basis of accounting is simple – you record your revenue as your deposit it in the bank and expenses when you make a […]