Author: taxsecretsblog

In the wake of a legal victory, understanding the tax implications of your settlement or judgment can be a maze of complexity. Whether you've just triumphed in court or are weighing your legal options, grasping the financial consequences is paramount. Below we will try to

One fundamental financial practice that often gets overlooked, yet holds immense importance, is the separation of personal and business finances. By maintaining distinct bank accounts and credit cards for business transactions, small business owners can streamline bookkeeping processes, ensure accurate expense tracking, and foster clarity

Article Highlights: ERC Background. TV Promoters and Marketeers. IRS Programs to Withdraw Erroneous Claims. ERC Voluntary Disclosure Program. How to Apply for the Voluntary Disclosure Program. ERC Claim Withdrawal Program. The Employee Retention Credit (ERC) was a government-sponsored program to keep workers employed during the

In recent weeks, television screens across Pakistan have begun issuing a stark warning: pay your taxes, or risk losing vital services like your cell phone, gas, or electricity connections. These advertisements, sponsored by Pakistan's tax authority, are a reminder of the nation's ongoing struggle with

Article Highlights: Charity Tax Exempt Status General Rules for Deducting Volunteer Expenses Away-From-Home Travel Expenses Vehicle Expenses Entertaining For Charity Uniforms Use of a Capital Assets Conventions Underprivileged Youths Foster Parents Church Deacon Substantiation Requirements If you volunteer your time for a charity, you may

Article Highlights * Aging Population * Home Improvements for Medical Care or Treatment * Improvements That Increase the Home’s Value * Improvements That Do Not Increase the Home’s Value * Medical AGI Limitations According to the Social Security Administration, 10,000 baby boomers a day are

Whether you just started using QuickBooks to manage your small business in 2024 or you've been muddling along for years with unanswered questions, diving into financial software can feel like swimming through uncharted territory. Your business's financial health depends on accurate bookkeeping and seamless transactions,

Article Highlights: Factors That Affect Whether Someone Needs to File a Tax Return Gross Income Required Filing Threshold 2023 Filing Thresholds by Filing Status Self-employment Status Status as a Dependent  Some Individuals Should File a Tax Return Even Though Not Required to Do So Tax

Article Highlights: COVID-19 Pandemic Notice Suspensions Resumption of Collection Letters in 2024 Special First Letter Penalty Relief Taxpayers Qualifying for Penalty Relief Tax Returns Qualifying for Penalty Relief Reasonable Cause Criteria or First-Time Abate Relief Due to the COVID-19 pandemic, the IRS suspended the mailing

While technology firms are laying off thousands of workers, companies of all types and sizes are in a war for talent in another STEM-related (science, technology, engineering, and math) field: accounting. The demand for accountants is soaring across industries, from international corporations to local CPA