The Child Tax Credit will look different this year, and depending on which option you choose, it may lower your refund for 2021. For 2021 the IRS is going to prepay half of your eligible Child Tax Credit in 6 installments starting in July and ending in December. The prepayment of the credit will lower…
The end goal of starting any business is to make a profit. Therefore, it is extremely essential for you to track your expenses. Tax deductions take up a huge portion of the money you make from your business. Most business owners lack the relevant information about managing their tax expenses, which is why about 70%…
Approximately 70% of small businesses employ tax professionals for tax preparation and IRS concerns. That’s a pretty big figure, and it’s really no surprise that so many small businesses would need or want bookkeepers to help with their finances. But for those of us who are just starting out, it’s important to at least know…
Every year as Tax Day approaches, misconceptions about tax prevail among the American populace. Some dream of big savings they never achieve, others few problems that do not exist, while the rest open themselves up to punitive fines and penalties through inaccurate information. Tax preparers are certified experts in all matters of tax filing and…
It’s tax season, which means that whether you’re an individual seeking out accountants or a small business owner looking for tax services, you’re probably looking for someone to help you get the greatest possible benefits and least possible losses from your tax returns. The fact is that taxes are confusing and a lot of us…
With the federal tax filing deadline fast approaching, more business owners realize that filing their taxes alone is more complicated than it’s worth. Most entrepreneurs are out in search of tax preparers that can help them file their returns. As a strategic business consultant, a certified public accountant is best suited to advise on taxes…
Nobody likes to think about their taxes. But the reality is that the less we think about our taxes, the less we will likely receive in tax benefits. Therefore, it’s important for Americans to take their taxes seriously and do everything that they can to ensure that all tax forms are filled out correctly. Many…
COVID-related lockdowns have had a devastating effect on all types of businesses across the country. Restaurants, stores, and offices have been forced to close down, either on a temporary or permanent basis. Many of those still in operation are often struggling to manage their cash flow. There have been several federal and state programs meant…
It is never too early to start thinking about professional tax prep services. Any small business owner can benefit from tax prep services, monthly bookkeeping services, and other financial support services. Professional tax prep services are a must for any small business owner to ensure that taxes are filed on time and that all tax…
By: Matthew Henry, CPA Brown, Chism & Thompson, PLLC With the presidential election fast approaching, one of the biggest topics being mentioned by both candidates are taxes. The idea of taxes is not new. The Revolutionary War, in part, was started because Britain was taxing the colonies without giving them representation in the government. The…
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