Author - nancy

The purpose of your accountant

Many people are confused about the purpose of accountants given tax software and so on. To get the biggest benefit for the fees you pay, you need to understand what your accountant can do… . An accountant An accountant is a licensed profession who has gone to hell and back to gain their designation as a certified public accountant. The testing for the certification is beyond brutal. If an accountant is certified, it means they are extremely versed in the tax code, [...]

Self employed tax strategies

Self-employed individuals always cringe at the amount of taxes the pay to the IRS and state. Here are tax strategies for self-employed individuals that reduce those tax amounts. . Tax Strategies The good news is being self-employed is one of the best tax strategies out there. Unlike a salaried employee, the full scope of tax credits and deductions available in the tax code are now available to you. The key, of course, is understanding the available deductions and organizing your business in [...]

Why you need to adjust your W-4 withholding

Common lifestyle changes, like getting a job or getting married, can change your tax liability.  To avoid being caught off guard by an unexpected tax bill or huge tax refund, you’ll need to adjust your withholdings on your paycheck. . What’s a W-4 and why should I pay attention to it? Every time you earn income, you’ll most likely owe taxes.  How much you pay is determined by your Form W-4.  Your employer deducts taxes based on the number of allowances you [...]

Top Five Ways to Avoid a Tax Audit

If the IRS does decide to audit you, there is little you may do to stop it. You may, however, reduce the odds that you will be singled out for that extra attention in the first place. . Staying on the right side of the IRS While audits are rare, most Americans would probably like to avoid them altogether. The percentage of people who actually are audited is extremely small, according to the Internal Revenue Service, but the number has risen slowly [...]