Why do a large percentage of businesses fail? Though entrepreneurs and business owners are smart people, it is impossible for them to take care of all the aspects of their business on their own – particularly the financial management part. In fact, poor financial management is a key reason for a lot of businesses to fail within the first few years of their launch. If you run a small business or plan to start one soon, you should never [...]
New business owners have to deal with a number of challenges as keeping the business afloat for the first few years is of great importance. Their survival strategy should also include tax filing. As the tax season approaches, startups and entrepreneurs start to worry about how much tax they owe the federal government. While working as an employee in someone else’s company, you don’t have to worry much about tax filing, but when you launch a business of your own, [...]
Taxpayers face a wide range of tax problems. Expert help is required when these problems turn into serious issues that taxpayers are unable to handle on their own. When a tax problem is ignored for a much longer time, the IRS decides to take strict action and collect the unpaid taxes forcibly. Tax resolution services prove to be of great help in these tough situations. A tax resolution company has expert tax professionals who are quite well-versed with resolving an [...]
Coronavirus-affected countries across the world are dealing with a faltering economy. Not just the governments, but the common people are also bearing the brunt of the current pandemic. Many places are still in the lockdown phase while many others have started to relax the stay-at-home orders. In the United States, the government has rolled out a federal stimulus package to offer financial assistance to people in need. This has come as a big relief for taxpayers all across the country. [...]
Payment of taxes for self-employed individuals is not the same as it is for employees. If you work on your own, you need to prepare and file your taxes a little differently. If you are not ready to prepare your self-employment taxes properly, you can easily run into problems and end up paying more. It is said that ‘tax is a minefield for the unwary’. If you are a self-employed individual you need to exercise even more precaution. If you [...]
Tax Preparation: Step-by-Step Guide Taxes are a fact of life, and we are taught from an early age that we all have to pay our fair share; though we think the IRS is very strict about how much and how often we pay taxes. The act of paying taxes would be straightforward if the tax code were simple and easy to understand. Yet tax laws are anything but simple. It’s easy to understand why tax codes are so complex. The [...]
Tax reduction is a common concern for the average consumer and business owner alike. While everyone shares the same responsibility in paying taxes, not everyone has to pay more than their share. Luckily, there are things you can do to reduce the amount of taxes you are required to pay. Tax professionals refer to these as tax reduction strategies. By putting them into place, you can drastically reduce your tax liability. For those who have been hit by a bill by [...]
Tax Planning Strategies for Time & Money Savings SCL Tax Services wants to help you save time and money during the upcoming tax season. You don’t want your tax preparation to be without some kind of plan. Going into the process raw could pose certain hurdles, such as new rules and regulations that you may not be aware of. Here are eight tax planning strategies helping you in 2019 and 2020, and remember, if you need to know tax deadlines [...]
Tax Resolution Scams Continue to Proliferate – 5 Ways to Protect Yourself Tax resolution scams are a constant threat for those attempting to alleviate their IRS problems. Getting in trouble with the Internal Revenue Service is not fun. Getting that dreaded letter in the mail can make your blood run cold, and cause your mind to start racing. You begin wondering what will happen. Will you end up owing thousands? Could you possibly face prison? To get your IRS problems resolved, [...]
If you run a small business, you are responsible for filing your taxes by a specific due date every year. The date you are required to send in your tax filings depends on your business structure and industry. However, no matter what type of small business you run, you should be aware of all the latest tax laws that could affect your business.
