Tag: tax preparation
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Reducing Tax Time Stress: Strategies for Individuals
Tax season can be a stressful time for individuals, with the pressure of gathering documents, understanding deductions, and meeting deadlines. However, with the right strategies and tools, you can turn tax time from a source of anxiety into a manageable process. Here, we’ll explore ways to reduce tax time stress and ensure a smooth…
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Make the Most of Your Business Tax Deductions
When running a business, you must spend money to make money. For instance, landscapers need tools and gas, web designers require computers and design software, and contractors must buy materials and pay labor. These expenses help calculate your business profit, which the IRS uses to determine your taxes. Simply put, your profit is the money…
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The Ultimate Small Business Tax Deductions Worksheet for 2022
If you’re a small business owner, there’s a good chance thinking about taxes stresses you out. You’re not alone. The fear of making a mistake on taxes terrifies many people. A recent Pew Research study showed that the complexity of the federal tax system significantly bothers 47% of Americans. Well, there’s good news: tax preparation…
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Ask the Expert: How to Prepare for a Sales Tax Audit
Owning a business of any size that sells taxable goods or services means you may be subject to a sales tax audit at any time. Businesses that sell their products in multiple states are especially susceptible, as any one of those states may select you for an audit. While you may not be able to…
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Small Business Tax Deductions Worksheet (Part 2)
We’re back with more small business tax deductions! You might remember that in the first part of the series, we talked about how business tax deductions work — and what the IRS considers deductible. We spent a lot of time on what business expenses are deductible (which was fair enough, since you want to pay…