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Wealth Transfer is the tax-efficient transfer of wealth or assets to beneficiaries following the owner’s death using financial planning techniques such as wills, estate planning, life insurance, or trusts.
Startups are often aiming to increase their consumer bases while improving their goods quickly. This allows them to get greater market shares, which allows them to raise more money, which allows them to expand their goods and audience even more.
Most individuals still regard cryptocurrency as an investment at this time. However, bitcoin is rapidly gaining traction and becoming more generally recognized as a form of payment. And as these cryptocurrencies acquire credibility, this might become increasingly more popular.
A well-written business plan is essential because it allows entrepreneurs to spell out their objectives and measure their success as their company grows.
Don’t let the fact that you didn’t file your 2020 federal tax return or require an extension by May 17 discourage you from filing your 1040 and paying your tax as soon as possible if you owe the IRS money. If you act fast, you will keep the fines and interest you can owe from spiraling out of control.
In the United States, a projected $30 trillion in income will be transferred from Baby Boomers to their successors over the next three to four decades. Inheritors must schedule ahead of time when sharing money, whether on a small or large scale.
The most popular investors aren’t born overnight. It takes time, persistence, and trial and error to learn the ins and outs of the financial community and your personality as an investor.
Cash flow is an indicator of how much money flows in and out of the company for a given period of time. When the cash balance is positive, you have more money flowing in than going out, allowing you to pay your debts and fund other expenses.
Transactions of virtual currencies are taxable under the statute, much as every other kind of property. Digital currency trades may be required to be reported on tax returns by taxpayers.
Donations to registered charities are tax-deductible deductions that will lower your net revenue and tax bill. To assert your tax deductions, you must itemize them, which is usually only advantageous if the value of all the itemized deductions increases the sum of the standard deduction on your filing status.
If you’re a business owner, the Internal Revenue Service (IRS) wants you to not only pay your company’s share of income, but also to withhold the appropriate taxes for your workers.
For small businesses, claiming legal deductions is an effective income tax technique. It is essential to know which are the tax reductions each year before preparing your tax return.
If you run a business with one or more employees, you are responsible for deducting a percentage of the employee’s wages to pay certain taxes on their behalf. Also, you are responsible for paying roll taxes on each of your employees out of your own business earnings.
What you should know about IRS audits and how to respond
Did you know? According to the most recent estimates published by the US Bureau of Labor Statistics (BLS), the number of self-employed people in the US is 9.379 million as of November 2020. In April 2020, the number of self-employed people in the United States...
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