Being self-employed is difficult when it comes to taxes. Every freelance, part-time, and contract- worker needs to pay taxes. But, being self-employed has unique tax challenges. Everything from deductions to business expenses, record-keeping, and more need to be accounted for. At A.P Accounting & Tax Services, we understand that being your own boss is tricky [...]
Estate liquidity planning doesn’t need to be difficult. Whether it’s unsettled business interests, a passed-on mortgage, or unaccounted tax; poor estate planning can impact you. But there are ways to navigate it. That’s why we’ve come with some helpful tips for estate planning. When to Consider an Estate Sale The most common liquidation scenario happens [...]
Are you late on your return? What happens if you don’t file your taxes? Well, delinquent returns, unpaid taxes, and unfiled reports will all get you in trouble with the law. Everything from hefty fines, audits, fees, and even persecution could occur. That’s why we’ve outlined what to expect from filing late below. It’s Costing [...]
Do you know what designation is right for your business? When it comes to business, the most common designation is the C corporation. But, this doesn’t necessarily mean it’s right for you. To make the right choice for your business you must go deeper than that. That’s why we’ve outlined some of the key differences [...]
Have you thought of your post-mortem financial plans? Many choose to ignore the topic of post-mortem planning. But, without it, you (or your estate) could be liable for a huge tax bill. That’s why tackling this issue while you’re still alive is critical. After all, the more decisions you’ll make now the less action your [...]
Cash is king when it comes to business. How can you expect to pay bills, debts, operation costs, and expansions without a healthy cash flow? As a small business owner, you can’t. Despite this, we often see owners struggling to manage. Typically, it’s because of inconsistencies with tracking, analyzing, and implementing a budget. That’s why [...]
Tax audits should not be feared. There are tons of misconceptions about audits. But, tax audits don’t need to be scary. Even if you’re a small business owner or do-it-yourselfer; most concerns are unfounded. That’s why we’ve busted 5 myths about them below. 1. Late or Amended Filings Will Mean an Audit Even if you [...]
Filing taxes for your first year in business can be tough. It comes every year and there’s no getting around it – taxes. But, for small business owners, tax season can be met with an incredible amount of stress, anxiety, and frustration. Especially when it’s your first year in business. That’s why it’s important to [...]
With so many things going virtual this year, your taxes should be no exception. What credits should you be claiming and what deductions should you take? In the era of COVID-19, tax preparation should be the last thing on your mind. But, with so many credits, deductions, and benefits it can be difficult to keep [...]
There’s an IRA for everyone. Planning for retirement is not complete without an IRA. It’s one of, if not the, most recommended to have. But, not all IRA’s are the same. Whether you’re just beginning your investment journey or are interested in exploring other options, we’ve got you covered. We’ve outlined some of the different [...]
