Most freelancers are unaware of the expenses they can claim for their home office. There are a number of homes office deductions that freelancers can claim on their income taxes. However, failing to claim the correct amount on your taxes can result expensive fee’s, high interest rates and frequent audits. If you’re a freelancer and [...]
Having to file for taxes can be a daunting experience for freelance workers. This is especially true for independent contractors that may be filing for the first time. However, failing to know what to bring to the appointment can have devastating consequences to both you and your business such as: costly delays, added stress, high [...]
If you’ve received a notice from the IRS it is critical for to address the letter quickly. Failing to handle the issue will likely cause additional problems in if the letter goes unnoticed and the problem persists. Overtime, this persistence can leave taxpayers susceptible to additional interest fee’s, added expenses and invasive audits that could [...]
Many small business owner’s struggles with their accounting. Oftentimes, as a result of minor errors that could easily be avoided. When companies fail to handle their accounting correctly they are placing the brand at risk of increased taxes, frequent audits and costly fines. However, the majority of account issues can be resolved with simple tactics. [...]
Waiting until retirement to plan your estate can have devastating consequences. Despite these consequences, many fail to plan while they are young. But without an estate plan in place, you will not be able to control where your assets go. Rather, you will be affecting your loved ones with this responsibility which can lead to [...]
As a small business owner, maintaining your taxes is vital. Failing to do so can result in costly tax bills, audits, inquiries and even prosecution. But, having to manage your finances on your own can be difficult. Rather than allow this to happen to you, consider hiring a trained and professional accountant to assist. From [...]
Owning or operating a non-profit can be a rewarding experience. But, this experience can quickly turn sour if you are not financially savvy. Failing to be can result in costly fines, court proceedings and invasive audits. That’s why, all non-profits need to educate themselves on how to properly file taxes. Despite the consequences, many non- [...]
Receiving an audit notice in the mail can spark concern. But, simply ignoring the letter can have dangerous consequences. Although there are many reasons why you might have been selected, being unprepared when dealing with the IRS can be devastating. From seized assets to high interest rates and even jail time; the IRS can ruin [...]
There are many misconceptions amongst freelance workers when it comes to paying taxes. One of the most common misconceptions is that they do not need to pay quarterly estimates. But, buying into this myth can have serious consequences. That’s because, all money that is made by workers should be declared, monitored and submitted to the [...]
Commingling your personal and business accounts is a serious flaw in your bookkeeping system. And it can result in very serious financial problems. That's why we call it the king of bookkeeping errors. We cannot overemphasize this point. Some of the resulting problems really can result in dire consequences. In our previous blog, A.P. Accounting and [...]
