Missed The Tax Deadline? Don't Panic! 5 Steps To Take

Posted on: 18 April 2022

Did you miss the annual income tax filing deadline? If so, there's no need to panic. You still have time to right this mistake, keep yourself in good standing, and save money. Here are five steps to follow.  1. Check for Extensions. Taxpayers can get extensions of time to file and pay their income taxes under some circumstances. You can apply for an extension yourself, but it's likely you didn't do this if you just accidentally missed the deadline.
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3 Areas In Which Depreciation Is Vital To Your Business

Posted on: 28 February 2022

Are you properly recording depreciation in your small business's bookkeeping? Depreciation is a valuable tool for maintaining accurate financial statements and minimizing your tax bill. If you're not sure that you're taking full advantage of it, here's what you need to know about why it matters in three key areas. 1. Income Taxes Depreciation is a business expense. As such, it reduces your taxable income and therefore your taxes. As a deductible business expense, annual depreciation is deducted from gross earnings before taxes are calculated.
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How Accounting Quality May Affect Your Taxes

Posted on: 28 December 2021

When an accountant does work for a client, their efforts almost always affect the taxes of the business or person. Accounting quality can significantly influence what you may or may not pay in taxes. You will want to know the ways this can happen so let's look at four of the most common. Methodology An accountant will almost always move a business onto the accrual system. Accrual is one of the two accounting systems used for tax purposes.
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Reasons Companies Should Work With Business Accountants

Posted on: 15 November 2021

If you have any sort of business, you need to properly organize and analyze financial documents on a regular basis. Even if you feel comfortable with these financial activities, it's still recommended to hire an official business accountant. Then you'll be privy to these important services. Look After Payroll Your company probably has employees that get paid on a regular basis. Payroll exists to ensure these workers get paid on time.
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