The Speedy Tax Blog – Honest Guidance From People Who’ve Been There
Tax Tips, Small Business Advice, and Real-World Know-How
At Speedy Tax Preparation & Bookkeeping Service, we believe that good advice should be easy to understand and even easier to apply. That’s why we created this blog—to help individuals, families, and small business owners make sense of their finances, one topic at a time.
Why Is Bookkeeping Important for Small Businesses?
In today's competitive business landscape, small businesses are the driving force of the economy. As a small business owner, you juggle countless responsibilities to keep your venture afloat. Amidst managing operations, customer relations, and...
Benefits of Hiring Professional Tax Preparation Services
Tax season is a time that many small business owners dread. The complexities of tax regulations and the fear of making mistakes can be overwhelming. However, entrusting your tax preparation to professional experts can make a world of difference. In...
Why Your Small Business Needs a Payroll Service
As a small business owner, managing payroll can be a complex and time-consuming task. Ensuring that your employees are paid accurately and on time is essential for maintaining a motivated and loyal workforce. However, handling payroll in-house...
Maximize Your Reach: Proven Tactics for Recruiting High-Quality Market Research Participants
Market research is a critical aspect of any successful business. It helps companies gain insights into their target audience, understand their needs and preferences, and develop products and services that meet those needs. However, conducting...
Mastering Financial Knowledge: A Blueprint for Small Business Growth
In the dynamic world of entrepreneurship, small business owners wield the power to shape their success. A pivotal factor in achieving long-term growth lies in their ability to make informed financial decisions. This article from Speedy Tax...
Tax Tech: Simplifying Business Tax Filing for a Brighter Financial Future
The use of technology has greatly changed tax filing for businesses, making it smoother and more precise. With automation and digital tools, companies can now concentrate on their main tasks instead of dealing with complex tax compliance. This...
Transform Your Money Mindset for Greater Life Success
In the quest for a fulfilling and prosperous life, the importance of a positive money mindset cannot be overstated. The way one thinks about money can have a direct impact on financial well-being and overall success. Today, Speedy Tax...
Smart Money Moves for Parents That Will Optimize a Tax Refund
Receiving a tax refund always comes with questions about how best to spend it, and trying to pinpoint the best option can be overwhelming. As a parent, you want to ensure that you're using that extra money wisely and making the most of it both now...
Tips for Increasing Business During Slow Periods
There's no denying it: winter is a slow time for most businesses. With fewer opportunities to sell, it can be challenging for small business owners to keep their companies afloat. However, there are steps you can take that will help you maintain...
Student Guide to Resumes for Nonprofit Jobs and Careers
Volunteer service is one of the ways people interact with nonprofit organizations (NPOs), with almost 65 million adult Americans donating their time in 2017, according to the Statista Research Department. It’s easy to see how volunteers play a...
IRS Can Audit for Three Years, Six, or Forever: Here’s How to Tell
Fans of NBC’s Law & Order may have a negative reaction when a suspect gets away because of the statute of limitations, and cheer when the DA still finds a way to prosecute someone that viewers know is guilty. Statutes of limitations exist for a...
EITC Awareness Day Is January 27: The Earned Income Tax Credit is an Important and Confusing Credit for Eligible Taxpayers
The tax year (TY) 2022 filing season kicked off on January 23, 2023. Each filing season, taxpayers face a variety of challenges, including choosing a qualified return preparer, locating a volunteer tax return preparation site, selecting tax...
How to Help an Elderly Loved One Manage Finances
Many people prefer to live alone and maintain their independence as they age. However, because some cognitive decline is expected in elderly people, it's important to keep an eye on the finances of your aging loved ones. You may need to take action...
How to Build a Thriving Freelance Team to Support Your Business
As a business owner, you can benefit from hiring freelancers in many ways. Work-for-hire professionals allow you to tap into niche expertise, filling small gaps in your team that you don't necessarily need a full-time worker for. Freelancers also...
Community Health Resources
I hope this email finds you well. I noticed you go out of your way to provide excellent resources for your community on your website and I thought you might be interested in what we’re doing. We are AffordableHealthInsurance.com and we provide...
A former UCLA decathlete got arrested
A former UCLA decathlete who also competed with the Philippines national team was arrested this morning on a federal criminal complaint alleging that he fraudulently raised more than $37 million from investors who were told their funds would be...
Taxpayer Filed 2020 Tax Return; Receives IRS Notice that Return Not Filed
According to recent reports, the IRS has a backlog of more than 6 million unprocessed individual returns; however, it has opened most of its mail and processed the payments accompanying these returns. As a result, many taxpayers received a CP-80...
Stay In Touch With Speedy Tax Preparation & Bookkeeping Service!
My email newsletter is a one-stop resource for relevant news and content about my business, Speedy Tax Preparation & Bookkeeping Service. I also share information about my services as a tax preparer and bookkeeper in Elizabethtown, North...
Tips to help taxpayers reduce tax-time stress
Each tax season comes with unique challenges and 2022 is no exception. The IRS wants taxpayers to get the information they need as quickly as possible. Taxpayers should keep these tips in mind when they get ready to file. Following them will help...
New Form 1099 Reporting Coming in 2022
Reporting rules are changing for certain businesses beginning in 2022. Debbie Pflieger of EY’s Financial Services Organization highlights what you need to know about Form 1099-K, Payment Card, and Third-Party Network Transactions. Beginning in the...
Why You Should Choose Speedy Tax Preparation & Bookkeeping Service!
Whether you’re a budding entrepreneur or an established business owner, properly managing your finances can stabilize your company making it less likely to fail. However, it can be an overwhelming job when you have to handle all of those complex...
Are Medicare Advantage Premiums Tax Deductible?
Medicare Advantage Plan premiums may be tax-deductible under certain circumstances, according to the Internal Revenue Service. Still, the number of people qualifying to take the deduction is nominal since taking it requires the taxpayer to itemize...
3 Steps For Managing Your Small Business’s Taxes
Filing business-related taxes can often be a time-consuming and complicated process, especially for new entrepreneurs. Small business owners need a good understanding of the federal, state, and local taxes required to file. The types of taxes can...
Understanding S Corporations
Choosing the right business structure for your enterprise is a crucial decision. It has long-lasting ramifications, as it sets the path for the future in terms of operations, management, legal, and tax issues. Proper research should be done before...
Here’s what taxpayers need to know about paying taxes on their hobby activities
Many people are engaged in hobby activities that are also a source of income. For example, some people started selling handmade items during the pandemic. These people must report this income on their tax return. A hobby is any activity that a...
Benefits of Using a Bookkeeping Service
Owning a successful business and actually running one are two quite different things. You might have huge amounts of capital and plenty of regular customers, but your business won't thrive if you don't have effective bookkeeping skills as well — at...
A Glossary Of Tax-Related Terms
For the purpose of quick and smooth communication, every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific industry, and the tax business is no...
Identity theft protection for taxpayers in six steps
Thieves are actively working to steal the taxpayer information and identities. Everyone should do everything they can to prevent identity theft. Tax-related identity theft occurs when someone uses a taxpayer's stolen personal information, such as a...
What is More Important, Cash Flow or Profits?
Cash flow and profits are both crucial aspects of a business. For a business to be successful in the long term, it needs to generate profits while also operating with positive cash flow. Read More Original Article Source Credits: ...
Busted! Don’t Believe These Tax Myths!
Whether you’re employed or self-employed, everyone with a taxable income owes taxes to the government. Paying your taxes is a civic responsibility and a requirement of the law, and if you fail to do so, you could face penalties, fines, or worse,...
Bookkeeping Entries for Inventory Transactions
If your business manufactures products instead of offering services, you'll need to keep accounting records of your inventory transactions. Some companies buy finished goods at wholesale prices and resell them at retail. Others manufacture...
IRS reminds taxpayers living and working abroad of June 15 deadline
The Internal Revenue Service today reminded taxpayers living and working outside of the United States that they must file their 2020 federal income tax return by Tuesday, June 15. This deadline applies to both U.S. citizens and resident aliens...
IRS Free File can help people who aren’t required to file find tax credits and get a refund
The IRS urges low- and moderate-income individuals and families, especially those who don't normally file a tax return because they are not required to by law, to use IRS Free File. Filing a tax return is the only way for taxpayers to claim a...
Standard Tax Deduction: How Much It Is in 2020-2021 and When to Take It
The standard deduction is a specific dollar amount that reduces your taxable income. In 2020 the standard deduction is $12,400 for single filers and married filing separately, $24,800 for married filing jointly and $18,650 for head of household....
Do’s and Don’ts for taxpayers who get a letter or notice from the IRS
The IRS mails letters or notices to taxpayers for a variety of reasons including if: They have a balance due. They are due a larger or smaller refund. The agency has a question about their tax return. They need to verify identity. The agency needs...
Most Common Tax Mistakes People Make
Did you know that every year thousands of tax returns are rejected due to inaccuracies? These incorrect details are usually the result of carelessness, unawareness, or misinformation. As tax season is nearing, you need to make sure that you...
Why it’s so hard to file and pay U.S. taxes
The IRS estimates the average taxpayer spends 12 hours working on their taxes and pays an average of $230 to get their paperwork filed. “Your tax return is in no way that simple,” Jackson Hewitt Tax Service Chief Tax Information Officer Mark Steber...
Here’s how taxpayers can track the status of their refund
Tracking the status of a tax refund is easy with the Where's My Refund? tool. It's conveniently accessible at IRS.gov or through the IRS2Go App. Taxpayers can start checking their refund status within 24 hours after an e-filed return is received....
IRS Warns Of Delays And Challenging 2021 Tax Season: 10 Tax Tips For Filing Your 2020 Tax Return
The Internal Revenue Service says taxpayers should expect limited face-to-face operations, heavy call volume and paper-processing delays as it opens today for tax season 2021, accepting tax returns for tax year 2020. And then there’s all the...
Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing...
$1,400 stimulus check or unemployment tax relief? American Rescue Plan creates a real tax headache for the jobless
The $1.9 trillion American Rescue Plan has inadvertently created a conundrum for the unemployed this tax season. The pandemic aid measure, which passed the Senate on Saturday, offers $1,400 stimulus checks and waives federal taxes on a portion of...
Top Three Things To Look For When Hiring A Tax Preparer And Bookkeeper
While your personal taxes can be fairly simple to someone who has some basic knowledge and experience, business taxes are on a whole other level. Even the most straightforward ones are going to be significantly more complicated than personal taxes....
The IRS warns of ghost preparers trying to rip off taxpayers
If someone else is preparing your taxes this year, the IRS has a warning about a new tax scam. "Ghost preparers" are promising higher refunds by faking information on tax returns, refusing to sign them, and leaving taxpayers responsible. Read More...
IRS warns anew of 2021 tax scammers: very active and very creative
Tax season has arrived along with scams aiming to steal your identity. The latest scam targets Electronic Filing Identification Numbers or EFINs, the IRS warned. Tax professionals and their clients are particularly at risk, the IRS said. By...
IRS Statutes of Limitations for Tax Refunds, Audits, and Collections
The Internal Revenue Service gives itself plenty of time to make sure your tax situation is on the up-and-up. The tax code gives the IRS three years to audit your tax return and 10 years to collect any tax you might owe. It also sets a deadline for...
Here’s what taxpayers should do if they have missing or incorrect documents
Taxpayers should double-check to make sure they have all their documents before filing a tax return. Taxpayers who haven't received a W-2 or Form 1099 should contact the employer, payer or issuing agency and request the missing documents. This also...
Common Mistakes People Make On Their Taxes
As tax day approaches, you make sure all your W-2 forms, deductions, and other paperwork are in order, and you will file the perfect mistake-free return this time. Well, that’s not always the case as minor mistakes can happen, and most of the time,...
Balance Sheet vs. Profit and Loss Statement: What is the Difference?
The balance sheet and the profit and loss (P&L) statement are two of the three financial statements companies issue regularly. Such statements provide an ongoing record of a company's financial condition and are used by creditors, market...
New law increases deduction limit for corporate cash contributions for disaster relief; IRS provides recordkeeping relief
The Internal Revenue Service today explained how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the...
Balance Sheet vs. Profit and Loss Statement: What is the Difference?
The balance sheet and the profit and loss (P&L) statement are two of the three financial statements companies issue regularly. Such statements provide an ongoing record of a company's financial condition and are used by creditors, market...
2021 tax filing season set to begin February 12
The IRS will begin accepting and processing 2020 tax year returns on Friday, February 12, 2021. People who are ready to file can begin filing their tax returns with tax prep software, including IRS Free File. Software providers are accepting...
Meet The Face Behind Speedy Tax Preparation & Bookkeeping Service
I’m Mary Brown, the proud owner of Speedy Tax Preparation & Bookkeeping Service. I look forward to sharing my story. I hope that you will enjoy getting to know me better. From a young age, I knew I was a people person. I enjoyed the fulfillment...
What Are the Key IRS Tax Changes for 2021?
Everyone's hoping that 2021 will be a lot different from how 2020 was. But when it comes to your 2021 income taxes, the IRS isn't planning on a huge transformation like we saw back in 2018. Even without major tax reform, however, you still have to...
2020-2021 Federal Tax Brackets and Tax Rates
Each year, the IRS makes a series of inflation-related adjustments to the U.S. tax code. So, even if there are no major changes in the tax law, the tax brackets are likely to change. That's exactly what has happened for the 2021 tax year. Here's an...
New things taxpayers should consider as they get ready to file taxes in 2021
When people get ready to file their federal tax return there are new things to consider when it comes to which credits to claim and what deductions to take. These things can affect the size of any refund the taxpayer may receive. Here are some new...
Here’s what taxpayers can do now to Get Ready to file taxes in 2021
Everyone should come up with a recordkeeping system. Whether it's electronic or paper, they should use a system to keep all important information in one place. Having all needed documents on hand before they prepare their return helps them file a...
What Makes Speedy Tax Preparation & Bookkeeping Service Stand Out
Thanks for stopping by our blog. If you’re looking for more information about Speedy Tax Preparation & Bookkeeping Service, you’ve come to the right place. About Speedy Tax Preparation & Bookkeeping Service We are bookkeepers in North...