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.
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 completed tax returns now,...
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 analysts and investors to...
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 increased limit. Read More...
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 analysts and investors to...
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, they are fairly...
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 applies for those...
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 you—when you must...
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 stealing client data and...
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 Original Article...
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. A tax preparer and...