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.
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: ...
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 Social Security...
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 exception. To help you...
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 least if you intend...
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 person pursues because...
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 you take your pick....
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 range from income,...
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 deductions on Form...
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 accountancy tasks. In...
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 tax year 2022,...