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 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 said. “I don’t care...
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 understand what must be...
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 additional...
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. Read More Original...
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 refund or claim benefits...
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 abroad, including those...
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 products. Read More Original...
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, get imprisoned....
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...