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.
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,...
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 get this year's taxes...
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 Carolina. With everything...
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 notice, which states...
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 used to finance...