Tax Preparation Archives - Page 2 of 4

IRS Collections Process – What Is It?

January 25, 2023 | Accounting Services

In any IRS Collection case, there are certain notices the IRS sends out at each stage of the process. If a taxpayer doesn’t pay the tax in full when the tax return is filed, that taxpayer will receive a bill for the amount owed. This starts the collection process, and it will continue until the tax liability is satisfied or the government is not longer able to collect the tax debt. So what are the notices the IRS must send out? I’m glad you asked. CP501 NoticeThe first notice in the collection process is a CP501 Notice. This is the friendliest notice from the IRS. It will indicate the taxpayer has a balance due on one of his or her tax accounts. Once a taxpayer has filed the tax return, the taxpayer has 10 days to pay the tax. It not, then a CP501 Notice will automatically be generated and sent to … Continued

3 Simple Steps to Help Your Business Survive Tax Season

January 15, 2023 | Business Tax Strategy

As a business owner, tax season can be intimidating – and if not managed properly, it can harm your company. The paperwork involved with filing taxes can feel overwhelming, but preparing for tax time doesn’t have to be a hassle. With the help of Edgewater CPA Group, you can rest assured that your business is tax-season-ready. Here is a simple guide to get you started.

4 Ways to Save On Small Business Taxes

May 15, 2022 | Business Tax Strategy

As a small business owner, you’re probably always looking for ways to save money. One of the best ways to do this is by reducing your tax bill. Many tax deductions and credits are available to small businesses, and Edgewater CPA Group can help you navigate it all. So, let’s discuss five of the best ways to save on your small business taxes.

How Leadership Requires Financial Transparency

January 23, 2022 | Accounting Services

There is no shortage of leadership books or programs for success. As a company leader or business owner, your inbox is probably inundated with conference invitations and seminars. While many experts and renowned leaders make strong points about what constitutes leadership, many leave out financial transparency. Why is financial transparency vital to your organization? Edgewater CPA Group explains more in this article.

A Look Ahead to 2022: Forecasted Cost Increases for Businesses

November 20, 2021 | Bookkeeping Services

As a business owner, you’ve probably experienced some of the fallout from the pandemic, and other economic factors, since 2020. As 2021 nears the end, now is an excellent time to look toward forecasted cost increases in 2022. After all, to be forewarned is to be prepared. Kiplinger releases an annual report highlighting cost increases for businesses, which many entrepreneurs value. As such, Edgewater CPA Group highlights some of its significant predictions in this article for your review.

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What Businesses Need to Know About Taxes for Fourth Quarter 2021

October 14, 2021 | Bookkeeping Services

Do you know the saying, “Time keeps marching on?” As time marches, so do taxes. On the one hand, business owners can count on certain filing dates and tax requirements. On the other, businesses continue to face uncertainty as Congress continues to debate budget issues with huge tax implications. In this article, Edgewater CPA Group covers what businesses need to know about taxes for the fourth quarter of 2021, and what may be on the horizon.

Can I Claim Tax Deductions for Remote Work? (Part 2)

September 18, 2021 | Business Tax Strategy

In our last blog, we reviewed who qualifies for tax deductions for remote work. Specifically, we identified that since 2018, only self-employed individuals could claim a home office deduction. In part two of this series, we’ll unravel how to calculate the deduction, report it, and what additional deductions may apply. As always, Edgewater CPA Group stands ready at the helm to assist you with all your financial, tax, and accounting needs.

Can I Claim Tax Deductions for Remote Work? (Part One)

September 4, 2021 | Business Tax Strategy

Some people work remotely either as 1099 contractors or W-2 employees. Some self-employed individuals use part of their home as their office. Still, others work remotely due to pandemic restrictions. Can taxpayers claim tax deductions for remote work in each of these scenarios? Unfortunately, no. Edgewater CPA Group provides bookkeeping, tax preparation, and other financial services for individuals and businesses that share this question. For this reason, we review the subject in a two-part blog series.

Try Business Bundling for Accounting, Tax, and Payroll Services

August 3, 2021 | Bookkeeping Services

Businesses constantly search for ways to streamline processes and cut costs. Every business charges money for a product or service. This means they must also pay employees, report revenue, track expenses, and pay taxes. All of these tasks require expertise and time, which is why outsourcing them as a package makes sense. Fortunately, Edgewater CPA Group offers business bundling for accounting, tax, and payroll services (and more).

Cryptocurrency Investments and Addressing Tax Risks

July 28, 2021 | Carmel

Investors and technology gurus remain excited about the world of cryptocurrency and other emergent technologies. While cryptocurrency provides an innovative, novel technological investment strategy, investors should remember that the IRS requires reporting and taxes. At Edgewater CPA Group, we encourage clients to have proper safeguards to earn a proper return and report the results. To that end, this post covers some of the misconceptions about cryptocurrency investments and how to mitigate their risk.