Tax Preparation Archives - Page 3 of 4

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.

Why Investing in Hamilton County Suburban Cities Makes Sense

July 14, 2021 | Bookkeeping Services

Several Hamilton County cities enjoy top-rank placement as the best cities to live in the entire U.S. In fact, numerous publications, including Money.com and Wall Street Journal, repeatedly include our cities in their annual lists. Of course, you could argue that Carmel using tax incremental financing (TIF funds) to drive successful growth contributes to its ranking. Moreover, Carmel provides a successful model for other cities in the county, state, and country. In this post, Edgewater CPA Group reviews how TIF funds boost private investing in Hamilton County suburban cities.

Top 20 Reasons You Should Use a CPA: Part Two

April 15, 2021 | Carmel

At Edgewater CPA Group, we want our clients to focus on the things that matter most to them, such as family, business, and health. Why spend time worrying about tax laws and financials when you can use one of our experts to navigate them on your behalf? If you’re not convinced, we have compiled a list of 20 reasons you should use a CPA. Our last blog contained the first ten reasons, and this blog includes ten additional reasons. Let’s dive right in!

Top 20 Reasons You Should Use a CPA: Part One

March 9, 2021 | Carmel

Whether or not to use a CPA isn’t always clear-cut. Believe it or not, the question gets asked frequently. At Edgewater CPA Group, we’re experts in accounting and finance. Throughout our time serving customers in the Evansville and Carmel areas, we’ve compiled a compelling list of reasons to hire a CPA. Here are the first ten (the next ten will be covered in the next blog).

What the $1.9 Trillion Biden Stimulus Plan Means for Small Business

January 18, 2021 | Bookkeeping Services

Main Street businesses hold their breath at every administration transition, and this one is no different. Business owners in Indianapolis, IN, wonder what the Biden stimulus plan means for small businesses. This article includes an overview of what the plan entails, how it could impact small businesses, and the likelihood of its passing. Edgewater CPA Group is available to help small businesses navigate the pending bill, along with other bookkeeping services.

Business Tax Preparation: 3 To-Do Items to Close Your Small Business

December 17, 2020 | Indiana

Many small businesses have been negatively impacted in 2020, and Indiana businesses are no exception. Edgewater CPA Group witnessed the closing of many longstanding Indiana businesses, such as the Butler-Tarkington hardware store owner who closed up shop after 43 years in business. Costumes by Margie closed after 50 years in business. Moreover, restaurants, hairdressers, and movie theaters have also been hit hard due to the pandemic. If your small business closed permanently this year, here are three things you need to do for your final business tax preparation.1. File Your Final Tax ReturnThe IRS requires final tax reporting, as does the Indiana Department of Revenue, along with the satisfaction of tax debt upon the close of your business. The tax and reporting requirements can be cumbersome, and mistakes can be costly. Here are the final tax return requirements for your business tax preparation.Sole proprietors. File a final Schedule C. Note: Schedule C … Continued

Tax Tips for Reporting E-Currencies

October 15, 2020 | Cryptocurrency

Virtual currencies, also called cryptocurrencies or e-currencies, might be relatively new to the world of finance, but they are becoming more common. Bitcoin, for example, is being accepted by retailers as payment and used to pay employees. Some people are holding virtual currencies as capital assets. Regardless of how you use e-currencies, they may be subject to taxation by the IRS. If you are exploring cryptocurrencies, now would be a good time to talk to the team at Edgewater CPA Group about how you can plan for your 2020 taxes.

3 Sales Tax Mistakes Small Businesses Should Avoid

3 Sales Tax Mistakes for Small Businesses to Avoid

September 11, 2020 | Fort Wayne

For small businesses, paying sales tax on goods they sell is a simple concept. But with constantly evolving federal and state legislation, keeping track of all the changes can be challenging. That’s why our clients appreciate the services they get in tax preparation from Edgewater CPA Group. We know it’s a difficult task for small businesses owners to manage. Here are a few roadblocks you should be aware of in making sure your small business is compliant with paying sales tax.