Tax Preparation Archives - Page 4 of 4

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.

Don't put off your business tax preparation to the last minute.

What the IRS Tax-Filing Extension Means for You

April 28, 2020 | Indianapolis

In the light of the COVID-19 pandemic, the IRS has extended the due date for filing taxes to July 15. This gives businesses and individuals an additional 90 days to file and pay their 2019 taxes. At Edgewater CPA Group, we’re happy to do tax preparation for small businesses to make sure you have all the needed documentation in order by the new filing deadline. Here’s what you need to know about this extension.

Accounting and Tax Preparation for Cryptocurrency

3 Things to Know for Cryptocurrency Taxes

March 26, 2020 | Cryptocurrency

Cryptocurrencies, such as Bitcoin and other internet-based currencies, are new to the world of finance. Although some CPAs might balk in dealing with clients who trade or mine these currencies, Edgewater CPA Group is ready for it. Laws regulating cryptocurrencies are new, and the market continues to change, but here are three things to keep in mind at tax time.

Year-End Tax Prep Steps You Can Take Now

December 1, 2019 | Fort Wayne

Whether you’re a small business or freelancer, it’s important to start preparing for tax season early. At Edgewater CPA Group, we know that springtime can get pretty busy, so take some time now to make sure that you’re prepared and organized for what’s ahead as you file your 2019 taxes.

Freelancer? Here’s How You Can Pay Income Tax.

November 7, 2019 | Fort Wayne

The freelancing life offers many benefits: flexible hours and no boss lurking over your shoulder, just to name a couple. But being self-employed also comes with some added pressures. Things that were once taken care of by your employer now fall on your plate. Paying your income taxes, for example. Fortunately, Edgewater CPA Group is ready to help you take the guesswork out of this important part of freelancing. Here’s how you can make sure you’re set up to pay income tax as a freelancer.