If you’re regularly tracking your mileage for work or tax reimbursements, you’re probably excited to learn that the U.S. federal mileage reimbursement rate has just been increased effective July 1st, 2022, to 62.5 cents per mile. Finally, a little relief from the rising costs of fuel, at least to those who can claim their mileage…
When looking for a venture capital accounting firm, it is important to keep in mind the size of the firm and its experience with venture capital. It is also important to make sure that the firm has a good reputation and is up to date on the latest changes in tax law, and to make…
Tax refunds and overpayments are essentially the same thing. Except, of course, when that “overpayment” is used toward other debts instead of refunded to you in the form of a check or direct deposit. Typically, the IRS handles refunds and processes overpayment returns in a prompt manner, but it is often going to take a…
When it comes to filing taxes with children, there’s a lot of information to cover. The changes over time have made it difficult for many people to keep up. There’s one tax that’s been in place for quite some time, originally established under the Tax Reform Act of 1986: the Kiddie Tax. This tax has…
It might be tempting to save a few dollars now and avoid hiring a professional accounting firm to deal with your personal or business bookkeeping. But going the DIY-accounting route can end up causing you more than it’s worth. At worst, it might get you in trouble with the law. Here are three main reasons…
While much of business has been halted over the last two years, some companies still require a lot of travel. If you’ve been traveling because of your business, you can deduct some of those expenses from your taxes. This simple guide will inform you about what kind of expenses qualify for a deduction, how to…
When it comes to filing taxes as a small business with employees, dealing with payroll and payroll taxes can end up on the back burner. You’re busy preparing your other records for tax season, after all. You may already outsource your payroll to a payroll service that is supposed to deal with all your payroll…
It’s more important for businesses to save now more than ever. The onset of the pandemic gave us a look at what could happen if businesses are financially unprepared for rough patches. Because small businesses have access to lower amounts of capital, their chances of bailing themselves out are smaller compared to larger corporations.…
Making a mistake on an already-filed tax report is not the end of the world. Truthfully, it’s an accident that happens on a fairly regular basis. There are a few helpful pieces of information to keep in mind if this ever happens. 1. Simple Issues Are Corrected by the IRS Tax agents at the Internal…
Working through all the intricacies of taxes can be difficult, especially for those who have no experience with accounting and tax laws. It can become even more challenging for those who might live part-time in Colorado but make their income in a foreign country. If you’re wondering whether you need to pay Colorado state taxes…