Checking in on your accounts payable processes
Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic Too often, businesses take […]
Social Security benefits: Do you have to pay tax on them?
Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends. The taxation of Social Security benefits depends on your other income. If your income […]
Is it a good time for a Roth conversion?
The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost. Traditional vs. Roth Here’s what […]
Businesses will soon be able to deduct more under the standard mileage rate
Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 […]
Analyzing Business Expenses: Tax Deductions to Explore for 2020
Are you looking to get on top of your business taxes this year? There are a number of simple and easy steps to help you navigate the confusing arena of business taxes. The easiest would be to hire a licensed “CPA near me” and have them manage all of your bookkeeping. OnTarget CPA helps hundreds of […]
7 Questions to Ask Your Tax Accountant While Reopening for Business
Experts have estimated that over 40% of American businesses are considered to be exposed to a high level of risk from COVID-19. This includes businesses that have closed temporarily due to lockdown measures, as well as those whose operations will be threatened by a loss of confidence in the market going forward. If you’re planning […]
How to Find a Personal Tax Service for Entrepreneurs
At a 35% federal annual tax rate, American companies currently bear the most significant burden of taxation globally. This remains the primary reason most American entities opt to move their profitable ventures to countries with lower tax caps. However, for small and medium-sized businesses, their problems with taxation are not only about the total tax […]
Uh-Oh, Am I in Trouble? What to Do If You Received an IRS Audit Letter
In 2019, the audit rate declined to below .50%. People, however, are still concerned with getting audited by the IRS. People are concerned if they receive an IRS audit letter. If you do receive this letter, you might be wonder what will happen. You might wonder if you should be concerned if you have to pay more […]
How is COVID-19 Affecting the Role of Accounting in Healthcare Industries?
COVID-19 or coronavirus has wreaked havoc all over the world. It’s put extreme fear into people everywhere. It knows no boundaries and doesn’t discriminate. It’s also put a strain on accounting in healthcare. Sure, it’s more harmful to the elderly, but they’re not the only ones the virus has affected and infected. Industries have shut […]
How to Prepare a Business Proposal
There are over 30.2 million small businesses in the country. Of these, 64% start with only $10,000 in capital. While they aren’t getting off the ground with much money, what many of them do start with is a plan. Learning how to prepare a business proposal is essential if you want to start your business. This […]
