tax

5 Basic Tax Terms

1- Gross Total Income – The process of filing tax returns begins with the computation of your Gross Total Income (GTI). GTI includes salary income; income from house property; profit and gains of business & profession; capital gain and income from other sources. These are computed after adjusting for the relevant exemptions under each head, […]

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Taxpayers

6 Taxpayers tips

There are different kinds of tax preparers, and a taxpayer’s needs will help determine which kind of preparer is best for them. With that in mind, here are some quick tips to help people choose a preparer. When choosing a tax professional, taxpayers should: Check the IRS Directory of Preparers. While it is not a […]

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IRS

7 Secrets the IRS doesn’t want you to know

If you or someone you know (i.e., relatives, friends, partners, employees) is currently facing IRS difficulties, you can find out how to get back on track with these insider secrets to tax relief. Learn how to get a leg up on back taxes and delinquent tax returns so that you can avoid severe IRS penalties […]

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Balance Sheet

What is the Balance Sheet

The balance sheet displays the company’s total assets and how the assets are financed, either through either debt or equity. It can also be referred to as a statement of net worth or a statement of financial position. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity. The assets and […]

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Taxpayer rights

Taxpayer Rights

Your Rights as a Taxpayer 1- The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be […]

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new business

TIPS FOR NEW BUSINESS

Your business structure How to form your business effectively is not an easy task for any business owners. Legal protection, tax advantages, and financial expectation are the key factors that could significantly affect your business for many years to come. The business structure you choose influences everything from day-to-day operations, to taxes and how much […]

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cash flow charts

What are Cash Flow Charts?

Cash flow diagrams are visual representations of revenue and spending over a period of time. A horizontal line with markers at various time intervals forms the basis of the diagram. Expenses and expenditures are displayed at the proper moments. The circulation of money in and out of a business is referred to as cash flow. […]

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Tax Return

What Is a Tax Return?

A tax return is a form or forms filed with a tax authority that reports, expenses, income and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. In the United States, tax returns are filed with the Internal Revenue Service […]

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bookkeeping

5 Reasons why bookkeeping is important for  business

Firstly we will  tall you what is bookkeeping; Bookkeeping involves the recording, on a regular basis, of a company’s financial transactions. With proper bookkeeping, companies are able to track all information on its books to make key operating, investing, and financing decisions. Bookkeeping is key keeping accurate financial records. It can be the difference between […]

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