There are few things more stressful and frustrating than finding out that you are facing a federal tax audit. As unnerving as it can be, it is important to remember that an audit does not mean that you did anything wrong. The Internal Revenue Service (IRS) defines a tax audit as a “review/examination of an …
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Do you own and operate your own trucking company? If so, it is crucial that you have the proper accounting system in place to protect your financial interests. Running a trucking company can be complicated—especially when it comes to tax matters. The Heavy Highway Vehicle Use Tax is one of the most important taxes that …
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Doctors have a lot on their plate—even more so when they own and operate their own medical practice. After a long day of work, the last thing that most physicians want to do is spend time sorting out the financial books for their business. Of course, proper bookkeeping and accounting is absolutely essential to the …
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Medicine is one of the most important industries in the United States. Hospitals, physicians, and other medical practitioners help people get better when they are unwell. The medical industry is also highly competitive—owning and operating a successful medical practice is not easy. All medical industry businesses and professional medical practices need well-maintained financial books. In …
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As a truck driver, owning and operating your own business has the potential to be highly lucrative. According to a report from Trucks.com, independent truck drivers (owner-operators) earn more on average than company drivers. At the same time, owning and managing your own trucking business can be challenging. There are a lot of issues that …
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An owner-operator is a truck driver who owns their own business. For owner-operators, building a budget is critically important. You need to make sure that your business accounting is done properly so that you are in the best position to take advantage of all available tax deductions. This raises an important question: What can owner-operators …
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As an owner of a small business, various questions will almost certainly cross your mind. How much am I supposed to pay for the tax? Why am I paying a specific amount of money? Is there a way I can reduce the taxable income? This is normal because the last thing you would want is …
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For an employer, running payroll involves the issuing of checks & direct deposits, the handling of payroll deductions/contributions, and the tracking of expenses. While it can be a frustrating and time-consuming task, payroll is extremely important. Companies that fall behind on their payroll end up facing serious problems, potentially even legal sanctions. Accounting is the …
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Are you looking for professional financial help for your business or organization? If so, you may be considering hiring an accountant or a CPA. This raises a common question: What is the difference between an accountant and a CPA? There is an important distinction. Although all CPAs are accountants, not every accountant is a CPA. …
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For small business owners, dealing with tax issues can be a real headache. As noted by the Internal Revenue Service (IRS), business taxes fit into five broad categories: Income taxes, estimated taxes, self-employment taxes, employment taxes, and excise taxes. Of course, within those categories are many different complex issues. To ensure that your company is …
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