You may have been surprised this year with your tax refund or with the fact that you owed taxes. It took everyone, especially employees with W2 withholdings, by surprise. The reason for this was employees did not have enough tax withholdings from their paychecks. Thankfully, the IRS has a tool called the IRS Payroll Withholding Estimator designed to help taxpayers determine the correct amount of federal income tax to withhold from their paychecks.
Read more: IRS Payroll Withholding Estimator
Are you thinking about buying or selling a business? Congratulations! You have reached an exciting point in your entrepreneurial journey. However, before you take the leap, it’s important to consider the financial implications of your decision. Buying or selling a business is a complex process that requires careful planning and execution. As a buyer or a seller, it’s crucial to understand the importance of due diligence and working with a Certified Public Accountant (CPA) to ensure that the transaction is fair, reasonable, and tax-efficient. In this blog, we will explore some key things to look out for when buying or selling a business. By understanding these factors, you can increase your chances of success and avoid costly mistakes along the way.
Read more: Considerations When Buying and Selling A Business
As a CPA, I cannot stress enough the importance of obtaining reliable and accurate tax advice. With the rise of social media platforms like TikTok, it’s become easier than ever for people to share information and opinions about various topics, including taxes. However, just because someone has a large following on TikTok does not mean they are qualified to give tax advice.
Read more: Is TikTok The New Advisor?