Understanding Form 1023 is a crucial for non-profits seeking tax-exempt status. It can be tricky to fill out accurately and ontime. When successfully filed and accepted, Form 1023 grants exemption from federal income tax, which is crucial for nonprofit organizations success. This blog simplifies Form 1023, clarifying eligibility and the filing process with step-by-step guidance. […]
The complexity of the Internal Revenue Code can be intimidating, especially when dealing with IRS section 4947(a). This is a crucial provision that governs nonexempt trusts and split-interest trusts. You need to understand its implications for a smooth tax filing experience. In this blog article, we will discuss this complex tax code provision in detail. […]
If you own a small business or you’re otherwise self-employed, you have to take responsibility for yourself in many different ways. No one else is going to withhold taxes from your salary, so you have to make estimated tax payments for yourself. No company is going to put you on their group health insurance plan, so […]
If you’re a freelancer or independent contractor receiving a Form 1099 instead of a W-2 at the end of the year. You need to be aware of key tax issues related to 1099 income reporting. 1099 professionals can work for one employer or multiple companies. They can also work from home or at the company’s […]
Operating a small business is a challenging but thrilling endeavor, with many businesses barely staying afloat. In such a tight budgetary environment, where every dollar is pivotal, mastering small business taxes is essential. There are many deductions exclusive to businesses that can help lessen your income tax burden. If you neglect claiming these benefits you’re […]
Running a catering business involves more than just crafting delicious meals; it also means understanding the financial side of things. With tax season just around the corner, it’s important to know where you can save money and keep your hard-earned profits. So, whether you’re a seasoned caterer or just starting out in the industry, this […]
The day-to-day life of an architect extends beyond just design and construction—it also offers the opportunity to smartly navigate your finances. As an architect, you encounter a wide range of expenses and some of them are tax-deductible. All you need is the right knowledge or guidance to identify and claim them. Ready to dive into […]
What is the corporate tax rate and what is the current corporate tax rate are common questions among business owners and those who are looking to launch. If you form your business as a corporation, it’s imperative to understand your federal and state corporate tax rate for 2023. Whether you’re already operating a C corp […]
Pilots and flight crew members tirelessly soar through the skies to ensure our journeys are smooth and enjoyable. Despite being 35,000 feet above the ground, they’re not forgotten by the IRS and Uncle Sam when it comes to paying taxes. Continue reading as we dive into some of the key tax deductions for pilots and […]
Putting money in your HSA can be helpful for medical expenses. But did you know there are also tax advantages to having an HSA? You can use it as an investment tool and name beneficiaries for the funds. Keep reading for helpful tips so you can maximize your health savings account (HSA). 1. Maximize HSA […]
