Our Business Blog — Tax season

 A tax credit is not the same as a tax deduction. Tax credits are used to offset taxes owed and can be applied to reduce how much you owe in taxes. A deduction reduces how much of your income is taxed and is often higher in value than a tax credit. Some credits are refundable, which means they will result in a refund if the amount of the credit exceeds the amount of taxes owed. Other credits are nonrefundable and can wipe out a taxpayer's bill but won't result in a tax refund. Because credits are so valuable, the government...

Tax season is a time-consuming task that should not be taken lightly. There are many things that can go wrong and end up in a hefty tax bill. The first thing you should do is make sure to give yourself enough time to complete your filing. In addition, you should make an appointment with a tax advisor as soon as possible, so they can help you avoid any surprises or issues with the IRS. In order to make your tax season less of a headache, it's always best to be prepared and stay informed about what's going on within the...

Whether you're starting a new business or looking to expand your existing one, it's important to understand your options when it comes to filing taxes. Tax filing is a complex process that requires considerable attention to detail. Most people don’t enjoy the idea of tax season, and they often put it off until the last moment. However, if you do your own tax preparation you can make crucial mistakes that will increase your tax liability and cost you more money. The first step in avoiding costly mistakes is knowing what to expect from your taxes. If you can stay on...

  Ingramtaxes.com LLCs are a great way for entrepreneurs to make their personal and business finances separate. But how will they be taxed? LLC taxes are one of the first things that you need to take care of on the way to starting your own company. You will need to file both state and federal tax returns as a single-member LLC. These documents will be required for opening your new business bank accounts, so it’s best to get them done as soon as possible. You may be able to prepare both sets of taxes on your own if you have...