According to recent reports, the IRS has a backlog of more than 6 million unprocessed individual returns; however, it has opened most of its mail and processed the payments accompanying these returns. As a result, many taxpayers received a CP-80 notice, which states the IRS has a credit on the taxpayer’s account but has not yet received a 2020 tax return. In most cases, though, the IRS has received the tax return, but just hasn’t processed it.

My email newsletter is a one-stop resource for relevant news and content about my business, Speedy Tax Preparation & Bookkeeping Service. I also share information about my services as a tax preparer and bookkeeper in Elizabethtown, North Carolina.

Each tax season comes with unique challenges and 2022 is no exception. The IRS wants taxpayers to get the information they need as quickly as possible. Taxpayers should keep these tips in mind when they get ready to file. Following them will help get this year's taxes done accurately and refunds issued timely.

Original Article Source Credits:  https://www.caring.com/

Link to Original Article:  https://www.caring.com/best-medical-alert-systems/is-a-medical-alert-system-tax-deductible/

Reporting rules are changing for certain businesses beginning in 2022. Debbie Pflieger of EY’s Financial Services Organization highlights what you need to know about Form 1099-K, Payment Card, and Third-Party Network Transactions.

Beginning in the tax year 2022, individuals, partnerships, LLCs, and corporations that earn more than $600 through various online venues will start receiving Form 1099-K, Payment Card, and Third-Party Network Transactions, on which that income will be reported to themselves and the IRS. This change will substantially increase the number of Forms 1099-K required to be filed with the IRS and furnished to recipients in early 2023.

Whether you’re a budding entrepreneur or an established business owner, properly managing your finances can stabilize your company making it less likely to fail. However, it can be an overwhelming job when you have to handle all of those complex accountancy tasks. In such situations, a professional financial expert can serve as a valuable asset in your business. With their expertise and knowledge, they can assist you in managing your finances and help propel your business’s operation forward.

Original Article Source Credits:  https://www.payingforseniorcare.com/

Article Written By: MARK GREGORSKI

Original Article Posted on: AUGUST 24, 2020

Link to Original Article: https://www.payingforseniorcare.com/medicare-advantage/tax-deductions-for-premium-cost

Original Article Source Credits:   Forbes , https://www.forbes.com/

Article Written By:  Rhett Buttle

Original Article Posted on:  Jun 11, 2021

Link to Original Article:  https://www.forbes.com/sites/rhettbuttle/2021/06/11/3-steps-for-managing-your-small-businesss-taxes/?sh=20b5d1aa7f28

Original Article Source Credits:   Investopedia , https://www.investopedia.com/

Article Written By:  PRABLEEN BAJPAI

Original Article Posted on:  Jun 10, 2021

Link to Original Article:  https://www.investopedia.com/articles/investing/091614/understanding-s-corporations.asp

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  June 30, 2021

Link to Original Article:  https://www.irs.gov/newsroom/heres-what-taxpayers-need-to-know-about-paying-taxes-on-their-hobby-activities

Original Article Source Credits:   The Balance Small Business , https://www.thebalancesmb.com/

Article Written By:  Marco Carbajo

Original Article Posted on:  March 10, 2019

Link to Original Article:  https://www.thebalancesmb.com/advantages-of-a-bookkeeping-service-for-your-business-4086484

For the purpose of quick and smooth communication, every industry has its own language and terms. These words and phrases can be confusing to anyone who is not part of the daily operations of a specific industry, and the tax business is no exception.

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  June 1, 2021

Link to Original Article:  https://www.irs.gov/newsroom/identity-theft-protection-for-taxpayers-in-six-steps

Original Article Source Credits:   Investopedia, https://www.investopedia.com/

Article Written By:  Brian Beers

Original Article Posted on:   May 16, 2021

Link to Original Article:  https://www.investopedia.com/ask/answers/111714/whats-more-important-cash-flow-or-profits.asp

Whether you’re employed or self-employed, everyone with a taxable income owes taxes to the government. Paying your taxes is a civic responsibility and a requirement of the law, and if you fail to do so, you could face penalties, fines, or worse, get imprisoned. Therefore it’s essential that you get yourself prepared before the tax season starts. Consult with a reliable financial advisor if you don’t understand how tax systems work. These professionals will make the process as simple as possible and help you save time and money.

Original Article Source Credits:   The Balance Small Business , https://www.thebalancesmb.com/

Article Written By:  ROSEMARY CARLSON

Original Article Posted on:   January 04, 2021

Link to Original Article:  https://www.thebalancesmb.com/example-of-a-bookkeeping-entry-for-inventory-transactions-392923

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  June 2, 2021

Link to Original Article:  https://www.irs.gov/newsroom/irs-reminds-taxpayers-living-and-working-abroad-of-june-15-deadline

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:   April 27, 2021

Link to Original Article:  https://www.irs.gov/newsroom/irs-free-file-can-help-people-who-arent-required-to-file-find-tax-credits-and-get-a-refund

Original Article Source Credits:   NerdWallet , https://www.nerdwallet.com/

Article Written By:  NerdWallet

Original Article Posted on:  Apr 13, 2021

Link to Original Article:  https://www.nerdwallet.com/article/taxes/standard-deduction

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  April 19, 2021

Link to Original Article:  https://www.irs.gov/newsroom/dos-and-donts-for-taxpayers-who-get-a-letter-or-notice-from-the-irs