Whenever tax season rolls in, many business owners find themselves scrambling to gather receipts, organize financial records and ensure compliance with IRS regulations. Without a solid bookkeeping system in place, tax preparation can quickly become overwhelming. Fortunately, Corporate Capital Inc. offers expert bookkeeping and business management services nationwide, helping businesses transition from tax chaos to financial clarity. The Importance of... read more »
The IRS recently issued an urgent warning to taxpayers about the increasing prevalence of tax scams, particularly those that lure individuals into filing for inflated refunds. These scams often involve misleading advice that leads to false claims for various credits, including the Fuel Tax Credit, Sick and Family Leave Credit and Household Employment Taxes. Understanding these scams and their implications... read more »
Are you part of the ever-growing army of self-employed professionals, freelancers, gig workers or small business owners? If so, tax season can be a daunting prospect. The good news is, that with the right guidance and a bit of organization, you can navigate the intricacies of tax filing like a pro. In this guide, we are excited to walk you... read more »
In a significant move towards embracing digital transformation, the Internal Revenue Service (IRS) has recently announced its plans to expand access to business tax accounts and introduce new features aimed at simplifying and streamlining the tax filing process for businesses of all sizes. This initiative marks a pivotal moment in the IRS's commitment to modernization and responsiveness to the evolving... read more »
As the calendar flips to a new year, it's time to turn our attention to one of life’s certainties: taxes. While the mere thought of tax season may induce stress, a well-prepared approach can turn the experience from daunting to manageable. To help you navigate tax season, here's a comprehensive guide on getting your taxes ready in the new year.... read more »
Without fail, inflation is a consistent economic issue that impacts almost every aspect of our lives financially. As prices continue to go up, our purchasing power diminishes, with far-reaching consequences, including the impact on your taxes. As inflation continues to make headlines, it's crucial to understand how it can affect your tax liability and financial planning. Bracket Creep One of... read more »
When it comes to the connection between income tax rates and the gross domestic product (GDP), it can come across as a negative relationship. In an open economy, higher skilled workers earn higher incomes and can move around freely and easily. But this also works against progressive state and local tax systems whose goal is to achieve the redistribution of... read more »
It is that time of year again! With February already here, families are looking at filing their 2021 taxes. Last year, around 36 million of these families were given over $93 billion in monthly child tax credit payments from July through December 2021. If you were sent funds for the enhanced child tax credit in 2021, you need this important... read more »
November is here, and it means the year is slowly drawing to a close. If you are like most people looking ahead on your taxes, you will want to know that there are changes to the tax laws for 2021. It is mostly due to inflation increasing the income limits for deductions. Let's take a look! Rising Tax Brackets As... read more »
We are now halfway through 2021 and have seen the effects that the COVID-19 pandemic has had when it comes to taxes, but the good news is it's actually better than what many people, as well as governments, had previously predicted. While many expected our states to see a sharp decline in revenue thanks to the pandemic, it surprisingly turned... read more »
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