You should contact an accountant as soon as you have a business idea. We can discuss your business' organization, tax purposes, and operations, along with target pricing and profit margins. Accountants can help take your business to the next level.
There are several qualities a client should look for in an accountant including: financial literacy, financial resourcefulness, and effective communication. A good accountant should be able to make you feel heard by understanding the facts of your situation. The accountant should also be able to find the best solution to any question(s) that the client may have . Swiftaxes will help client's resolve their inquiries and lead them to the best financial solution!
Private businesses can raise money by acquiring debt or equity to create its capital structure. The choice between acquiring debt or equity is usually decided by the business' risk appetite. When beginning new business operations, a business is riskier if it acquires debt instead of equity due to an increased default risk. In order to mitigate this risk, owners can fuel their equity by investing cash or property into the business or creating partnerships. If a business is considering acquiring new debt, it would be wise to get impartial advice from an accountant before consulting a bank. A bank will want to see a strong business plan and organized records. Let Swiftaxes assist you in taking your business to the next level!
Filing a tax return depends on several factors which includes: income, age, filing status, and other qualifications found on the IRS website. If your income meets or exceeds the threshold of your qualified filing status, then you will have to file taxes. Moreover, if you are 65 or older and/or legally blind, then you will receive additional deductions. For additional assistance, please use the interactive interview tool at the IRS website to determine whether you need to file a tax return.
Gross income is considered to be all income derived from any source whether in the form of cash or property. However, if the source of income is specifically excluded from tax law then it should not be included within gross income.
Taxpayers should choose the most beneficial filing status. There are five statuses a taxpayer could choose from: Single, Head of Household, Married Filing Separately, Married Filing Jointly, or Qualifying Widower with a Dependent Child. Details of the aforementioned statuses can be found on the IRS website.
There are various specifications for whether a taxpayer can claim an individual as a dependent. Taxpayers can claim an individual as a dependent if they are considered a qualifying child or a qualifying relative. For additional assistance, please use the interactive interview tool at the IRS website to determine if an individual is considered a dependent.
A taxpayer should file form 1040 individual income tax return if they have exceeded the minimum income amounts for filing a tax return. If you are a partnership and/or an LLC with multiple members, then you should file form 1065 or an extension by March 15th which can be extended to September 15th. Also, if your entity is a C corporation then you must file form 1120 and 1120s for S corporations by March 15th. Click here for additional information on which form you should file.
A taxpayer should consider itemize deductions if they collectively exceed the standard deduction for their specific filing status. In other words, it would be beneficial for the taxpayer to deduct the highest amount from their adjusted gross income in order to achieve the lowest tax liability.
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