Some big changes occurred towards the end of the 2021 tax year. The long bill talked about the taxation of cryptocurrencies, especially those that facilitate the trading of “digital assets”. In this article, we have penned down a guide on Cryptocurrency Taxes for taxable transactions and events during 2021 and 2022. The new law stipulates …
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If you are running a small company or business, you need a bookkeeper. There is no doubt about it, even if you feel otherwise. But, most importantly, bookkeeping is the key if you are truly serious about your business, its growth, and expansion. But, of course, we don’t mean to say that it is the …
Go through this post to know whether the virtual bookkeeping services are meant for your business. This ongoing pandemic has revolutionized the whole Bookkeeping business as companies have moved from traditional methods to digital methods that can be run remotely also. Moreover, Virtual Bookkeeping can make a big difference, especially for companies facing challenges in …
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In this article, we have explained the terms for the deduction of business meal expenses for 2021 and 2022. Pandemic had a drastic impact on all the businesses and companies across the globe. However, the worst impact was on the companies that handle the food services. As a result, a large number of businesses saw …
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In this article, we will get to know how outsourcing bookkeeping services benefit a company. If you are a small business owner, your day is spent juggling several tasks. Your mind is occupied with numerous thoughts and you need to make several decisions throughout the day. In managing the employees, handling the clients, and making …
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One of the must common mistakes business owners do is mixing business and personal expenses. When this happens you are putting yourself at risk for an IRS audit. To ensure you do not end up with a stressful audit, you should know how to define and separate business and personal expenses. According to the IRS, …
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Bookkeeping services are the financial backbone of any business, small or big. Virtual Bookkeeping refers to managing and recording your business’s day-to-day expenses, income, big and small expenses, and managing them. But you should know these five things if you are planning to hire a bookkeeper or bookkeeping company online. Also Read: What is Virtual …
Virtual Bookkeeping Services: 5 Things Nobody Told You Read More »
The Internal Revenue Service issued the special per diem rates for travel expenses that became effective October 1, 2021, which taxpayers can use to substantiate the amount of ordinary and necessary business expenses incurred while traveling away from home. The IRS allows employers to pay employees per diem rates, or daily allowances for travel expenses …
Individuals and businesses that pay wages to an employee are generally required to make Federal and State payroll tax payments. They are also required to file the proper tax returns. Understanding the payroll tax payments rules as well as 941, RT-6 & 940 form filing requirements is an important part of running your business. Accurate …
Understanding Payroll Tax Payments and 941, RT-6 & 940 Filings Read More »
In this article, we will explain the benefits of online bookkeeping services for your business. When you are just starting a company, it may make sense to try to meet your own accounting and bookkeeping requirements. As a result, costs are reduced. But it didn’t take long to realize that you might need help. Why …
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by PasFirm