Returning Clients get $50 off tax prep fees by referring a friend.
Frequently Asked Questions
What Documents Do I Need to File My Taxes?
- For individuals: Common documents include W-2s, 1099s, proof of income, receipts for deductible expenses, and any relevant tax credits or deductions.
- For small businesses: In addition to personal documents, businesses need to provide income statements, expense records, receipts for business-related expenses, and documentation for any business credits or deductions.
How Can I Minimize My Tax Liability Legally?
- For individuals: Explore opportunities for deductions such as mortgage interest, student loan interest, and contributions to retirement accounts. Understand tax credits available, like the Earned Income Tax Credit (EITC) or Child Tax Credit.
- For small businesses: Keep detailed records of business expenses, take advantage of applicable tax credits (such as the Small Business Health Care Tax Credit), and consider consulting with a tax professional to optimize your tax strategy.
What's the Difference Between Cash and Accrual Accounting for Small Businesses?
- Cash accounting records transactions when money changes hands, providing a real-time view of cash flow.
- Accrual accounting records transactions when they occur, offering a more comprehensive overview of financial activities but requiring businesses to track revenue and expenses even if no cash has exchanged hands.