It could be many weeks, or even months, before taxpayers and payroll processors begin to fully understand how the new tax laws will affect matters, but the guidance due to be issued by the IRS this month, should give further insight. Changes to the way taxes are filed and processed will be put into place in February, and the changes may well affect you minimally; a lot will depend upon… Read More
What’s The Difference Between An ITIN And A SSN?
The tax system in the US can be confusing, particularly if you’re not born and raised there and have come to the country from elsewhere in the world to work, and there are often many documents involved when applying for such things as an SSN or an ITIN. Let’s begin by clarifying exactly what an ITIN and a SSN are: What is an ITIN? An ITIN is an ‘individual taxpayer… Read More
Don’t Let The Holidays Stop You From Tax Planning
The holidays are hot on our heels, and we all know that this can be an exceptionally busy, stressful and chaotic time of year for everyone, even more so if you’re a business owner or are self-employed. That in mind, it’s important to ensure that you give yourself enough time to plan for your taxes and make the most of strategies to reduce the amount you will need to pay…. Read More
How To Avoid A Headache For The Next Tax Year
Thinking about your taxes well ahead of time may be the furthest thought from your mind, but rest assured that it’s one of the best ways of reducing the risk of a major tax headache, and helps to avoid mistakes being made due to last minute panic. Here are 4 ways to help you focus on your taxes now, to help you avoid a headache for the next tax year:… Read More
Filing Federal Income Taxes For Your Small Business
There are several different ways in which you can file your federal income tax return for your small business, when the time comes, and it will depend upon whether your business is being run as a sole proprietorship or with a legal entity like an LLC or corporation. Both types require a different tax form to report the income and expenses of your business, but irrespective of which form you… Read More
What Is An ITIN Number And Do You Need One?
Have you heard of an ITIN number and wonder whether it might apply to you? Read on to know the basics about this number and whether you need one: What is an ITIN? It’s an ‘Individual Taxpayer Identification Number’ and is issued by the Inland Revenue Service (IRS) to help them process taxes. Who are ITIN’s issued to? They are issued to those individuals who need a U.S. taxpayer identification… Read More