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EA stands for ‘Enrolled Agent’ and this is the highest credential that the IRS award to tax Professionals; it’s recognized in all 50 U.S. states. Attorneys and CPA’s or ‘Certified Public Accountants’ are licensed on a state by state basis, and they are also empowered by the Department of the Treasury to represent taxpayers before the IRS. Why were EA’s created? Back in the time of the American Civil War,… Read More

The overall goal of planning your taxes is to arrange your financial affairs in such a way that your taxes are minimized. There are 3 basic ways in which to achieve this, with each method having some slight variations: Reducing income: Determining your taxes depends a lot upon your AGI or Adjusted Gross Income, and your tax rate and tax credits are also dependent upon it. AGI can even have… Read More

Many U.S. citizens use tax preparers at tax time, and competition can be fierce as tax professionals vie for your business. With around 150 million taxpayers seeking help with preparing and planning for their taxes, the business is a lucrative one and some preparers may try to tempt you with talk of low rates and gimmicky promotions, but then they may quickly add on fees for services which see their… Read More

Changes to tax legislation mean that small businesses the world over are getting a break on their taxes, and the legislation is one of the most significant tax overhauls passed in decades. It’s responsible for providing pass-through businesses and corporate entities with lower tax rates. Here are some of the biggest changes to small business taxes: Deductions for pass-throughs and corporations: A pass-through business is defined as being a small… Read More

If you’re the owner of a start-up or recently incorporated business, it can be helpful to know the basics of  ookkeeping, whether you will be using the services of a paid professional, or not. Here are 4 main steps of the bookkeeping process that it can be helpful to understand: Gathering documents These may include cheque records, deposit records, bank statements, bills from vendors, receipts for purchases and invoices issued… Read More

A bookkeeper worth his money will have the utmost respect for client information and confidentiality, and will have the ability, knowledge and experience to help support a small business with their day-to-day administrative duties, while remaining compliant with tax laws. Ideally, a bookkeeper’s role should be to help alleviate the more tedious and repetitive tasks associated with running a small business, from the owner themselves, leaving them more time to… Read More