178 tagged with "Guides"
Step-by-step guides for accounting, bookkeeping, and financial tasks
Trump's 2026 Small Business Tax Changes: OBBBA Permanent QBI, Bonus Depreciation, and Tariff Impact
OBBBA made the 20% QBI deduction and 100% bonus depreciation permanent for 2026, while tariffs near 19% cost U.S. small businesses about $85 billion a year. Here is what changed, who benefits, and how to plan.
Got a 1099-C? Why You Might Owe Nothing (and the Mistake That Costs People Thousands)
A 1099-C does not automatically mean a tax bill. This guide covers when canceled debt is taxable, the five Form 982 exclusions (bankruptcy, insolvency, qualified farm, real property business, principal residence), the 2026 expiration of the student loan and mortgage forgiveness exclusions, and the recordkeeping that proves insolvency to the IRS.
Tax Solutions for Small Businesses: How to Pick the Right One Without Overpaying
A category-by-category comparison of the five real tax solutions small businesses use in 2026 — DIY software, professional-grade platforms, hybrid bookkeeping subscriptions, local CPAs, and in-person chains — with price ranges, fit criteria, and signs you've outgrown your current setup.
Choosing the Right Bookkeeping Solution: Software vs. Service vs. Plain-Text Accounting
A decision framework for choosing between DIY bookkeeping software, professional services, and plain-text accounting—with concrete pricing benchmarks ($15–$800/month), transaction-volume thresholds, and the seven mistakes that drive cleanup costs.
Tax Resolution Demystified: How to Settle IRS Debt Without Falling for Scams
A 2026 guide to the five legitimate IRS resolution programs—installment agreements, Offer in Compromise, Currently Not Collectible status, penalty abatement, and innocent spouse relief—plus the warning signs of OIC mill scams and the step-by-step process from a CP14 notice to a working agreement.
How to Pay Off IRS Tax Debt: 6 Options to Settle What You Owe
Six IRS-approved paths to clear back taxes — short-term plans, 72-month installment agreements, penalty abatement, Offer in Compromise, and Currently Not Collectible status — with eligibility, fees, and when to use each.
IRS Form 433-D Explained: How to Set Up a Direct Debit Installment Agreement and Stop the Late Notices
Form 433-D authorizes a Direct Debit Installment Agreement (DDIA) with the IRS — $31 setup online with direct debit versus $130 without, automatic monthly payments, and a reduced 0.25% failure-to-pay penalty. A walkthrough of who needs the form, how to complete each section, and how it differs from Forms 9465, 433-A, and 433-F.
Penalty for Filing Taxes Late: What You Owe and How to Reduce It
The IRS charges 5% per month for late filing (capped at 25%) plus 0.5% per month for late payment, with daily-compounding interest at 7% in Q1 2026. This guide details how each penalty is calculated and four programs — First-Time Abatement, reasonable cause, installment agreements, and Offer in Compromise — that can reduce or remove what you owe.
The Sales Tax Deduction in 2026: How the New $40,000 SALT Cap Could Save You Thousands
For 2026 the SALT cap rises to $40,000, reviving the sales tax deduction for homeowners and big-ticket buyers. Choose between sales tax and state income tax on Schedule A, use the IRS optional tables, and stack actual tax paid on vehicles, boats, or renovation materials on top of the table amount.
Scope Management Guide: How to Prevent Scope Creep and Protect Your Service Business Revenue
Freelancers lose $15,000 to $25,000 yearly to scope creep, and 52% of agency projects expand past their original budgets. A six-step scope management lifecycle, written exclusions, and a formal change-order process keep service revenue from leaking.
The Tax Professional's FAQ: Working with Bookkeepers Without the Friction
A practical FAQ for CPAs and tax preparers who inherit a client's books from a third-party bookkeeper—covering opening balance verification, year-end document checklists, 1099 ownership, cash-to-accrual conversions, and the handoff habits that prevent March surprises.
Tax Relief Companies: How to Tell Legitimate Help From Scams in 2026
How to distinguish legitimate tax resolution firms from Offer in Compromise mills—what services should cost in 2026, the IRS-flagged red flags that should end a sales call, and the free alternatives most callers never hear about.