As a business owner or individual taxpayer, managing your finances and taxes can be complicated and time-consuming. This is where a tax consultant comes in handy. A tax consultant is a professional who provides expert advice and guidance on tax-related matters. In this blog post, we will discuss what a tax consultant is and their duties. What is a Tax Consultant? A tax consultant is a financial expert who specializes in the field of tax law and compliance. They provide advice to individuals or businesses on matters related to tax planning, preparation, and filing. Tax consultants help to ensure that... View Article
Child Tax Credit 2023 – What You Need To Know Many families take advantage of tax credits and deductions when they file their annual returns. The Child Tax Credit is a popular one that could be worth up to $2,000 per qualifying dependent under 17 this year. Millions of American families took advantage of an expanded credit in 2021 that boosted the amount of money parents received for each child under six or 17-year-old. That enhancement has now expired, and the credit will revert back to its former value and rules in 2023. Child Tax Credit 2023 The child tax credit... View Article
Reasons Why You Should Hire a Tax Consultant This Year A tax consultant can help you save money, avoid taxes and make sure that you file your taxes correctly. They also provide you with peace of mind and a high level of confidence in your financial situation. Save Time & Money Taxes can be a confusing and onerous process, which is why many taxpayers turn to professional tax preparers. They can save you both time and money by reducing the amount of taxes you owe while also making sure that you’re not missing out on any deductions or tax credits... View Article
Being self-employed comes with plenty of perks, but it can also make tax time a bit of a nightmare. Depending on how you’re paid, you might get 1099-MISC, 1099-NEC or 1099-K forms in Union City, NJ. What’s the difference between these forms? Read on to learn more about which tax forms are used for which types of compensation. Do you get 1099-MISC, 1099-NEC or 1099-K forms? Tax forms have changed a little for tax year 2020. If you’re a freelancer or consultant who has earned over $600, you can expect to see your earnings on a 1099-NEC (non-employee compensation) form,... View Article
If you did your taxes this year only to find out that you owe money, don’t panic—this is a very common situation. Although it can be intimidating to owe a large chunk of money, the IRS is more than happy to make tax payment arrangements for Union City, NJ taxpayers. There are four options to pay what you owe—read on to find out which choice is the best for your situation. Short-term payment plan If you owe less than $100,000 in taxes, penalties and interest, you can apply for a short-term payment plan online. This is best for people who... View Article
