article thumbnail

How to File Income Tax Return: Tax Filing Preparation Guide 2022

Snyder

For e-commerce business owners, income tax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, income tax is the most common one. To help you meet the income tax filing season fully armed and prepared, we have compiled a step-by-step guide.

article thumbnail

Four Strategies for Leftover 529 Plan Balances

CPA Practice

By Marguerita Chang, Kiplinger Consumer News Service (TNS) Higher education costs are still on the rise. Tuition inflation at public four-year colleges averaged 12% from 2010 to 2022, according to the Education Data Initiative. You can save for future educational pursuits and withdraw the funds tax-free for qualified education costs.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Taxpayer Advocate Delivers Annual Report to Congress, Identifies Top 10 Problems with Agency

CPA Practice

The report says the IRS virtually eliminated its backlog of unprocessed original individual income tax returns (Forms 1040) and substantially improved telephone service. Delays in processing amended tax returns and taxpayer correspondence. million users accessed individual online accounts. That’s just over 10%. “To

article thumbnail

How Long Does It Take an Accountant to Do Taxes?

xendoo

Online accounting software can assist in managing small business income and expenses. The cost of the tax preparation and filing varies. Often you may offset the cost of these services with your tax refund if you are eligible for one. They may choose to utilize tax software to prepare their returns. .

Tax 94
article thumbnail

How Long to Keep Important Financial Records

MazumaBusinessAccounting

Keep the following documents for seven or more years: Income tax returns (federal and state) W-2s and 1099s Medical bills Contracts Receipts for tax-deductible items Mileage records Canceled checks Real estate tax forms Credit cards statements that contain purchases used as tax deductions Retirement plan contributions.

article thumbnail

How To Download An IRS Account Transcript – UPDATED 2/6/2022

Nancy McClelland, LLC

We’ve come to the conclusion that the best solution to these concerns is to continue to ask clients to download their annual Account Transcript and provide it to us via secure upload. It’s free, reasonably easy, and reliable. Just sign in to the system and you should be golden.

Account 52