Frequently Asked Tax Questions.
Nov30

Frequently Asked Tax Questions.

Question: Do I really need to pay an accountant to prepare my financial statements? Couldn’t I save money doing it myself? Answer: You could, but how valuable is your time? What could you be doing to build your business with that time? Could you earn more than what an accountant would cost? Also, don’t forget: an8 accountant knows the formatting standards that the readers (bankers, investors, etc.) of your statements expect, and...

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Regulations on Business startups Interest Expense Deduction Limit
Nov30

Regulations on Business startups Interest Expense Deduction Limit

The Internal Revenue Service issued proposed regulations today for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Certain small businesses whose gross receipts are $25 million or less and certain trades or businesses are not subject to the limits under this provision.   The deduction for business interest expense is generally limited to the sum of a taxpayer’s...

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Account On Us Tax Planning Services and more.
Nov30

Account On Us Tax Planning Services and more.

Personal Services: We offer many services for individuals such as income tax preparation, estate tax preparation, gift tax preparation, IRS inquiries, audits and tax planning. Have your personal tax return electronically filed, including 1040, 1040NR, 1041 and 709 returns. If you have a personal tax or accounting need, contact us to assist you in the right direction. Business Services: We are in business for your business. Account On...

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Happy Thanksgiving 2019
Nov28

Happy Thanksgiving 2019

Thank you for being our valued customers. We are grateful for the pleasure of serving you and meeting your accounting needs. We wish you a lovely Thanksgiving and a joyous holiday season. With many thanks, from all of us at Account On Us

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Safekeeping tax records helps for future filing, amended returns, and audits.
Nov22

Safekeeping tax records helps for future filing, amended returns, and audits.

With the tax filing season quickly approaching, the Account On Us wants taxpayers to understand how long to keep tax returns and other documents.   The IRS generally recommends keeping copies of tax returns and supporting documents at least three years. Employment tax records should be kept at least four years after the date that the tax becomes due or paid, whichever is later. Tax records should be kept at least seven years if a...

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