Experiencing both gains and losses in the stock market is a reality in investing. You may even be forced to sell an asset at a loss during a bear market. However, a capital loss can benefit you at a tax time by reducing your taxable income. You may even be eligible for a capital loss…
If you’re good with numbers and attention to detail, starting a tax preparation business can allow you to be your own boss and work in a field that is always in demand. If you already work as a professional tax preparer, knowing how to grow your tax business will allow you to increase your profitability….
Tax season 2022 is already here, as dealing with numerous challenges is a reality for any tax preparation firm. Some of these issues with taxes are relatively minor, while others are much more complex. The impact of the pandemic only further complicates many of these problems. Staying proactive by looking at ways to overcome these…
Cloud migration is becoming increasingly popular for many accountant firms. Choosing to migrate to the cloud offers numerous benefits, such as increasing data security and making it easy to access client data from nearly any location. However, following a cloud migration strategy isn’t easy for most accountants. Understanding how to safely transfer client data while…
Preparing taxes for a variety of businesses requires a lot of time and effort for accounting firms. Using professional tax software is a great way to streamline this entire process while keeping everything well-organized. Choosing to use professional tax preparation software with bank products is an excellent investment that offers numerous features. These bank products…
Remote accounting jobs were already on the rise before the COVID-19 pandemic altered the workplace. Allowing employees to work from home offers immense benefits, and it will only continue to grow in the future. Cloud computing also makes it easy for remote accountants to perform various tasks from their computer or mobile device. While remote…
Tax season might be over but we are still seeing updates roll out, most recently when the IRS (Internal Revenue Service) and the US Department of Treasury announced changes to the child tax credit programs. More than 35 millions households and low income families across the states will receive monthly payments starting mid July, and…
Accounting firms are presently in one of the busiest parts of the year, and many people have questions about how their stimulus checks will impact their taxes. Some people have already received all three stimulus payments, while others have yet to receive anything. These different timeframes for receiving stimulus payments often creates even more confusion…
If you’re thinking about updating your firm’s professional tax software, the ideal time to do it is well ahead of tax season. Changing your tax software in the middle of tax season can create chaos at the most inopportune time. Why change your professional tax software? There’s an old adage that goes: “If it’s not…
If the COVID-19 global pandemic has taught us anything, it’s that we are capable of finding ways to stay productive. This is especially true for accountants and tax preparers. Working from home may pose some challenges, but it has also forced professionals to seek creative ways to communicate via teleconferencing with screen sharing and video…