Business Tax Strategy Archives - Edgewater CPA Group

How to Plan for Business Taxes Throughout the Year

5 Ways to Plan for Business Taxes Throughout the Year

June 2, 2024 | Business Tax Strategy

Managing your finances as a small business owner also means understanding your tax obligations. Instead of waiting until tax season to scramble and figure out how much you owe, planning ahead and making strategic decisions throughout the year is crucial. Edgewater CPA Group helps you take proactive steps to manage business taxes. Here’s how we can help you plan for business taxes, save money, avoid penalties, and ensure that you comply with all tax laws.

5 Tips for Using AI Responsibly in Accounting

April 1, 2024 | Business Tax Strategy

Artificial Intelligence (AI) has become a game-changer in various industries, including accounting. Many business owners are curious about how they can leverage AI to streamline their accounting processes and improve efficiency. However, using AI in accounting requires careful consideration and responsible implementation to ensure accurate results and data security. Below, you’ll find five tips from the accounting experts at Edgewater CPA Group on how to use AI responsibly in accounting.

Why Proper Documentation is Crucial for Tax Season

November 17, 2023 | Business Tax Strategy

As a business owner, you know that tax season can be a stressful and challenging time. One of the most critical parts of preparing for taxes is ensuring you have the proper documentation to support your business deductions and expenses. Proper documentation can make the difference between a smooth tax season and a headache-inducing one. So, Edgewater CPA Group is here to discuss why proper documentation is crucial for tax season and how it can help ensure that you maximize your deductions and minimize your tax liability.

4 Ways to Avoid an IRS Audit

October 16, 2023 | Business Tax Strategy

As a small business owner, do you cringe at the thought of being audited by the IRS? You’re not alone. The prospect of an IRS audit can be frightening, costly, and time-consuming. However, the good news is that there are ways to avoid an IRS audit altogether, and Edgewater CPA Group can help you do just that with proper tax prep.

What Do I Need to Know About Self-Employment Taxes?

August 26, 2023 | Business Tax Strategy

For many people, being self-employed represents a dream come true. You can be your own boss, set your own schedule, and do something that you love doing. However, with the freedom of being self-employed comes the responsibility of paying taxes. If you are unsure about how self-employment taxes work, don’t worry, you are not alone. Thankfully, you’ve got the team at Edgewater CPA Group here to help you navigate taxes when you’re self-employed.

4 Small Business Tax Credits to Take Advantage Of

July 19, 2023 | Business Tax Strategy

Managing your finances can be quite a task for a small business owner. In addition to being responsible for your day-to-day operations, you’re also responsible for staying on top of your business’s finances. One important aspect is understanding the tax code and taking advantage of any tax credits that may apply to you. So, here are just a handful of credits Edgewater CPA Group can help you take advantage of.

4 Tips for Staying Organized during Tax Season

May 16, 2023 | Business Tax Strategy

Tax season can be a challenge to anyone. From filing deadlines to tracking expenses, managing your taxes can become an added stressor in your already-packed life. When you’re not used to dealing with taxes, it can be overwhelming to try to stay organized during the whole process. Even if you’ve already filed, it’s never too late to get ready for next year. So, here are Edgewater CPA Group‘s top four tips for staying organized during tax season.

Why You Should Outsource Your Tax Preparations

February 15, 2023 | Business Tax Strategy

As a business owner, you may be aware of how busy the CPA season can get. With limited time and resources, it can be difficult to handle all the tasks associated with tax preparation. That’s why Edgewater CPA Group is a great place to outsource your tax preparations and can be an effective way to reduce stress and ensure that your taxes are done correctly and on time. Here is a look at the benefits of outsourcing during the busy tax season.

What Does It Mean To Be “Currently-Not-Collectable”

February 1, 2023 | Business Tax Strategy

As with any tax resolution case, strategy plays an important part in resolving the tax debt. There are many factors that go into devising a plan to get a taxpayer compliant. Once such tool that can be very effective is for a taxpayer to be deemed “uncollectable” or “CNC (Currently Not Collectable – in IRS jargon)”. What does it mean to be deemed “uncollectable” by the IRS. Taxpayers can be placed in CNC status if their equity in assets plus their income is not sufficient to cover IRS allowable expenses. When a taxpayer is deemed uncollectable, the taxpayer’s tax accounts will be marked so that the IRS does not take any levy action against them. Being deemed “uncollectable” does not resolve the tax issue but it does benefit the taxpayer in a couple of ways: The 10-year collection statute on assessed taxes continues to runThe IRS will not take collection action against the … Continued

3 Simple Steps to Help Your Business Survive Tax Season

January 15, 2023 | Business Tax Strategy

As a business owner, tax season can be intimidating – and if not managed properly, it can harm your company. The paperwork involved with filing taxes can feel overwhelming, but preparing for tax time doesn’t have to be a hassle. With the help of Edgewater CPA Group, you can rest assured that your business is tax-season-ready. Here is a simple guide to get you started.