thevirtualcpas.com RSS Feed https://thevirtualcpas.com/ Take a look at our recent blog posts and client newsletter articles. en-us Wed, 22 Sep 2021 00:00:00 -0500 Wed, 22 Sep 2021 00:00:00 -0500 4 Ways to Minimize Your Taxes https://www.thevirtualcpas.com/newsletter.php#feed_1257

Taxes are inevitable! Like most taxpayers, you are probably wondering how you can minimize the amount you owe. Your income is taxed at the local, state, and federal levels, not forgetting additional deductions to cover Medicare and Social Security. While tax situations differ for every individual, there are specific steps that most taxpayers can take […]

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Wed, 22 Sep 2021 00:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#feed_1257
5 Facts You Should Know About Compound Interest https://www.thevirtualcpas.com/newsletter.php#feed_1251

If an investment or loan accrues compound interest, its interest is calculated using the sum of its initial principal plus any previously accumulated interest. You can think of this concept t as “interest on interest” that will make your money grow faster than simple interest. Suppose you deposited $100 one year ago in an account […]

The post 5 Facts You Should Know About Compound Interest first appeared on www.financialhotspot.com.
Wed, 15 Sep 2021 00:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#feed_1251
Why Virtual Accounting Is on the Rise https://www.thevirtualcpas.com/newsletter.php#feed_1244

Accounting has been an essential part of every business since time immemorial. Both profit-making and non-profit organizations require accounts management to keep their finances in check. In simpler terms, accounting tracks money that flows in and out of your business and monitors its assets. An accounting expert deals with financial duties like bookkeeping, taxes, investment […]

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Wed, 08 Sep 2021 00:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#feed_1244
What Is a Designated Roth Account? https://www.thevirtualcpas.com/newsletter.php#2 If you are a high-income earner who participates in a 401(k), 403(b), or governmental 457(b) retirement plan that has a designated Roth account, making contributions to that account could be a smart move. Wed, 01 Sep 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#2 Verifying Your Identity When Calling the IRS https://www.thevirtualcpas.com/newsletter.php#4 If you need to contact the IRS, you will be asked to verify your identity. Here's what you need to know before you call. Wed, 01 Sep 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#4 Tax Rules for Divorce and Alimony Payments https://www.thevirtualcpas.com/newsletter.php#5 Tax rules regarding divorce and separation can and do change - as they recently did under tax reform - and the last thing on anyone's mind during a divorce or separation is its effect on their tax situation. Wed, 01 Sep 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#5 Tax Relief for Those Affected by Natural Disasters https://www.thevirtualcpas.com/newsletter.php#1 Tax relief may be available if you've been affected by a natural disaster this year, but only if you meet certain conditions. Wed, 01 Sep 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#1 Six Things To Know Before You Start a Business https://www.thevirtualcpas.com/newsletter.php#3 Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Wed, 01 Sep 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#3 Why You Need Small Business Tax Services https://www.thevirtualcpas.com/newsletter.php#feed_1234

Dealing with complex tax preparations for your small business can be a daunting task. Without the right support, it can be challenging to sift through paperwork, determine the right forms to fill out, and properly document cash flow. Moreover, rushing to meet filing deadlines increases the likelihood of making mistakes that will attract IRS scrutiny. […]

The post Why You Need Small Business Tax Services first appeared on www.financialhotspot.com.
Wed, 01 Sep 2021 00:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#feed_1234
Which Educator Expenses Are Tax Deductible? https://www.thevirtualcpas.com/newsletter.php#4 Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel on their tax returns to reduce the amount of tax owed. Sun, 01 Aug 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#4 Retirement Plan Options for Small Businesses https://www.thevirtualcpas.com/newsletter.php#5 Employer-sponsored retirement plans are a key component of retirement savings. If you're like many small business owners in the United States, you may be considering the various retirement plan options available for your company. Sun, 01 Aug 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#5 Opting Out of the Monthly Child Tax Credit Payment https://www.thevirtualcpas.com/newsletter.php#2 While many families will benefit from the extra money deposited into their bank accounts, some may want to opt out and instead take the Child Tax Credit when they file their tax return next spring. Sun, 01 Aug 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#2 Minimizing Capital Gains Tax on Sale of a Home https://www.thevirtualcpas.com/newsletter.php#3 Learn how to avoid capital gains tax and why home improvements that qualify for the residential energy property credit can make a difference when selling your home. Sun, 01 Aug 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#3 Key Tax Changes Could Affect Your Tax Situation in 2021 https://www.thevirtualcpas.com/newsletter.php#1 Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here's what you need to know. Sun, 01 Aug 2021 09:00:00 -0500 https://www.thevirtualcpas.com/newsletter.php#1