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A Guide To Form 990 For Tax-Exempt Organizations

What is Form 990? Although many nonprofit organizations are exempt from paying federal taxes, the IRS requires tax-exempt organizations to file Form 990 for informational purposes. The IRS uses this informational return to determine whether you're still exempt from...

5 Critical Tax Tips For Nonprofits in 2019

No one enjoys filing taxes, but it can be especially problematic for nonprofits. Many nonprofits focus on their cause so much that they neglect proper organization. As a result, they deal with disorganized records and systems, and a lack of clarity around tax issues....

THE SMART BUSINESS OWNER’S LIST OF TAX DEDUCTIONS

For a business owner, taxes can be overwhelming and cumbersome. Tax deductions allow you to save thousands of dollars each year on your taxes and make tax filing a much more bearable experience. In this post, we'll list some of the tax deductions you can use to...

The Smart Business Owner’s List Of Tax Credits

One of the best ways to cut costs as a business owner is to take advantage of all the tax deductions and tax credits for which you're eligible. As a business owner, you're concerned with the bottom line--increasing your net profits. That probably means you spend most...

PRESS RELEASE: Cassidy Jakovickas, CPA of Fresno, CA Appointed to Intuit’s Accountant Council

Select Panel Advises on Products and Services that Accountants and Their Clients Want Most             FRESNO, CALIFORNIA – June 4, 2019 –Today, Intuit, Inc (Nasdaq: INTU) announced that Cassidy...

Beyond The Numbers: What We’ve Been Reading

Although our team loves using numbers and spreadsheets to help our clients make the best financial decisions, we also enjoy reading great books. Staying well read on both fiction and non-fiction books helps us hone our imagination and introduces us to new, sometimes...

Looking Back At April

It’s hard to believe that we’re at the end of April, but it’s true! This month, we helped our clients wrap up another great (and busy) tax season. There was, as always, a lot of paperwork, emails, and nail-biting involved in the days preceding April 15, but that’s all...

5 Last-Minute Tips For Filing Taxes in 2019

Well, April 15 is almost here, and the tax-related panic is thick. If you haven’t filed your 2018 tax paperwork and are rushing to get your taxes in by the deadline, we’ve decided to give you some last-minute tax advice that will hopefully help ease your stress....

An Introduction To Cybersecurity for Business Owners

Keeping your sensitive business and customer data secure has never been more critical. Whether you are a small business or a national corporation, you can't relax your defenses against those criminals seeking to take advantage of lazy cybersecurity policies. Virtually...

March News Roundup

Wow! It seems like we just started March and we’re already moving into April! As we move into the final stretch of tax season, we’re recapping this month’s news for you, just in case you missed it amid the tax-related hubbub. MBS Accountancy: November Review This...

The Importance of planning ahead for a successful tax season

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tax-seasonFor a lot of people, April 15th is a day filled with more fear and anxiety than Friday the 13th, April fool’s Day and Halloween combined. When you know a big tax bill is coming it is difficult to think about anything else. Our taxes go towards paying for all sorts of goods and services, but when it comes down to it, there are not many out there who are happy to fork over money in the springtime. Unfortunately, when those tax bills do come, they are often pretty hefty.

Everyone has to pay taxes, but how you pay your taxes might make a pretty big difference in how financially stable you feel, as well as how high your anxiety level will get come April. Planning ahead for tax season can turn the process of filing your taxes into an entirely new experience. Play your cards right and you may even find a tax refund at the end of that tunnel.

Tips on Planning Ahead for Tax Season

Tax season is not something that should surprise you! It comes around the same time, every year. The problem that many people face is that they don’t start thinking about tax expenses until the springtime. At this point, it is too late to make most smart money saving tax moves,.

Here are a few tips as to what you can do now to plan ahead for tax season:

  • Adjust your paycheck withholdings to increase how much you are paying on a biweekly basis. This will reduce how much you will potentially owe at the end of the year, and could result in a tax refund. There is no reason to fear overpaying your taxes as long as you have a good accountant to help you come April.
  • Increase your 401K contributions, as these are tax-free. This can provide some minor adjustments to your taxable income, which could mean the difference between a tax refund and a tax bill.

Finally, get in touch with an accountant early on. Too many people wait to consult with an accountant until it is too late. Stay in touch with an accountant early on to stay on top of your tax responsibilities. A good accountant can help guide your spending and earning practices to put you in the best shape, and will prevent a large bill from showing up at the end of the year. Contact MBS Accountancy for more information about partnering with an accountant for your personal taxpaying needs.

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