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Understanding Meal Deductions for Business Owners: A Guide to IRS Rules and Publications
As a business owner, navigating the complexities of tax deductions can be challenging, especially when it comes to understanding what...
Tax Geaks
Jan 9, 20242 min read
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2024 Standard Mileage Rate Update
We are pleased to inform you of the latest update from the Internal Revenue Service regarding the standard mileage rates for 2024. The...
Tax Geaks
Jan 9, 20242 min read
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Important Update: IRS Launches New Business Tax Account Portal
Internal Revenue Service (IRS) has introduced a new Business Tax Account portal, providing a comprehensive online system for managing your
Tax Geaks
Jan 9, 20242 min read
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Important IRS Form 1099-K Reporting Threshold Changes
The Internal Revenue Service (IRS) has recently announced a delay in the implementation of the new $600 reporting threshold for third-party
Tax Geaks
Jan 9, 20242 min read
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Choosing the Right Legal Entity for Your Side Business
Starting a business while maintaining a full-time job can be an exciting venture. It’s a chance to pursue a passion, explore...
Tax Geaks
Dec 27, 20233 min read
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Understanding Business Dissolution: A Guide for LLCs, S Corporations, and Corporations
Closing a business is a significant decision and involves a detailed process, whether you're winding up an LLC, an S Corporation, or a Corpo
Tax Geaks
Dec 21, 20233 min read
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Understanding Estimated Tax Payments: A Comprehensive Guide
Navigating the complexities of estimated tax payments can be daunting. Our latest blog delves into the crucial aspects of this topic, especi
Tax Geaks
Dec 21, 20232 min read
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Key Update: FinCEN Extends Deadline for Initial Beneficial Ownership Reports
Introduction: In a significant development for reporting companies, the Financial Crimes Enforcement Network (FinCEN) has announced an...
Tax Geaks
Dec 20, 20232 min read
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Understanding Audits: How to Prepare for an IRS Examination
Introduction: Receiving a notice of an IRS audit can be a stressful experience for individuals and businesses. However, with proper...
Tax Geaks
Dec 1, 20233 min read
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Managing Cash Flow: Tips for Small Business Owners
Introduction: Cash flow management is a critical aspect of running a successful small business. Proper management of cash flow ensures...
Tax Geaks
Nov 23, 20232 min read
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Tax Considerations for Freelancers and Self-Employed Individuals
Introduction: Freelancers and self-employed individuals face unique tax considerations compared to traditional employees. Understanding...
Tax Geaks
Nov 3, 20232 min read
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The Advantages of Hiring a Professional Accountant for Your Business
Introduction: Effective financial management is crucial for the success of any business. While some small business owners may handle...
Tax Geaks
Oct 20, 20232 min read
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Tax Implications of Remote Work: What You Need to Know
Introduction: The COVID-19 pandemic has accelerated the shift towards remote work, with many individuals now working from home. While...
Tax Geaks
Oct 6, 20232 min read
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Dissolving an LLC and S Corporation: A Step-by-Step Guide
Navigating the world of business can be intricate, and winding down your venture is no exception. Whether you own an LLC (Limited Liability
Tax Geaks
Oct 3, 20232 min read
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Solving the Dilemma: Choosing Between an LLC and an S Corporation
The world of small business ownership is filled with choices, and one of the most pivotal decisions budding entrepreneurs face is selecting
Tax Geaks
Oct 3, 20232 min read
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Understanding the Tax Implications of Inheriting an IRA from a Parent's Trust
Navigating the estate planning and inheritance maze can be challenging, especially when it involves IRAs and trusts.
Tax Geaks
Oct 2, 20232 min read
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Why You Should Consider Putting Your IRA in a Trust for Your Children: An Essential Guide
In the realm of estate planning, one of the most common questions is about the intersection of Individual Retirement Accounts (IRA) and...
Tax Geaks
Oct 2, 20232 min read
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Understanding Tax Implications: Do You Pay Taxes on Wrongful Termination Settlements?
Navigating the world of financial settlements can be a daunting experience, especially when it comes to understanding tax implications....
Tax Geaks
Oct 2, 20232 min read
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Navigating Tax Waters: Are EEOC Claims Taxable?
In the evolving realm of workplace rights and legal redress, the issue of taxation on settlements from Equal Employment Opportunity...
Tax Geaks
Oct 2, 20232 min read
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Financial Statements Demystified: Understanding Balance Sheets and Income Statements
Introduction: Financial statements provide a snapshot of a company's financial performance, position, and cash flows. The two primary...
Tax Geaks
Sep 28, 20232 min read
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