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TheTaxQ Latest Articles

What Qualities Should a CPA Have?

What Qualities Should a CPA Have?

Working with a certified public accountant, whether for your personal tax return or for your small company, may save you a lot of money. Rather than spending time going through your tax papers and perhaps losing money, you can engage ...

Best Practices for Charts of Accounts

Best Practices for Charts of Accounts

There are a few important concepts that all accountants should keep in mind at all times. Your books should be consistent, simple to comprehend, easy to read, and objectively valuable, regardless of the kind of company you’re accounting for. These ...

Tax and Cyber Security Scams to Avoid

Tax and Cyber Security Scams to Avoid

The fifth annual National Tax Security Awareness Week was held from November 30 to December 4, 2020. That week was utilized by the IRS and the Security Summit to raise public awareness about cybersecurity frauds and identity theft schemes. This ...

Remote Workers Can Take Advantage of Home Office Tax Deductions

Remote Workers Can Take Advantage of Home Office Tax Deductions

As the worldwide epidemic expanded earlier this year, millions of Americans began working from home to reduce their risk of contracting the deadly illness. As a consequence, many people have gradually transitioned from being employees to working as independent contractors ...

The Definitive Guide To Finding A Great CPA And Various Ways To Engage Them

The Definitive Guide To Finding A Great CPA And Various Ways To Engage Them

Accurate and effective tax preparation is one of the essential elements to your Company’s success. Correct planning and execution are essential in an industry with so many laws, rules, and limitations. Small business entrepreneurs are often focused on several areas ...

Is it possible to deduct rental costs before renting

Is it possible to deduct rental costs before renting

Yes and no are the simple answers to this question. Why is it necessary to have both? Because deducting rental costs is directly linked to the nature of your enterprise, it depends on whether the property is deemed held for ...

Is it possible to write off my phone bill as a business expense

Is it possible to write off my phone bill as a business expense

If you think you’re like the overwhelming majority of Americans who use their phones for professional communication, news updates, and social connections, you’ve undoubtedly used your phone for work at some time. This would imply that, like other equipment you ...

How can I get a patent in the United States?

How can I get a patent in the United States?

A patent permits you to prevent others from benefiting from your invention. The extent of this privilege is defined by the scope of the conditions specified in the patent application. By asking for too little, you lower the cost of ...

Benefits of Forming an LLC for Tax Purposes

Benefits of Forming an LLC for Tax Purposes

Small companies may profit greatly from forming a limited liability corporation (LLC). The capacity to rapidly build trust with customers and the entity’s flexibility are two of them. Limited liability companies (LLCs) are also available. This establishes a distinction between ...

How Much Does Hiring A CPA Cost?

How Much Does Hiring A CPA Cost?

Nobody likes paying taxes, and no one wants to pay more than is required if they own a company. However, deciding who should handle your taxes might seem like a balancing act. A mistake might result in you handing over ...

Is it possible for my company to write off a boat

Is it possible for my company to write off a boat

The Covid-19 epidemic has lasted for months, and many people are eager to return to their normal lives, but they want to do it securely. A boat or a yacht allows you to go out for the day while just ...

6 Catastrophic Tax Mistakes People Make While They Work From Home

6 Catastrophic Tax Mistakes People Make While They Work From Home

Working at home has many advantages, one of which is the ability to drive to your home office in your pajamas. (Yes, it’s a cliché, but it happens.) However, regardless of how skilled you are, creating blogs, writing books, or ...

Digital Accounting in the COVID-19 Pandemic and Beyond

Digital Accounting in the COVID-19 Pandemic and Beyond

Businesses throughout the globe have seen a tremendous influence since the COVID-19 began affecting humans and the economy throughout the world. Supply chain interruptions, labor scarcity, a lack of cash, and growing mountains of unstructured financial data are all examples ...