President Joe Biden’s Budget Proposal

President Joe Biden released his proposed budget for the United States. Here is the full text of that budget proposal: https://www.whitehouse.gov/wp-content/uploads/2021/05/budget_fy22.pdf

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. For the TaxAssurances course on selecting the best business entity from a federal tax standpoint, visit: https://taxassurances-llc.mykajabi.com/ For more information about TaxAssurances, visit https://taxassurances.com/

Sample Tax Return For Entrepreneurs That Set Up LLCs

This video walks new and existing entrepreneurs through the preparation of a basic tax return for business owners that set up their business as an LLC.

For this and other examples of what the tax consequences are for having different types of business entities and an apples to apples tax comparison, purchase the TaxAssurances course today at: https://taxassurances-llc.mykajabi.com/

The course will take owners through the different tax liabilities for the different types of business entities and help them decide which business entity is best for them and their unique circumstances.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Business Expenses, What’s Tax Deductible?

Every year TaxAssurances’ owner Kolonji Murray meets with business owners when it comes tax time. In this quick video he explains what expenses are tax deductible when running a business.

Also, the IRS publishes the following publication that explains in depth what expenses are tax deductible when it comes to preparing a business tax return. https://www.irs.gov/pub/irs-pdf/p535.pdf

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

What’s the Deal With Bitcoin & Taxes?

Bitcoin and other virtual currencies have caught the attention of the IRS. In this quick video, TaxAssurances owner and tax accountant Kolonji Murray discusses how bitcoin and other virtual currencies should be handled come tax time.

Also, the IRS provides this helpful website about bitcoin and taxes. https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Tax Help: Business Use Of the Home

Every year many taxpayers use their home for business purposes. In this quick video, TaxAssurances’ Founder and Tax Accountant Kolonji Murray explains who does and does not have the ability to deduct the cost of using their home for business purposes.

Also, the IRS provides this helpful website that gives more insight into business use of the home: https://www.irs.gov/taxtopics/tc509

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

What Happens If I Can’t Pay the Tax Preparation Fee All At Once?

For many taxpayers, paying the total cost for the tax preparation fee may difficult to pay all at once.

In this quick video, I walk through a typical way that TaxAssurances resolves outstanding tax preparation charges.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Information Needed for a First Year Business Tax Return

Every year, people set out and start a new business. And then comes tax time and those new owners have questions about taxes.

In this quick video I talk to a first year business owner about what information is needed to prepare a first business tax return.

Also, the IRS provides this helpful site for business owners looking to prepare tax returns. https://www.irs.gov/businesses

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

What Kind Of Business Expenses Can I Deduct As A Notary?

Notaries travel a lot for their businesses and as a result are able to deduct a number of expenses. In this video, TaxAssurances owner Kolonji Murray outlines some of the business deductions that a notary is entitled to.

For more information about these and other business deductions, the IRS provides the following publication: https://www.irs.gov/pub/irs-pdf/p535.pdf

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Canceled Debt is Taxable

Every year credit card companies and other lenders work out deals with customer to reduce their credit card debt through forgiveness or cancellation. Deals like that help everyday people better manage their month to month bills.

However, many credit card customers that take the forgiveness deal don’t realize that every dollar that is forgive is considering taxable income when tax season arrives.

Here’s a TaxAssurances’ YouTube video I did on the subject.

Here’s what the IRS says about canceled debt.

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So if you or someone you know is looking to have debt canceled, keep in mind that whatever is canceled is most likely taxable come tax season.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/

Advice On Resolving IRS Debt

Every year, millions of Americans prepare tax returns resulting in them owing money in federal taxes. But there’s no need to panic.  The IRS works with taxpayers to pay off the bill over time.

Here’s a TaxAssurances’ YouTube video I did about resolving IRS debt. Also, here’s a helpful IRS link that explains how IRS payment plans can be worked out.

For more on TaxAssurances, check out our reviews, photos and links on Google Reviews. New Rochelle taxes and tax help done professionally. Visit https://taxassurances.com/