Income Tax Forms

IRS Red Flags that Trigger an Audit

What is an Audit by the IRS? The IRS website defines an audit as “a review/examination of an organization’s or individual’s accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct.” The IRS conducts audits…

Year-End Tax Planning Checklist for Small Business Owners

When Does the Tax Year Start and End? The IRS defines a “tax year” as an annual accounting period for keeping records and reporting income and expenses. There are two types of tax years you can use to determine the end of the tax year: Calendar year: 12 consecutive months…

How to Become a Sole Proprietor

What does “sole proprietor” mean? A sole proprietor is someone who owns an unincorporated business by himself or herself. The business and owner are legally the same. The business is not a taxable entity; all assets, liabilities and income are treated as belonging directly to the business owner. The advantages…

Bookkeeping vs. Accounting: What the Differences Mean For Your Small Business

Knowing the differences between a bookkeeper and an accountant is important to organize your small business’ finances. However, it's common for these two roles to be used interchangeably. Both professions are involved in a business’ finances, but they handle these records differently. Understanding The Role of a Bookkeeper vs Accountant…

5 Celebrities Who Went To Jail for Tax Evasion

As we all know, taxes for 2017 were due about a month ago. In keeping with the remaining spirit of the season, and to help you plan for next year, we compiled a handy guide in what not to do and who not to emulate when filing for taxes. What…

Tax Cuts and Jobs Act of 2017

Tax Cuts and Jobs Act of 2017 Now that the Tax Cuts and Jobs Act has been approved and is now law, we can start summarizing the details of the legislation.  Below is a summary of the major highlights of this law.  Individuals Tax Rates The prior tax rates ranging…

Choosing the Right Filing Status

Choosing the Right Filing Status It's important to use the right filing status when you file your tax return because the filing status you choose can affect the amount of tax you owe for the year. Your marital status on December 31 is your status for the whole year. Sometimes…
Get a Free Consultation Today!

Let's Get Started

Contact Us

Reach out to us anytime and one of our experts will be ready to answer your questions.

Copyright 2018 Watson CPA | Certified Public Accountants