Tax Preparer
Virginia Beach Virginia 23462
You may be subject to tax treaties if you live abroad and earn income. We will break down all you need to know about tax treaties and how they work.Under an income tax treaty, two...
Posted by James Financial Services Inc on 01/21/2022
Getting a divorce is no fun. But for almost 80 years, tax law has helped divorced couples. Alimony or separate child maintenance payments made by one ex-spouse to another under a divorce...
Posted by James Financial Services Inc on 01/09/2022
Filing income tax is not a lot of fun. But did you find out that a scammer filed a tax return on your behalf to steal your refund? It makes Tax Day even less of a threat.Fortunately,...
Posted by James Financial Services Inc on 01/01/2022
What is a TSP (Thrift Savings Plan)?A TSP is a type of pension investment program open only to federal employees and uniformed military personnel, including Ready Reserve. It is a...
Posted by James Financial Services Inc on 12/27/2021
The Internal Revenue Service allows taxpayers to pay their tax debts through an installment agreement. However, since interest and penalties will apply, the IRS encourages taxpayers...
Posted by James Financial Services Inc on 12/18/2021
A non-resident alien is not a U.S. citizen and does not pass the green card or background tests used to determine tax status. Non-resident aliens must pay taxes on their income in...
Posted by James Financial Services Inc on 12/10/2021
Lying on your tax return to reduce your tax obligation to get a bigger tax refund can have ill effects. Here are sample consequences to expect:Uncle Sam identify Discrepancies on Your...
Posted by James Financial Services Inc on 11/30/2021
Starting a new business comes with many upfront tax issues. Let's take a look at some of the tax considerations you need as an entrepreneur when starting a business, including...
Posted by James Financial Services Inc on 11/21/2021
Tax professionals are increasingly targeted by cybercriminals who seek to steal taxpayer data and file fraudulent tax returns. Ensure you take the required steps to protect your clients'...
Posted by James Financial Services Inc on 11/11/2021
In this present economy, more and more companies are trying to survive on low incomes and low operating margins. When bad economic conditions lead to lower incomes, banks can withdraw...
Posted by James Financial Services Inc on 11/04/2021
Usually, when taxpayers receive a notice and are assessed for penalties and interest related to federal income and informative tax returns, they tend to just pay them. Not so fast!...
Posted by James Financial Services Inc on 10/30/2021
An organized bookkeeping structure needs a strong sense of discipline from all the parties to the record-keeping process.Many business owners, however, find it challenging to maintain...
Posted by James Financial Services Inc on 10/24/2021
Preparing 1099-MISC forms can be difficult, but we're here to make it easy! We've compiled this list to make sure you don't make these common 1099-MISC errors.So you:Have...
Posted by James Financial Services Inc on 10/19/2021
Wage reports, also known as quarterly contributions or payroll reports or wage detail reports, are sent quarterly to each state, district, and territory in which you pay employees...
Posted by James Financial Services Inc on 10/09/2021
Each year, the IRS adjusts over 40 tax provisions for inflation. This is done to avoid "group escalation," when people are pushed into higher income tax categories or have...
Posted by James Financial Services Inc on 09/30/2021
The work-related costs scheme allows you to spend part of your total taxable salary on benefits, benefits in kind, and supplies for your employees without tax liability.However, WES...
Posted by James Financial Services Inc on 09/27/2021
This tax season may just be the last time many Americans post their tax returns and receive a discount for charitable giving.Under federal (and state) law, charitable contributions...
Posted by James Financial Services Inc on 09/20/2021
Reporting financial statements is an art in itself and not just a routine process. There is a whole philosophy behind it all.The business environment has become more uncertain in recent...
Posted by James Financial Services Inc on 09/10/2021
When you account for every penny, especially when there's not much money, fluctuations in the price of gas can destroy a well-executed budget. And the fluctuation associated with...
Posted by James Financial Services Inc on 09/03/2021
The IRS offers three different tax incentives for higher education costs: the Lifetime Learning Credit, American Opportunity Credit, and the Tuition Deduction. However, you can only...
Posted by James Financial Services Inc on 08/24/2021
Medical expenses can be deducted from the federal tax return as long as they exceed 10% of gross annual income. Most people are familiar with the usual medical bills you can afford...
Posted by James Financial Services Inc on 08/15/2021
The summer months are always busy as it is a time to unwind and enjoy a much-needed break. However, while on your vacation, you also want to keep a keen eye on your income taxes because...
Posted by James Financial Services Inc on 08/06/2021
Real estate has long been seen as a safe investment, whether you are a homeowner, investor, or tenant. If you have the money, you can expand your portfolio in the luxury real estate...
Posted by James Financial Services Inc on 07/31/2021
While a credit score does not give the real picture of our credit history, it offers creditors, landlords and lenders an idea of our financial management skills. This article will...
Posted by James Financial Services Inc on 07/24/2021
Divorce is a nightmare and messy process that people try to do away with as soon as possible. They hardly consider consequences on taxes, especially in the long run. Most times, it...
Posted by James Financial Services Inc on 07/17/2021
After years of debate, leaders from more than 130 countries are moving quickly to agree on key changes to international tax rules, possibly by the summer. These changes would force...
Posted by James Financial Services Inc on 07/06/2021
Choosing a part-time retired job is an easy way to improve your retirement lifestyle. But before you start a retired job, we recommend that you check the numbers to see how your Social...
Posted by James Financial Services Inc on 06/25/2021
The 4% rule is a common rule in retirement planning to help you avoid running out of money during retirement. It is said that you can comfortably withdraw 4% of your savings in the...
Posted by James Financial Services Inc on 06/18/2021
While many tax preparers are claiming to be perfect and ideal for you, it is essential to scrutinize them to get the ideal preparer for your needs. Tax preparers differ, and the best...
Posted by James Financial Services Inc on 06/11/2021
Many American citizens have businesses conducted on foreign soil. The business or other personal needs might warrant opening a foreign account to track their finances. As long as you...
Posted by James Financial Services Inc on 06/06/2021
Health Savings Accounts (HSAs) are individual savings accounts with tax benefits designed specifically to pay the medical bills of people enrolled in High Deductible Health Plans (HDHP).As...
Posted by James Financial Services Inc on 05/30/2021
There are times a distressed borrower will negotiate with a creditor for debt relief. These borrowers will either file for bankruptcy or go with a debt relief program that can reduce...
Posted by James Financial Services Inc on 05/24/2021
A payroll tax deferral was put in place by President Donald Trump at the end of 2020. The income tax instructions recently released by the Defense Finance and Accounting Service (DFAS)...
Posted by James Financial Services Inc on 05/19/2021
An exemption is a legally permitted deduction that reduces the amount of income subject to income tax. The IRS previously offered two exemptions: personal exemptions and employee exemptions....
Posted by James Financial Services Inc on 05/07/2021
Capital gains tax for U.S. citizens living abroad can be complex due to expatriate tax laws and regulations. Whether you are selling your home overseas or renting out a property, this...
Posted by James Financial Services Inc on 04/30/2021
There are situations in which multiple parties claim the same dependent. For example, in divorced cases, a child may be claimed as a dependent by both parents. In general, only one...
Posted by James Financial Services Inc on 04/27/2021
Can't Pay Tax Before Tax Day? The most important piece of advice we can offer you is: don't avoid the problem! The IRS cannot tell if you have a legit reason for not paying...
Posted by James Financial Services Inc on 04/21/2021
What is an IRS audit?The IRS may choose to examine the taxpayer's accounts and financial information to ensure that all tax laws are followed. Even though the IRS only verified...
Posted by James Financial Services Inc on 04/09/2021
Investing in funds is not yet common among most new investors. Many retail investors turn to stocks and fixed deposits to start investing in. In this article, we'll examine which...
Posted by James Financial Services Inc on 03/31/2021
As the business world becomes more competitive and everyone seeks efficient operations in terms of time and money, the practice of Business Process Outsourcing (BPO) becomes more and...
Posted by James Financial Services Inc on 03/28/2021
Suppose you have an investment property, such as a house, apartment, condominium, or commercial property that you rent out. In that case, you usually have to pay capital gains tax...
Posted by James Financial Services Inc on 03/19/2021
Most Americans are familiar with federal and state income taxes, but payroll taxes are not well understood.Payroll taxes are types of taxes applied to earned income: wages, salaries,...
Posted by James Financial Services Inc on 03/09/2021
There are different goals for all taxpayers when filing their returns each year. Some might aim at reducing their tax amount. At the same time, another might desire a huge refund amount,...
Posted by James Financial Services Inc on 03/01/2021
The employer will take a part of your salary and send it to the IRS for people paid regularly, which happens via withholding taxes. People that are self-employed or paid via non-wage...
Posted by James Financial Services Inc on 03/01/2021
As a U.S. citizen or U.S. Resident Alien, you must pay taxes on your worldwide income. Suppose you are not a resident of the United States or its territories or have income in the...
Posted by James Financial Services Inc on 02/23/2021
The employer shared responsibility requirements under the Patient Protection and Accessibility of Care Act (PPACA or ACA) include the employer's mandate - paid or play- and the...
Posted by James Financial Services Inc on 02/17/2021
One of the ways insurance companies estimate their reserve is via the expected loss ratio method. This is a technique they use to estimate the earned premiums. Whenever the insurer...
Posted by James Financial Services Inc on 11/30/2020
What is Form 1099-K?Internal Revenue Service (IRS) Series 1099 forms help taxpayers report money received from various sources in addition to salary. Form 1099-K, "Merchant Card...
Posted by James Financial Services Inc on 11/25/2020
With the new tax reforms, many people, except the military, do not qualify for moving expense deduction. For moving expense deduction to be valid, one needs to meet some time...
Posted by James Financial Services Inc on 11/19/2020
One of the legislation's outputs for tax reform is establishing the Global Intangible Low-taxed Income (GILTI). The idea is to provide global (minimum), which brings about several...
Posted by James Financial Services Inc on 11/09/2020
Higher education is expensive, with tuition and expenses rising every year. Thankfully, there are assistance programs to relieve some of these costs in the form of scholarships,...
Posted by James Financial Services Inc on 10/29/2020
For parents throughout the United States, adopting a child is something they wait years to do, and a source of great joy. However, the adoption process is not without significant...
Posted by James Financial Services Inc on 10/22/2020
If you want to set money aside for your retirement, an Individual Retirement Account (IRA) provides the perfect opportunity. There are some tax advantages of IRA – it allows...
Posted by James Financial Services Inc on 10/16/2020
Working and getting tips are tough, but regulations on tips and taxes can make life even more difficult if you don't know what to do. Some tax software can help, but it is best...
Posted by James Financial Services Inc on 10/01/2020
Pension FundsPension fund is a type of plan in which employers, workers, or both decide to put aside funds to make life easier during retirement. The pension company invests the money...
Posted by James Financial Services Inc on 09/28/2020
For people with substantial medical bills that the insurance plan cannot take care of, there might be some relief when you file your taxes. This article explores what you can claim...
Posted by James Financial Services Inc on 09/18/2020
An education savings bond program allows eligible taxpayers to exempt all or part of the interest earned on eligible savings bonds' redemption from gross annual income. Securities...
Posted by James Financial Services Inc on 09/14/2020
People that own a car or a truck will not be strangers to property taxes. These are taxes levied by the local government. The government uses the money majorly for projects and other...
Posted by James Financial Services Inc on 08/30/2020
The head of household filing status confuses taxpayers compared to any other IRS terms. This is not surprising as the head of filing signifies the breadwinner and the provider of the...
Posted by James Financial Services Inc on 08/24/2020
Also known as Child and Dependent Care Expenses, Form 2441 targets reporting child and dependent care expenses on your tax return. This is an Internal Revenue Service (IRS) form used...
Posted by James Financial Services Inc on 08/20/2020
A business line of credit gives you access to a range of funds when you need capital. Unlike the traditional business loan, you have the option of borrowing up to a predetermined amount,...
Posted by James Financial Services Inc on 08/07/2020
There has been an awakened interest among many investors looking for an alternative as there are slowing economies in most of the developed countries, fiat currencies worldwide take...
Posted by James Financial Services Inc on 07/17/2020
What Is the Pre-tax Rate of Return?The pre-tax rate of return is the return on an investment that does not include the investor's taxes. Because people have different tax situations...
Posted by James Financial Services Inc on 07/16/2020
The IRS has closely examined the accurate and timely reporting of foreign distributions and gifts to and from foreign trusts. As regards this, the Large Business and International...
Posted by James Financial Services Inc on 07/09/2020
The latest Paycheck Protection Program (PPT) and the current Economic Injury Disaster Loans (EIDL) program are the two loan bundles that the Cares Act offers to small business owners...
Posted by James Financial Services Inc on 06/23/2020
Real estate investment trusts (REITs) are the main concern when constructing any equity or fixed-income portfolio. They offer greater divergence, possibly higher total returns and/or...
Posted by James Financial Services Inc on 06/23/2020
If your weekend plans include placing a bet on the Super Bowl, remember that Uncle Sam wants some of what you will win if you win.It is expected that Americans will bet around $6.8...
Posted by James Financial Services Inc on 06/15/2020
With the end of February in sight, comes the beginning of March (a month when there is usually a race for tax investment and planning among those who have not done so during the year)....
Posted by James Financial Services Inc on 06/15/2020
Retirement is a major headache for American women. This is because they always have a hard time deciding when to retire and the uncertainty that goes with it. At a time when women...
Posted by James Financial Services Inc on 05/17/2020
We all knew someone who takes care of other people. They are usually our relatives whose husband or a wife chooses to stop working to take care of their sick spouse or our friend who...
Posted by James Financial Services Inc on 04/03/2020
Everyone needs an investment strategy that suits the budget and needs. While many individuals choose the market as an investment option, real estate investment can be more effective...
Posted by James Financial Services Inc on 04/03/2020
The tax credit for lifetime learning represents 20% of the first $ 10,000 of tuition fees paid per year, up to a maximum of $ 2,000. You must have at least $ 10,000 of eligible expenses...
Posted by James Financial Services Inc on 02/27/2020
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