Income limits and other rules apply, but you’ll qualify if you’re eligible for the federal EIC offered by the IRS. The property tax credit is equal to 5% of the Illinois property tax paid on your primary residence. You can’t claim this credit if your federal AGI exceeds $250,000, or $500,000 if you’re married and …
Illinois State Tax Brackets, Standard Deductions, Forms Read More »
Bookkeepers must ensure that all financial transactions are recorded following applicable laws and standards. This includes understanding tax codes, financial reporting requirements, and adhering to business administration protocols. Failure to comply with these regulations can result in legal consequences for both the bookkeeper and the business they represent. On-the-job training is commonplace for bookkeepers, particularly …
Effective accounting for a marketing agency is crucial for success. It provides insights into financial performance, helping to optimize revenue streams and track ROI metrics. As the name suggests, this report provides insights as to how profitable your advertising agency truly is. Long-Term and Short-Term Cash Planning This includes following regulatory guidelines and industry best practices. …
Company payroll automatically deducts employee taxes from monthly pay stubs. Sole proprietors and partners, on the other hand, must pay contractor taxes independently, according to federal law. Companies they work for don’t pay or hold any taxes on their behalf. On the other hand, if you only control the results of that work (but not the process …
Pros and Cons of Hiring Employees vs Contractors Read More »
Moreover, a well-organized receipt book allows you to quickly locate individual receipts for tax purposes, making the whole process smoother and stress-free. It’s easy to learn how to write a receipt because the book walks you through every step of the process. While it may seem complicated, all you have to do is write the …
How to Fill Out a Receipt Book Correctly: A Step-by-Step Guide Read More »
