What Happens If You Cannot Pay Taxes You Owe?

The IRS is more powerful than you think. It comes down heavily on people who do not pay their taxes. From property attachment to a jail sentence, tax defaulters can face the IRS’s wrath in several different forms. But what if a person who owes taxes cannot pay due to temporary financial hardship? Will the IRS still wreak havoc on their life? Probably not. If you do not have enough funds to pay your taxes, don’t panic, you’re not alone. Every year some 5 million taxpayers need a payment alternative. Your inability to pay taxes you owe is not the [...]

Best Bookkeeping Practices That Can Help You Achieve Business Success

Bookkeeping is an integral part of accounting. It involves recording financial transactions and bookkeeping teams support accounting by overseeing the company’s financial data. A bookkeeping team is responsible for maintaining accurate books on payroll, accounts payable and receivable, and must also record daily financial entries and reconciliations. Given the importance of bookkeeping, coming up with an effective bookkeeping strategy should top the priority list of every business owner. Here are some best bookkeeping practices bookkeeping experts swear by. Use an Accounting Software The importance of keeping a record of all your business expenses cannot be emphasized enough. That said, you [...]