As 2025 moves forward, it’s time for small business owners to take control of their financial future. A proactive strategy can save you money, optimize your business operations, and ensure you’re well-prepared for whatever the new year brings. With the right plan in place, tax season doesn’t have to be stressful; it can be an… Continue Reading
You might think that properly filing your business taxes is the only thing you need to consider when checking the box on accounting each year. However, savvy business owners know that filing is only one component of the tax equation: tax preparation and tax planning are parallel accounting duties that serve two distinct purposes. Understanding… Continue Reading
Standard deduction amount increased. For 2024, the standard deduction amount has been increased for all filers, and the amounts are as follows. The standard deduction increases by $1,400 for a married taxpayer aged 65 or older or blind ($2,800 if both 65 and blind); by $1,750 for a single taxpayer aged 65 or older or… Continue Reading
As a small business owner, you’re juggling countless tasks to keep your business running smoothly, but managing your finances shouldn’t be one of them. Hiring a skilled bookkeeper not only frees up your time to focus on growing your business but also ensures your financial records are accurate and up-to-date. A good bookkeeper can help… Continue Reading
Voted Best CPA Firm Hendersonville Tennessee We are thrilled to have been selected as the Best Accounting and Tax Firm in the Best Of Awards in Sumner County hosted by Main Street Media of Tennessee! We are grateful to everyone who voted for our firm. TriStar Tax and Business Solutions has won the category for… Continue Reading
The publications listed below are located on the IRS Web site and require Adobe Acrobat Reader to view. Visit the Adobe Web Site to install the latest version of Acrobat Reader. Click a publication to view it online. Tax Glossary Tax Glossary Schedule K-1(Form 1065) Schedule K-1 (Form 1065) Schedule K-1(Form 1120) … Continue Reading
Storing tax records: How long is long enough? Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time. However, if the IRS believes you… Continue Reading
Every day the massive computer center at the IRS is getting more sophisticated, it’s just a matter of time before they catch up with you. This is not a situation to take lightly, failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished with… Continue Reading
