Month: February 2023
What Charitable Donations Are Tax-Deductible?
Donating to charity is a truly rewarding and fulfilling endeavor. The IRS offers tax deductions for contributions made to charity during a given tax year. Businesses and individuals can declare their donations on their annual federal tax returns to lower their taxable income. However, to claim these tax deductions, you need the correct paperwork to […]
Written by prositesfinancial • Feb 22 • 3 minute read
Important Steps to Prepare for Tax Season
For many people, tax season is a dreaded burden. However, it doesn’t have to be a stressful experience. You can make it easier to file your taxes on time without complications by preparing well ahead of the tax filing deadline. When you prepare early for the tax season, it’s easier to ensure you’ve gathered all […]
Written by prositesfinancial • Feb 15 • 3 minute read
Who Can Claim the Foreign Tax Credit?
All Americans, including those living abroad, must file taxes with the IRS. This includes reporting their total income, as well as any money earned abroad. American expats must report their foreign registered bank accounts, investments, business interests, and financial assets based on ownership thresholds and minimum IRS value. Double taxation is one of the most […]
Written by prositesfinancial • Feb 8 • 2 minute read
Common Business Startup Tax Mistakes & How to Avoid Them
Running a startup requires wearing many different hats. In all the excitement of building a team, creating a brand identity, and introducing new products to the market, it can be easy for startup leaders to forget about taxes. However, this mistake can have dire consequences. Tax mistakes can easily expose you to penalties and future […]
Written by prositesfinancial • Feb 1 • 3 minute read
What is Forensic Accounting? Everything You Need to Know
Forensic accounting is a unique field that is continuously growing due to the increase in fraud and financial crimes. If you suspect that criminal activity is leading to losses for your business, a forensic accountant can dig through your individual or company’s information help you solve the mystery. Keep reading to learn more about forensic […]
Written by prositesfinancial • Feb 1 • 2 minute read