When April rolls around, everyone stresses out because that means that it's almost tax day. And even though some people end up with a hefty tax return to spend on fun things, other people end up with more paperwork on their desk than they know what to do with, which can often result in you making mistakes on your tax return. If you have recently been audited by the IRS and they are claiming that you misfiled something or that you lied on your tax return, then you may not know what to do.

In a typical year, many individuals find themselves incurring a financial loss due to some type of unexpected event. In past years, tax filers with an uninsured casualty or theft loss could usually take a tax deduction for the financial setback. The tax rules for deducting a casualty or theft loss have changed, however, resulting in fewer tax filers with deductible losses. Before passage of the Tax Cuts and Jobs Act in 2017, most individual tax filers were eligible to deduct a casualty or theft loss.

Whether obtained online or through the mail, the arrival of Form W-2 is usually eagerly anticipated by most employees. Although some of the entries on Form W-2 are self-evident, some entries may consist of only a number alongside a code. Employees who receive sick pay through their job during the year will likely have to decipher the entries on Form W-2 to determine whether the sick pay is taxable. Sick pay, also known as sick leave, is a short-term employee benefit intended to replace wages in the event of illness or injury.

If you find that you have been audited, you might immediately panic. If you have a certified public accountant by your side, however, you should know that he or she can help you with this process in various ways. These are some of the ways that your accountant can help you in the event that you get audited. Ensuring Your Taxes Are Done Properly in the First Place First of all, one of the main things that people worry about when they get audited is whether or not there is anything wrong with their tax returns.

If you have always dreamed of having your own business, you may be tempted to have a home office. While working from home does have some benefits, there are certain things you may want to consider. Here are three ways how having a home office might make things harder for you. 1. Keeping Your Work Life Separate If you are married and have children, keeping your work life separate from your family life might be more difficult to do if you work from home.

If this will be your first year filing a tax return, don't make the mistake of handling the paperwork for yourself. Filing your taxes is a complex and confusing process, especially with all the recent tax law changes. One mistake could end up costing you dearly. To make sure you avoid those mistakes, and to reduce the stress associated with tax season, you need to have your return completed by a professional.

If you're struggling to keep up with your financial and admin tasks, it may be time to hire outside help. Trying to operate and manage all aspects of your company can be overwhelming. It may seem as if it's not even possible. The good news is that it can all be done if you hire a bookkeeping professional. Here are the ways in which a bookkeeping pro can help your business: 

Business owners know that one of the top things they can do to help promote a high level of success is to keep their overhead costs under control. A simple means of reducing your business's overhead is to outsource your booking tasks to Deltek. Read on to learn just a few reasons outsourcing your bookkeeping work is a smart decision.  Outsourcing Eliminates the Need for Additional Staff If you don't outsource your bookkeeping work, you will need to hire at least one employee to take care of your financial chores, such as recording invoices, making payments, and forecasting your short and long-term cash flow needs.

Preparing for retirement is something that most people will have to spend many years doing. Unfortunately, it can be easy for some individuals to be unsure of the steps that they can take to help optimize the results that they get from retirement planning. In order to avoid mistakes that could potentially weaken your retirement savings accounts, there are some important guidelines that are worth considering. Set Aside a Portion of Your Paycheck

For a small business, understanding how much cash is made within a certain period of time is crucial to the survival of the business. Quite often, business owners tend to have the wrong idea about how much money their business is actually making. This can expose the business to a wide number of risks. Therefore, even during the early days of a business, proper accounting is something a business owner can't afford to ignore if the business is to have any hope of surviving.