Listen to 3 THINGS that Tax Preparers have learned that can impact your taxes.
Expert tax preparers discuss important tax preparation tips and reminders.
Mr. Greenard Poles, Director of the BFNC Tax Program
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What is considered a windfall?
A windfall is a large, and many times unexpected, financial gain—often the result of an inheritance, lawsuit settlement, property sale, salary bonus, or even a winning lottery ticket. https://www.schwab.com/life-events/managing-a-windfall
Ms. Barbara Dawkins, VITA Site Coordinator at First Shiloh Baptist Church
SMALL BUSINESS TAX NEED TO KNOW
Many expenses are tax-deductible. Tracking expenses allows you to easily find and report them during tax season.
What Are Business Expenses?
Business expenses are the costs of running your business day to day. On your income statement, your business expenses are subtracted from your revenue. What’s left is your net taxable income. https://www.ramseysolutions.com/taxes/what-are-business-expenses
Every business has expenses that are unique to the industry or company. For example, a manufacturer has different expense categories than a retailer
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