Tag: personal taxes

First Time Filing Those Taxes? What Do You Need To Know?

Tax time doesn’t need to stress you out at night… get the professional help of Sterling Accounting’s experts and rest easy! With only a few days before the tax deadline, what do you need to know if you’re a first timer at filing those taxes?

“If you’re filing as single or married filing jointly with no dependents, you intend to claim the standard deduction (meaning you’re not itemizing your deductions) and your income consists only of wages, salaries, and tips; taxable interest of less than $1,500…” [ Read more here ]

IRS Changing Up Procedures For Changing Accounting Method

New IRS reporting rules will be taking affect for many businesses around the country, the proposal is slotted to begin at the end of this year.

“The Internal Revenue Service is proposing procedures for how a taxpayer can ask for automatic consent to change an accounting method in preparation for the Financial Accounting Standards Board’s new revenue recognition standard…” [ Read more here ]

Stock Market Trends During Tax Season

After reaching record numbers, the stock market has taken a small hit; but haven’t we seen this before? Research shows that tax time has a predictable affect on the stock market year after year.

“The usual explanation is that investors withdraw money to pay taxes. The good news is that the market tends to rebound immediately in the two weeks after April 15 (Tax Day is April 18 this year), with several sectors showing notable gains…” [ Read more here ]