Applying for any job is stressful, but when you are in the world of finance and accounting, you are interviewing for positions that will allow you to take care of huge sums of money, which can make the interview process especially taxing. Here are some commonly asked accounting interview questions and what you can do to prepare for them.
1. If you were working for a company that just received an investment of five million dollars, what would your spending and investing plan be to make the most of it?
Dealing with taxes as a freelance worker can be a mess. The complexity of filing your taxes is often similar to running a small business, but you only have one person to do all the work. Here are some tips for simplifying the tax return process as a freelance worker.
Forecasting Your Tax Bill
As a freelancer, you'll have to pay a bit more in taxes to cover your social security costs.
When deductions on a return look a bit suspicious, an audit may be unavoidable. In addition to seeing a tax rate go up, a civil penalty (fine) may be levied if the agency deems the error to be egregious. In some cases, the deductions are so inappropriate, the IRS might suspect fraud and initiate a criminal investigation. To avoid any legal problems, taxpayers are advised to make sure any business-related clothing deductions are 100% legitimate.
Software and online programs that allow you to prepare and file your own taxes quickly have made the tax filing process a lot simpler. However, that doesn't mean that everyone should complete their own taxes each year. Even if your taxes aren't difficult, you still may be better off hiring a tax accountant to file your taxes for you. Learn why you should hire a tax account and how hiring one could benefit you.
If you have made a lot of money this year, and are worried that you are going to end up owing money when tax season rolls around next year, you can take a few specific steps right now to reduce your tax bill.
Find Organizations To Donate To
When you donate to a charitable organization, as long as you get a receipt, you can write it off on your taxes down the line.