Turn ‘Oh No’ to ‘I Got This': How to Fix Errors Made on Filed Taxes

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Congratulations! You’ve finally made it to the finish line. Winning the race against tax deadline is no ordinary task. All those hours spent completing your 1040s, 1099s, and W-2s must now seem like the distant past.

But wait! You realize you’ve made a mistake. Maybe you have entered the number of dependents incorrectly, or you’ve missed out on one of your tax deductions or perhaps one of your 1099s came in late. Darn it! Now, what?

Stay calm and read on because we’ve put together an infographic with the complete rundown on how to amend your tax returns.

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Tax prep tips from top tax pros

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The taxman is coming! Many of you might have scheduled a visit to your tax accountant to ensure that you don’t pay more than absolutely required. Even though the accountants do most of the heavy lifting, a lot of work still lies in preparing for the meeting.

We asked some of our Zoho Books Advisors who are accounting and tax experts, to share a few important points on how we can prepare ourselves for this all important meeting. Here’s what they had to say.  Read more

Reconciliation gets easy as Stripe goes ‘Intrinsic’ with Zoho Books

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The last few years, we have been on an integration spree; we’ve integrated with Stripe, Paypal, BrainTree and others in the past. Integrating payment gateways with your accounting software is absolutely essential for you to track payments that have been made through online invoices.

While it’s easy to get paid instantaneously, the reconciliation of (non-Zoho Books) deposits and refunds can be a nightmare! And the fact that the money isn’t immediately deposited to your bank account can give you a convoluted picture of your financials.

 Would it not be wonderful if the implementation between a payment processor and an accounting software were such that you can monitor deposits and refunds, get a clear picture of the processing fees, how much the gateway owes you and above all, how much actual money you’ve got - all at one place!

Jinx! That’s exactly what we thought! And that’s exactly what we’ve done.

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When Uncle Sam Pays You Back: Tax Refund Statistics for 2015

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For some of you, your tax season headache is over for 2014. For those who have received a refund or are expecting one, Uncle Sam is rewarding you for your hard work and dedication.

Did you think about what you are going to do with your refund? Are you planning to splurge and take a fancy vacation or simply play it safe by saving and investing?

We’ve put together an infographic of the tax refund statistics of 2015. This infographic covers the total number of refunds issued this year, what Americans plan to do with their refunds and suggests some of the best and worst ways to spend your refund.

Take a look and let us know how you plan to spend your refund. We’d love to hear from you! Read more

Perils of Filing Your Taxes Online and How to Avoid Them

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Tax season is here! As if gathering all the documents and filling out tax forms isn’t enough to give you a headache, you’ll also need to watch out for those pesky cyber criminals while filing your taxes online.

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The IRS reported that there was a steady increase in the total number of tax returns that were e-filed over the past few years. Last year, more than 117 million tax returns were e-filed. As the trend of filing taxes online continues to increase among taxpayers, cyber criminals look for lucrative and sophisticated ways to trap them and make more money.

The good news is that, even though there are some risks associated with filing your taxes online, there are ways to minimize them. Read on to learn more about some of the dangers and tips to reduce them.
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5 Ways to Deal with Your Small Business Debt

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Do you spend sleepless nights worrying about your business debt? If you do, then you’re not alone. Recently, Gallup, a research-based global performance management consulting company, conducted a survey and found that 49% of small business owners find it extremely difficult to manage their current debt. The fact is, handling debt can be one of the most difficult challenges a small business owner can face.
 5 ways to deal with debt

When things get really tough and there’s no way out, historically, many ailing businesses declared bankruptcy. But, new laws have made it more difficult to simply declare bankruptcy to get out from under piles of debt. Furthermore, bankruptcy is no easy way out, as it comes at a high price. Typically, a bankruptcy filing costs thousands of dollars in court and attorney fees. Even worse, your credit scores, not to mention your business reputation, will take a severe hit, making it nearly impossible to regain business stability.

Fortunately, there are ways to avert this type of financial disaster. Here are a few helpful tips to control your debt before it controls you.
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3 Ways “User Roles” can save you a lot of trouble

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When Roger had his living room remodeled, he handed the key to his house to the crew after locking all other rooms because he didn’t want them snooping around.

Now, think why you should grant all your staff access to your accounting software in its entirety, when you only want them to handle a part of it.

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It’s not possible for a single person to perform all the functions concerned with business like setting budgets, accounting, well, at least not efficiently. It’s key that these functions are delegated to bookkeepers, accountants, sales staff, and contract workers and performed independently by all members of the staff.

The problem with giving them all unrestricted access is that there is every chance that your financial data is under risk. And there lies an impasse! Limiting access too much could make it hard for your staff to do their tasks efficiently.

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