Managing payroll is a critical function for any business, big or small. It ensures that employees are paid accurately and on time, reflecting the company’s reliability and stability. However, payroll can also be complex, with various pitfalls that can trip up even the most meticulous business owners. In this blog, we’ll explore five common payroll mistakes and provide practical advice on how to avoid them, ensuring your payroll process is smooth and error-free.

Ensuring the financial health of your business is as crucial as the services or products you provide. As the owner of a thriving business, you understand the importance of maintaining a sound financial structure. In this blog, we delve into the key aspects of assessing your business's financial health, with a particular focus on the indispensable role of accounting services. At ZP Tax Inc., we are not just certified tax agents in Silver Spring, MD; we are your partners in achieving and sustaining financial success.

As the financial year comes to a close, small business owners are gearing up to tackle one crucial aspect of their operations - taxes. Navigating the complex landscape of tax planning can be daunting, but with strategic insights and proactive measures, businesses can optimize their tax strategy for maximum benefits. In this blog, we delve into effective small business tax tips that go beyond the basics, focusing on the art of tax planning.
 

In the realm of personal finance and taxation, understanding the nuances of Child Tax Credits and Earning Income Credit is crucial. As certified tax agents at ZP Tax Inc., located in the heart of Silver Spring, MD, we recognize the significance of these credits in shaping the financial landscape for families. In this comprehensive guide, we delve into the intricacies of these credits and shed light on how they intersect with the broader realm of income tax.
 

For small businesses, maintaining accurate and up-to-date financial records is vital to ensuring their long-term success. At ZP Tax Inc., we recognize the significance of proper bookkeeping and its impact on small businesses in the Greater Washington D.C. metropolitan area and across the nation. In this blog, we'll delve into why bookkeeping is crucial and how it can benefit your small business.
 

As a business owner, handling payroll can be time-consuming and complex, especially with ever-changing tax laws and employee-related regulations. If you're looking for a reliable payroll service to streamline your payroll processes. At, ZP Tax Inc. is here to guide you. In this blog, we will outline the key factors to consider when choosing a payroll service that aligns with your business needs.

Tax season can be a daunting time for business owners, and finding the right tax preparer is crucial to ensure accurate filings and maximize deductions. As a trusted tax preparation and resolution service provider. At ZP Tax Inc. understands the challenges that business owners face. In this blog, we will walk you through the essential considerations to help you choose the perfect tax preparer for your business's needs.
 

I’m Carlos Perozo, the proud owner of ZP Tax Inc.

I look forward to sharing my story. I hope that you will enjoy getting to know me better.

We are delighted to announce the launch of our new website!

Tax preparation can be stressful for everyone, which is why filing taxes is typically at the bottom of peoples' to-do lists. Whether the April 15 deadline passed you by without you realizing it or you purposely put off taxes this year, here's what you should know about failure to file on time. Missing the Deadline Each year, the deadline for filing taxes is April 15. While this has been extended to July 15 in 2020 due to the Coronavirus pandemic, this is a rare occurrence. If you don't perform tax preparation on time, the IRS can issue a penalty of 5% of the…

When tax time comes, you’ll owe the least amount and get the biggest return if you properly reduce your taxable income. The less income your tax return shows you make, the less you must pay your state and federal government. Luckily, there are some easy, effective, and entirely legal tax preparation strategies to help you achieve this, including the following. How to Lower Your Taxable Income Before Next Year’s Tax Preparation 1. Save for Retirement The money you contribute to a traditional IRA is provided before it's taxed. This in turn reduces your taxable income, since everything you save toward retirement will be…

Filing taxes isn't something many people look forward to every year. Since related laws are continually changing, the process can be complicated. However, you must still make sure your tax preparation is done correctly to avoid penalties. Learn more about some common tax-filing errors below to ensure you don't make them yourself. Errors You Can Make When Filing Your Taxes 1. Using the Wrong Filing Status There are five filing categories to choose from: head of household, single, married and filing jointly, married but filing separately, and qualifying widower or widower with a dependent child. If you choose the wrong filing status, you…

Most working Americans know that tax preparation starts with compiling financial documents. However, exactly which documents should you be saving, and for how long? To facilitate your return every year, here’s what you should know about keeping essential records. Which Documents Do You Need to Save? After evaluating your situation, a tax professional can provide a detailed list of everything you’ll need to complete your return. Most people will need to compile end-of-year statements for all relevant accounts, receipts for their deductible expenses, and records of any estimated taxes they paid. You’ll also need to save the various tax documents you receive…

Claiming a dependent on your taxes can save you thousands of dollars a year. The government provides these tax credits to ensure families can adequately provide for their children or other adults who depend on them for support. Seeking professional tax help is the best way to ensure you get your full benefits, but here’s a guide to the basics. Who Can You Claim as a Dependent? To claim a person as a dependent, they must be related to you or under your legal guardianship. Generally, the individual must also be under 19 years old or a student under 24. Adult children…

With COVID-19 spreading globally, businesses temporarily closing, and major metro areas on lockdown, tax preparation is probably the last thing on your mind. Luckily for millions of American taxpayers, the IRS has extended this year’s filing deadline, which gives you more time to get your returns in order and pay your bill. The Tax Filing Extension On March 21, the IRS released new guidance extending the tax filing and payment deadline from April 15 to July 15, 2020. This extension automatically applies to all taxpayers, including trusts and small business owners. No application is necessary, so you don’t have to rush to…

tax preparation requires a working knowledge of the forms you need to avoid errors, omissions, late payments, and correlating fees. Here, review some of the most common tax forms, all of which are available at IRS.gov. You can also request these forms by mail or get them at taxpayer assistance centers and community locations, such as libraries, grocery stores, office supply stores, and copy centers. Tax Forms You Need to Know About 1. 1040 Form 1040 is the comprehensive, standard federal form most individuals use to file, as it lists your income, credits, deductions, and taxes. This form is necessary for individuals who…

For many Americans, tax season means getting a refund from the IRS. However, if you’ve experienced some life changes within the past year, they may affect your tax return and the amount of money you get back. Use the following guide to determine what could impact your tax preparation process this year. What Life Changes Impact Tax Preparation? 1. Getting Married Though filing a joint tax return with your spouse often results in bonuses, exemptions, and lower rates, you might encounter a “marriage penalty,” which causes couples to have a higher tax liability. This typically happens to couples who fall on either extreme…

Every contractor needs the skills and equipment to deliver the results their clients expect, but running any successful business also means careful record-keeping and organization. Of course, bookkeeping, paperwork, and business tax preparation aren’t why most contractors go into business in the first place, but even simple mistakes can result in trouble with the IRS or missing out on valuable deductions. Below are a few of the most common accounting mistakes contractors make. A Guide to Accounting Mistakes Contractors Should Watch For 1. Misreporting Revenue of Shared Ventures Shared projects and joint ventures are excellent ways to increase revenue, build partnerships, and get…

While tax preparation can sometimes be stressful, your hard work will hopefully be rewarded by a hefty refund. However, if you don't take all the opportunities available, you may be disappointed by the amount awarded to you. To boost your refund further, practice the following steps. How Can You Get More From Your Tax Refund? 1. Make the Most of Deductions Deductions help lower your taxable income, which increases the amount of money you receive in return. Possible deductions include charitable contributions, child care, travel costs related to medical care, interest on student loans, and many other options. When claiming a deduction, make…