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Tax Advice

How Do I File Taxes When I’m Self-Employed?

By Tax Advice

There’s nothing more rewarding than starting and running your own business. But, the particulars of having to keep track of finances and pay taxes can put a damper on your enthusiasm. If you’re self-employed and earn more than $400 in a tax year, you are probably required to pay a combination of income tax and self-employment tax. Here is what you need to know.  Who is Considered Self-Employed? For tax purposes, the IRS considers a person as “self-employed” if they…

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Everything You Need to Know About the Child Tax Credit

By Tax Advice

On July 15, 2021, the IRS began making Child Tax Credit payments to many Americans. These payments are part of the $1.9 trillion American Rescue Plan Act (ARPA) passed in March 2021. They are meant to give much-needed relief to many families suffering due to the current global health crisis. The tax credit will also help small businesses and their owners.  What is the Child Tax Credit?  The first Child Tax Credit was created in 1997 as a means to…

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tax extension

Does the Federal Tax Extension Pertain to You?

By Tax Advice

You’re probably aware that the Internal Revenue Service has granted individuals and certain businesses an extension to filing their tax returns for 2020. But does it apply to your small business? The short answer is, it depends.The IRS has indeed extended the filing deadline for 2020 tax returns from Apr 15, 2021 to May 17, 2021. However, for businesses, the extension only applies to businesses classified as sole proprietorships and single owner LLCs. All other business structures are still subject…

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small business tax planning

9 Tips for Small Business Tax Planning

By Tax Advice

Owning a small business entitles you to numerous tax deductions and credits. To maximize your tax savings, however, you need to understand the rules, keep accurate records, and stay up to date on changing tax codes and regulations. Most small business owners don’t have extra time to devote to these endeavors, so hiring a tax expert is a good investment. Working with a certified tax professional or CPA will ensure your business is taking full advantage of the deductions, write-offs, and…

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tax deductions small business

11 Tax Deductions for Small Businesses

By Tax Advice

Small business owners can write off many routine business expenses as tax deductions. Business tax deductions work by lowering your taxable income, thereby reducing the amount of tax you owe.  According to the Internal Revenue Service (IRS), no expense can be deductible unless it is both “ordinary and necessary.” An ordinary expense is one that’s common and accepted in your type of business. For example, if you own a restaurant, the cost of food and other restaurant supplies are an…

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defer payroll taxes

6 Things to Know about Payroll Tax Deferrals

By Tax Advice

Businesses throughout the United States have been negatively impacted by the COVID-19 pandemic. Businesses of all sizes have been forced to close, reduce hours of operation, or lay off employees. In response to these concerns, several state and federal programs were implemented to provide relief to both businesses and individuals. In addition, a presidential order was issued to allow employers to defer certain payroll taxes. Payroll Tax Deferral Programs It’s important to understand that there are two different types of…

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8 Important Accounting Services That Will Help Your Small Business Succeed

By Business Advice, Tax Advice

Unless your small business is in the tax, accounting, or finance space, you may not have the in-house experience and expertise you need to achieve your goals. According to a recent Small Business Accounting survey, just 40% of small business owners believe they are extremely or very knowledgeable about finance or accounting matters.  Most businesses need help, and there’s more involved than recording a few numbers in some columns. The truth is that an accountant can do much more for your…

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7 Ideas to Boost Your Benefits Package

By Business Advice, Tax Advice

Employees want to be paid a fair wage, and this something that every company should make a priority. But one of the most impactful ways that a company can set itself apart and let employees know they are valued is by investing time and resources into a robust benefits package.  According to a survey released by the Society of Human Resource Management (SHRM), 92% of employees state that benefits are tied to overall job satisfaction. More importantly, nearly a third of employees…

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Leaving a Legacy and Gifting your Heirs Today

By Tax Advice

When it comes to gifting, it may make more sense to do it now than wait until later. Gifting an heir now, rather than at the time of your death, can benefit you when it comes to tax time. Enjoy the lifetime exemption for an estate tax exemption when you give a gift. Giving away monetary gifts now reduces what you can transfer tax free when you die. Planning to give someone a gift? Here’s what you should know: There…

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The Importance of Meeting Tax Deadlines for Your Small Business

The Importance of Meeting Tax Deadlines for Your Small Business

By Business Advice, Tax Advice

If you own or manage a small business, it’s important to meet your tax deadlines to avoid costly fees and penalties. Which taxes you are required to pay depends on your business structure and other factors. Here are five types of business taxes to be aware of: 1. Income Tax If your business is not a partnership, income taxes (federal and state) need to be filed by April 15. In a partnership, profits and losses are passed through to the partners who…

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