Ever wonder why some small businesses pay far fewer taxes than others? It all comes down to expenses, deductions, credits, and documentation. Here are some important tips to help you maximize your small business deductions and only pay what you NEED to… Tip #1 Keep detailed records of all ALL expenses. This means always ask…
Is your bookkeeper working with you to maximize your tax write-offs? Is she helping you to reduce your company’s tax liability? Is he pushing you (nagging) to get him the documentation that he needs to document EVERY POSSIBLE expense your company may have? Ask yourself the following questions….. 1. Does your bookkeeper provide suggestions on…
Business Owners…As we are nearing the close of this tax season, make sure you are taking advantage of every opportunity to cut your tax bill. Business owners can deduct business expenses from the amount of income they earn throughout the year. For an expense to qualify as a “business expense” it must be directly related…
Here are some important dates you need to get on your calendar: By January 31, 2019 Form 940 due – Employer’s Annual Federal Unemployment Tax Return Form 941 Quarterly Reports due Form 943 due – Employer’s Annual Federal Tax Return for Agricultural Employees Form 944 due – Employer’s Annual Federal Tax Return (replaces form 941)…
Corporate budgets, as well as household ones, are arguably one of the most important tools you can use. Creating a budget for your business will provide a guideline for expected income and expenses and enable you to compare your anticipated financial goals with the actual numbers. In essence, it will serve as a barometer for…
Have you received a phone call from the IRS informing you that you have an outstanding tax debt or balance due?? Well, watch out. It could be a scammer trying to get your confidential information. Here is how you know you are possibly being scammed… The IRS will not: 1. Demand that you pay taxes…
Running a small business can be overwhelming. Boy, do I know the feeling! Are you the owner, the manager, accountant, human resources director, compliance department, janitor, salesman, and IT guy/gal all in a single day? Yep, I’ve been there and so have my clients. When you’re first starting out, it seems like a no-brainer that…
So you finally took the big step and hired some much-needed help. Great job. Now you can focus on your income-building tasks and leave some of the other things to your new helper. Your other business owner friends have suggested that you just pay this person as a contractor to save yourself some cash by…
So, you started a business? Kick-Ass!!! Now the fun begins. Do you incorporate? Form an LLC? Are you a sole proprietor? WHAT?! Here are a few of the basics… If you are all by yourself in this little (or big) venture, you ARE a sole proprietor. But you have options…Forming an LLC is a good…
