Tax and Accounting
What are Quarterly Wage Reports and Why Do They Matter?
Wage reports, also known as quarterly contribution or wage detail reports, are the reports you file on a quarterly basis with each state, district and territory in which you pay employees in order to stay…
Capital vs. Operating Lease: Tax Reporting Implications
We often encounter taxpayers who do not quite fully understand how to report for income tax purposes the lease agreements they have entered into for business use assets, particularly automobiles. Leased property includes real estate,…
10 Payroll Mistakes Every Business Should Avoid
Payroll affects every aspect of business: anticipating and avoiding common payroll mistakes is preferable to dealing with their consequences… Every good business relies on an effective payroll department. Beyond the crucial matter of delivering salaries…
Running an Etsy Shop: Knowing How to Handle Your Taxes
Each year, millions of people choose Etsy as an avenue to sell – and buy – unique goods. If you have considered opening an online shop or already have one started, congratulations! Your entrepreneurial spirit…
Can You Pass the Retail Math Test?
According to The Small Business Administration, only about half of new businesses make it to their fifth anniversary and beyond. Factors that contribute to the failure rate can range from indirect influences, such as poor location…
Does Crowdfunding Affect Your Taxes?
Over the past few years, crowdfunding – or crowdsourcing – has been a simple and effective alternative to loans, venture capital and conventional fundraising. Through sites such as Kickstarter, IndieGoGo, and GoFundMe, raising money for…
3 Small Business Financial Statements You Need to Know
When it comes to financial statements for business management, small business owners tend to fall into one of three categories: Small business owners who have their financial statements completely in order and use them to…
5 Tips to Help You Minimize Your Small Business Taxes
It’s safe to assume that everyone loves to save money. As a small business owner, the more capital you have, the easier it is to grow your business and generate more revenue. But when tax…
When You’re Self-Employed, “Self” is Responsible for All Tax Preparation
When you work for someone else, you only have to think about employment taxes about once a year when tax season rolls around. However, those who are self-employed have the responsibility of keeping up with…
You Could Be Taxed on That “Non-Taxable” Employee Benefit
A benefit frequently offered to employees is discounts on products or services that the company sells. Under the Internal Revenue Code, all benefits provided to an employee are taxable, unless they are specifically excluded from…
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