Tax and Accounting
Vehicle Tax Deduction for Small Businesses
Whether you’re self-employed or run a small business, chances are you use a car to get from point A to point B. Luckily, during tax season, you can claim your vehicle when Uncle Sam comes…
Owners Should Utilize the Work Opportunity Tax Credit
With the utilization rate of less than five percent, business owners are leaving a ton of money unclaimed for this tax credit. What is the Work Opportunity Tax Credit? WOTC is a Federal tax credit…
Switching Payroll Providers: A 5-Step Checklist
Any kind of change can feel overwhelming and switching payroll providers is no exception. Getting it wrong can also result in an administrative nightmare or worse—which is why you should follow these steps to cover…
Secrets and Tips to Avoid or Conquer an IRS Audit
If your reported income seems a little high or low, chances are you might hear a knock on your door from the Internal Revenue Service. We know the tax filing process is a colossal headache….
What Do Business Plan Financials Look Like?
People often ask: What do business plan financials look like? You can get away with a sales forecast, spending budget, and cash flow plan. That’s enough for actually running your startup. It’s the essential numbers in a lean…
Why You Need to Track Your Business Mileage
The most successful small business owners share a few common traits — they work really hard, they get a little bit of luck and they work smart. One smart thing to do is to make…
6 Moves You Should Make After Tax Season
Another tax season has passed us by once again. If you filed your return(s) on time this year and did not need to obtain a 6-month extension from the IRS, you are probably done with…
Tax Advantages: Reimbursing Employees for Education
Reimbursing employees for education expenses can both strengthen the capabilities of your staff and help you retain them. In addition, you and your employees may be able to save valuable tax dollars. But you have…
Do You Owe Estimated Taxes on April 18?
We all know that April 18, 2017 is Tax Day this year—the day by which personal income tax returns must be postmarked and mailed or electronically filed with the IRS. However, many taxpayers forget that…
Tax Rules for Bad Debts on a Balance Sheet
How do income tax rules treat bad debts? Facts: There are two provisions in the Income Tax Act (ITA) for bad debts. Discussion: The first way to claim a bad debt is covered in Section…
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