Tax and Accounting
Everything You Need to Know About Expense Reimbursement
Travel, dining, mileage, office supplies and other costs that employees incur as part of their jobs are all considered business expenses. That seems straightforward enough. What’s not so clear-cut is the process of reimbursing business…
What You Need to Know About Payroll Tax Deadlines
From the moment you hire your first employee, you quickly realize there’s a lot more to payroll than simply issuing a check. For example, there are federal, state and even local taxes that need to…
Business Plan Financials: Cash vs. Accrual Bookkeeping
I hate the buzzwords and general environment related to accounting and financial terms. No wonder business owners shy away from it. “Accrual accounting” sounds like something you do with thumb screws, rack, and chains. But—damn—it…
Should You Buy or Lease a Car for Tax Deductions?
Buying or leasing a car can be a difficult decision for both individuals and businesses. A number of factors play into tax deductions for a business car. Things such as the definition of business use,…
6 IRS Payroll Tax Penalties That Will Hinder Your Business Growth
This post is written for American companies. ???? If you are a Canadian business, please refer to Remitting Payroll Deductions – Penalties For Missing A Payment. An IRS penalty is an unnecessary financial burden that’s completely…
5 Things to Do Now That Tax Season is Over
The 2016 tax season has finally come to a conclusion. While you may be done with your federal income tax duties for this year, there are several items you should add to your to-do list…
What is the Schedule K-1 Tax Form for Businesses?
According to the U.S. federal tax code, businesses can be arranged as pass-through entities. This designation means that instead of a business being taxed separately at the corporate level, its taxes, deductions, losses, and other…
How to Perfect Your Payroll Process
Small businesses need to receive revenue to survive, but they also need to provide payroll to maintain a dedicated workforce. Payroll is an important business asset that needs to be done right, so here are…
2016 Tax Guide Part 3: Personal & Business Tax Credits
Tax credits are an excellent option for reducing your actual tax bill, as opposed to reducing your taxable income through a tax deduction. There are IRS tax credits for both individual taxpayers and those who…
Sell or Trade a Business Vehicle?
From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a…
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