For years, employers and employees alike have been on the hook for FICA taxes on severance payments made to those who have been laid off by a company involuntarily. After some cases in lower courts questioned this requirement, the Supreme Court recently reaffirmed the longstanding IRS tax requirements on severance pay.
Tax season can be a very frightening time of the year for a small business owner. Technically, anyone who expects to owe more than $1,000 to the IRS in taxes is supposed to send in quarterly estimated tax payments, but for new startups especially it can be difficult to gather up the full amount due to pay.
When you file taxes as a solo business owner, things are more complicated than those days when you may have a received a W2 from a single employer. However, you’ve also got plenty of opportunities to trim your tax bill.
While deciding against hiring a professional accountant saves money, people tend to be unaware of the many advantages that an accountant can provide to a start-up business. Below is a list of the benefits that come with hiring an accountant.
On March 17, 2014, there is a significant business tax deadline that you can’t afford to miss. The deadline has been bumped up two days this year since the traditionally scheduled date falls on a Saturday.
Excess, nonmoving inventory is a common business problem that, fortunately, also contains its own solution. By donating that new, idle merchandise to charity, your business can earn a federal income tax deduction.
You may not know this, but you could have a home office on your hands and could be missing out on a major tax break if you ignore this deduction. So how do you know if you actually have a home office, and what can you do with it once you’ve established you have one?
Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.