Posts Tagged ‘Taxes’
Streamline Business Tax Filing With These Regular Tasks
Prepping your small business for tax filing doesn’t have to be a headache. By implementing certain tasks consistently throughout the year, you can simplify the process and avoid the last-minute rush. Here are five essential tasks to streamline tax filing for your business: Maintain Accurate Records Keeping meticulous records is crucial for speeding up tax…
Read MoreCollege Athletes: Know Your Tax Obligations in NIL Agreements
Collegiate athletics is a competitive and popular multibillion dollar business industry. With television rights deals, conference realignment, recruitment, and much more, collegiate athletics garner significant media coverage. One topic receiving significant recent attention is the area of Name, Image, and Likeness (NIL) agreements, which allow student-athletes to financially benefit from their NIL. Due to the…
Read MoreUpcoming Tax Changes for 2024
Individuals and businesses need to be aware of the upcoming tax changes that will impact their financial planning. From adjustments in tax rates to updates in deductions and credits, understanding these changes can help taxpayers prepare and make informed decisions. In this overview, we will discuss the key tax changes that take effect in 2024, providing…
Read MoreLIFO Can Still Provide Tax Savings for 2023
While inflation is not at the high levels seen in the last couple of years, if you haven’t elected LIFO previously, now is the time to look at Last-In-First-Out (LIFO) accounting. If you have inventories of machinery and equipment, glass products or any concrete or cement inventory, there could be tax savings for 2023. Whether…
Read More7 Important Tax Tips for Small Businesses
Starting a small business is no easy feat for owners, that’s why you have to be smart when it comes to finances if you want your company to grow. But when handling your employees or taking care of your products and services, it can get easy to forget to sort out your taxes amidst the…
Read More5 Simple Tips Employers and Insurance Providers Need for 2023 ACA Reporting
We are a few weeks into the new year, and employers and health insurance providers should begin their ACA (Affordable Care Act) reporting process if they haven’t already. This can be a lengthy and complex process and requires preparation. Starting early is the best way to ensure a successful reporting season for your business organization.…
Read MoreCongress Hears From Small Businesses About Problems Caused By Wayfair
On June 14, 2022, the Senate Finance Committee heard testimony on the impact on small businesses and remote sales of the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc., 138 S. Ct. 2080, 201 L. Ed. 2d 403 (2018). In Wayfair, the U.S. Supreme Court ruled that a business’s physical presence in a state (or lack…
Read MoreUnderstanding How Donations & Charitable Giving Reduce Business Taxes
Charitable donations can have life-saving results for people all over the planet. They can also give you a break on your business taxes—sometimes a big one if you know how to file them properly. Business taxes are always difficult, but only more so as the nation heads towards a recession. Small business owners everywhere can…
Read MoreEmployers: IRS Changes Payroll Tax Form 941 For Q1 of 2022
The IRS changed Form 941 for the first quarter of 2022 and warns taxpayers not to use an earlier version of the form. The IRS also indicated there is going to be a different Form 941 every quarter of 2022. Recall, Form 941, Employer’s Quarterly Federal Tax Return, is the federal form employers use to…
Read MoreEmployers: What is Form 940 and Do I Need to FiLe it?
Did you employ workers at your small business this year? If yes, you need to deal with employment taxes, like federal unemployment (“FUTA”) taxes. For each employee, you must pay a percentage of his or her wages for federal unemployment taxes, deposit the tax with the IRS, and report your tax liability on Form 940.…
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