On June 20, 2020, the IRS finalized tax Form 941, Employer’s Quarterly Federal Tax Return, to collect information about the new COVID-19 tax incentives, expanding the form from two to three pages, and adding 58 new data fields (previously 18 total lines). See Appendix I: Summary of COVID-19 Employer Tax Incentives for more information. While the […]
Taxes
6 IRS Tips About the Gig Economy Taxpayers Need to Know
The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular. Here are some things […]
What You Need to Know About Covid-19 Tax Relief
Over the last three months, COVID-19 has grown to affect almost every aspect of daily life. From shelter-in-place mandates to the millions of workers currently out of work, we’ve all felt the impact. As a small business ourselves, we understand that this is a time of financial crisis for so many similarly-sized businesses across the […]
9 Top Tax-Saving Strategies for Your Business
As a business owner, you know first-hand that taxes can take a big chunk out of your pocket. No matter how small your business is or how large you grow, you’ll always be on the hook for some kind of taxes. However, the tax code is such that there is always room for strategic tax […]
Don’t Miss Out on These 6 Tax Deductions for Solopreneurs
The bad news about being a solopreneur is you don’t have an accounting or bookkeeping department to track your expenses, income, and other financial details. You have to do it all yourself, even if you hire an accountant to do your tax prep at the end of the year. The good news is solopreneurship puts you in […]
Is Your Car a Small Business Tax Deduction?
There’s a lot to keep track of when you’re starting your small business. Sometimes half the battle is keeping track of your expenses so that you can write off business costs on your taxes. But have you ever considered that every mile you put on your car driving to and from client lunches, purchasing supplies, and dropping […]
IRS Rules on Deducting Business Expenses
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or […]
How the New 2020 IRS W-4 Form Affects Small Business Employers and Employees
Outside of fun festivities—and the fact that it’s the beginning of an entirely new decade—most people are excited for 2020. A new year means new beginnings, new goals and, in the case of the Internal Revenue Service (IRS), new tax paperwork. If you haven’t heard, the IRS has given Form W-4 a major facelift. After two […]
Why Small Businesses Should Pay Attention to Quarterly Tax Payments
There are a lot of awesome things that go along with owning a business. For example, personal fulfillment, passion—and, of course, making money. But what goes hand in hand with making money? Paying taxes. Filing business taxes can be complex, daunting, and nerve wracking. After all, everyone makes mistakes. So if you own a small […]
Applying the Home Office Deduction to an E-Commerce Business
Most people know already that if you work from home, you can deduct your office space from your tax return. However, not everyone knows exactly how to deduct their home office space, or what qualifies the office space for the deduction. If you run an e-commerce business, there’s additional things that you may need to […]
