Posts Tagged ‘Taxes’
Subject of a Business Tax Investigation? Here’s What You Should Do
In terms of situations you’d rather not find yourself in, being the subject of a small business tax investigation probably ranks quite high. The first you’ll usually know of an impending tax investigation is a letter from the Internal Revenue Service (IRS) arriving in your mailbox. This is actually an important point because the IRS…
Read More3 Ways to Maximize Your Return
Let’s face it: business tax returns can be tricky. Whether you file a corporate return or you report pass-through business income on your personal return, you need to stay on top of a host of federal, state and local tax deadlines and statutes, all of which can change from year to year. With a little…
Read MoreMeals, Entertainment, and Transportation May Cost Businesses More Under the TCJA
Along with tax rate reductions and a new deduction for pass-through qualified business income, the new tax law brings the reduction or elimination of tax deductions for certain business expenses. Two expense areas where the Tax Cuts and Jobs Act (TCJA) changes the rules — and not to businesses’ benefit — are meals/entertainment and transportation.…
Read MoreImmediate Effects of Trump’s Tax Plan
With the President signing the Tax Cuts and Jobs Act late last year, you may be wondering what immediate effects this law will have on you. Although some of the details of the law are still being worked out, there are a number of ways this historic piece of legislation could impact you in the near term.…
Read More5 Tax-Time Resources for Small Business Owners
When you own a company, you gain more insight into the tax process than you probably ever cared to. Not only are you responsible for paying taxes on your own income, depending on your business structure, you will be on the line for other forms of taxes as well. For example, self-employed sole proprietors will pay self-employment taxes,…
Read MoreHow to Prepare for Tax Season in the Current Climate
The new Tax Cuts and Jobs Act has substantially reformed the tax code moving forward. Because it was made effective immediately, the new law has businesses and individual taxpayers scrambling to understand all the law’s implications. The IRS has now provided guidance that should resolve most of the questions taxpayers have and give businesses the information they need to…
Read MoreHow to File Taxes as a Self-Employed Sole Proprietor
The most common form of small business ownership, a sole proprietor (sole proprietorship if you’re being formal) is an “unincorporated business” where the owner literally owns the entire business. As such, for tax reasons, the business and its owner are considered the same tax entity. Being self-employed literally means working for yourself, which is often the…
Read MoreIf You Own a Small Business, Don’t Miss These 5 Key Tax Tips
Tax season is drawing near, which means headaches and stress for small business owners looking to save every penny they can. Combine the normal stress with new headaches surrounding the tax bill recently passed by Congress, and small business owners, especially new ones, can easily find themselves unprepared. Fortunately, there are plenty of ways for…
Read MoreMost Surprising Hidden Costs of Opening a Business
If you’ve ever started a business, you know it involves some clear-cut costs. Office space or storefront rentals, equipment, initial inventory, license fees, legal advice – all of these are initial expenses you might expect to pay just to get up and running. There are a number of less obvious expenditures, however, that might surprise…
Read MoreNew Tax Law Gives Pass-Through Businesses a Valuable Deduction
Although the drop of the corporate tax rate from a top rate of 35% to a flat rate of 21% may be one of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA), C corporations aren’t the only type of entity significantly benefiting from the new law. Owners of noncorporate “pass-through”…
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