Posts Tagged ‘Taxes’
Tax Cuts and Jobs Act: Key Provisions Affecting Businesses
The recently passed tax reform bill, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), is the most expansive federal tax legislation since 1986. It includes a multitude of provisions that will have a major impact on businesses. Here’s a look at some of the most significant changes. They generally apply to tax…
Read More2017 Year-End Tax Savings Tips Not to Overlook
With the possibility that tax law changes could go into effect next year that would significantly reduce income tax rates for many businesses, 2017 may be an especially good year to accelerate deductible expenses. Why? Deductions save more tax when rates are higher. Timing income and expenses can be a little more challenging for accrual-basis…
Read MorePayroll and Tax Issues to Be Aware of at Year-End
With an overhaul of the nation’s tax system in full swing, it can be difficult for small businesses to know what to expect when it comes to tax laws and regulations next year. But, if you manage a business, you know you still need to take care of the current year’s payroll and tax issues…
Read MoreBest Tax Tips for Small Business Owners in 2018
Doing your taxes is not something people typically look forward to. In fact, if the word “taxes” is even muttered, you can usually expect an audible “ugh” to follow. Whether you’re a small business owner, first-time freelancer, or simply self-employed, you have to handle your own taxes. And we all know filing your taxes can…
Read MoreBusiness Tax Provisions: The Year in Review
Whether you file as a corporation or sole proprietor here’s what business owners need to know about tax changes for 2017. Standard Mileage Rates The standard mileage rates in 2017 are as follows: 53.5 cents per business mile driven, 17 cents per mile driven for medical or moving purposes, and 14 cents per mile driven…
Read MoreGetting Your Finances in Order for Year-End
To run a successful business, getting your finances organized is absolutely essential, not least when preparing for year-end. By keeping track of your profits and losses, you’ll be able to meet your legal responsibilities and ensure every required statement is in the right place. But, unless you’re clued up about accounting systems and tax forms,…
Read More2017 Might Be Last Chance to Claim a Tax Credit by Hiring a Veteran
With Veterans Day on November 11th, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available…
Read MoreThe Rise of Influencers and How to Account for Their Success
Influencers – such as bloggers and social media mavens – have risen in prominence as the internet becomes more integrated as a tool for communication and commerce. In fact, many influencers make significant profits by plying their particular brand of persuasion. With profit, though, comes taxes. While clarity has been late in coming, the IRS…
Read MoreResearch Credit Can Offset Payroll Taxes for Small Businesses
Does your small business engage in qualified research activities? If so, you may be eligible for a research tax credit that you can use to offset your federal payroll tax bill. This relatively new privilege allows the research credit to benefit small businesses that may not generate enough taxable income to use the credit to…
Read MoreWhy Local Accounting and Bookkeeping Knowledge is Essential
It should be pretty obvious that an accountant who has a great deal of general knowledge in accounting and bookkeeping is better for you or your business than one who doesn’t. But how important is it for your accountant to have specific local knowledge of the tax laws and statutes that impact your personal or business…
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