Posts Tagged ‘Taxes’
The 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…
Read MoreTIGTA Reports Billions of Dollars of Uncollected Taxes
Despite having thousands of employees and information matching programs in place, the Internal Revenue Service has not always been able to follow up with every instance of a tax discrepancy. However, a recent report from the Treasury Inspector General for Tax Administration (TIGTA) advises the IRS to take further measures to help lessen the “tax…
Read MoreEmployers May Give Employees Tax-Free Disaster Relief
If they carefully follow the guidelines, employers may give cash payments to employees for disaster relief, tax-free. Under Sec. 139 of the Internal Revenue Code, qualified disaster relief payments to employees are tax free to the employee and deductible by the employer. This includes income as well as social security and Medicare taxes. Three rules…
Read MoreCoworking Spaces: Meet New People While Getting Tax Breaks
As a solopreneur, finding a consistent workspace can be a battle. Whether feeling lonely or distracted in your personal living room to feeling like an intruder in a coffee shop, there’s got to be another solution where productivity and your personality can soar. While some solopreneurs thrive on rolling out of bed and into their…
Read MoreAn Expert Guide to US Payroll Taxes
U.S. Payroll Taxes — The Taxes No One Expects… While everyone is well aware of the impact of business income taxes, the sleeping giant of payroll taxes (also known as employment taxes or trust fund taxes) often catches business owners and employees by surprise. This guide will give you an overview of what payroll taxes…
Read MoreHeavy Vehicle & Deductible Home Office = Major Tax Savings
You can reap major tax savings with the heavy vehicle and home-office combo. The heavy vehicle produces quick deductions. The home office that qualifies as a principal office eliminates commuting miles, and such an elimination can dramatically increase your business-use percentage of vehicles. For example, say you bought a $50,000 vehicle that you use 60…
Read MoreWhat are Quarterly Wage Reports and Why Do They Matter?
Wage reports, also known as quarterly contribution or wage detail reports, are the reports you file on a quarterly basis with each state, district and territory in which you pay employees in order to stay compliant with paying state unemployment insurance (SUTA). In other words, they are a key function of your payroll taxes (also known as…
Read MoreCapital vs. Operating Lease: Tax Reporting Implications
We often encounter taxpayers who do not quite fully understand how to report for income tax purposes the lease agreements they have entered into for business use assets, particularly automobiles. Leased property includes real estate, machinery, and other items that a taxpayer uses in his or her business and does not own. Payments for the…
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