Posts Tagged ‘Taxes’
7 Tax Deductions to Start Tracking Now
If you are self-employed, you probably know that you have to set aside fifteen to twenty percent of your income to pay self-employment taxes. What many people don’t know is that you can save a serious chunk of change by capitalizing on self-employed tax deductions. When I first started out, I only knew about two…
Read MoreIncome Shifting Strategies to Help Business Owners Become More Tax Efficient
This segment discusses different strategies that can potentially help a business owner become more tax efficient. Some methods include the restructuring of a business and establishing tax-deductible retirement plans. Synopsis The concept of characterization of income (or shifting of income) may result in the preservation of significant wealth. One method of shifting of income is…
Read More7 Things Not to Do During an Audit
We get it. Tax audits can be nerve-racking, to say the least. And while there is a lot of information out there on what is appropriate to do, there isn’t much on what not to do. So allow us to outline some of the things you should never do during an IRS audit. 1. Do…
Read MoreMany States Lure Business with Tax Credits and Incentives
In the current competitive economic environment, states continue to compete against each other to lure companies (and their employees) to the “right” state. Many states offer lucrative credits and incentives to do so. We assist companies with the identification, quantification and substantiation of multi-state benefits available as a result of expansion, including: Increases in company…
Read MoreUnderstanding the Challenges of Payroll in the US
Unlocking the United States’ business possibilities means first coming to grips with its payroll challenges… As the world’s most important business destination, the United States is also one of its most challenging administrative territories, with 50 states (and 5 territories) forming part of a combined federal and state infrastructure. Chief among the business challenges of…
Read MoreWhat Businesses Need to Know About the Tax Treatment of Bitcoin and Other Virtual Currencies
Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency. While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the…
Read MoreTax Consequences of Crowdfunding
Crowdfunding websites such as Kickstarter, GoFundMe, Indiegogo, and Lending Club have become increasingly popular for both individual fundraising and small business owners looking for start-up capital or funding for creative ventures. The upside is that it’s often possible to raise the cash you need but the downside is that the IRS considers that money taxable…
Read MoreA Brief Overview on How Tax Reform Affects Choice of Entity
The Tax Cuts and Jobs Act (TCJA), signed by President Trump in Dec. 2017, has significant implications for how businesses will assess the choice of entity. Prior to reform, partnerships were a very common choice of entity, but with the new provisions in TCJA, the C corporation has become an appealing option once again (but…
Read MoreGeorgia: New Sales Tax Compliance Requirements for Online Retailers
Georgia will require online retailers to file sales tax compliance returns beginning January 1, 2019, if their annual Georgia revenues exceed $250,000 or if they have more than 200 separate retail transactions within the state per calendar year. As an alternative to collecting Georgia sales tax from its customers and filing sales tax compliance returns,…
Read MoreContractor or Employee? 7 Things to Consider Before Leaving Your Day Job
Being your own boss sounds great, right? Make your own hours, nobody to tell you what to do, no more office politics. While being an independent contractor, such as a consultant or freelancer, can offer many life-changing benefits over a regular day job, you might want to think twice before you take the plunge. Here…
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