Business Tax Changes Recent changes in tax laws means small businesses are going to get some relief on their taxes. The new legislation represents one of the most important tax revamps in many years and it offers reduced rates to corporate entities and pass-through businesses . Insurance company Insureon, in partnership with Manta, carried out a survey of 2,700 small businesses to find out the potential [...]
In order to generate income, you have to spend money . However, federal tax laws can offer some relief from the pain of company expenses .There are common business write-offs that can lower taxable income and reduce your company’s tax obligation on April 15. Overall, the expenses that are written off by a business usually have to be standard in that particular industry and essential to the business [...]
All businesses, regardless of their sizes, require the services of a tax and financial advisor. Nevertheless, your business needs the services of a CPA (Certified Public Accountant) and not simply an accountant. Distinguishing Between CPAs and Accountants The term accountant’ generally refers to tax and finance professionals who abide by specified rules and regulations such as Generally Accepted Accounting Principles(or GAAP).These are rules and standards that are established [...]
Any self-employed person might be obliged to pay quarterly taxes. An individual who is self-employed can be described as one who: Operates as an independent contractor Works in a particular field or trade as a sole proprietor Belongs to a partnership that carries out business activities, for example a limited liability company (LLC) Operates a business by themselves, even if it is part-time Denna Smith, a Seattle-based [...]
You may be wondering about the implication of being notified that your taxes are being audited. A tax audit is simply an accounting process where the IRS reviews your business or individual financial records to ascertain that you have filed your tax return correctly. If you demonstrate that your original tax return was accurate and complete, you will not be asked anything more. But in the event [...]
A lot of individuals use TurboTax until their finances reach a certain level of complexity. If it took you several hours to prepare your tax returns this year, it is probably time to hire an accountant to handle your personal or business taxes. TurboTax and other related programs are great for those who have a fairly simple tax situation. They operate well for individuals with businesses, simplified income [...]
While it is true that all of us make mistakes, it is advisable to try to avoid them when it comes to payroll. Regrettably, there are a lot of things that can go wrong. It is therefore important to acquaint yourself with the fundamental principles of payroll and labor laws before you hire new workers. In order to help you reduce the chances of making errors when you [...]
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The proportion of your personal income that goes to the government will be determined by the income tax rates and your income tax bracket. As a small business owner, you can use projections to assist you as you plan and budget for your taxes. How your business structure affects your income tax When it comes to taxation, the majority of businesses are flow-through entities. For sole proprietorships, LLCs [...]
Taxpayers have the option of claiming the standard tax deduction or itemizing their deductions (listing them separately) by whichever reduces their tax liability the most. Here is a breakdown of the two. Standard Deduction A standard deduction refers to a set dollar amount that can reduce your income tax bill. The deduction depends on your tax filing status. For the 2017 tax year, the applicable standard deduction is [...]