How The New Tax Legislation Will Affect Small Businesses

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 [...]

By |2018-08-16T11:31:03+00:00August 16th, 2018|Business Services, CPA-Blog|Comments Off on How The New Tax Legislation Will Affect Small Businesses

Common items that can be written off by your business for taxation purposes

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 [...]

By |2018-08-11T12:41:05+00:00July 11th, 2018|Business Services|Comments Off on Common items that can be written off by your business for taxation purposes

9 Signs That Indicate You Can Benefit From Hiring An Accountant

­­­­­­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 [...]

By |2018-03-12T10:14:37+00:00February 23rd, 2018|Business Services, CPA-Blog|Comments Off on 9 Signs That Indicate You Can Benefit From Hiring An Accountant

Projected Income Tax Brackets And Rates For 2017

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 [...]

By |2017-12-13T14:00:48+00:00December 6th, 2017|Business Services, CPA-Blog, IRS Representation, Tax Deductions, Tax Returns, Tax Services, Tax Tips|Comments Off on Projected Income Tax Brackets And Rates For 2017

What is The Difference Between Standard and Itemized Tax Deductions?

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 [...]

By |2018-01-31T13:59:22+00:00November 27th, 2017|Business Services, CPA-Blog, IRS Representation, Tax Deductions, Tax Services, Tax Tips|Comments Off on What is The Difference Between Standard and Itemized Tax Deductions?

Hobby or Business?

Taxpayers must report on their tax return the income earned from hobbies. The rules for how to report the income and expenses depend on whether the activity is a hobby or a business. There are special rules and limits for deductions taxpayers can claim for hobbies. Here are four tax tips to consider: Is it a Business or a Hobby?  A key feature of a business is that people [...]

By |2017-11-30T13:02:07+00:00May 22nd, 2017|Business Services, Tax Returns|Comments Off on Hobby or Business?