Tax season can be stressful for small business owners. There’s all the receipts you need to get together and that’s usually just a slice of the other invoices, documents and data that needs to be corralled and made sense of. Sometimes you just need to talk with someone who knows where a piece or […]
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Filing a tax return for your business each year is something you must do. But you don’t want to make mistakes that can result in higher taxes than you really owe, draw IRS attention to your return, or cost you interest and penalties. Here are 20 mistakes to avoid: Tax Mistakes 1. Misreporting Income Income
Do you work from home? If so, others share your situation. The U.S. Small Business Administration says 60.1% of all firms without paid employees are home-based. The same ca be said for 23.3% of small employer firms, and 0.3% of large employer firms. Work from home? Determine whether to claim a home office deduction, which
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Deductible business expenses help entrepreneurs with many of the costs of running a company. Business owners know that most expenditures can be written off, although there may be limits and timing. Check out the most common tax deductions for small business. Last Spring the IRS released data showing the common deductions taken on sole proprietorship
Due to changes in various tax rules made by the Tax Cuts and Jobs Act, the IRS has completely redesigned Form W-4 for 2020, which is used for income tax withholding purposes. The new form is intended to be more transparent and produce greater accuracy in withholding. Employers need to know when and how to
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Payroll penalties are severe, my friends. And these penalties impact employers who accidentally make mistakes. That’s why it’s important to know about changes to payroll laws and tax rates beforehand. Here are seven upcoming 2020 payroll changes you should familiarize yourself with before the year comes to a close—and going into the new year. 1.
7 Big Changes That Could Impact the Way You Do Payroll This Year Read More »
As you begin to prepare for the coming year, factor in changes impacting withholding from employees’ wages. As a result, you likely need to change your procedures and make adjustments to your budget for 2020. Wage Withholding Changes in 2020 Revised Withholding Tables Due to cost of living adjustments to federal income tax brackets, withholding
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You’ve probably heard that being an S Corporation has some perks. It certainly can for some businesses. Might it be the right option for you? Let’s take a moment to chat about all things S Corp so that you can gain a better understanding of what it is and its potential advantages. First, an S
Common practice in many businesses allows owners and employees to drive company cars, trucks, or vans for personal reasons. You’ll notice this particularly with small businesses. This may include commuting. As a result, businesses need to treat this as personal use. Or owners and employees may have access to a company vehicle after work for
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You should have a nice office — for many reasons. It can impact employee performance, contribute to customer or client satisfaction, and affect your profitability and ultimate business success. Setting up and maintaining your physical layout entails one-time and ongoing costs. Office Expense Deductions The tax rules on how to write-off office expense deductions can
