Taxes

What is the Impact of an Online Sales Tax Following the Supreme Court’s Ruling?

You may have heard the Supreme Court this week ruled states can now require collection of sales taxes for online purchases — no matter where in the U.S. the seller might be located. The ruling overturns a pair of older court decisions essentially saying consumers were responsible for paying sales taxes to their state, rather than […]

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Here’s How to Write Off Equipment and Capital Improvements Like a Pro

The Tax Cuts and Jobs Act makes it easier than ever to write-off the cost of buying equipment or making certain improvements rather than depreciating the cost over a number of years. And small businesses are taking advantage of these new rules. The NFIB reported that 61% of businesses claimed capital outlay, with 43% spending

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New Canopy Tool Allows Tax Pros to Manage Client IRS Notices

The tax filing deadline for 2018 is over, but the IRS is still busy sending notices to taxpayers and their accountants – including small businesses. Canopy Notices is a new offering designed to specifically address this issue by helping accounting professionals manage their client’s IRS notices from a single management dashboard. The IRS sends out more

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64 % of Small Businesses Spend At Least $1000 on Tax Administration Work – Small Business Trends

The new tax reforms passed by the Trump administration were supposed to simplify the tax system. However, The National Small Business Association’s (NSBA) 2018 Small Business Taxation Survey reports administrative burdens still outpaces those of finance as 63 percent said they spend more than $1,000 annually on the administration of federal taxes. NSBA 2018 Small

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This is How Small Business Owners Can Take Full Advantage of the Tax Cuts and Jobs Act

Tax time is no one’s favorite time of year. But for small business owners, this year’s filing deadline at least comes with the promise of better rates ahead: Many of the changes included in the Tax Cuts and Jobs Act, passed by Congress in December, are going into effect. As entrepreneurs, we should expect to benefit–at least, temporarily–from the

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Want to Set Up Your LLC or S Corp? You Need to Read this First – Small Business Trends

Choosing a business structure for your company is something you shouldn’t take lightly. Because the decision will impact you legally and financially, it’s important to enlist the expertise of an attorney and tax advisor to help you understand the pros and cons of each option. The Difference Between an LLC and S Corp As new

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Lawyers and Law Firms Not Seeing the Benefits of Federal Tax Cuts – Small Business Trends

Law firms aren’t jumping for joy in the same way many other small businesses are because of the recent passage of a new tax bill. The Tax Cuts and Jobs Act includes plenty of deductions and changes that could benefit small businesses in various industries. But it also imposes some new limits on deductions that

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How the New Tax Law Affects Your Small Business (INFOGRAPHIC) – Small Business Trends

According to recent data, the newly passed Tax Cuts and Job Act does contain provisions small businesses can take advantage of with some strategic planning. This is what a new infographic by Micah Fraim, CPA reveals. Congress passed the $1.5 trillion tax bill with temporary tax cuts for individuals and permanent tax breaks for corporations

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Time is Running Out! Remember These 5 Tax Challenges and the Solutions to Overcome Them – Small Business Trends

It’s tax season, and that means small business owners everywhere are starting to worry about how and when they’ll file their year-end returns. Tax season is a stressful time for everyone, but especially for small business owners, who often have more complex financials to work with than individuals — but considering there are close to

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