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The IRS issued the calendar year 2019 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (Rev. Proc. 2018-30). Under Sec. 223, individuals who participate in a high-deductible health plan (HDHP) are permitted a deduction for contributions to …
Continue reading IRS issues HSA contribution limits for 2019
If you are starting a business, it is essential that you familiarize yourself with all of the necessary tax forms that you will need to file with the IRS and the various taxes you will be required to pay. Every business is required to file a federal tax or information return. The type of business …
Accounting may not be your favorite topic, but it’s a necessary part of running a legal and functional business. You must report your business’s income and expenses, report payments to workers, and more. You might be wondering, What tax forms do I need for a small business? To get the ball rolling, here are a …
Is there such a thing as a right or wrong entity to form when first incorporating your business? Personally, I don’t think so as long as you do make it a point to incorporate. Many entrepreneurs will usually pick a sole proprietorship or a limited liability company (LLC) as their entity of choice. If you …
Continue reading Should You Incorporate as a Sole Proprietor or LLC?
Starting a business requires paying attention to numerous details, including many that have legal significance. But when entrepreneurs have so much to juggle and stay aware of, slip-ups can happen. The list of potential missteps is long. I am sharing several of those mistakes to give you a feel for what could set you up …
Being a small business owner presents its own unique set of challenges, and one of the main ones is not having the budget to do all you need to do. A successful business needs constant investing to keep it growing—more marketing spends, product or service improvement, getting more people to join the team, and so …
Continue reading 4 Strategies to Keep Cash Flowing in Your Small Business
Every small business struggles with its cash flow from time to time, but with the right planning, the occasional emergency doesn’t have to become a crisis. So, what can you do to minimize the disruption caused by late payments from customers or a sudden cyclical downturn? Here are a few of the secrets behind cash …
Continue reading 5 Secrets to Successful Cash Flow Management
The answer to this question essentially boils down to whether someone who does work for you is self-employed or an employee. Here’s the difference: Self-employed independent contractors are paid in full for their services and are responsible for settling up with federal and state governments at tax time. The payor reports payments on IRS Form …
Continue reading What’s the difference between a 1099 and W-2?
Congress recently passed the “Tax Cuts and Jobs Act” which impacts both individuals and businesses. There are two important tax changes in 2018 that will impact every business owner in the United States. Corporate tax rates are now a flat 21% (permanent change) Pass through entities such as LLC’s get a 20% deduction (temporary change …
Continue reading 2 Important Tax Changes for Small Businesses in 2018
If you use your home for your business -- whether to greet clients, work on bookkeeping or store roofing supplies -- you may be entitled to deduct home office expenses from your business income. That includes whatever share of property taxes that you can assign to your workspace. If you own a home, you can …
Continue reading How to Deduct Property Taxes on a Home-Based Business
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