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Filing deadlines can creep up on you, and there’s nothing more frustrating than having to pay a fine that could have been avoided. Take a few minutes to save each relevant filing date to your calendar, and stay ahead of the IRS. If you’re sending your return in via snail mail, the IRS considers your …
Continue reading When Are Taxes Due? 2020 Filing & Extension Deadlines
Trump's proposed tax cuts will boost retirement plans: Grover Norquist Americans for Tax Reform president Grover Norquist on Trump wanting to see more tax cuts and Kanye West's huge tax refund. The IRS on Thursday released its final version of the 2020 Form W-4, with some important changes that could impact both employers and workers. The new form …
Continue reading IRS releases new Form W-4: What to know to avoid a refund surprise in 2020
Every year, tax laws change and certain IRS regulations affecting businesses change, too. This article describes the most recent changes you need to know about to do your business tax planning and to prepare your small business taxes for the current year. Some of the changes for the 2018 tax year include updates to the Social Security maximum, IRS …
Continue reading Small Business Tax Changes to Help You Prepare 2019 Taxes
Self-employment tax is a combination of Social Security and Medicaid taxes. Here's how much it is, how to calculate it and how to pay the bill. If you’re a freelancer, independent contractor or small-business owner, you may need to pay self-employment tax. Here’s what it is, how it works and how you can save. What …
Continue reading Self-Employment Tax: Understand & Calculate It in 2019-2020
AT THE END OF THE YEAR, small business owners are often looking for ways to minimize their companies' tax liability for the current tax year, says accountant Vinay Navani, of Wilkin Gutten plan. This year’s conversation with your tax professional could be an important one, as many accountants more fully grasp provisions of the Tax …
While IRS tax forms have largely stayed the same, you will need to make sure you're up to date on various deduction limits from the Tax Cuts and Jobs Act.It may be tempting to do your business's taxes yourself to save money, but you should always consider getting professional help.Making an end-of-year capital investment or …
Continue reading Get Your Business Taxes in Order Before the New Year With These Tips
Business owners need to properly classify their employees as exempt or nonexempt to avoid legal ramifications supported by the Fair Labor Standards Act (FLSA).Exempt employees must earn a minimum of $455 per week, be paid the same amount of money regardless of hours worked, and perform executive, professional or administrative duties.Nonexempt employees have no limitations …
Continue reading Exempt vs. Nonexempt: What Is the Difference?
Small business owners need to change their practices to focus more on profit, according to Patricia Sigmon, founder and president of David Advisory Group, a firm that specializes in helping CEOs and small- to mid-sized businesses re-engineer their business practices. Sigmon, the author of the book, "Six Steps to Creating Profit," notes that nearly two-thirds of small businesses either …
Continue reading 6 Ways to Increase Profits For Your Small Business
Millions of small business owners and startup entrepreneurs are masters at creating great products and services, building effective teams and winning over customers. Many of them, however, would probably flunk basic bookkeeping. As the business owner, if you don’t understand the different types of “accounts” your bookkeeper uses to organize your finances, measuring the success …
Continue reading 10 Bookkeeping Basics You Can’t Afford to Ignore
Partnerships can be complex depending on the scope of business operations and the number of partners involved. To reduce the potential for complexities or conflicts among partners within this type of business structure, the creation of a partnership agreement is a necessity. A partnership agreement is the legal document that dictates the way a business is …
Continue reading Which terms should be included in a partnership agreement?
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