6 Tax Tips for Small Business Owners

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 …

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Get Your Business Taxes in Order Before the New Year With These Tips

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 …

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Exempt vs. Nonexempt: What Is the Difference?

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 …

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10 Bookkeeping Basics You Can’t Afford to Ignore

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 …

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Small Business Taxes: A Simple Guide

How to prepare for tax season The hell of tax season madness can mostly be avoided by staying organized. Here’s how to make sure everything is in its right place. Gather your business records Before you start anything, make sure you have all your relevant business records on hand. Depending on your type of business entity, …

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4 Ways to Get Ready Now for Tax Season

The holiday season is fast approaching, and before you know it, 2019 will have come to a close. Tax season for preparing your 2019 tax return won't be far behind, with a typical start coming in late January. To be ready -- and to save as much as you can on your taxes -- it pays to …

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7 Basic Bookkeeping Habits to Help You Secure Financing

Does the thought of bookkeeping fill you with uncontainable excitement? Probably not. What about money in the bank to make your business ambitions a reality? Now we’re talking.  It turns out that boring ol’ bookkeeping and business capital have more in common than you might think. You need cash to grow your business, but as …

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The ultimate guide to tax deductions for the self-employed

Filing your taxes as a W-2 employee can be overwhelming. But when you’re self-employed, the labyrinth of paperwork and potential tax deductions creates a tax situation that’s enough to give even the most laid-back freelancer heartburn. Whether you’re filing your business taxes as a self-employed worker for the first time or the 20th, there are …

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Here’s Everything Your Accountant Needs to File Your Business Tax Returns

The basics You’ll need to provide your accountant with these documents and records, regardless of what kind of business entity you operate: Your previous year’s federal, state, and/or local tax returns Provided you’ve filed them before, these will contain most of what your accountant will need to get things rolling, including: Your legal name, Social …

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