Now is the time to make your 2019 fourth-quarter.Due day is Tuesday, January 15, 2020.
Category: Self-Employed
Clients Beware: 7 Tax Scams to Watch Out for in 2020
Each year, thousands of people lose millions of dollars, not to mention their personal information, in these schemes. Typically, the new scams are variations on old themes but are even slicker than before and harder to detect. ‘Tis the season for tax scams. As the time for filing 2019 tax returns fast approaches, the IRS is again …
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10 Reasons Why Your Small Business Needs a Bookkeeper
With many small businesses thriving during the holiday season, this is the time of year that makes running a business exciting and enjoyable! This is also the time of year to reconcile books and prepare for tax season. How can owners balance both? We see so many of our small business owners struggle at tax …
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Why Is My Tax Refund Delayed?
Tax season can be stressful but the saving grace is that many tax filers will receive a refund. In past years, about 75% of filers receives refunds after filing their federal income tax returns. Many people even count on a refund to help them pay down debt or cover bills early in the year. That means …
When Are Taxes Due? 2020 Filing & Extension Deadlines
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 …
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Self-Employment Tax: Understand & Calculate It in 2019-2020
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 …
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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 …
6 Ways to Increase Profits For Your Small Business
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 …
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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, …
Which terms should be included in a partnership agreement?
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 …
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