Save money and get ready for tax season with these year-end small business tax tips. Also read how to make cold calling a key part of your business development toolbox. As 2020 winds down, here are some ideas to consider to help manage your small business and prepare for filing your upcoming tax return. Identify …
Category: Small Business Taxes
Bolster Your Business’s Credit Rating
Establishing strong credit is a must for many small businesses. Companies with consistently robust credit scores reap significant benefits including favorable repayment terms, quicker lease approvals, and ready-access to working capital. Bolster your business credit rating by considering the following 5 Ds: Detailed plan. Step one of building credit is convincing a lender that your company …
2020 Mileage Rates
IRS issues 2020 standard mileage rates For business use of a car, van, pickup truck, or panel truck, the standard mileage rate for 2020 will be 57.5 cents per mile in 2020, down from 58 cents per mile last year after increasing from 54.5 cents per mile in 2018. The standard mileage for medical care …
7 Reasons the IRS Will Audit You
An IRS audit is simply the IRS double-checking your numbers to make sure you don’t have any discrepancies in your return. Sometimes state tax authorities do audits, too. If you’re telling the truth, and the whole truth, you needn’t worry. Nothing is inherently sinister about an IRS audit or state audit. However, people who are consciously cheating …
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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IRS releases new Form W-4: What to know to avoid a refund surprise in 2020
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 …
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Small Business Tax Changes to Help You Prepare 2019 Taxes
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 …
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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 …
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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