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Of all the aspects of running a small business, accounting is one that is usually not well understood. With the wide range of options, tax regulations, and reporting standards, this area is its own field of expertise for a reason. Most small business owners hire bookkeepers and accountants (and rightly so) to manage this part …
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Although taxes are a fact of life, especially for a small business owner, there are ways to maximize your deductions so that more of your hard-earned money winds up in your pocket, and not with the IRS. The good news is that figuring out business tax deductions is pretty straightforward. However, because of important changes …
Continue reading Save money with a small business tax deductions checklist
Credit is essential for most businesses to grow, seize opportunities and fill in cash-flow gaps. In a recent Chase for Business survey of 2,600 business owners, aroun 70% reported that they use some form of financing. There's a range of credit options to choose from if you're a business owner. The trick is finding the …
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Tax season is approaching. But for many businesses, managing taxes can be a yearlong undertaking. In fact, there are many different types of deadlines you should be aware of throughout the year. 2019 Tax Calendar Here are the most important tax dates for businesses to know in 2019. 1099 Mailing Deadline January 31 If your …
Continue reading 14 Important Dates for Small Businesses in the 2019 Tax Calendar
It’s that time of year again: Tax Time. Preparing your taxes may seem like an annoying task that distracts you from running your business, but filing an accurate return can reduce the risk of paying fees and penalties down the road. What you need to complete this task is a checklist, which you’ll find below. …
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New tax rules are creating confusion Because of new laws many home related tax rules have changed and now require you to prove how funds are used to qualify for a deduction. This is catching many taxpayers by surprise. So when your mortgage company reports tax-related information to you and the IRS using Form 1098, …
Filing an income tax return after the annual April deadline usually isn’t the end of the world, but there’s a right way and a wrong way to do it. Here are some common mistakes to avoid if you’re filing taxes late. 1. Doing nothing in April If you plan to file your tax return late, …
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The IRS on Wednesday provided a safe-harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100% additional first-year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles under Sec. 280F (Rev. Proc. 2019-13). The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, permits …
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The IRS on Friday posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A. Taxpayers who have QBI, qualified real estate investment trust (REIT) dividends, or qualified income from a publicly traded partnership (PTP) will use …
Continue reading Taxpayers will file QBI deduction computation with IRS next year
It's time to visit your books to make sure your business is adhering to newly implemented laws and regulations. The new year is a time for resolutions and fresh starts. It also represents the beginning of a new fiscal and tax year, meaning it’s time to visit your books to make sure you and any …
Continue reading 3 Crucial Small Business Payroll and HR Updates for 2019
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