Several end-of-year tax planning strategies are available to business owners to reduce their tax liability. In this article, we’ll cover deferring income, purchasing new business equipment, Section 179 Expensing, and more. Let’s take a look.Continue reading
If you’re a small business owner who is thinking about closing your business for good, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors – you must also take certain actions as required by the IRS to fulfill your tax obligations. For example, if you have employees, you must file final employment tax returns as well as make final federal tax deposits of these taxes.Continue reading
Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and services.Continue reading
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits.Continue reading
Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses – including the cost of buying health insurance. Here’s what small business owners need to know about QSEHRAs.Continue reading
The Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting:
- the clean-energy industry,
- healthcare, and more.
Let’s take a look:Continue reading
If you’re self-employed and use your car for business, you can deduct certain business-related car expenses.
The first thing small business owners need to know is that there are two options for claiming deductions:Continue reading
The “Dirty Dozen” is a list of common tax scams that target taxpayers. Compiled and issued annually by the IRS, it includes a number of aggressive and evolving schemes that taxpayers should avoid. Let’s take a look at this year’s “Dirty Dozen” tax scams:Continue reading
When creating a budget, it’s essential to estimate your spending as realistically as possible.
Here are five budget-related errors commonly made by small businesses and some tips for avoiding them.Continue reading
One of the most important decisions you’ll make when starting a business is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face.Continue reading