It’s no surprise there are important tax changes you need to be aware of this year.
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Take a look.
Continue readingIt’s no surprise there are important tax changes you need to be aware of this year.
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Take a look.
Continue readingIf 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 readingCash 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 readingSmall 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 readingThe Inflation Reduction Act (IRA), signed into law on August 16, 2022, includes tax provisions affecting:
Let’s take a look:
Continue readingThe “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 readingAlthough the tax return filing deadline has come and gone, it’s never too early to start planning for next year’s tax return. With that in mind, let’s take a look at some common summertime situations that could affect your taxes:
Continue readingWhen 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 readingOne 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 readingAs a reminder, taxpayers have the right to pay only the amount of tax legally due, including interest and penalties. They also have the right to have the IRS apply all tax payments properly. This is one of 10 fundamental rights known collectively as the Taxpayer Bill of Rights.
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